IRIS Accounts Production v24.2.0.383 06728502 Board of Directors 1.1.23 31.12.23 31.12.23 false true false false false true false A shares 0.01000 B shares 0.01000 C shares 0.01000 0.01000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh067285022022-12-31067285022023-12-31067285022023-01-012023-12-31067285022021-12-31067285022022-01-012022-12-31067285022022-12-3106728502ns15:EnglandWales2023-01-012023-12-3106728502ns14:PoundSterling2023-01-012023-12-3106728502ns10:Director12023-01-012023-12-3106728502ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3106728502ns10:SmallEntities2023-01-012023-12-3106728502ns10:AuditExempt-NoAccountantsReport2023-01-012023-12-3106728502ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3106728502ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3106728502ns10:FullAccounts2023-01-012023-12-310672850212023-01-012023-12-3106728502ns10:OrdinaryShareClass12023-01-012023-12-3106728502ns10:OrdinaryShareClass22023-01-012023-12-3106728502ns10:OrdinaryShareClass32023-01-012023-12-3106728502ns10:OrdinaryShareClass332023-01-012023-12-3106728502ns5:CurrentFinancialInstruments2023-12-3106728502ns5:CurrentFinancialInstruments2022-12-3106728502ns5:ShareCapital2023-12-3106728502ns5:ShareCapital2022-12-3106728502ns5:SharePremium2023-12-3106728502ns5:SharePremium2022-12-3106728502ns5:RetainedEarningsAccumulatedLosses2023-12-3106728502ns5:RetainedEarningsAccumulatedLosses2022-12-3106728502ns10:RegisteredOffice2023-01-012023-12-3106728502ns5:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3106728502ns5:ComputerSoftware2023-01-012023-12-3106728502ns5:ComputerEquipment2023-01-012023-12-3106728502ns5:ComputerSoftware2023-12-3106728502ns5:ComputerEquipment2022-12-3106728502ns5:ComputerEquipment2023-12-3106728502ns5:ComputerEquipment2022-12-3106728502ns5:UnlistedNon-exchangeTradedns5:CostValuation2022-12-3106728502ns5:UnlistedNon-exchangeTraded2023-12-3106728502ns5:UnlistedNon-exchangeTraded2022-12-3106728502ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3106728502ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3106728502ns5:WithinOneYear2023-12-3106728502ns5:WithinOneYear2022-12-3106728502ns5:AcceleratedTaxDepreciationDeferredTax2023-12-3106728502ns5:AcceleratedTaxDepreciationDeferredTax2022-12-3106728502ns5:DeferredTaxation2022-12-3106728502ns5:DeferredTaxation2023-01-012023-12-3106728502ns5:DeferredTaxation2023-12-3106728502ns10:OrdinaryShareClass12023-12-3106728502ns10:OrdinaryShareClass22023-12-3106728502ns10:OrdinaryShareClass32023-12-3106728502ns5:RetainedEarningsAccumulatedLosses2022-12-3106728502ns5:SharePremium2022-12-3106728502ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-31
REGISTERED NUMBER: 06728502 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2023

FOR

TIMERA ENERGY LIMITED

TIMERA ENERGY LIMITED (REGISTERED NUMBER: 06728502)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Balance Sheet 1

Notes to the Financial Statements 3


TIMERA ENERGY LIMITED (REGISTERED NUMBER: 06728502)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 26,550 -
Tangible assets 6 31,571 28,948
Investments 7 3,964 3,964
62,085 32,912

CURRENT ASSETS
Debtors 8 397,046 706,605
Cash at bank 650,910 433,878
1,047,956 1,140,483
CREDITORS
Amounts falling due within one year 9 846,852 817,667
NET CURRENT ASSETS 201,104 322,816
TOTAL ASSETS LESS CURRENT
LIABILITIES

263,189

355,728

PROVISIONS FOR LIABILITIES 12 7,893 7,237
NET ASSETS 255,296 348,491

CAPITAL AND RESERVES
Called up share capital 13 112 100
Share premium 14 43,443 -
Retained earnings 14 211,741 348,391
SHAREHOLDERS' FUNDS 255,296 348,491

TIMERA ENERGY LIMITED (REGISTERED NUMBER: 06728502)

BALANCE SHEET - continued
31 DECEMBER 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 September 2024 and were signed on its behalf by:





Mr O Spinks - Director


TIMERA ENERGY LIMITED (REGISTERED NUMBER: 06728502)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Timera Energy Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 06728502

Registered office: 30 Crown Place
London
EC2A 4ES

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements
The financial statements contain information about Timera Energy Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

EMI share scheme is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Office Equipment - 25% on reducing balance

All fixed assets are initially recorded at cost.

