REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
BIOSAR ENERGY (UK) LIMITED |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
BIOSAR ENERGY (UK) LIMITED |
BIOSAR ENERGY (UK) LIMITED (REGISTERED NUMBER: 08671446) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 December 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Director | 4 |
Report of the Independent Auditors | 5 |
Income Statement | 9 |
Other Comprehensive Income | 10 |
Statement of Financial Position | 11 |
Statement of Changes in Equity | 12 |
Notes to the Financial Statements | 13 |
BIOSAR ENERGY (UK) LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 December 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Certified Accountants |
and Statutory Auditors |
12 Gateway Mews |
Ring Way |
London |
N11 2UT |
BIOSAR ENERGY (UK) LIMITED (REGISTERED NUMBER: 08671446) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 December 2023 |
The director presents his strategic report for the year ended 31 December 2023. |
REVIEW OF BUSINESS |
The company was incorporated on 2 September 2013 and has completed fifty two separate Solar projects within the UK, Northern Ireland and the Netherlands of a total power of approximately 350 MWp. |
Since completing its last installation project in 2020 the company has scaled back its activities and focussed on closing our existing contract which has resulted in a significant loss reported in the prior year. The company closed its final contract in November 2022 and has ceased trading since that date. It is the directors' intention to dissolve the company in 2025. |
BIOSAR ENERGY (UK) LIMITED (REGISTERED NUMBER: 08671446) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 December 2023 |
PRINCIPAL RISKS AND UNCERTAINTIES |
Financial risk |
The company is exposed to a variety of risks arising from the financial instruments it holds. The risk management policies employed by the company to manage these risks are discussed below. |
Market price |
Market price risk is the risk that the value of financial instruments will fluctuate as a result in changes of market process. The company's current financial instruments have limited exposure to market price risk. |
Interest rate |
Interest rate risk is the risk that the value of financial instruments will fluctuate as a result in changes in market interest rates. The company has limited interest bearing financial instruments at this time and therefore has no material exposure to interest rate risk. |
Liquidity risk |
Liquidity risk is the risk that arises when the maturity of assets and liabilities docs not match. An unmatched position potentially enhances profitability, but can also increase the risk of losses. The company has procedures with the object of minimizing such losses such as maintaining sufficient cash and other highly liquid current assets and by having available an adequate amount of credit facilities, from the group in which it is a member. |
Currency risk |
Currency risk is the risk that the value of financial instruments will fluctuate due to changes in foreign exchange rates. Currency risk arises when future commercial transactions are recognised and liabilities are denominated in a currency that is not the company's measurement currency. The company is exposed to foreign currency risk arising from various currency exposures primarily with respect to the USD and the Euro. The company's management monitors the exchange rate fluctuations on a continuous basis and acts accordingly to try and mitigate any loss arising. |
Compliance risk |
Compliance risk is the risk of financial loss, including fines and other penalties, which arises from non-compliance with laws and regulations of the country in which the company operates. The risk managed to a significant extent by the supervision applied by the company over its contractors. |
Capital risk |
The company manages its capital to ensure that it will be able to continue as a going concern while maximizing the return to shareholders through the optimisations of the debt and equity balance. The company's overall strategy remains from last year. |
Other risk |
The general economic environment prevailing in the UK and internationally may affect the company's operations to a great extent. Concepts, such as inflation, unemployment restrictions on the ability to work (such as a result of COVID-19) and development of the gross domestic product are directly linked to the economic course of every country and any variation in these and the economic environment in general may create chain reactions in all areas hence affecting the company. |
ON BEHALF OF THE BOARD: |
13 February 2025 |
BIOSAR ENERGY (UK) LIMITED (REGISTERED NUMBER: 08671446) |
REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 31 December 2023 |
The director presents his report with the financial statements of the company for the year ended 31 December 2023. |
GOING CONCERN |
The company ceased trading in November 2022 and on that basis is no longer a going concern. The accounts have been prepared on a basis other than going concern. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 December 2023. |
EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
DIRECTORS |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 101 'Reduced Disclosure Framework'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BIOSAR ENERGY (UK) LIMITED |
