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COMPANY REGISTRATION NUMBER: SC467364
Integrated Graphene Services Limited
Filleted Unaudited Financial Statements
31 December 2023
Integrated Graphene Services Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed Assets
Intangible assets
5
5,155
41,640
Tangible assets
6
4,688
14,266
-------
--------
9,843
55,906
Current Assets
Debtors
7
1,040,090
986,497
Cash at bank and in hand
3,895
5,968
------------
---------
1,043,985
992,465
Creditors: amounts falling due within one year
8
21,625
73,142
------------
---------
Net Current Assets
1,022,360
919,323
------------
---------
Total Assets Less Current Liabilities
1,032,203
975,229
------------
---------
Capital and Reserves
Called up share capital
4
4
Profit and loss account
1,032,199
975,225
------------
---------
Shareholders Funds
1,032,203
975,229
------------
---------
These 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 statement of income and retained earnings has not been delivered.
For the year ending 31 December 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 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 financial statements .
Integrated Graphene Services Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 1 March 2024 , and are signed on behalf of the board by:
Mr J C Granier
Director
Company registration number: SC467364
Integrated Graphene Services Limited
Notes to the Financial Statements
Year Ended 31 December 2023
1. General Information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Euro House, Wellgreen Place, Stirling, FK8 2DJ, Scotland.
2. Statement of Compliance
These 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 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 financial statements are prepared in sterling, which is the functional currency of the entity.
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.
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.
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:
Intellectual Property
-
20% straight line
Research and Development
-
20% 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.
Research and Development
Research and development expenditure is written off in the year in which it is incurred. Development expenditure incurred on clearly defined projects whose outcome can be assessed with reasonable certainty is carried forward and amortisation is charged from that time over the lesser of the life of the project or five years.
Tangible Assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Plant & Equipment
-
33% straight line
Fixtures & Fittings
-
20% straight line
Office 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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Finance Leases and Hire Purchase Contracts
Assets held under finance leases and hire purchase contracts are recognised in the 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
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. 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. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship (see hedge accounting policy). Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee Numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Intangible Assets
Patents
Development costs
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
6,108
183,412
189,520
-------
---------
---------
Amortisation
At 1 January 2023
6,108
141,772
147,880
Charge for the year
36,485
36,485
-------
---------
---------
At 31 December 2023
6,108
178,257
184,365
-------
---------
---------
Carrying amount
At 31 December 2023
5,155
5,155
-------
---------
---------
At 31 December 2022
41,640
41,640
-------
---------
---------
6. Tangible Assets
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 January 2023 and 31 December 2023
208,854
1,086
5,697
215,637
---------
-------
-------
---------
Depreciation
At 1 January 2023
194,724
1,086
5,561
201,371
Charge for the year
9,454
124
9,578
---------
-------
-------
---------
At 31 December 2023
204,178
1,086
5,685
210,949
---------
-------
-------
---------
Carrying amount
At 31 December 2023
4,676
12
4,688
---------
-------
-------
---------
At 31 December 2022
14,130
136
14,266
---------
-------
-------
---------
7. Debtors
2023
2022
£
£
Trade debtors
14,025
33,110
Amounts owed by group undertakings
966,046
879,490
Prepayments and accrued income
39,531
32,710
Other debtors
20,488
41,187
------------
---------
1,040,090
986,497
------------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
14,343
34,842
Social security and other taxes
2,161
709
Obligations under finance leases and hire purchase contracts
26,374
Other creditors
5,121
11,217
--------
--------
21,625
73,142
--------
--------
Included within other creditors are finance leases of £Nil (2022 - £26,372), secured over the assets they relate to.
9. Related Party Transactions
During the year the company operated a loan account with Integrated Graphene Holding Limited. Included in other debtors there is a balance of £130,250 (2022 - £130,250) due from Integrated Graphene Holding Limited. During the year the company also operated a loan account with Integrated Graphene Limited, which is also owned by Integrated Graphene Holding Limited. At the year end the company was due £835,796 (2022 - £749,240) from Integrated Graphene Limited. Net advances of £104,956 were made by Integrated Graphene Limited during the year. There are no set repayment terms or interest accruing on this balance.
10. Controlling Party
The company continued to be under the control of Integrated Graphene Holding Limited, a company incorporated in Scotland.