TIMERA ENERGY LIMITED (REGISTERED NUMBER: 06728502)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


3. ACCOUNTING POLICIES - continued

Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities, like trade and other accounts receivable and payable, loans from banks and other third parties and loans to / from related parties.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the present value of the future cash flows and subsequently measured at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted transaction price less any impairment.

If the arrangements of a short term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of the estimated cash flows discounted at the asset's original effective rate.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

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 entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet and measured as detailed above.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Finance costs are charged to the profit and loss over the term of the financial asset / liability using the effective interest method so that the amount charged is at a constant rate on the carrying amount.


TIMERA ENERGY LIMITED (REGISTERED NUMBER: 06728502)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated at the balance sheet date. Transactions are translated at the date of transaction, except for those hedged with forward exchange contracts, which are recorded at the original contract rate in the profit and loss.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2022 - 11 ) .

TIMERA ENERGY LIMITED (REGISTERED NUMBER: 06728502)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


5. INTANGIBLE FIXED ASSETS
EMI share
scheme
£   
COST
Additions 29,500
At 31 December 2023 29,500
AMORTISATION
Amortisation for year 2,950
At 31 December 2023 2,950
NET BOOK VALUE
At 31 December 2023 26,550

6. TANGIBLE FIXED ASSETS
Office
Equipment
£   
COST
At 1 January 2023 50,749
Additions 13,147
At 31 December 2023 63,896
DEPRECIATION
At 1 January 2023 21,801
Charge for year 10,524
At 31 December 2023 32,325
NET BOOK VALUE
At 31 December 2023 31,571
At 31 December 2022 28,948

TIMERA ENERGY LIMITED (REGISTERED NUMBER: 06728502)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


7. FIXED ASSET INVESTMENTS
Unlisted
investment
£   
COST
At 1 January 2023
and 31 December 2023 3,964
NET BOOK VALUE
At 31 December 2023 3,964
At 31 December 2022 3,964

Investments in subsidiary undertakings are recognised at cost less impairment. The fair value of the investment is not easily identified.

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 169,150 279,909
Amounts owed by associates 76,248 12,574
Amounts receivable on contracts 107,277 367,247
Other debtors 7 -
Prepayments and accrued income 44,364 46,875
397,046 706,605

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Corporation tax 329,451 308,164
PAYE and social security 32,405 26,723
VAT 64,010 51,739
Other creditors 312 7,286
Directors' current accounts 15,550 239,933
Accruals and deferred income 405,124 183,822
846,852 817,667

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 104,400 104,400

TIMERA ENERGY LIMITED (REGISTERED NUMBER: 06728502)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


11. SECURED DEBTS

HSBC Plc created a charge on 1 October 2019 in relation to security over cash deposits. This charge remains outstanding at the year end.

12. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 7,893 7,237

Deferred
tax
£   
Balance at 1 January 2023 7,237
Provided during year 656
Balance at 31 December 2023 7,893

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
5,000 A shares £0.01 50 50
5,000 B shares £0.01 50 50
1,150 C shares £0.01 12 -
112 100

1,150 C shares shares of £0.01 each were allotted and fully paid for cash at par during the year.

The class A and B shares have been subdivided on 23 November 2022.

500 of the class C shares were issued on 23 November 2022. Further 650 shares were issued on 9 December 2023. These shares were paid at a premium of £86.896 per share.

TIMERA ENERGY LIMITED (REGISTERED NUMBER: 06728502)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


14. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 January 2023 348,391 - 348,391
Profit for the year 1,113,911 1,113,911
Dividends (1,250,561 ) (1,250,561 )
Cash share issue - 43,443 43,443
At 31 December 2023 211,741 43,443 255,184

15. RELATED PARTY DISCLOSURES

Included in other creditors a balance owed to Timera Sweden of £76,248 (2022: £12,574) , a member of the group. The amount is interest free and repayable on demand.

During the year, Timera Sweden charged Timera Energy Ltd management charges at arms length of £320,000 for 2023 management charges in arrears (2022: £79,276).