Company registration number 08762055 (England and Wales)
GAMMA ENERGY LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
GAMMA ENERGY LIMITED
COMPANY INFORMATION
Directors
Mr Jose Contreras Aparicio
Mr Jose Manuel Zorrilla Astudillo
Company number
08762055
Registered office
Gamma Energy Ltd
International House
1 St. Katharine's Way
London
UK
E1W 1YL
Auditor
UHY Hacker Young
Quadrant House
4 Thomas More Square
London
E1W 1YW
GAMMA ENERGY LIMITED
CONTENTS
Page
Directors' report
1 - 3
Independent auditor's report
4 - 7
Income statement
8
Statement of financial position
9 - 10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 34
GAMMA 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 Engineering procurement and Construction maintenance & operation of photovoltaic renewable energy generation projects, deployment and exploitation of electric vehicle charging points, Maintenance of electric vehicle charging points.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

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

Mr Jose Contreras Aparicio
Mr Jose Manuel Zorrilla Astudillo
Supplier payment policy

The company's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).

 

The company's current policy concerning the payment of trade creditors is to:

 

Trade creditors of the company at the year end were equivalent to XX day's purchases, based on the average daily amount invoiced by suppliers during the year.

Auditor

UHY Hacker Young were appointed as 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.

GAMMA ENERGY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with International Financial Reporting Standards (IFRSs) as adopted by the United Kingdom. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, International Accounting Standard 1 requires that directors:

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

Each director in office at the date of approval of this annual report confirms that:

 

This confirmation is given and should be interpreted in accordance with the provisions of section 418 of the Companies Act 2006.

Going concern

The company’s forecasts and projections, taking account of reasonably possible changes in trading performance, show that the company should be able to operate within the level of its current activity and therefore the company is expected to continue to generate positive cash flows for the foreseeable future.

 

The company participates in the Group’s centralised treasury arrangements and so it is financed through intercompany credit lines with its parent company and fellow subsidiaries. This optimises the availability of funds to manage its operating activities and the terms of the bank agreements granted.

 

The directors have no reason to believe that a material uncertainty exists that may cast significant doubt about the ability of the Gamma Energy company to continue as a going concern. Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

GAMMA ENERGY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Small companies exemption

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

On behalf of the board
Mr Jose Manuel Zorrilla Astudillo
Director
8 May 2024
2024-05-08
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GAMMA ENERGY LIMITED
- 4 -
Opinion

We have audited the financial statements of Gamma Energy Limited (the 'company') for the year ended 31 December 2023 which comprise the income statement, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and UK adopted international accounting standards.

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GAMMA ENERGY LIMITED (CONTINUED)
- 5 -

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GAMMA ENERGY LIMITED (CONTINUED)
- 6 -
Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Based on our understanding of the Company and the industry in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the acts by the Company, which were contrary to applicable laws and regulations including fraud, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to inflated revenue and profit.

 

Audit procedures performed included: review of the financial statement disclosures to underlying supporting documentation, enquiries of management and testing of journals and evaluating whether there was evidence of bias by the Directors that represented a risk of material misstatement due to fraud.

 

