Caseware UK (AP4) 2023.0.135 2023.0.135 2024-09-302024-09-3012trueNo description of principal activity2023-10-01false12falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 08163038 2023-10-01 2024-09-30 08163038 2022-10-01 2023-09-30 08163038 2024-09-30 08163038 2023-09-30 08163038 2022-10-01 08163038 c:Director1 2023-10-01 2024-09-30 08163038 c:Director2 2023-10-01 2024-09-30 08163038 c:Director3 2023-10-01 2024-09-30 08163038 c:Director4 2023-10-01 2024-09-30 08163038 c:Director6 2023-10-01 2024-09-30 08163038 c:RegisteredOffice 2023-10-01 2024-09-30 08163038 d:OfficeEquipment 2023-10-01 2024-09-30 08163038 d:OfficeEquipment 2024-09-30 08163038 d:OfficeEquipment 2023-09-30 08163038 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 08163038 d:PatentsTrademarksLicencesConcessionsSimilar 2024-09-30 08163038 d:PatentsTrademarksLicencesConcessionsSimilar 2023-09-30 08163038 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-10-01 2024-09-30 08163038 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-09-30 08163038 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-09-30 08163038 d:OtherResidualIntangibleAssets 2023-10-01 2024-09-30 08163038 d:CurrentFinancialInstruments 2024-09-30 08163038 d:CurrentFinancialInstruments 2023-09-30 08163038 d:Non-currentFinancialInstruments 2024-09-30 08163038 d:Non-currentFinancialInstruments 2023-09-30 08163038 d:CurrentFinancialInstruments d:WithinOneYear 2024-09-30 08163038 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 08163038 d:Non-currentFinancialInstruments d:AfterOneYear 2024-09-30 08163038 d:Non-currentFinancialInstruments d:AfterOneYear 2023-09-30 08163038 d:ShareCapital 2024-09-30 08163038 d:ShareCapital 2023-09-30 08163038 d:ShareCapital 2022-10-01 08163038 d:SharePremium 2024-09-30 08163038 d:SharePremium 2023-09-30 08163038 d:SharePremium 2022-10-01 08163038 d:RetainedEarningsAccumulatedLosses 2023-10-01 2024-09-30 08163038 d:RetainedEarningsAccumulatedLosses 2024-09-30 08163038 d:RetainedEarningsAccumulatedLosses 2022-10-01 2023-09-30 08163038 d:RetainedEarningsAccumulatedLosses 2023-09-30 08163038 d:RetainedEarningsAccumulatedLosses 2022-10-01 08163038 c:FRS102 2023-10-01 2024-09-30 08163038 c:AuditExempt-NoAccountantsReport 2023-10-01 2024-09-30 08163038 c:FullAccounts 2023-10-01 2024-09-30 08163038 c:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 08163038 d:WithinOneYear 2024-09-30 08163038 d:WithinOneYear 2023-09-30 08163038 d:PatentsTrademarksLicencesConcessionsSimilar d:InternallyGeneratedIntangibleAssets 2023-10-01 2024-09-30 08163038 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:InternallyGeneratedIntangibleAssets 2023-10-01 2024-09-30 08163038 2 2023-10-01 2024-09-30 08163038 d:InternallyGeneratedIntangibleAssets 2023-10-01 2024-09-30 08163038 e:PoundSterling 2023-10-01 2024-09-30 iso4217:GBP xbrli:pure
Company registration number: 08163038







UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 SEPTEMBER 2024


ENEGEN POWER SYSTEMS LIMITED






































                       

 


ENEGEN POWER SYSTEMS LIMITED
 


 
COMPANY INFORMATION


Directors
D H Calmonson 
A Chaplin 
S Hendry 
D A Holt 
C B D Read 




Registered number
08163038



Registered office
Suite 2
Pure Offices Port Way

Port Solent

Portsmouth

Hampshire

PO6 4TY




Accountants
Menzies LLP
Chartered Accountants

3000a Parkway

Whiteley

Hampshire

PO15 7FX





 


ENEGEN POWER SYSTEMS LIMITED
 



CONTENTS



Page
Statement of Financial Position
1 - 2
Statement of Changes in Equity
3
Notes to the Financial Statements
4 - 10


 


ENEGEN POWER SYSTEMS LIMITED
REGISTERED NUMBER:08163038



STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024

2024
As restated 2023 
Note
£
£

Fixed assets
  

Intangible assets
 4 
1,883,838
1,508,427

Tangible assets
 5 
-
1,599

  
1,883,838
1,510,026

Current assets
  

Debtors: amounts falling due within one year
 6 
326,510
640,563

Cash at bank and in hand
  
130,721
218,662

  
457,231
859,225

Creditors: amounts falling due within one year
 7 
(553,134)
(512,507)

Net current (liabilities)/assets
  
 
 
(95,903)
 
