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2022-05-01
Sage Accounts Production Advanced 2023 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
04421289
2022-05-01
2023-04-30
04421289
2023-04-30
04421289
2022-04-30
04421289
2021-05-01
2022-04-30
04421289
2022-04-30
04421289
2021-04-30
04421289
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2022-05-01
2023-04-30
04421289
core:MotorVehicles
2022-05-01
2023-04-30
04421289
bus:OrdinaryShareClass1
2022-05-01
2023-04-30
04421289
bus:OrdinaryShareClass2
2022-05-01
2023-04-30
04421289
bus:Director2
2022-05-01
2023-04-30
04421289
core:WithinOneYear
2023-04-30
04421289
core:WithinOneYear
2022-04-30
04421289
core:AfterOneYear
2023-04-30
04421289
core:AfterOneYear
2022-04-30
04421289
core:ShareCapital
2023-04-30
04421289
core:ShareCapital
2022-04-30
04421289
core:SharePremium
2023-04-30
04421289
core:SharePremium
2022-04-30
04421289
core:RetainedEarningsAccumulatedLosses
2023-04-30
04421289
core:RetainedEarningsAccumulatedLosses
2022-04-30
04421289
bus:SmallEntities
2022-05-01
2023-04-30
04421289
bus:AuditExemptWithAccountantsReport
2022-05-01
2023-04-30
04421289
bus:SmallCompaniesRegimeForAccounts
2022-05-01
2023-04-30
04421289
bus:PrivateLimitedCompanyLtd
2022-05-01
2023-04-30
04421289
bus:AbridgedAccounts
2022-05-01
2023-04-30
04421289
bus:OrdinaryShareClass1
2023-04-30
04421289
bus:OrdinaryShareClass1
2022-04-30
04421289
bus:OrdinaryShareClass2
2023-04-30
04421289
bus:OrdinaryShareClass2
2022-04-30
04421289
bus:AllOrdinaryShares
2023-04-30
04421289
bus:AllOrdinaryShares
2022-04-30
04421289
core:PlantMachinery
2022-05-01
2023-04-30
COMPANY REGISTRATION NUMBER:
04421289
Filleted Unaudited Abridged Financial Statements |
|
Abridged Financial Statements |
|
Year Ended 30 April 2023
Abridged statement of financial position |
1 |
|
|
Notes to the abridged financial statements |
3 |
|
|
Abridged Statement of Financial Position |
|
30 April 2023
Fixed Assets
Intangible assets |
5 |
|
1,112,096 |
1,021,600 |
Tangible assets |
6 |
|
69,199 |
115,621 |
|
|
------------ |
------------ |
|
|
1,181,295 |
1,137,221 |
|
|
|
|
|
Current Assets
Debtors |
475,879 |
|
451,661 |
Cash at bank and in hand |
5,376 |
|
69,601 |
|
--------- |
|
--------- |
|
481,255 |
|
521,262 |
|
|
|
|
Creditors: amounts falling due within one year |
891,222 |
|
1,003,106 |
|
--------- |
|
------------ |
Net Current Liabilities |
|
409,967 |
481,844 |
|
|
------------ |
------------ |
Total Assets Less Current Liabilities |
|
771,328 |
655,377 |
|
|
|
|
Creditors: amounts falling due after more than one year |
|
1,328,604 |
1,035,404 |
|
|
------------ |
------------ |
Net Liabilities |
|
(
557,276) |
(
380,027) |
|
|
------------ |
------------ |
|
|
|
|
Abridged Statement of Financial Position (continued) |
|
30 April 2023
Capital and Reserves
Called up share capital |
7 |
|
2,001 |
2,001 |
Share premium account |
|
249,800 |
249,800 |
Profit and loss account |
|
(
809,077) |
(
631,828) |
|
|
--------- |
--------- |
Shareholders Deficit |
|
(
557,276) |
(
380,027) |
|
|
--------- |
--------- |
|
|
|
|
|
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
For the year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
.
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 30 April 2023 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the
board of directors
and authorised for issue on
15 February 2024
, and are signed on behalf of the board by:
Mr R P Thornhill |
Director |
|
Company registration number:
04421289
Notes to the Abridged Financial Statements |
|
Year Ended 30 April 2023
1.
General information
Envacet Ltd has developed a process for extracting valuable products from organic waste streams that arise in the modern food processing production chain. The technology separates the waste streams into its three primary parts tallow, water and protein solids. The Envacet process is small, can be placed on site where the waste is produced and will process the waste to the precise standards required to maximise the revenue from the products produced.
2.
Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
Development costs |
- |
10% straight line |
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Motor vehicles |
- |
25% reducing balance |
|
Plant & equipment |
- |
20% straight line |
|
|
|
|
Impairment of fixed assets
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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the abridged statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
5
(2022:
8
).
5.
Intangible assets
|
£ |
Cost |
|
At 1 May 2022 |
1,022,144 |
Additions |
91,039 |
|
------------ |
At 30 April 2023 |
1,113,183 |
|
------------ |
Amortisation |
|
At 1 May 2022 |
544 |
Charge for the year |
543 |
|
------------ |
At 30 April 2023 |
1,087 |
|
------------ |
Carrying amount |
|
At 30 April 2023 |
1,112,096 |
|
------------ |
At 30 April 2022 |
1,021,600 |
|
------------ |
|
|
6.
Tangible assets
|
£ |
Cost |
|
At 1 May 2022 and 30 April 2023 |
378,660 |
|
--------- |
Depreciation |
|
At 1 May 2022 |
263,039 |
Charge for the year |
46,422 |
|
--------- |
At 30 April 2023 |
309,461 |
|
--------- |
Carrying amount |
|
At 30 April 2023 |
69,199 |
|
--------- |
At 30 April 2022 |
115,621 |
|
--------- |
|
|
7.
Called up share capital
Issued, called up and fully paid
|
2023 |
2022 |
|
No. |
£ |
No. |
£ |
Ordinary A shares of £ 1 each |
2,000 |
2,000 |
2,000 |
2,000 |
Ordinary B shares of £ 1 each |
1 |
1 |
1 |
1 |
|
------- |
------- |
------- |
------- |
|
2,001 |
2,001 |
2,001 |
2,001 |
|
------- |
------- |
------- |
------- |
|
|
|
|
|