Acorah Software Products - Accounts Production 16.0.110 false true 31 March 2023 1 April 2022 false 1 November 2024 1 April 2023 31 March 2024 31 March 2024 SC633049 K M Bradbury P N Glennie J Larsson R Parekh D Edgerley true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure SC633049 2023-03-31 SC633049 2024-03-31 SC633049 2023-04-01 2024-03-31 SC633049 frs-core:CurrentFinancialInstruments 2024-03-31 SC633049 frs-core:Non-currentFinancialInstruments 2024-03-31 SC633049 frs-core:ComputerEquipment 2024-03-31 SC633049 frs-core:ComputerEquipment 2023-04-01 2024-03-31 SC633049 frs-core:ComputerEquipment 2023-03-31 SC633049 frs-core:FurnitureFittings 2023-04-01 2024-03-31 SC633049 frs-core:MotorVehicles 2024-03-31 SC633049 frs-core:MotorVehicles 2023-04-01 2024-03-31 SC633049 frs-core:MotorVehicles 2023-03-31 SC633049 frs-core:PlantMachinery 2024-03-31 SC633049 frs-core:PlantMachinery 2023-04-01 2024-03-31 SC633049 frs-core:PlantMachinery 2023-03-31 SC633049 frs-core:SharePremium 2024-03-31 SC633049 frs-core:ShareCapital 2024-03-31 SC633049 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 SC633049 frs-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC633049 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 SC633049 frs-bus:SmallEntities 2023-04-01 2024-03-31 SC633049 frs-bus:Audited 2023-04-01 2024-03-31 SC633049 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 SC633049 frs-bus:OrdinaryShareClass1 2023-04-01 2024-03-31 SC633049 frs-bus:OrdinaryShareClass1 2024-03-31 SC633049 frs-bus:OrdinaryShareClass2 2023-04-01 2024-03-31 SC633049 frs-bus:OrdinaryShareClass2 2024-03-31 SC633049 frs-bus:PreferenceShareClass2 2023-04-01 2024-03-31 SC633049 frs-bus:PreferenceShareClass2 2024-03-31 SC633049 1 2023-04-01 2024-03-31 SC633049 frs-core:CostValuation 2023-03-31 SC633049 frs-core:AdditionsToInvestments 2024-03-31 SC633049 frs-core:CostValuation 2024-03-31 SC633049 frs-core:ProvisionsForImpairmentInvestments 2023-03-31 SC633049 frs-core:ProvisionsForImpairmentInvestments 2024-03-31 SC633049 frs-bus:Director1 2023-04-01 2024-03-31 SC633049 frs-bus:Director2 2023-04-01 2024-03-31 SC633049 frs-bus:Director3 2023-04-01 2024-03-31 SC633049 frs-bus:Director4 2023-04-01 2024-03-31 SC633049 frs-bus:Director5 2023-04-01 2024-03-31 SC633049 frs-countries:Scotland 2023-04-01 2024-03-31 SC633049 2022-03-31 SC633049 2023-03-31 SC633049 2022-04-01 2023-03-31 SC633049 frs-core:CurrentFinancialInstruments 2023-03-31 SC633049 frs-core:Non-currentFinancialInstruments 2023-03-31 SC633049 frs-core:SharePremium 2023-03-31 SC633049 frs-core:ShareCapital 2023-03-31 SC633049 frs-core:RetainedEarningsAccumulatedLosses 2023-03-31 SC633049 frs-bus:OrdinaryShareClass1 2022-04-01 2023-03-31 SC633049 frs-bus:OrdinaryShareClass2 2022-04-01 2023-03-31 SC633049 frs-bus:PreferenceShareClass2 2022-04-01 2023-03-31
Registered number: SC633049
Ember Core Ltd
Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: SC633049
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 3 9,058,721 9,263,879
Investments 4 1 -
9,058,722 9,263,879
CURRENT ASSETS
Stocks 5 90,623 -
Debtors 6 9,555,116 221,438
Cash at bank and in hand 9,706,206 6,159,266
19,351,945 6,380,704
Creditors: Amounts Falling Due Within One Year 7 (9,737,340 ) (9,625,105 )
NET CURRENT ASSETS (LIABILITIES) 9,614,605 (3,244,401 )
TOTAL ASSETS LESS CURRENT LIABILITIES 18,673,327 6,019,478
Creditors: Amounts Falling Due After More Than One Year 8 (8,189,272 ) (4,695,026 )
NET ASSETS 10,484,055 1,324,452
CAPITAL AND RESERVES
Called up share capital 9 199 142
Share premium account 12,834,970 1,835,027
Profit and Loss Account (2,351,114 ) (510,717 )
SHAREHOLDERS' FUNDS 10,484,055 1,324,452
Page 1
Page 2
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
K M Bradbury
Director
01/11/2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. Accounting Policies
1.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2. 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.
