Company registration number 11650583 (England and Wales)
CONVEX ENERGY LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
CONVEX ENERGY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
CONVEX ENERGY LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
18,504
-
0
Current assets
Debtors
4
10,223
100
Cash at bank and in hand
31,095
-
0
41,318
100
Creditors: amounts falling due within one year
5
(80,064)
-
0
Net current (liabilities)/assets
(38,746)
100
Total assets less current liabilities
(20,242)
100
Creditors: amounts falling due after more than one year
6
(80,819)
-
0
Net (liabilities)/assets
(101,061)
100
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(101,161)
-
0
Total equity
(101,061)
100

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 27 August 2024 and are signed on its behalf by:
Mr A  Reinhold
Mr T H Hahn
Director
Director
Mr D S Krauter
Director
Company Registration No. 11650583
CONVEX ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Convex Energy Limited is a private company limited by shares incorporated in England and Wales. The registered office is Wynyard Park House, Wynyard Avenue, Wynyard, United Kingdom, TS22 5TB.

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. The principal accounting policies adopted are set out below.

1.2
Going concern

At the balance sheet date the company has net liabilities and is reliant on the support of its parent company. This support is expected to continue for the foreseeable future. In addition to the loan provided by the parent company detailed in note 7, after the year end, two further loans from Convex Energy GmbH were drawn, £80,000 on 19 February 2024, and a further £80,000 on 28 May 2024, further confirming the commitment from the parent company to continue to support the company.true

 

Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
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:

Computers
3 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.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

CONVEX ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.5
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.

1.6
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.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

CONVEX ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
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.

1.7
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.

1.8
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.

1.9
Retirement benefits

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

2
Employees

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

2023
2022
Number
Number
Total
2
-
0
CONVEX ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023
-
0
Additions
21,340
At 31 December 2023
21,340
Depreciation and impairment
At 1 January 2023
-
0
Depreciation charged in the year
2,836
At 31 December 2023
2,836
Carrying amount
At 31 December 2023
18,504
At 31 December 2022
-
0
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
-
0
100
Other debtors
10,223
-
0
10,223
100
5
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
65,794
-
0
Taxation and social security
4,783
-
0
Other creditors
9,487
-
0
80,064
-
0
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
80,819
-
0
CONVEX ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
6
Creditors: amounts falling due after more than one year
(Continued)
- 6 -

Included within other creditors is a loan from the parent company, Convex Energy GmbH for a principal amount of £80,000 which was drawndown on 25 October 2023. The loan attracts an interest rate of 5.5%, repayable annually in arrears, on 31 December. The loan is fully repayable by 31 December 2025, with no fixed repayment schedule.

7
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's report was unqualified.

Senior Statutory Auditor:
Joanne Regan FCA
Statutory Auditor:
Azets Audit Services
8
Parent company

The parent company of Convex Energy Limited for which group accounts are drawn up is Convex Energy GmbH. Its registered office is EUREF Campus 6-9, Berlin, 10829, Germany.

2023-12-312023-01-01false27 August 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityThis audit opinion is unqualifiedMr M D LarsenMr A ReinholdMr T H HahnMr D S KrauterMr M D LarsenMr M D Larsenfalsefalse116505832023-01-012023-12-31116505832023-12-31116505832022-12-3111650583core:OtherPropertyPlantEquipment2023-12-3111650583core:OtherPropertyPlantEquipment2022-12-3111650583core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3111650583core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3111650583core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3111650583core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-3111650583core:CurrentFinancialInstruments2023-12-3111650583core:CurrentFinancialInstruments2022-12-3111650583core:ShareCapital2023-12-3111650583core:ShareCapital2022-12-3111650583core:RetainedEarningsAccumulatedLosses2023-12-3111650583core:RetainedEarningsAccumulatedLosses2022-12-3111650583bus:Director22023-01-012023-12-3111650583bus:Director32023-01-012023-12-3111650583bus:Director42023-01-012023-12-3111650583core:ComputerEquipment2023-01-012023-12-31116505832022-01-012022-12-3111650583core:OtherPropertyPlantEquipment2022-12-3111650583core:OtherPropertyPlantEquipment2023-01-012023-12-3111650583core:WithinOneYear2023-12-3111650583core:WithinOneYear2022-12-3111650583core:Non-currentFinancialInstruments2023-12-3111650583core:Non-currentFinancialInstruments2022-12-3111650583bus:PrivateLimitedCompanyLtd2023-01-012023-12-3111650583bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3111650583bus:FRS1022023-01-012023-12-3111650583bus:Audited2023-01-012023-12-3111650583bus:Director12023-01-012023-12-3111650583bus:Director52023-01-012023-12-3111650583bus:Director62023-01-012023-12-3111650583bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP