2023-01-012023-12-312023-12-31false10403572EMERGENT ENERGY SYSTEMS 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EMERGENT ENERGY SYSTEMS LTD

Registered Number
10403572
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

EMERGENT ENERGY SYSTEMS LTD
Company Information
for the year from 1 January 2023 to 31 December 2023

Director

PLATT, Richard James

Registered Address

86-90 Paul Street
London
EC2A 4NE

Registered Number

10403572 (England and Wales)
EMERGENT ENERGY SYSTEMS LTD
Balance Sheet as at
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Intangible assets43,4896,560
Tangible assets5486894
3,9757,454
Current assets
Debtors612,49924,723
Cash at bank and on hand10,51031,568
23,00956,291
Creditors amounts falling due within one year7(34,824)(412,118)
Net current assets (liabilities)(11,815)(355,827)
Total assets less current liabilities(7,840)(348,373)
Creditors amounts falling due after one year8(390,778)(15,946)
Net assets(398,618)(364,319)
Capital and reserves
Called up share capital125125
Share premium299,975299,975
Profit and loss account(698,718)(664,419)
Shareholders' funds(398,618)(364,319)
The financial statements were approved and authorised for issue by the Director on 24 September 2024, and are signed on its behalf by:
PLATT, Richard James
Director
Registered Company No. 10403572
EMERGENT ENERGY SYSTEMS LTD
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Revenue from rendering of services
Revenue from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Intangible assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2.Average number of employees

20232022
Average number of employees during the year11
3.Prior period adjustment
The brought forward loss in retained earnings for the period ending December 2022 has been reduced by £42,130 to adjust for an R&D claim for the years ending September 2020 and September 2021 which was paid in August 2022.
4.Intangible assets

Total

£
Cost or valuation
At 01 January 2312,285
At 31 December 2312,285
Amortisation and impairment
At 01 January 235,725
Charge for year3,071
At 31 December 238,796
Net book value
At 31 December 233,489
At 31 December 226,560
5.Tangible fixed assets

Total

£
Cost or valuation
At 01 January 231,620
At 31 December 231,620
Depreciation and impairment
At 01 January 23726
Charge for year408
At 31 December 231,134
Net book value
At 31 December 23486
At 31 December 22894
6.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables3,12013,135
Other debtors-11,362
Prepayments and accrued income9,379226
Total12,49924,723
7.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables15,05220,412
Bank borrowings and overdrafts2,280-
Convertible loans-381,442
Taxation and social security1,6603,787
Other creditors15,785-
Accrued liabilities and deferred income476,477
Total34,824412,118
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing. Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
8.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts12,42015,946
Convertible loans378,358-
Total390,77815,946
Convertible note maturity date extended to December 2025 in September 2023.