Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31352023-04-01falseNo description of principal activity34truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 10621107 2023-04-01 2024-03-31 10621107 2022-04-01 2023-03-31 10621107 2024-03-31 10621107 2023-03-31 10621107 c:Director2 2023-04-01 2024-03-31 10621107 d:PlantMachinery 2023-04-01 2024-03-31 10621107 d:PlantMachinery 2024-03-31 10621107 d:PlantMachinery 2023-03-31 10621107 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 10621107 d:MotorVehicles 2023-04-01 2024-03-31 10621107 d:MotorVehicles 2024-03-31 10621107 d:MotorVehicles 2023-03-31 10621107 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 10621107 d:OfficeEquipment 2023-04-01 2024-03-31 10621107 d:OfficeEquipment 2024-03-31 10621107 d:OfficeEquipment 2023-03-31 10621107 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 10621107 d:ComputerEquipment 2023-04-01 2024-03-31 10621107 d:ComputerEquipment 2024-03-31 10621107 d:ComputerEquipment 2023-03-31 10621107 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 10621107 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 10621107 d:CurrentFinancialInstruments 2024-03-31 10621107 d:CurrentFinancialInstruments 2023-03-31 10621107 d:Non-currentFinancialInstruments 2024-03-31 10621107 d:Non-currentFinancialInstruments 2023-03-31 10621107 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 10621107 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 10621107 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 10621107 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 10621107 d:ShareCapital 2024-03-31 10621107 d:ShareCapital 2023-03-31 10621107 d:SharePremium 2023-04-01 2024-03-31 10621107 d:SharePremium 2024-03-31 10621107 d:SharePremium 2023-03-31 10621107 d:OtherMiscellaneousReserve 2023-04-01 2024-03-31 10621107 d:OtherMiscellaneousReserve 2024-03-31 10621107 d:OtherMiscellaneousReserve 2023-03-31 10621107 d:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 10621107 d:RetainedEarningsAccumulatedLosses 2024-03-31 10621107 d:RetainedEarningsAccumulatedLosses 2023-03-31 10621107 c:OrdinaryShareClass1 2023-04-01 2024-03-31 10621107 c:OrdinaryShareClass1 2024-03-31 10621107 c:OrdinaryShareClass1 2023-03-31 10621107 c:FRS102 2023-04-01 2024-03-31 10621107 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 10621107 c:FullAccounts 2023-04-01 2024-03-31 10621107 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 10621107 d:Subsidiary1 2023-04-01 2024-03-31 10621107 d:Subsidiary1 1 2023-04-01 2024-03-31 10621107 d:Subsidiary2 2023-04-01 2024-03-31 10621107 d:Subsidiary2 1 2023-04-01 2024-03-31 10621107 6 2023-04-01 2024-03-31 10621107 e:PoundSterling 2023-04-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 10621107










PRESTON EV LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024



 
PRESTON EV LIMITED
REGISTERED NUMBER: 10621107

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
42,767
67,879

Investments
 5 
4,354
4,354

  
47,121
72,233

Current assets
  

Stocks
 6 
50,000
115,218

Debtors: amounts falling due within one year
 7 
1,027,649
710,020

Cash at bank and in hand
 8 
16,808
26,840

Current liabilities
  
1,094,457
852,078

Creditors: amounts falling due within one year
 9 
(1,795,802)
(473,131)

Net current (liabilities)/assets
  
 
 
(701,345)
 
 
378,947

Total assets less current liabilities
  
(654,224)
451,180

Creditors: amounts falling due after more than one year
 10 
(300,682)
(300,682)

  

Net (liabilities)/assets
  
(954,906)
150,498


Capital and reserves
  

Called up share capital 
 11 
1,705
1,655

Share premium account
  
5,507,169
4,853,219

Other reserves
  
-
454,000

Profit and loss account
  
(6,463,780)
(5,158,376)

  
(954,906)
150,498


Page 1

 
PRESTON EV LIMITED
REGISTERED NUMBER: 10621107

BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

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.

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: 



M J Potts
Director

Date: 3 August 2024

Page 2

 
PRESTON EV LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Preston EV Limited is a private company, limited by share capital and incorporated in England and Wales. The registered office is Unit 3 Roger House, Osney Mead, Oxford, OX2 0ES.
The principal activity of the business is the design of technology to connect to the autonomous transportation networks.

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 financial statements are rounded to the nearest pound Sterling, the functional and presentational currency of the Company.

