Company Registration number:
Aardvark Clear Mine Limited
Financial Statements
for the
Year Ended 31 December 2023
Aardvark Clear Mine Limited
Contents
Pages
Company information |
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Directors' report |
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Chartered accountants' report |
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Statement of income and retained earnings |
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Balance sheet |
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Notes to the financial statements |
Aardvark Clear Mine Limited
Company information
Directors |
Mr D St John-Claire Mr A Al-Suwayed |
Company secretary |
Mr E G Fenwick |
Registered office |
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Accountants |
David Allen |
Bankers |
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Aardvark Clear Mine Limited
Directors' report for the Year Ended 31 December 2023
The directors present their report and the financial statements for the year ended 31 December 2023.
Directors of the company
The directors who held office during the year were as follows:
Principal activity
The principal activity of the company is the development of technical and innovative defence and security solutions.
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
......................................... |
Chartered
Accountants' Report to the
Board of Directors
on the Preparation of the Unaudited Statutory Accounts of
Aardvark Clear Mine Limited
for the
Year
Ended
31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Aardvark Clear Mine Limited for the year ended 31 December 2023 as set out on pages 4 to 12 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of Aardvark Clear Mine Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Aardvark Clear Mine Limited and state those matters that we have agreed to state to the Board of Directors of Aardvark Clear Mine Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Aardvark Clear Mine Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Aardvark Clear Mine Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Aardvark Clear Mine Limited. You consider that Aardvark Clear Mine Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Aardvark Clear Mine Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
Chartered Accountants
Dumfries
DG1 1LN
Aardvark Clear Mine Limited
Statement of Income and Retained Earnings for the Year Ended 31 December 2023
Note |
2023 |
2022 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Operating (loss)/profit |
( |
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Interest payable and similar charges |
( |
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(396,625) |
2,849 |
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(Loss)/profit before tax |
( |
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Taxation |
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(Loss)/profit for the financial year |
( |
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Retained earnings brought forward |
813,797 |
535,155 |
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Retained earnings carried forward |
293,287 |
813,797 |
Aardvark Clear Mine Limited
Balance Sheet as at 31 December 2023
Note |
2023 |
2022 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Revaluation reserve |
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- |
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Retained earnings |
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Shareholders' funds |
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Aardvark Clear Mine Limited
Balance Sheet as at 31 December 2023 (continued)
For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
......................................... |
Company registration number: SC080167
Aardvark Clear Mine Limited
Notes to the financial statements for the Year Ended 31 December 2023
GENERAL INFORMATION |
The company is a private company limited by share capital, incorporated in Scotland.
The address of its registered office is:
These financial statements were authorised for issue by the
ACCOUNTING POLICIES |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
The financial statements have been prepared on a going concern basis.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates. |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Aardvark Clear Mine Limited
Notes to the financial statements for the Year Ended 31 December 2023 (continued)
2 |
ACCOUNTING POLICIES (continued) |
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
20% reducing balance |
Motor vehicles |
25% reducing balance |
Office equipment |
25% reducing balance |
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Software |
20% straight line |
Aardvark Clear Mine Limited
Notes to the financial statements for the Year Ended 31 December 2023 (continued)
2 |
ACCOUNTING POLICIES (continued) |
Borrowings
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.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
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.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Financial instruments
Classification
Recognition and measurement
Impairment
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Aardvark Clear Mine Limited
Notes to the financial statements for the Year Ended 31 December 2023 (continued)
STAFF NUMBERS |
The average number of persons employed by the company (including directors) during the year, was
LOSS/PROFIT BEFORE TAX |
Arrived at after charging/(crediting)
2023 |
2022 |
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Depreciation |
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Amortisation |
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INTANGIBLE ASSETS |
Intellectual property |
Software |
Total |
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Cost or valuation |
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At 1 January 2023 |
- |
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Additions internally developed |
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- |
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Additions acquired separately |
- |
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At 31 December 2023 |
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Amortisation |
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At 1 January 2023 |
- |
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Amortisation charge |
- |
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At 31 December 2023 |
- |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
- |
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During the year the directors revalued intellectual property. In their opinion this is the fair value of the intellectual property.
Aardvark Clear Mine Limited
Notes to the financial statements for the Year Ended 31 December 2023 (continued)
TANGIBLE ASSETS |
Office equipment |
Motor vehicles |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 January 2023 |
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Additions |
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- |
- |
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At 31 December 2023 |
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Depreciation |
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At 1 January 2023 |
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Charge for the year |
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At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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STOCKS |
2023 |
2022 |
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Stock and work in progress |
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DEBTORS |
Current |
2023 |
2022 |
Trade debtors |
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Prepayments |
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Other debtors |
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The total amount of contingent assets not included in the balance sheet is £6,600,000 (2022 - £Nil). The company entered into a contract for the issue of new shares in January 2023 to an external investor for £6,600,000. The investor subsequently failed to invest in the company. There is a legally binding agreement and there are ongoing legal proceedings to recover these funds due under contract.
Aardvark Clear Mine Limited
Notes to the financial statements for the Year Ended 31 December 2023 (continued)
CREDITORS |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
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Other non-current financial liabilities |
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