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council's website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GAMMA ENERGY LIMITED (CONTINUED)
- 7 -
Vinodkumar Vadgama (Senior Statutory Auditor)
For and on behalf of UHY Hacker Young
8 May 2024
Chartered Accountants
Statutory Auditor
GAMMA ENERGY LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2023
2022
Notes
£
£
Revenue
3
6,655,315
2,892,886
Cost of sales
(4,065,152)
(1,212,826)
Gross profit
2,590,163
1,680,060
Other operating income
-
317,436
Administrative expenses
(2,348,070)
(1,722,892)
Operating profit
4
242,093
274,604
Investment revenues
7
207,213
46,147
Finance costs
8
(181,103)
(113,830)
Profit before taxation
268,203
206,921
Income tax expense
9
(114,068)
-
Profit and total comprehensive income for the year
154,135
206,921
GAMMA ENERGY LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 9 -
2023
2022
Notes
£
£
Non-current assets
Property, plant and equipment
10
1,733,139
1,435,725
Investments
11
200
200
Other receivables
13
194,767
402,571
1,928,106
1,838,496
Current assets
Trade and other receivables
13
10,749,198
8,625,062
Cash and cash equivalents
27,979
186,598
10,777,177
8,811,660
Current liabilities
Trade and other payables
16
2,569,939
1,760,672
Lease liabilities
17
370,519
176,688
Deferred revenue
19
814,212
-
0
3,754,670
1,937,360
Net current assets
7,022,507
6,874,300
Non-current liabilities
Lease liabilities
17
375,258
405,644
Deferred tax liabilities
18
114,068
-
0
489,326
405,644
Net assets
8,461,287
8,307,152
Equity
Called up share capital
21
1,000
1,000
Retained earnings
8,460,287
8,306,152
Total equity
8,461,287
8,307,152
GAMMA ENERGY LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 10 -

These financial statements have been prepared 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 8 May 2024 and are signed on its behalf by:
Mr Jose Manuel Zorrilla Astudillo
Director
Company registration number 08762055 (England and Wales)
GAMMA ENERGY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
Share capital
Retained earnings
Total
£
£
£
Balance at 1 January 2022
1,000
8,099,231
8,100,231
Year ended 31 December 2022:
Profit and total comprehensive income
-
206,921
206,921
Balance at 31 December 2022
1,000
8,306,152
8,307,152
Year ended 31 December 2023:
Profit and total comprehensive income
-
154,135
154,135
Balance at 31 December 2023
1,000
8,460,287
8,461,287
GAMMA ENERGY LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
259,216
821,626
Interest paid
(181,103)
(113,830)
Net cash inflow from operating activities
78,113
707,796
Investing activities
Purchase of property, plant and equipment
(237,177)
(554,540)
Interest received
207,213
46,147
Net cash used in investing activities
(29,964)
(508,393)
Financing activities
Payment of lease liabilities
(206,768)
(47,996)
Net cash used in financing activities
(206,768)
(47,996)
Net (decrease)/increase in cash and cash equivalents
(158,619)
151,407
Cash and cash equivalents at beginning of year
186,598
35,191
Cash and cash equivalents at end of year
27,979
186,598
GAMMA ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
1
Accounting policies
Company information

Gamma Energy Limited is a private company limited by shares incorporated in England and Wales. The registered office is Gamma Energy Ltd, International House, 1 St. Katharine's Way, London, UK, E1W 1YL. The company's principal activities and nature of its operations are disclosed in the directors' report.

1.1
Accounting convention

The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the United Kingdom and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS, except as otherwise stated.

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 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

 

Gamma Energy Limited is a wholly owned subsidiary of Sferaone Solutions and Services, S.L. and the results of Gamma Energy Limited are included in the consolidated financial statements of Diggia Solutions, S.L. which are available from Calle Acanto 22, 28045 Madrid.

1.2
Going concern

The directors have at the time of approving the financial statements, a reasonable expectation that the truecompany has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

The company’s forecasts and projections, taking account of reasonably possible changes in trading performance, show that the company should be able to operate within the level of its current activity and therefore the company is expected to continue to generate positive cash flows for the foreseeable future.

 

The Company participates in the group’s centralised treasury arrangements and so it is financed through intercompany credit lines with its parent company and fellow subsidiaries. This optimizes the availability of funds to manage its operating activities and the terms of the bank agreements granted. In addition, the group companies have confirmed that they will not seek repayment of amounts owed to them until such time as the company is able to do so.

 

The directors have no reason to believe that a material uncertainty exists that may cast significant doubt about the ability of the Gamma Energy Limited to continue as a going concern. Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

 

GAMMA ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -
1.3
Revenue

Revenue from ordinary activities is recognized in such a manner that it represents the transfer of control of promised goods or services to customers in exchange for an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.

