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Company No: 06741354 (England and Wales)

CLEAN ENERGY PROSPECTOR LTD

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

CLEAN ENERGY PROSPECTOR LTD

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

CLEAN ENERGY PROSPECTOR LTD

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
CLEAN ENERGY PROSPECTOR LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 6,031 23,219
Tangible assets 4 5,568 130
Investments 5 10,000 10,000
21,599 33,349
Current assets
Debtors 6 64,388 27,161
Cash at bank and in hand 481,571 359,387
545,959 386,548
Creditors: amounts falling due within one year 7 ( 42,680) ( 56,503)
Net current assets 503,279 330,045
Total assets less current liabilities 524,878 363,394
Creditors: amounts falling due after more than one year 8 ( 27,142) ( 30,749)
Net assets 497,736 332,645
Capital and reserves
Called-up share capital 9 20,479 18,600
Share premium account 1,484,970 906,861
Profit and loss account ( 1,007,713 ) ( 592,816 )
Total shareholders' funds 497,736 332,645

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Clean Energy Prospector Ltd (registered number: 06741354) were approved and authorised for issue by the Board of Directors on 25 November 2024. They were signed on its behalf by:

D Rand
Director
CLEAN ENERGY PROSPECTOR LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
CLEAN ENERGY PROSPECTOR LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Clean Energy Prospector Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 21a Easton Business Centre, Felix Road, Bristol, BS5 0HE, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so 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.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Development costs 4 years straight line
Research and development

Research expenditure is written off as incurred. Development expenditure is also written off, except where the directors are satisfied as to the technical, commercial and financial viability of individual projects. In such cases, the identifiable expenditure is capitalised as an intangible asset and amortised over the period during which the Company is expected to benefit. This period is between three and five years. Provision is made for any impairment.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

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

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Statement of Income and Retained Earnings. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 7 3

3. Intangible assets

Development costs Total
£ £
Cost
At 01 April 2023 361,323 361,323
At 31 March 2024 361,323 361,323
Accumulated amortisation
At 01 April 2023 338,104 338,104
Charge for the financial year 17,188 17,188
At 31 March 2024 355,292 355,292
Net book value
At 31 March 2024 6,031 6,031
At 31 March 2023 23,219 23,219

4. Tangible assets

Computer equipment Total
£ £
Cost
At 01 April 2023 815 815
Additions 7,564 7,564
At 31 March 2024 8,379 8,379
Accumulated depreciation
At 01 April 2023 685 685
Charge for the financial year 2,126 2,126
At 31 March 2024 2,811 2,811
Net book value
At 31 March 2024 5,568 5,568
At 31 March 2023 130 130

5. Fixed asset investments

Investments in associates Total
£ £
Cost or valuation before impairment
At 01 April 2023 10,000 10,000
At 31 March 2024 10,000 10,000
Carrying value at 31 March 2024 10,000 10,000
Carrying value at 31 March 2023 10,000 10,000

6. Debtors

2024 2023
£ £
Trade debtors 13,214 4,251
Amounts owed by directors 2,462 7,910
Prepayments 6,684 0
VAT recoverable 15,399 0
Witholding tax ( 1,209) 0
Other taxation and social security 4,838 0
Other debtors 23,000 15,000
64,388 27,161

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 4,917 4,556
Trade creditors 11,190 2,263
Amounts owed to directors 21,762 0
Accruals 3,600 3,600
Other taxation and social security 0 24,047
Other creditors 1,211 22,037
42,680 56,503

Included within other creditors falling due within one year is an amount of £4,917 (2023: £4,566) due to Starling Bank in respect of a Bounce Back Loan.

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Other creditors 27,142 30,749

Included within other creditors falling due after more than one year is an amount of £27,142 (2023: £30,749) due to Starling Bank in respect of the Bounce Back Loan.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2024 2023
£ £
Other creditors 7,416 12,346

The £7,416 (2023: £12,346) payable in more than five years is due to Starling Bank in respect of the Bounce Back Loan.

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
2,047,949 Ordinary shares of £ 0.01 each (2023: 1,860,020 shares of £ 0.001 each) 20,479 18,600

10. Related party transactions

At the year end, R Mouat, a director of the company, was owed £21,762 (2023: £21,065) by the company. This is shown in creditors due within one year and interest is being charged on the loan.

At the year end, D Rand, a director owed the company £2,462 (2023: £7,910 owed to the company) to the company. Interest is not being charged on the loan.