Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-31trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2022-01-01false44true 08949857 2022-01-01 2022-12-31 08949857 2021-01-01 2021-12-31 08949857 2022-12-31 08949857 2021-12-31 08949857 c:Director1 2022-01-01 2022-12-31 08949857 d:PlantMachinery 2022-01-01 2022-12-31 08949857 d:PlantMachinery 2022-12-31 08949857 d:PlantMachinery 2021-12-31 08949857 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 08949857 d:OfficeEquipment 2022-01-01 2022-12-31 08949857 d:OfficeEquipment 2022-12-31 08949857 d:OfficeEquipment 2021-12-31 08949857 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 08949857 d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 08949857 d:CurrentFinancialInstruments 2022-12-31 08949857 d:CurrentFinancialInstruments 2021-12-31 08949857 d:Non-currentFinancialInstruments 2022-12-31 08949857 d:Non-currentFinancialInstruments 2021-12-31 08949857 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 08949857 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 08949857 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 08949857 d:Non-currentFinancialInstruments d:AfterOneYear 2021-12-31 08949857 d:ShareCapital 2022-12-31 08949857 d:ShareCapital 2021-12-31 08949857 d:RetainedEarningsAccumulatedLosses 2022-12-31 08949857 d:RetainedEarningsAccumulatedLosses 2021-12-31 08949857 c:OrdinaryShareClass1 2022-01-01 2022-12-31 08949857 c:OrdinaryShareClass1 2022-12-31 08949857 c:FRS102 2022-01-01 2022-12-31 08949857 c:AuditExempt-NoAccountantsReport 2022-01-01 2022-12-31 08949857 c:FullAccounts 2022-01-01 2022-12-31 08949857 c:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 08949857 6 2022-01-01 2022-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 08949857









GRAPHITENE LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2022

 
GRAPHITENE LIMITED
REGISTERED NUMBER: 08949857

BALANCE SHEET
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

FIXED ASSETS
  

Tangible assets
 4 
57,519
23,928

Investments
 5 
115,892
115,892

  
173,411
139,820

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 6 
56,507
49,697

Cash at bank and in hand
  
6,798
10,843

  
63,305
60,540

Creditors: amounts falling due within one year
 7 
(1,191,940)
(1,257,705)

NET CURRENT LIABILITIES
  
 
 
(1,128,635)
 
 
(1,197,165)

Creditors: amounts falling due after more than one year
 8 
(6,825)
(8,970)

NET LIABILITIES
  
(962,049)
(1,066,315)


CAPITAL AND RESERVES
  

Called up share capital 
 9 
100
100

Profit and loss account
  
(962,149)
(1,066,415)

  
(962,049)
(1,066,315)


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




G Juliussen
Director
Page 1

 
GRAPHITENE LIMITED
REGISTERED NUMBER: 08949857
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2022


Date: 8 February 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
GRAPHITENE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


GENERAL INFORMATION

The entity is a private company limited by shares and incorporated in England and Wales. The Company’s registered office is Unit 3, 4th / 8th Avenue, Flixborough Industrial Estate, Scunthorpe, N Lincs, DN15 8SJ.
The parent undertaking of the smallest group to consolidate these financial statements is Graphitene International Limited, a company incorporated in Bermuda. The company’s registered office is Crawford House, 50 Cedar Avenue, Hamilton HM 11, Bermuda.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

GOING CONCERN

The Company had net liabilities of £962,049 (2021 - £1,066,315) as at 31 December 2022. The financial statements are prepared on the going concern basis on the assumption that the Company will continue to receive financial support from connected companies to provide sufficient funds to enable it to meet its liabilities as they fall due.

 
2.3

TURNOVER

Turnover comprises revenue recognised by the Company in respect of the sale of nanomaterial products during the year, exclusive of Value Added Tax. Revenue is recognised as the fair value of the consideration received or receivable and is recognised on delivery of goods.

 
2.4

GOVERNMENT GRANTS

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Profit and Loss Account in the same period as the related expenditure.

 
2.5

BORROWING COSTS

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
GRAPHITENE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.ACCOUNTING POLICIES (CONTINUED)

 
2.6

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

TAXATION

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.8

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
GRAPHITENE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.ACCOUNTING POLICIES (CONTINUED)


2.8
TANGIBLE FIXED ASSETS (CONTINUED)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives range as follows:

Plant and machinery
-
10-20%
Office equipment
-
20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.10

ASSOCIATES AND JOINT VENTURES

Associates and Joint Ventures are held at cost less impairment.

 
2.11

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 4 (2021 -  4).

Page 5

 
GRAPHITENE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

4.


TANGIBLE FIXED ASSETS





Plant and machinery
Office equipment
Total

£
£
£



COST OR VALUATION


At 1 January 2022
142,583
11,714
154,297


Additions
47,345
1,763
49,108



At 31 December 2022

189,928
13,477
203,405



DEPRECIATION


At 1 January 2022
119,547
10,822
130,369


Charge for the year on owned assets
14,875
642
15,517



At 31 December 2022

134,422
11,464
145,886



NET BOOK VALUE



At 31 December 2022
55,506
2,013
57,519



At 31 December 2021
23,036
892
23,928


5.


FIXED ASSET INVESTMENTS





Investments in subsidiary companies
Investments in associates
Total

£
£
£



COST


At 1 January 2022
4,492
111,400
115,892



At 31 December 2022
4,492
111,400
115,892




Page 6

 
GRAPHITENE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

6.


DEBTORS

2022
2021
£
£


Trade debtors
5,536
901

Other debtors
48,589
44,890

Prepayments and accrued income
2,382
3,906

56,507
49,697



7.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022
2021
£
£

Bank loans
3,175
2,980

Trade creditors
25,228
25,155

Amounts owed to group undertakings
758,775
898,904

Corporation tax
41,593
-

Other taxation and social security
72,281
66,874

Other creditors
284,288
260,342

Accruals and deferred income
6,600
3,450

1,191,940
1,257,705


Bank loans represent a Government backed 'bounce back' loan, which was drawn down in October 2020. This loan is 100% guaranteed by the Government and there were no fees or interest payable by the Company in the first 12 months. After this 12 month period, interest was charged at 2.5% per annum. The first instalments were paid in November 2021.

Other creditors include contributions of £599 (2021 - £574) payable to the Company's defined contribution pension scheme at the balance sheet date.


8.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022
2021
£
£

Bank loans
6,825
8,970


Bank loans represent a Government backed 'bounce back' loan, which was drawn down in October 2020. This loan is 100% guaranteed by the Government and there were no fees or interest payable by the Company in the first 12 months. After this 12 month period, interest was charged at 2.5% per annum. The first instalments were paid in November 2021.

Page 7

 
GRAPHITENE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

9.


SHARE CAPITAL

2022
2021
£
£
ALLOTTED, CALLED UP AND FULLY PAID



100 Ordinary shares of £1.00 each
100
100


 
Page 8