 

In the case of contracts with customers with several performance obligations, revenue is assigned to

each performance obligation based on its individual sale price at the beginning of the contract. The individual sale price is estimated based on the observable price of sale of goods or services transactions when they are sold separately under similar circumstances and to similar customers. If there are no observable prices in the market, the price is estimated using the most adequate method based on the information available.

 

When Gamma Energy Limited acts as principal, it recognized revenue at the gross amount of the consideration it expects to be entitled to in exchange for the goods or services transferred, whereas when it acts as agent, it recognized revenue in the amount of any payment or commission it expects to be entitled to in exchange for recognized for a third party the supply of the goods or services.

 

Gamma Energy Limited presents contracts with customers as a contract asset or liability depending on the relationship between Gamma Energy’s performance and the payment settled by the customer.

 

  • Contracts with customers are recognized as a contract liability when the customer has paid a consideration before the control of the goods or services has been transferred to the customer, so there is an obligation on Gamma Energy’s side to transfer the goods or services for which it has already received a consideration.

 

  • Contracts with customers are recognized as contract assets when Gamma Energy Limited has completed the arrangement by transferring the control of the goods or services to the customer before the customer has settled the consideration, so Gamma Energy Limited has a right to a consideration in exchange for the goods or services transferred to the customer.

 

Revenue beyond the scope of IFRS 15 “Revenue from contracts with customers” is recognized in accordance with the applicable accounting rules.

 

1.4
Property, plant and equipment

Property, plant and equipment 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:

Fixtures and fittings
15% on cost
Computers
25% on cost
Motor vehicles
Over the term of lease
EVCP
10% on cost
Right of use asset
Over the term of lease
GAMMA ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -

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 recognised in the income statement.

1.5
Non-current investments

Investment in subsidiaries are valued at cost less provision for impairment.

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.

1.6
Borrowing costs related to non-current assets

Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.

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

1.7
Impairment of tangible and intangible assets

At each reporting 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.

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.

 

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.

1.8
Cash and cash equivalents

Cash and cash equivalents include cash in hand and deposits held at call with banks.

GAMMA ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
1.9
Financial assets

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

 

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.

Financial assets at fair value through profit or loss

When any of the above-mentioned conditions for classification of financial assets is not met, a financial asset is classified as measured at fair value through profit or loss. Financial assets measured at fair value through profit or loss are recognized initially at fair value and any transaction costs are recognised in profit or loss when incurred. A gain or loss on a financial asset measured at fair value through profit or loss is recognised in profit or loss, and is included within finance income or finance costs in the statement of income for the reporting period in which it arises.

Financial assets held at amortised cost

Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.

Financial assets at fair value through other comprehensive income

Debt instruments are classified as financial assets measured at fair value through other comprehensive income where the financial assets are held within the company’s business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

 

A debt instrument measured at fair value through other comprehensive income is recognised initially at fair value plus transaction costs directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognised through other comprehensive income are directly transferred to profit or loss when the debt instrument is derecognised.

The company has made an irrevocable election to recognize changes in fair value of investments in equity instruments through other comprehensive income, not through profit or loss. A gain or loss from fair value changes will be shown in other comprehensive income and will not be reclassified subsequently to profit or loss. Equity instruments measured at fair value through other comprehensive income are recognized initially at fair value plus transaction cost directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognized through other comprehensive income are directly transferred to retained earnings when the equity instrument is derecognized or its fair value substantially decreased. Dividends are recognized as finance income in profit or loss.

GAMMA ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
Impairment of financial assets

Financial assets carried at amortised cost and FVOCI are assessed for indicators of impairment at each reporting end date.

 

The expected credit losses associated with these assets are estimated on a forward-looking basis. A broad range of information is considered when assessing credit risk and measuring expected credit losses, including past events, current conditions, and reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

1.10
Financial liabilities

The company recognises financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

Financial liabilities at fair value through profit or loss

Financial liabilities are classified as measured at fair value through profit or loss when the financial liability is held for trading. A financial liability is classified as held for trading if:

 

 

Financial liabilities at fair value through profit or loss are stated at fair value with any gains or losses arising on remeasurement recognised in profit or loss.