 
346,718

Total assets less current liabilities
  
1,787,935
1,856,744

Creditors: amounts falling due after more than one year
 8 
(181,458)
(229,079)

Provisions for liabilities
  

Deferred tax
  
(373,568)
(272,271)

  
 
 
(373,568)
 
 
(272,271)

Net assets
  
1,232,909
1,355,394

Page 1

 


ENEGEN POWER SYSTEMS LIMITED
REGISTERED NUMBER:08163038


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Capital and reserves
  

Called up share capital 
  
18,100
18,100

Share premium account
  
443,970
443,970

Profit and loss account
  
770,839
893,324

  
1,232,909
1,355,394


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
D A Holt
Director

Date: 13 November 2024

The notes on pages 4 to 10 form part of these financial statements.

Page 2

 


ENEGEN POWER SYSTEMS LIMITED
 



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 October 2022
18,100
443,970
452,322
914,392


Comprehensive income for the year

Profit for the year
-
-
441,002
441,002



At 1 October 2023
18,100
443,970
893,324
1,355,394


Comprehensive income for the year

Loss for the year
-
-
(122,485)
(122,485)


At 30 September 2024
18,100
443,970
770,839
1,232,909


The notes on pages 4 to 10 form part of these financial statements.

Page 3

 


ENEGEN POWER SYSTEMS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

Enegen Power Systems Limited is a private company limited by shares, registered in England and Wales. The address of its registered office is disclosed on the company information page.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

At the period end date, the company had net current liabilities of £95,903 (2023 - net current assets of £346,718). Included in other creditors are loans due to shareholders totalling £250,000.
These individuals have confirmed that they will not withdraw the support until the company has sufficient means to repay them. The directors consider that the company is able to meet its obligations as they fall due for the foreseeable future. As a result the accounts have been prepared on a going concern basis.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 4

 


ENEGEN POWER SYSTEMS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which is expected to be 5 years. Amortisation will commence when the underlying asset is in commercial use.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Borrowing costs

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

Page 5

 


ENEGEN POWER SYSTEMS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income 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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.11

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Development expenditure
-
5
years
Intellectual Property
-
5
years

Page 6

 


ENEGEN POWER SYSTEMS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.14

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.


3.


Employees

The average monthly number of employees, including directors, during the year was 12 (2023 - 12).

Page 7

 


ENEGEN POWER SYSTEMS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

4.


Intangible assets




Intellectual property
Development expenditure
Total

£
£
£



Cost


At 1 October 2023 as restated
119,494
1,508,427
1,627,921


Additions
-
375,411
375,411



At 30 September 2024

119,494
1,883,838
2,003,332



Amortisation


At 1 October 2023
119,494
-
119,494



At 30 September 2024

119,494
-
119,494



Net book value



At 30 September 2024
-
1,883,838
1,883,838



At 30 September 2023
-
1,508,427
1,508,427




5.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 October 2023
14,454



At 30 September 2024

14,454



Depreciation


At 1 October 2023
12,855


Charge for the year on owned assets
1,599



At 30 September 2024

14,454



Net book value



At 30 September 2024
-



At 30 September 2023
1,599

Page 8

 


ENEGEN POWER SYSTEMS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

6.


Debtors

2024
2023
£
£


Trade debtors
134,443
27,605

Other debtors
97,370
464,599

Prepayments and accrued income
94,697
148,359

326,510
640,563



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
42,328
43,941

Trade creditors
125,934
119,724

Corporation tax
7,961
4,176

Other taxation and social security
44,125
27,389

Other creditors
254,107
253,983

Accruals and deferred income
78,679
63,294

553,134
512,507



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
181,458
229,079

181,458
229,079


Page 9

 


ENEGEN POWER SYSTEMS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

9.


Prior year adjustment

A prior year adjustment has been made to ensure consistent capitalisation of development costs. This has resulted in an increase in reported net profit in 2023 of £20,958 and an increase in intangible assets by the same amount. The impact on the balance sheet can be seen in the table below.
The prior year figures have also been updated for a change in the classification of staffing costs. The impact of this change in classification was to increase cost of sales by £225,762 and reduce administative expenses by the same amount. This resulted in a £225,762 reduction in gross profit, but has no impact on previously reported operating profit or net profit.



As previously stated
Effect of prior year adjustment
As restated
        £
        £
        £

Intangible assets

1,487,469

20,958

1,508,427
 
Total assets less current liabilities

1,835,786

20,958

1,856,744
 
Net assets

1,334,436

20,958

1,355,394
 
Profit and loss account

872,366

20,958

893,324
 



 


10.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company. Contributions totalling £4,107 (2023 - £nil) were payable to the fund at the reporting date and are included in creditors.


11.


Commitments under operating leases

At 30 September 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
1,950
1,950

1,950
1,950


12.


Controlling party

In the opinion of the Directors there is no single ultimate controlling party.

 
Page 10