Company registration number 02222330 (England and Wales)
EVALUATE ENERGY LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
EVALUATE ENERGY LIMITED
COMPANY INFORMATION
Directors
J Garrison
J Harrison
D Hood
Company number
02222330
Registered office
55 Baker Street
London
W1U 7EU
Auditor
Simpson Wreford LLP
Wellesley House
Duke of Wellington Avenue
Royal Arsenal
London
SE18 6SS
EVALUATE ENERGY LIMITED
CONTENTS
Page
Directors' report
1
Balance sheet
2
Notes to the financial statements
3 - 8
EVALUATE ENERGY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the company continued to be that of publishing to the energy industry.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

J Garrison
J Harrison
D Hood
Auditor

Simpson Wreford LLP were appointed auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Going concern

The accounts have been prepared on a going concern basis. While the company's balance sheet does show an insolvent position it has received assurances from its parent company that it will continue to fund and support the business for a period of greater than 12 months from the date of approval of the accounts. Geo Logic Systems Ltd was the parent of the company as at the year end.

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
D Hood
Director
5 August 2024
EVALUATE ENERGY LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
5
-
0
21,932
Tangible assets
6
25,942
44,140
25,942
66,072
Current assets
Debtors
7
83,828
115,328
Cash at bank and in hand
98,239
154,694
182,067
270,022
Creditors: amounts falling due within one year
8
(2,818,944)
(2,057,565)
Net current liabilities
(2,636,877)
(1,787,543)
Net liabilities
(2,610,935)
(1,721,471)
Capital and reserves
Called up share capital
714,891
714,891
Share premium account
88,614
88,614
Capital redemption reserve
10,000
10,000
Profit and loss reserves
(3,424,440)
(2,534,976)
Total equity
(2,610,935)
(1,721,471)

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

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

The financial statements were approved by the board of directors and authorised for issue on 5 August 2024 and are signed on its behalf by:
D Hood
Director
Company registration number 02222330 (England and Wales)
EVALUATE ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Evaluate Energy Limited is a private company limited by shares incorporated in England and Wales. The registered office is 55 Baker Street, London, W1U 7EU.

1.1
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

Evaluate Energy Limited was a wholly owned subsidiary of Geo Logic Systems Ltd during the year and the results of Evaluate Energy Limited are included in the consolidated financial statements of Geo Logic Systems Ltd, which are available at 1500-401 9th Avenue SW, Calgary, Alberta, Canada. The ownership of the company changed on 12th March 2021 to Geo Logic Systems Ltd.

1.2
Going concern

The accounts have been prepared on a going concern basis. The directors have prepared budgets and forecasts for a period greater than 12 months from the date of their approval of the financial statements and have received confirmation from it's parent company that it will continue to fund and support the business over this period.true

1.3
Turnover

Turnover represents the value of the services, net of value added tax, provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due. Where a contract has only been partially completed at the balance sheet date turnover represents the value of the service provided to date based on a proportion of the total expected consideration at completion. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Revenue from contracts for the provision of professional services 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.

EVALUATE ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the company are recognised as intangible assets when the following criteria are met:

- it is technically feasible to complete the software so that it will be available for use;

- management intends to complete the software and use or sell it;

- there is an ability to use or sell the software;

- it can be demonstrated how the software will generate probable future economic benefits;

- adequate technical, financial and other resources to complete the development and to use or sell the software are available; and

- the expenditure attributable to the software during its development can be reliably

measured.

Other development expenditures that do not meet these criteria are recognised as an expense as incurred. Development costs previously recognised as an expense are not recognised as an asset in a subsequent period.

Subsequent to initial recognition, internally-generated intangible assets are reported at cost less accumulated amortisation and accumulated impairment losses, on the same basis as intangible assets that are acquired separately. Internally-generated intangible assets are amortised on a straight line basis over 10 years. Assets are amortised only once the completed data set or module is available for sale to customers.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation 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:

Development costs
10 years straight line
1.6
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.

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:

Land and buildings leasehold improvements
Lease term
Computer equipment
3 -5 years 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.

Assets held under leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

 

The company adopted a policy to capitalise leases from 1 January 2019.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

EVALUATE ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
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.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

1.12
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.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

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

1.14
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

EVALUATE ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
1.16

Deferred income

Deferred income is provided for on all sales where the duration of the licence issued extends beyond the year end. On commencement of the licence there is an initial recognition percentage, with the remaining balance split evenly to the end of the contract.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Auditor remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
11,500
11,500
4
Employees

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

2023
2022
Number
Number
Total
13
13
EVALUATE ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
5
Intangible fixed assets
Development costs
£
Cost
At 1 January 2023
121,932
Disposals
(21,932)
At 31 December 2023
100,000
Amortisation and impairment
At 1 January 2023 and 31 December 2023
100,000
Carrying amount
At 31 December 2023
-
0
At 31 December 2022
21,932
6
Tangible fixed assets
Land and buildings leasehold improvements
Computer equipment
Total
£
£
£
Cost
At 1 January 2023
240,387
92,700
333,087
Additions
-
0
16,429
16,429
Disposals
(240,387)
(66,124)
(306,511)
At 31 December 2023
-
0
43,005
43,005
Depreciation and impairment
At 1 January 2023
226,661
62,286
288,947
Depreciation charged in the year
13,726
13,662
27,388
Eliminated in respect of disposals
(240,387)
(58,885)
(299,272)
At 31 December 2023
-
0
17,063
17,063
Carrying amount
At 31 December 2023
-
0
25,942
25,942
At 31 December 2022
13,726
30,414
44,140
EVALUATE ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
29,869
-
0
Corporation tax recoverable
11,500
24,079
Other debtors
42,459
91,249
83,828
115,328
8
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
10,501
61,562
Amounts owed to group undertakings
2,645,817
1,738,981
Other creditors
162,626
257,022
2,818,944
2,057,565

The short-term loan payable to group undertakings is secured by a GRID note where all accrued and unpaid interest shall be immediately due and payable upon demand by the borrower.

 

9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor report was unqualified.

Senior Statutory Auditor:
Michael Broder BSc FCA
Statutory Auditor:
Simpson Wreford LLP
Date of audit report:
5 August 2024
10
Events after the reporting date

In the post balance sheet period certain assets owned by the company were transferred and centralised to the parent company, The transfer of the assets is at arms length.

One customer is to remain within the company as well as the employees and assets for the operation of the company.

The estimated financial effect of the transfer is not yet quantifiable.

 

 

2023-12-312023-01-01false05 August 2024CCH SoftwareCCH Accounts Production 2024.100The principal activity of the company continued to be that of publishing to the energy industry.
This audit opinion is unqualifiedJ GarrisonJ HarrisonD Hoodfalsefalse
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