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REGISTERED NUMBER: SC531370 (Scotland)















Financial Statements for the Year Ended 31 March 2024

for

CuanTec Limited

CuanTec Limited (Registered number: SC531370)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


CuanTec Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Mr G Redpath
Mr R S Maitland-Titterton





REGISTERED OFFICE: C/O Bell Barr & Company
2 Stewart Street
Milngavie
Glasgow
G62 6BW





BUSINESS ADDRESS: Units 1 & 2 Faraday Road
Glenrothes
Fife
KY6 2RU





REGISTERED NUMBER: SC531370 (Scotland)





AUDITORS: Gerber Landa & Gee
Statutory Auditor
Chartered Accountants
Pavilion 1, Finnieston Business Park
Minerva Way
Glasgow
G3 8AU

CuanTec Limited (Registered number: SC531370)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 696,682 696,682
Tangible assets 5 1,590,102 551,048
2,286,784 1,247,730

CURRENT ASSETS
Debtors 6 217,034 155,041
Cash at bank 817,883 386,025
1,034,917 541,066
CREDITORS
Amounts falling due within one year 7 606,047 72,751
NET CURRENT ASSETS 428,870 468,315
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,715,654

1,716,045

CREDITORS
Amounts falling due after more than one
year

8

(438,089

)

-

ACCRUALS AND DEFERRED INCOME (16,499 ) (22,499 )
NET ASSETS 2,261,066 1,693,546

CAPITAL AND RESERVES
Called up share capital 402 353
Share premium 5,599,064 3,517,157
Retained earnings (3,338,400 ) (1,823,964 )
2,261,066 1,693,546

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 January 2025 and were signed on its behalf by:





Mr R S Maitland-Titterton - Director


CuanTec Limited (Registered number: SC531370)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

CuanTec Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The directors anticipate that the company will begin generating more significant commercial revenue in the near future. The directors have reviewed the company's operating costs for the next twelve months and the sources of funds available and have a strategy to secure future funding which should enable the company to meet all liabilities as they fall due for a period of at least twelve months from the date of approval of these financial statements. The financial statements are therefore prepared on the going concern basis.

The financial statements are prepared in sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Development costs that meet the recognition criteria of FRS 102 s1A are capitalised at cost and amortised over the useful economic life of the asset to which they relate.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 15% on reducing balance
Office equipment - 33% on reducing balance

Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


CuanTec Limited (Registered number: SC531370)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development
Expenditure on research is written off in the year in which it is incurred. Development expenditure is written off in the same way unless certain strict criteria are met for capitalisation. Before expenditure on the development of an asset can be capitalised the directors must be satisfied that the asset is separately identifiable, technically, commercially and financially feasible and that the asset will generate probable future economic benefits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Cash at bank
Cash at bank represents short term highly liquid investments with a maturity of three months or less from the date of acquisition or opening of the account.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2023 - 9 ) .

4. INTANGIBLE FIXED ASSETS
Development
costs
£   
COST
At 1 April 2023
and 31 March 2024 696,682
NET BOOK VALUE
At 31 March 2024 696,682
At 31 March 2023 696,682

CuanTec Limited (Registered number: SC531370)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. TANGIBLE FIXED ASSETS
Plant and Office
machinery equipment Totals
£    £    £   
COST
At 1 April 2023 642,289 10,786 653,075
Additions 1,286,041 14,198 1,300,239
At 31 March 2024 1,928,330 24,984 1,953,314
DEPRECIATION
At 1 April 2023 95,239 6,788 102,027
Charge for year 255,180 6,005 261,185
At 31 March 2024 350,419 12,793 363,212
NET BOOK VALUE
At 31 March 2024 1,577,911 12,191 1,590,102
At 31 March 2023 547,050 3,998 551,048

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
Additions 409,323
Reclassification/transfer 17,640
At 31 March 2024 426,963
DEPRECIATION
Charge for year 63,815
Reclassification/transfer 1,531
At 31 March 2024 65,346
NET BOOK VALUE
At 31 March 2024 361,617

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Other debtors 217,034 155,041

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Hire purchase contracts (see note 9) 63,689 -
Trade creditors 371,919 26,874
Taxation and social security 31,066 16,863
Other creditors 139,373 29,014
606,047 72,751

CuanTec Limited (Registered number: SC531370)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Hire purchase contracts (see note 9) 290,508 -
Other creditors 147,581 -
438,089 -

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.3.24 31.3.23
£    £   
Net obligations repayable:
Within one year 63,689 -
Between one and five years 290,508 -
354,197 -

Non-cancellable operating leases
31.3.24 31.3.23
£    £   
Within one year 47,372 17,469
Between one and five years 176,943 131,098
224,315 148,567

10. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Other loans 154,408 -
Hire purchase contracts 354,197 -
508,605 -

The loan and hire purchase finance from Close Brothers Limited are secured by a floating charge over the company's assets together with a cross guarantee from Hive Energy Limited.

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Darren Smith (Senior Statutory Auditor)
for and on behalf of Gerber Landa & Gee

CuanTec Limited (Registered number: SC531370)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

12. CAPITAL COMMITMENTS
31.3.24 31.3.23
£    £   
Contracted but not provided for in the
financial statements 41,432 295,333

13. RELATED PARTY DISCLOSURES

During the year the company paid Hive Energy Limited £34,677 for consultancy services and related travel.

14. POST BALANCE SHEET EVENTS

After the year end date but before the date of signing the company received £503,870 from the proceeds of share issues.

15. ULTIMATE CONTROLLING PARTY

The company's parent company is Hive Energy Limited, a company incorporated in England, having it's registered office at Woodington House, Woodington Road, East Wellow, Romsey. Copies of the accounts of this company are available from Companies House