Other financial liabilities

Other financial liabilities, including borrowings, trade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

GAMMA ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
1.11
Equity instruments

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

1.12
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.13
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 inventories or non-current 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.

1.14
Retirement benefits

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

GAMMA ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -
1.15
Leases

At inception, the company assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the company recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within property, plant and equipment, apart from those that meet the definition of investment property.

The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date plus any initial direct costs and an estimate of the cost of obligations to dismantle, remove, refurbish or restore the underlying asset and the site on which it is located, less any lease incentives received.

 

The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of other property, plant and equipment. The right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.

The lease liability is initially measured at the present value of the lease payments that are unpaid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the company's incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed payments, variable lease payments that depend on an index or a rate, amounts expected to be payable under a residual value guarantee, and the cost of any options that the company is reasonably certain to exercise, such as the exercise price under a purchase option, lease payments in an optional renewal period, or penalties for early termination of a lease.

The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in: future lease payments arising from a change in an index or rate; the company's estimate of the amount expected to be payable under a residual value guarantee; or the company's assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

The company has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.

1.16
Grants

Government grants are recognised when there is reasonable assurance that the grant conditions will be met and the grants will be received.

Government grants related to assets, are presented in the statement of financial position by setting up the grant as deferred income.

GAMMA ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 20 -
1.17
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.

2
Critical accounting estimates and judgements

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, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

 

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

Critical judgements
Revenue Recognition

The value of certain of the Company’s contracts for the ongoing supply of services can be dependent upon the amount of costs incurred in performing these services and, in order to apply the Company’s policy for the recognition of revenue from such contracts that are partially complete at the statement of financial position date, the directors must assess both the proportion of the contract that has been completed and the total contract value that this represents.

Valuation of lease liability & right-of-use asset

The application of IFRS 16 requires the company to make judgements that affect the valuation of the lease liabilities and the right-of-use assets. These include determining the interest rate used for discounting of future cashflows. The present value of the lease payment is determined using the discount rate representing the company’s incremental borrowing rate.  

GAMMA ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
3
Revenue
2023
2022
£
£
Revenue analysed by class of business
Gamma Health
-
316,250
EV Charging Points EPC
4,700,736
1,534,831
O&M
430,112
389,089
PV EPC
1,381,250
652,716
Energy Charges
143,217
-
6,655,315
2,892,886
2023
2022
£
£
Revenue analysed by geographical market
UK
6,655,315
2,892,886
2023
2022
£
£
Other income
Grants received
-
317,436
4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses
23,757
5,502
Government grants
-
(317,436)
Depreciation of property, plant and equipment
309,976
92,405
GAMMA ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
5
Employees

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

2023
2022
Number
Number
Technical
14
12
Administration
4
2
Total
18
14

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
796,313
543,854
Social security costs
82,144
59,910
Pension costs
18,035
9,652
896,492
613,416
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
12,902
-
0
7
Investment income
2023
2022
£
£
Interest income
Financial instruments measured at amortised cost:
Other interest income on financial assets
207,213
46,147
Income above relates to assets held at amortised cost, unless stated otherwise.
GAMMA ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
8
Finance costs
2023
2022
£
£
Interest on lease liabilities
33,035
7,163
Other interest payable
148,068
106,667
Total interest expense
181,103
113,830
9
Income tax expense
2023
2022
£
£
Deferred tax
Origination and reversal of temporary differences
114,068
-
0

The charge for the year can be reconciled to the profit per the income statement as follows:

