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Registered number: 11724614
Entrust Microgrid Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2023
Brown & Co
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 11724614
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 38,012 42,236
Tangible Assets 5 61,939 91,227
99,951 133,463
CURRENT ASSETS
Stocks 6 55,133 29,900
Debtors 7 122,896 20,239
Cash at bank and in hand 39,396 57,279
217,425 107,418
Creditors: Amounts Falling Due Within One Year 8 (152,478 ) (47,329 )
NET CURRENT ASSETS (LIABILITIES) 64,947 60,089
TOTAL ASSETS LESS CURRENT LIABILITIES 164,898 193,552
Creditors: Amounts Falling Due After More Than One Year 9 (19,165 ) (29,166 )
NET ASSETS 145,733 164,386
CAPITAL AND RESERVES
Called up share capital 10 100 100
Share premium account 227,028 227,028
Profit and Loss Account (81,395 ) (62,742 )
SHAREHOLDERS' FUNDS 145,733 164,386
Page 1
Page 2
For the 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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Dr Xiongwei Liu
Director
03/10/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Entrust Microgrid Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11724614 . The registered office is 5A Marsh Mill Village, Fleetwood Road North, Thornton-Cleveleys, FY5 4JZ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
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. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover 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.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are made up of Patents and Intellectual Property. They are amortised to profit and loss account over their estimated economic life of 10 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% Straight Line
Motor Vehicles 25% Reducing Balance
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing 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. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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.
...CONTINUED
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2.6. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2022: 8)
5 8
4. Intangible Assets
Other
£
Cost
As at 1 January 2023 52,030
As at 31 December 2023 52,030
Amortisation
As at 1 January 2023 9,794
Provided during the period 4,224
As at 31 December 2023 14,018
Net Book Value
As at 31 December 2023 38,012
As at 1 January 2023 42,236
5. Tangible Assets
Plant & Machinery Motor Vehicles Total
£ £ £
Cost
As at 1 January 2023 183,555 4,014 187,569
Additions - 10,900 10,900
As at 31 December 2023 183,555 14,914 198,469
Depreciation
As at 1 January 2023 95,339 1,003 96,342
Provided during the period 36,710 3,478 40,188
As at 31 December 2023 132,049 4,481 136,530
Net Book Value
As at 31 December 2023 51,506 10,433 61,939
As at 1 January 2023 88,216 3,011 91,227
6. Stocks
2023 2022
£ £
Stock 55,133 29,900
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Page 5
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 33,133 17,141
Prepayments and accrued income 2,442 3,098
Other debtors 85,000 -
VAT 2,321 -
122,896 20,239
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 396 388
Bank loans and overdrafts 10,000 10,000
Other loans 29,950 -
Other taxes and social security 1,622 281
VAT - 3,406
Net wages 8,656 2,979
Loans 15,000 15,000
Directors' loan accounts 86,854 15,275
152,478 47,329
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 19,165 29,166
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
11. Related Party Transactions
Included within Other Debtors is an amount of £85,000 owed by Entrust EV Technology Ltd, a company under common control.
12. Ultimate Controlling Party
The company's ultimate controlling party is Dr Xiongwei Liu by virtue of his ownership of 90% of the issued share capital in the company.
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