Caseware UK (AP4) 2022.0.179 2022.0.179 2023-01-312023-01-31No description of principal activityfalse2022-02-0133truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11046906 2022-02-01 2023-01-31 11046906 2021-02-01 2022-01-31 11046906 2023-01-31 11046906 2022-01-31 11046906 c:Director1 2022-02-01 2023-01-31 11046906 d:CurrentFinancialInstruments 2023-01-31 11046906 d:CurrentFinancialInstruments 2022-01-31 11046906 d:CurrentFinancialInstruments d:WithinOneYear 2023-01-31 11046906 d:CurrentFinancialInstruments d:WithinOneYear 2022-01-31 11046906 d:ShareCapital 2023-01-31 11046906 d:ShareCapital 2022-01-31 11046906 d:RetainedEarningsAccumulatedLosses 2023-01-31 11046906 d:RetainedEarningsAccumulatedLosses 2022-01-31 11046906 c:OrdinaryShareClass1 2022-02-01 2023-01-31 11046906 c:OrdinaryShareClass1 2023-01-31 11046906 c:OrdinaryShareClass1 2022-01-31 11046906 c:OrdinaryShareClass2 2022-02-01 2023-01-31 11046906 c:OrdinaryShareClass2 2023-01-31 11046906 c:FRS102 2022-02-01 2023-01-31 11046906 c:AuditExempt-NoAccountantsReport 2022-02-01 2023-01-31 11046906 c:FullAccounts 2022-02-01 2023-01-31 11046906 c:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 11046906 6 2022-02-01 2023-01-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 11046906










FLARE2VALUE INTERNATIONAL LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2023

 
FLARE2VALUE INTERNATIONAL LIMITED
REGISTERED NUMBER: 11046906

BALANCE SHEET
AS AT 31 JANUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 4 
406
406

  
406
406

Current assets
  

Debtors: amounts falling due within one year
 5 
181,121
-

Cash at bank and in hand
 6 
939,594
1,024

  
1,120,715
1,024

Creditors: amounts falling due within one year
 7 
(2,104,500)
(791,276)

Net current liabilities
  
 
 
(983,785)
 
 
(790,252)

  

Net liabilities
  
(983,379)
(789,846)


Capital and reserves
  

Called up share capital 
 8 
2
2

Profit and loss account
  
(983,381)
(789,848)

  
(983,379)
(789,846)


Page 1

 
FLARE2VALUE INTERNATIONAL LIMITED
REGISTERED NUMBER: 11046906
    
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2023

The directors consider 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 directors acknowledge their 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 statement of comprehensive income 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: 



F Lestak
Director

Date: 13 March 2024

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
FLARE2VALUE INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

1.


General information

Flare2Value International Limited is a private company, limited by shares, registered in England and Wales, registration number 11046906. The registered office is 14 Old Queen Street, London, SW1H 9HP. The principal activity of the company during the year was that of (i) developing waste gas monetisation projects and (ii) a holding company for the interest in F2V Oman Holdco Limited.

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 financial statements have been prepared on a going concern basis as detailed in note 12.

 
2.3

Foreign currency translation

Functional and presentation currency

The financial statements have been prepared in pounds sterling, the functional currency, rounded to
the nearest £1.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
FLARE2VALUE INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.6

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.

 
2.7

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.

 
2.8

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.

 
2.9

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

Page 4

 
FLARE2VALUE INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)


2.9
Financial instruments (continued)

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 3).


4.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 February 2022
406



At 31 January 2023
406




Page 5

 
FLARE2VALUE INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

5.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
181,121
-

181,121
-


The above is unsecured, interest free and repayable on demand. 


6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
939,594
1,024

939,594
1,024



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other loans
839,314
8,315

Other creditors
945,932
345,746

Accruals and deferred income
319,254
437,215

2,104,500
791,276



8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



99 (2022 - 99) Ordinary shares of £0.01 each
1
1
1  Ordinary share of £1.00
1
1

2

2


Page 6

 
FLARE2VALUE INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

9.


Transactions with directors

During the year F Lestak, the director, incurred expenditure of £Nil (2022 - £350) on behalf of the company and received repayments of £Nil (2022 - £Nil). At the year end a balance of £9,420 (2022 - £9,420) was owed by the company to the director and is included in other creditors. The loan is unsecured, interest free and repayable on demand.


10.


Related party transactions

At the balance sheet date, £313,790 was owed to Flare2Value LLC.The directors of Flare2Value International Limited are also directors of Flare2Value LLC.The amount is interest free and repayable on demand.
At the balance sheet date, £598,436 was owed to F2V Oman Holdings Limited. The amount is interest free and repayable on demand.
At the balance sheet date, £181,121 was owed to the Company by F2V CPF SPC LLC. The amount is interest free and repayable on demand.


11.


Going concern

The company had net current liabilities of £983,795 (2022 - £790,252) and total net liabilities of £983,379 (2022 - £789,846). 
The financial statements have been prepared on a going concern basis. F2V LLC have indicated their willingness and ability to support the company for at least one year from the date of approval of the financial statements.

 
Page 7