1.3. 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:
Hub Facilities & Equipment 1-10 years straight line method
Bus Chassis & Batteries 4-8 years straight line method
Bus Batteries 4 years straight line method
Other Fixed Assets 3-5 years straight line method
1.4. 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.
1.5. 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 another 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.
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.
Page 3
Page 4
1.6. Government Grant
Government grants awarded to subsidise the acquisition cost of fixed assets are recognised in the profit and loss in a manner that matches the minimum period of the grant as disclosed in the grant terms.
Government grants awarded to subsidise operating costs are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Government grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account.
Government grants towards activities of the entity over a specific period are recognised in the profit and loss account over that period. All grants in the profit and loss account and balance sheet are recognised when all conditions for receipt have been complied with.
2. Average Number of Employees
Average number of employees, including directors, during the year was: 62 (2023: 42)
62 42
3. Tangible Assets
Hub Facilities & Equipment Bus Chassis & Batteries Other Fixed Assets Total
£ £ £ £
Cost
As at 1 April 2023 1,120,714 8,852,827 30,873 10,004,414
Additions 911,788 168,029 56,079 1,135,896
Disposals (225,630 ) - (855 ) (226,485 )
Transfers 10,170 (65,251 ) 55,081 -
As at 31 March 2024 1,817,042 8,955,605 141,178 10,913,825
Depreciation
As at 1 April 2023 19,394 711,231 9,910 740,535
Provided during the period 24,474 1,070,421 19,674 1,114,569
Transfers 886 (3,438 ) 2,552 -
As at 31 March 2024 44,754 1,778,214 32,136 1,855,104
Net Book Value
As at 31 March 2024 1,772,288 7,177,391 109,042 9,058,721
As at 1 April 2023 1,101,320 8,141,596 20,963 9,263,879
The company has changed the names of asset types from the prior year to better define each group of
assets. As a consequence, various assets were recategorised and are presented as transfers above.
The changes were as follows:
Charging Infrastructure - now Hub Facilities & Equipment
Buses & Other Vehicles and Bus Batteries - now Bus Chassis & Batteries
Office & Computer Equipment - now Other Fixed Assets
Page 4
Page 5
4. Investments
Subsidiaries
£
Cost
As at 1 April 2023 -
Additions 1
As at 31 March 2024 1
Provision
As at 1 April 2023 -
As at 31 March 2024 -
Net Book Value
As at 31 March 2024 1
As at 1 April 2023 -
During the year, the company established a subsidiary, Ember Asthenosphere Ltd, and subscribed for 100% of the share capital for consideration of £1. Its registered office address is C/O Fieldfisher Riverbank House, 2 Swan Lane, London, United Kingdom, EC4R 3TT.
5. Stocks
2024 2023
£ £
Stock 90,623 -
6. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 297,982 191,188
Other debtors 797,126 4,107
VAT 1,500,608 26,143
Amounts owed by subsidiaries 6,959,400 -
9,555,116 221,438
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 525,265 3,895,307
Bank loans and overdrafts 2,162,217 1,327,233
Other taxes and social security 108,754 51,296
Other creditors 156,752 162,992
Accruals and deferred grants 6,769,414 4,108,265
Directors' loan accounts 14,938 80,012
9,737,340 9,625,105
Page 5
Page 6
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 8,189,272 4,695,026
9. Share Capital
2024 2023
Allotted, called up and fully paid £ £
105,377,190 Ordinary Shares of £ 0.000001 each 105 107
34,136,697 Ordinary A shares of £ 0.000001 each 34 35
139 142
Preference Shares
2024 2023
Allotted, called up and fully paid £ £
59,399,457 Preference A shares of £ 0.000001 each 60 -
On 8 January 2024, 1,815,791 Ordinary shares of £0.000001 and 518,773 A ordinary shares of £0.000001 each were redesignated as 2,335,564 Series A preference shares of £0.00001 each.  On 16 January 2024, 57,064,893 Series A preference shares of £0.000001 each were issued for cash consideration of £11,000,000.
10. Related Party Transactions
As at 31 March 2024, the company owed K Bradbury (director and shareholder) £nil (2023: £40,012).
As at 31 March 2024, the company owed P Glennie (director and shareholder) £14,938 (2023: £40,000).
11. FRC's Ethical Standard - Provision Available for Small Entities
In common with other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.
12. Ultimate Controlling Party
The company's ultimate controlling parties were P N F Glennie and K M B Bradbury, directors and shareholders of the company.
13. Audit Information
The auditors report on the account of Ember Core Ltd for the year ended 31 March 2024 was unqualified
The auditor's report was signed by Stephen Wiltshire BSc FCA (Senior Statutory Auditor) for and on behalf of Frost Wiltshire LLP , Statutory Auditor
Frost Wiltshire LLP
Unit 2, Green Farm Business Park
Folly Road
Latteridge
Bristol
BS37 9TZ
Page 6