2023
2022
£
£
Profit before taxation
268,203
206,921
Expected tax charge based on a corporation tax rate of 23.52% (2022: 19.00%)
63,081
39,315
Effect of expenses not deductible in determining taxable profit
282
661
Effect of change in UK corporation tax rate
3,988
-
0
Group relief
-
0
(43,938)
Deferred tax adjustments in respect of prior years
46,717
-
0
Other
-
0
3,962
Taxation charge for the year
114,068
-
GAMMA ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
10
Property, plant and equipment
Assets under construction
Fixtures and fittings
Computers
Motor vehicles
EVCP
Right of use asset
Total
£
£
£
£
£
£
£
Cost
At 1 January 2022
341,297
7,043
1,944
39,077
-
0
113,369
502,730
Additions
80,289
-
0
5,523
-
0
468,728
544,595
1,099,135
At 31 December 2022
421,586
7,043
7,467
39,077
468,728
657,964
1,601,865
Additions
218,484
1,989
12,975
-
0
3,729
370,213
607,390
Other
(250,372)
-
0
-
0
-
0
250,372
-
0
-
0
At 31 December 2023
389,698
9,032
20,442
39,077
722,829
1,028,177
2,209,255
Accumulated depreciation and impairment
At 1 January 2022
-
0
6,854
1,944
39,077
-
0
25,860
73,735
Charge for the year
-
0
189
942
-
0
25,801
65,473
92,405
At 31 December 2022
-
0
7,043
2,886
39,077
25,801
91,333
166,140
Charge for the year
-
0
126
2,204
-
0
56,207
251,439
309,976
At 31 December 2023
-
0
7,169
5,090
39,077
82,008
342,772
476,116
Carrying amount
At 31 December 2023
389,698
1,863
15,352
-
640,821
685,405
1,733,139
At 31 December 2022
421,586
-
4,581
-
442,927
566,631
1,435,725
GAMMA ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -

Property, plant and equipment includes right-of-use assets, as follows:

Right-of-use assets
2023
2022
£
£
Net values at the year end
Property
655,741
517,717
Motor vehicles
29,664
76,641
685,405
594,358
Total additions in the year
370,213
544,595
Depreciation charge for the year
Property
185,663
13,992
Motor vehicles
65,775
51,481
251,438
65,473
11
Investments
Current
Non-current
2023
2022
2023
2022
£
£
£
£
Investments in subsidiaries
-
0
-
0
200
200
Fair value of financial assets carried at amortised cost

Except as detailed below the directors believe that the carrying amounts of financial assets carried at amortised cost in the financial statements approximate to their fair values.

12
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Wenea CPO UK Ltd
International House, 1 St. Katharine's Way, London, United Kingdom, E1W 1YL
Ordinary
100.00
Wenea Devon II Ltd
International House, 1 St. Katharine's Way, London, United Kingdom, E1W 1YL
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
GAMMA ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
12
Subsidiaries
(Continued)
- 26 -
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Wenea CPO UK Ltd
3,309,268
330,798
Wenea Devon II Ltd
100
-
13
Trade and other receivables
Current
Non-current
2023
2022
2023
2022
£
£
£
£
Trade receivables
115,760
21,293
-
0
-
0
Amounts owed by subsidiary undertakings
5,137,610
5,794,610
-
0
-
0
Amounts owed by fellow group undertakings
4,644,116
2,459,447
-
0
-
0
Other receivables
719,555
263,650
194,767
402,571
Prepayments
132,157
86,062
-
-
10,749,198
8,625,062
194,767
402,571
14
Trade receivables - credit risk
Fair value of trade receivables

The directors consider that the carrying amount of trade and other receivables is approximately equal to their fair value.

No significant receivable balances are impaired at the reporting end date.

GAMMA ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
15
Market risk
Market risk management

The company is exposed through its operations to the following financial risks:

 

- Credit risk

- Interest rate risk

- Foreign exchange risk

- Market risk, and

- Liquidity risk

 

In common with all other businesses, the company is exposed to risks that arise from its use of financial instruments. This note describes the Company’s objectives, policies and processes for managing those risks and the methods used to measure them. Further quantitative information in respect of these risks is presented throughout these financial statements.

 

There have been no substantive changes in the Company’s exposure to financial instrument risks, its objectives, policies and processes for managing those risks or the methods used to measure them from previous periods unless otherwise stated in this note.

