Registration number:
Noriker Power Ltd
for the Year Ended 31 July 2023
Noriker Power Ltd
Contents
Statement of Comprehensive Income |
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Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
Noriker Power Ltd
Statement of Comprehensive Income for the Year Ended 31 July 2023
Note |
2023 |
2022 |
|
Turnover |
|
560,055 |
|
Cost of sales |
( |
(173,870) |
|
Gross profit |
|
386,185 |
|
Administrative expenses |
( |
(2,098,096) |
|
Operating loss |
(2,055,468) |
(1,711,911) |
|
Gain on financial assets at fair value through profit and loss |
- |
4,811 |
|
Other interest receivable and similar income |
|
323,344 |
|
Profit on sale of other fixed asset investments |
|
1,190,663 |
|
Interest payable and similar expenses |
( |
(11,389) |
|
1,788,419 |
1,507,429 |
||
Loss before tax |
( |
(204,482) |
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Tax on loss |
|
108,295 |
|
Loss for the financial year |
( |
(96,187) |
The above results were derived from continuing operations.
The company has no other comprehensive income for the year.
Noriker Power Ltd
(Registration number: 09675162)
Statement of Financial Position as at 31 July 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets |
|
|
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Capital and reserves |
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Called up share capital |
33 |
33 |
|
Share premium reserve |
5,488,079 |
5,488,079 |
|
Profit and loss account |
2,250,621 |
2,509,174 |
|
Shareholders' funds |
7,738,733 |
7,997,286 |
For the financial year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.
Approved and authorised by the
Noriker Power Ltd
(Registration number: 09675162)
Statement of Financial Position as at 31 July 2023 (continued)
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Noriker Power Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
Principal activity
The principal activity of the company is the trade of the provision of management and technical services relating to the production and sale of electricity.
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are prepared in sterling which is the functional currency of the entity.
Going concern
The financial statements have been prepared on a going concern basis.
Noriker Power Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)
2 |
Accounting policies (continued) |
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than assets under construction, over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
20% written down value |
Fixtures and fittings |
20% written down value |
Noriker Power Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)
2 |
Accounting policies (continued) |
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Development costs
Capitalisation of origination and development costs
The company expenses all costs incurred on prospective projects except those which can be transferred to other projects. Costs which are capable of being transferred are held on the balance sheet until they are attached to a viable project.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Noriker Power Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)
2 |
Accounting policies (continued) |
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Recognition and measurement
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Noriker Power Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)
Tangible assets |
Assets under construction |
Fixtures and fittings |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 August 2022 |
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- |
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Additions |
- |
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At 31 July 2023 |
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Depreciation |
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At 1 August 2022 |
- |
- |
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Charge for the year |
- |
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At 31 July 2023 |
- |
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Carrying amount |
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At 31 July 2023 |
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At 31 July 2022 |
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- |
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Investments |
2023 |
2022 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 August 2022 |
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Additions |
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Disposals |
( |
At 31 July 2023 |
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Provision |
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Carrying amount |
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At 31 July 2023 |
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At 31 July 2022 |
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Noriker Power Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)
5 |
Investments (continued) |
Details of undertakings
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2023 |
2022 |
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Subsidiary undertakings |
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England |
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England |
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England |
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England |
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England |
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England |
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England |
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England |
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Scotland |
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England |
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Northern Ireland |
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Northern Ireland |
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England |
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Noriker Power Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)
Stocks |
2023 |
2022 |
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Finished goods and goods for resale |
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Debtors |
Note |
2023 |
2022 |
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Trade debtors |
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Amounts owed by related parties |
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Other debtors |
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Prepayments |
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Income tax asset |
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Noriker Power Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
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Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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32.54 |
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32.54 |
Reserves |
Profit and loss account:
This reserve records retained earnings and accumulated losses.
Noriker Power Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)
Loans and borrowings |
Non-current loans and borrowings
2023 |
2022 |
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Bank borrowings |
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Current loans and borrowings
2023 |
2022 |
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Bank borrowings |
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Other borrowings |
- |
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One of the bank loans with a balance outstanding of £31,603 is a bounce back loan and is unsecured.
The other loan with a balance outstanding of £274,785 is secured against the property included in assets under construction. It is payable by instalments, £132,000 of which are estimated to be due after five years.
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2023 |
2022 |
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Not later than one year |
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- |
Later than one year and not later than five years |
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- |
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- |
The above relates to the new premises in Cheltenham which has a lease of five years from 23 June 2023.
Financial commitments, guarantees and contingencies |
Amounts not provided for in the statement of financial position
The total amount of financial commitments not included in the statement of financial position is £