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

Going concern

The Company continues with the development of a full stack of autonomous technology for terminal tractors (also known as yard trucks) and transit vans.
The bulk of the Company's activity is still focused on research and development which will support the growth of revenue in the Company in the future. The Directors anticipate the Company's developments to accelerate during the 2024/25 financial year as the technology approaches commercial readiness. 
Post year end in May 2024 the Company has signed a major contract with another global supply chain business, strengthening the Company’s forecasted cash position. Both SAFE and V-CAL projects are in progress, bringing a continued enhanced level of grant funding. The Company has been able to flexibly extend the maturity of a May 2023 loan agreement. The Company has also had interest from new investors and prospective buyers for the Company. The Company is currently assessing these opportunities.
The Directors believe the Company has sufficient support to enable it to continue trading for the next twelve months. Therefore, the Directors continue to prepare the financial statements on the going concern basis.

Page 3

 
PRESTON EV LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

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.

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 4

 
PRESTON EV LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.7

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 
PRESTON EV LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the below methods.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
Straight line
Motor vehicles
-
33%
Straight line
Office equipment
-
25%
Reducing balance
Computer equipment
-
33%
Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

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.

 
2.13

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.

 
2.14

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.

Page 6

 
PRESTON EV LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.


Employees

The average monthly number of employees, including the Directors, during the year was as follows:


        2024
        2023
            No.
            No.







Employees including directors
34
35


4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Office equipment
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 April 2023
46,301
5,990
63,066
64,552
179,909


Additions
-
-
-
1,235
1,235



At 31 March 2024

46,301
5,990
63,066
65,787
181,144



Depreciation


At 1 April 2023
41,061
2,324
24,330
44,315
112,030


Charge for the year on owned assets
1,844
1,992
9,660
12,851
26,347



At 31 March 2024

42,905
4,316
33,990
57,166
138,377



Net book value



At 31 March 2024
3,396
1,674
29,076
8,621
42,767



At 31 March 2023
5,240
3,666
38,736
20,237
67,879


5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2023
4,354



At 31 March 2024
4,354




Page 7

 
PRESTON EV LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Streetdrone Limited
Unit 3, Roger House, Osney Mead, Oxford, OX2 0ES
Ordinary
100%
Streetdrone Unipessoal, Lda
Calçada Bento da Rocha Cabral, 1 1250-047 Lisboa
Ordinary
100%


6.


Stocks

2024
2023
£
£

Car parts
50,000
115,218



7.


Debtors

2024
2023
£
£


Trade debtors
1,210
-

Amounts owed by group undertakings
141,016
82,567

Other debtors
58,717
143,154

Prepayments and accrued income
415,604
34,032

Tax recoverable
411,102
450,267

1,027,649
710,020


Amounts owed by group undertakings are unsecured, non-interest bearing and repayable on demand. 


8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
16,808
26,840


Page 8

 
PRESTON EV LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other loans
366,415
-

Trade creditors
132,917
34,199

Amounts owed to group undertakings
951,940
152,426

Other taxation and social security
326,365
275,201

Other creditors
165
-

Accruals and deferred income
18,000
11,305

1,795,802
473,131


Amounts owed to group undertakings are unsecured, non-interest bearing and repayable on demand. 


10.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Other creditors
300,682
300,682


Other loans represent amounts received from a related party. These are unsecured, non-interest bearing and repayable on demand.


11.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,705,009 (2023 - 1,654,666) Ordinary shares of £0.001 each
1,705
1,655


During the year 15,580 ordinary shares of  £0.001 were issued for a total consideration of £200,000.
During the year 34,763 ordinary shares of  £0.001 were issued for a total consideration of £454,000.

Page 9

 
PRESTON EV LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

12.


Reserves

Share premium account

Share premium account includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.

Other reserves

Other reserves comprise consideration received for the advanced subscription of shares.

Profit and loss account

Profit and loss account includes all current and prior period retained profits and losses.


13.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £38,170 (2023: £32,149). Contributions totalling £7,644 (2023: £7,773) were payable to the fund at the balance sheet date and are included in creditors.


14.


Related party transactions

The Company has opted not to disclose transactions and balances entered into with 100% owned group companies in accordance with Section 33.1A of FRS 102.
Included within other creditors due after more than one year is £300,682 (2023: £300,682) owed to a Director at the year end.
Included in other debtors are amounts due from a company controlled by a common director of £33,385 (2023: £38,067).
Included in other debtors are amounts due from a company controlled by a common director of £480 (2023: £480).


15.


Controlling party

The Company is jointly controlled by the Directors by virtue of their shareholdings.

Page 10