Foreign exchange risk

The Company operates internationally and is therefore exposed to foreign currency risk in transactions denominated in foreign currencies. The main foreign currency used is Euro (€).

 

The exchange rate risk on the Company’s net assets in foreign operations is managed mainly by performing the main transactions in the functional currency of the company.

 

Interest rate risk

The company is not susceptible to interest rate risk as it does not have any external borrowings.

 

GAMMA ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
15
Market risk
(Continued)
- 28 -
Credit risk

The company is exposed to credit risk to the extent of non-payment by either its customers or the counterparties of its financial instruments.

 

The company trades on credit terms only with recognized and creditworthy third parties. If the wholesale customers are independently rated, these ratings are used. If there is no independent rating, risk control assessments are undertaken to ascertain the credit quality of the customer, taking into account its financial position, past experience and other factors.

 

As the company trades with recognized and creditworthy third parties, there is no requirement for collateral.

 

The credit risk of the company’s other financial assets, which comprise deposits and other receivables, amounts due from group companies, bank balances and pledged time deposits, arises from default of the counterparty with a maximum exposure equal to the carrying amounts of those instruments.

Market risk

Market risk arises from the company uses of interest bearing, tradable and foreign currency financial instruments. It is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in interest rates (interest rate risk), foreign exchange rates (currency risk) or other market factors (another price risk).

 

Liquidity risk

The company's policy is to hold financial instruments and financial assets (eg. trade receivables) and maintain undrawn committed facilities at a level sufficient to ensure that the company has available funds to meet its medium-term capital and funding obligations and to meet any unforeseen obligations and opportunities. The company holds cash and short-term investments which, together with the undrawn committed facilities and group borrowings, enable the company to manage its liquidity risk.

 

16
Trade and other payables
2023
2022
£
£
Trade payables
1,685,378
1,027,895
Amounts owed to fellow group undertakings
297,216
600,038
Accruals
114,827
-
0
Social security and other taxation
469,034
112,509
Other payables
3,484
20,230
2,569,939
1,760,672

Amounts due to fellow group companies are unsecured and bear an interest of 4% per annum.

GAMMA ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 29 -
17
Lease liabilities
2023
2022
Maturity analysis
£
£
Within one year
406,848
183,851
In two to five years
381,540
455,202
Total undiscounted liabilities
788,388
639,053
Future finance charges and other adjustments
(42,611)
(56,721)
Lease liabilities in the financial statements
745,777
582,332

Lease liabilities are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as follows:

2023
2022
£
£
Current liabilities
370,519
176,688
Non-current liabilities
375,258
405,644
745,777
582,332
2023
2022
Amounts recognised in profit or loss include the following:
£
£
Interest on lease liabilities
33,035
7,163
Other leasing information is included in note 23.
18
Deferred taxation
Liabilities
2023
2022
£
£
Deferred tax balances
114,068
-
0
GAMMA ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
18
Deferred taxation
(Continued)
- 30 -

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon during the current and prior reporting period.

ACAs
£
Liability at 1 January 2022 and 1 January 2023
-
0
Deferred tax movements in current year
Charge/(credit) to profit or loss
114,068
Liability at 31 December 2023
114,068
19
Deferred revenue
2023
2022
£
£
Arising from government grants
814,212
-
All deferred revenues are expected to be settled within 12 months from the reporting date.
20
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
18,035
9,652

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

21
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
22
Contingent liabilities

The directors are not aware of any contingent liabilities at the reporting date.

GAMMA ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 31 -
23
Other leasing information
Lessee

Amounts recognised in profit or loss as an expense during the period in respect of lease arrangements are as follows:

2023
2022
£
£
Expense relating to short-term leases
143,057
134,732
Information relating to lease liabilities is included in note 17.
24
Capital risk management

The company’s objectives when managing capital are:

 

To safeguard the company’s ability to continue as a going concern and safeguard the interest of shareholders.

