Company registration number 11841895 (England and Wales)
ECONETIQ LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
ECONETIQ LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
ECONETIQ LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,253
2,442
Investments
4
10
10
2,263
2,452
Current assets
Stocks
590,064
178,769
Debtors
5
31,650
7,653
Cash at bank and in hand
17,912
23,127
639,626
209,549
Creditors: amounts falling due within one year
6
(1,115,307)
(312,779)
Net current liabilities
(475,681)
(103,230)
Net liabilities
(473,418)
(100,778)
Capital and reserves
Called up share capital
5,181
5,181
Share premium account
10,219
10,219
Profit and loss reserves
(488,818)
(116,178)
Total equity
(473,418)
(100,778)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

ECONETIQ LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2023
31 October 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 31 July 2024 and are signed on its behalf by:
Mr S P Baker
Mr S L Burrows
Director
Director
Mr R A Clarke
Mr M J Valentine
Director
Director
Company registration number 11841895 (England and Wales)
ECONETIQ LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 3 -
1
Accounting policies
Company information

Econetiq Limited is a private company limited by shares incorporated in England and Wales. The registered office is 28 Queen Street, London, EC4R 1BB.

1.1
Reporting period

The comparative figures represent a period of eight months. The company shortened its previous accounting period to 31 October 2022. Therefore, the comparative amounts presented in the financial statement (including the related notes) are not entirely comparable.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.3
Going concern

These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. The company meets its day to day working capital requirements through continued financial support from the directors and parent company.

1.4
Turnover

Turnover represents amounts receivable for the provision of electricity for electric vehicle (EV) charging, services provided in developing EV charging infrastructure projects and the sale of EV equipment, net of VAT and trade discounts.

EV charging income and EV equipment sales

Revenue from the provision of electricity for EV charging and from the sale of EV charging equipment is recognised at the point of sale, net of VAT.

EV charging point installation and project development

Revenue from contracts for the provision of professional services in connection with the development and installation of EV charging equipment is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

ECONETIQ LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 4 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
10% straight line
Computers
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.7
Stocks

Stock comprises EV chargers and initial preparatory and installation work undertaken in bringing the units to their present location and condition. Stock is stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that are directly attributable to the value of the units.

 

Work-in-progress (WIP) represents the value of work undertaken in development of EV charging infrastructure assets and bringing them to the point of sale. WIP is stated at the lower of cost and estimated selling price less costs to complete and sell.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

ECONETIQ LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
7
6
ECONETIQ LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 6 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2022
2,587
Additions
399
At 31 October 2023
2,986
Depreciation and impairment
At 1 November 2022
145
Depreciation charged in the year
588
At 31 October 2023
733
Carrying amount
At 31 October 2023
2,253
At 31 October 2022
2,442
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
10
10
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
9,126
-
0
Amounts owed by group undertakings
6,312
-
0
Other debtors
16,212
7,653
31,650
7,653
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
326,530
-
0
Amounts owed to group undertakings
710,465
-
0
Taxation and social security
5,228
6,718
Other creditors
73,084
306,061
1,115,307
312,779
ECONETIQ LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
6
Creditors: amounts falling due within one year
(Continued)
- 7 -

Other creditors includes a balance of £51,935 (2022 - £51,676) owed to directors. The balances outstanding are unsecured, interest free and deemed repayable on demand.

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