Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31false12023-01-01falseNo description of principal activity1falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 05633910 2023-01-01 2023-12-31 05633910 2022-01-01 2022-12-31 05633910 2023-12-31 05633910 2022-12-31 05633910 c:Director2 2023-01-01 2023-12-31 05633910 d:PatentsTrademarksLicencesConcessionsSimilar 2023-12-31 05633910 d:PatentsTrademarksLicencesConcessionsSimilar 2022-12-31 05633910 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 05633910 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 05633910 d:CurrentFinancialInstruments 2023-12-31 05633910 d:CurrentFinancialInstruments 2022-12-31 05633910 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 05633910 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 05633910 d:ShareCapital 2023-12-31 05633910 d:ShareCapital 2022-12-31 05633910 d:SharePremium 2023-12-31 05633910 d:SharePremium 2022-12-31 05633910 d:RetainedEarningsAccumulatedLosses 2023-12-31 05633910 d:RetainedEarningsAccumulatedLosses 2022-12-31 05633910 c:FRS102 2023-01-01 2023-12-31 05633910 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 05633910 c:FullAccounts 2023-01-01 2023-12-31 05633910 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 05633910 2 2023-01-01 2023-12-31 05633910 6 2023-01-01 2023-12-31 05633910 d:PatentsTrademarksLicencesConcessionsSimilar d:OwnedIntangibleAssets 2023-01-01 2023-12-31 05633910 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2023-01-01 2023-12-31 05633910 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 05633910









ADVANCED PLASMA POWER LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
ADVANCED PLASMA POWER LIMITED
REGISTERED NUMBER: 05633910

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
209,673
302,860

  
209,673
302,860

Current assets
  

Debtors: amounts falling due within one year
 6 
400
593

Cash at bank and in hand
 7 
6,396
5,622

  
6,796
6,215

Creditors: amounts falling due within one year
 8 
(3,486,640)
(3,482,140)

Net current liabilities
  
 
 
(3,479,844)
 
 
(3,475,925)

Total assets less current liabilities
  
(3,270,171)
(3,173,065)

  

Net liabilities
  
(3,270,171)
(3,173,065)


Capital and reserves
  

Called up share capital 
  
1,996,144
1,996,144

Share premium account
  
23,618,639
23,618,639

Profit and loss account
  
(28,884,954)
(28,787,848)

  
(3,270,171)
(3,173,065)


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 Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
 
Page 1

 
ADVANCED PLASMA POWER LIMITED
REGISTERED NUMBER: 05633910
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023


The Company has opted not to file the statement of income and retained earnings 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 on 5 August 2024.



D E King
Director

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

Page 2

 
ADVANCED PLASMA POWER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Advanced Plasma Power Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is 30 Orange Street, London, WC2H 7HF.
The financial statements are presented in Sterling, which is the functional currency of the company.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements are prepared on a going concern basis which the director believes to be appropriate. The Company's future depends upon the commercial application of the Gasplasma technology.
The new controlling shareholder has introduced funding to the Company so that the Company
has adequate resources to pay debts as they fall due, to maintain its patent portfolio and to 
pursue opportunities.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Borrowing costs

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

 
2.5

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.6

Valuation of investments

Investments in unquoted LLP’s are stated at historic cost less any impairment.

Page 3

 
ADVANCED PLASMA POWER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.8

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.9

Creditors

Short term creditors are measured at the transaction price.

 
2.10

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.
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 income and retained earnings.
Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position 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 the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Directors
1
1

Page 4

 
ADVANCED PLASMA POWER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Intangible assets




Patents
Development costs
Total

£
£
£



Cost


At 1 January 2023
1,304,622
10,887,388
12,192,010



At 31 December 2023

1,304,622
10,887,388
12,192,010



Amortisation


At 1 January 2023
1,001,762
10,887,388
11,889,150


Charge for the year on owned assets
93,187
-
93,187



At 31 December 2023

1,094,949
10,887,388
11,982,337



Net book value



At 31 December 2023
209,673
-
209,673



At 31 December 2022
302,860
-
302,860

Page 5

 
ADVANCED PLASMA POWER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
           4.Intangible assets (continued)

The capitalised development costs include the development works carried out in relation to the Gasplasma technology. The Company reviewed the net book value of development costs during 2017 and decided that the carrying value should be reduced to zero due to the uncertainty of realising any value from the assets.




5.


Investments

The Company took a 20% stake in Plasma Green Energy LLP (PGE), a limited liability partnership registered in the United Kingdom, on 27 May 2009 and continued to hold 20% at 31 December 2023.





Associates

£



Cost


At 1 January 2023
3,100,000



At 31 December 2023

3,100,000



Impairment


At 1 January 2023
3,100,000



At 31 December 2023

3,100,000



Net book value



At 31 December 2023
-



At 31 December 2022
-


6.


Debtors

2023
2022
£
£


Other debtors
400
593

400
593


Page 6

 
ADVANCED PLASMA POWER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
6,396
5,622

6,396
5,622



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

InvestSelect
2,314,337
2,314,337

Leveraged Green Energy
344,838
344,838

Trade creditors
243,970
241,570

Eco-Energy Biofuels Partners
397,709
395,609

Corporation tax
1,500
1,500

Other taxation and social security
1,126
1,126

Accruals
183,160
183,160

3,486,640
3,482,140


The Company has loans with a face value and carrying value of £2,659,175 (2022 - £2,659,175) from InvestSelect PLC and Leveraged Green Energy (LGE). The loans are secured on the assets of Advanced Plasma Power Ltd (APP).
A first payment on the amounts owed to InvestSelect PLC and LGE is not required until the second commercial Gasplasma plant is commissioned. If £750,000 has not been repaid by December 19, 2025, accrued interest will be restored and the loans will have to be repaid over 10 years.
The Eco-Energy Biofuels Partners loans accrue 5% annual interest and are to be paid on demand, but demand cannot be made until after the InvestSelect PLC and LGE loans have been repaid in full and APP has sufficient funds to satisfy the demand.


9.


Related party transactions

Eco-Energy Biofuels Partners Limited acquired the whole of the company's share capital on 28 January
2021. It has provided funding as required to date.

 
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