 

The Group manages the capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Company may adjust its returns to shareholders or new share issues. The Company monitors its capital and assets requirements for activities on a monthly basis and manages its financing and capital accordingly.

 

The capital relates to equity which is wholly contained on the face of the Statement of Financial Position

The company is not subject to any externally imposed capital requirements.

25
Related party transactions
During the year the company entered into the following transactions with related parties;
2023
2022
Services
£
£
RJC Energy Ltd (O&M)
75,222
98,522
Stokes Marsh Solar Ltd (O&M)
575,158
168,117
Wenea Services UK Ltd
12,064
262,127
Wenea Devon Ltd
1,370,627
869,291
Wenea Plymouth Ltd
2,926,715
-
Sferaone Solutions and Services, S.L.
529,297
-
5,489,083
1,398,057
GAMMA ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
25
Related party transactions
(Continued)
- 32 -
2023
2022
Expenses
£
£
Gamma Solutions, S.L.
22,138
367,695
Diggia Solutions S.L
300,110
101,390
Sferaone Solutions and Services, S.L.
5,023
13,975
Wenea Devon Ltd
823
-
Wenea Plymouth Ltd
62
-
328,156
483,060
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due to related parties
£
£
Gamma Solutions, S.L.
-
9,222
Diggia Solutions, S.L.
302,960
101,390
Celcse Ltd
-
346,753
Sferaone Solutions and Services, S.L.
5,068
13,975
Wenea Devon Ltd
999
-
Wenea Plymouth Ltd
75
-
RJC Energy Ltd
7,751
-
Stokes Marsh Solar Ltd
14,875
-
331,728
471,340
2023
2022
Amounts due from related parties
£
£
Nordian UK, Ltd.
142,805
197,805
Gamma Solutions, S.L.
11,886
-
Diggia Solutions S.L.
1,327,501
-
RJC Energy Ltd
-
68,318
Stokes Marsh Solar Ltd
-
80,382
Wenea Services UK Ltd
49,708
31,153
Wenea Devon Ltd
935,766
695,949
Sferaone Solutions and Services, S.L.
529,297
-
Wenea Plymouth Ltd
1,681,665
-
4,678,628
1,073,607
No guarantees have been given or received.
During the year, the company was recharged £28,110 (2022: £62,217) by Plenol Limited, a company in which J Contreras is a director.
GAMMA ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 33 -
26
Controlling party

The direct shareholder of the Company is Sferaone Solutions & Services S.L., and the ultimate parent and controlling party is Diggia Solutions, S.L. a company incorporated in Spain.

 

The results of Gamma Energy Limited are included in the consolidated financial statements of Diggia Solutions, S.L. which are available from Calle Acanto 22, 28045 Madrid.

27
Cash generated from operations
2023
2022
£
£
Profit for the year before income tax
268,203
206,921
Adjustments for:
Finance costs
181,103
113,830
Investment income
(207,213)
(46,147)
Depreciation and impairment of property, plant and equipment
309,976
92,405
Movements in working capital:
(Increase)/decrease in trade and other receivables
(1,916,332)
1,475,905
Increase/(decrease) in trade and other payables
809,267
(1,021,288)
Increase in deferred revenue outstanding
814,212
-
Cash generated from operations
259,216
821,626
28
Analysis of changes in net debt
1 January 2023
Cash flows
New finance leases
31 December 2023
£
£
£
£
Cash at bank and in hand
186,598
(158,619)
-
27,979
Obligations under finance leases
(582,332)
206,768
(370,213)
(745,777)
(395,734)
48,149
(370,213)
(717,798)
GAMMA ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
28
Analysis of changes in net debt
(Continued)
- 34 -
1 January 2022
Cash flows
New finance leases
31 December 2022
Prior year:
£
£
£
£
Cash at bank and in hand
35,191
151,407
-
186,598
Obligations under finance leases
(85,733)
47,996
(544,595)
(582,332)
(50,542)
199,403
(544,595)
(395,734)
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