Qualified Opinion |
We have audited the financial statements of Biosar Energy (UK) Limited (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 'Reduced Disclosure Framework' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion, except for the effects of the matters described in the Basis for Qualified Opinion section, the financial statements: |
- give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year |
then ended; |
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for Qualified Opinion |
During audit procedures, we were unable to obtain third party confirmation on bank balances totalling £12,930 due to bank mandate not being updated with the change in director. |
Furthermore, we were unable to trace loans written back with related companies totalling £16,903,417 to the amounts in the respective financial statements of the related companies. |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion. |
Conclusions relating to going concern |
Emphasis of matter |
We draw attention to Note 18 to the financial statements which explains that the directors intend to apply to Companies House to be "struck off" the register and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly, the financial statements have been prepared on a basis other than going concern as described in Note 2. |
Our opinion is not modified in respect of this matter. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BIOSAR ENERGY (UK) LIMITED |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BIOSAR ENERGY (UK) LIMITED |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. As part of an audit in accordance with International Standards on Auditing, we exercise professional judgement and maintain professional scepticism throughout the audit. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
-The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations. |
-We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates. We further considered the risk of acts by the company that could be contrary to the applicable laws and regulations, including fraud. We assessed the extent of compliance with the laws and regulations identified through making enquiries of management and through our commercial knowledge and experience with businesses within the renewable energy industry. |
-We considered the company's compliance with laws and regulations that have a significant impact on the financial statements including, but not limited to UK-adopted international accounting standards, Companies Act 2006 and UK tax legislation. |
-We assessed the susceptibility of the company's financial statements to material misstatement due to non-compliance, including obtaining an understanding of how fraud might occur, by making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
-We addressed the risk of fraud through management bias and override of controls. Our procedures included, but were not limited to, performing analytical procedures to identify any unusual or unexpected relationships and testing journal entries to identify unusual transactions. |
-In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to agreeing financial statement disclosures to underlying supporting documentation and enquiring of management as to actual and potential litigation and claims. |
There are inherent limitations in our audit procedures described above. The more removed the laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. |
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BIOSAR ENERGY (UK) LIMITED |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Certified Accountants |
and Statutory Auditors |
12 Gateway Mews |
Ring Way |
London |
N11 2UT |
BIOSAR ENERGY (UK) LIMITED (REGISTERED NUMBER: 08671446) |
INCOME STATEMENT |
FOR THE YEAR ENDED 31 December 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS LOSS | ( |
) |
Administrative expenses |
(18,980 | ) | (994,991 | ) |
Other operating income |
OPERATING PROFIT/(LOSS) | ( |
) |
Loans written back | 5 |
PROFIT/(LOSS) BEFORE TAXATION | 6 | ( |
) |
Tax on profit/(loss) | 7 |
PROFIT/(LOSS) FOR THE FINANCIAL YEAR |
( |
) |
BIOSAR ENERGY (UK) LIMITED (REGISTERED NUMBER: 08671446) |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 December 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ |
PROFIT/(LOSS) FOR THE YEAR | ( |
) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
( |
) |
BIOSAR ENERGY (UK) LIMITED (REGISTERED NUMBER: 08671446) |
STATEMENT OF FINANCIAL POSITION |
31 December 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 8 |
CURRENT ASSETS |
Debtors | 9 |
Cash at bank | 10 |
CREDITORS |
Amounts falling due within one year | 11 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CAPITAL AND RESERVES |
Called up share capital | 12 |
Retained earnings | 13 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
The financial statements were approved by the director and authorised for issue on |
BIOSAR ENERGY (UK) LIMITED (REGISTERED NUMBER: 08671446) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 December 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 January 2022 | ( |
) | ( |
) |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31 December 2022 | ( |
) | ( |
) |
Changes in equity |
Total comprehensive income | - |
Balance at 31 December 2023 | ( |
) |
BIOSAR ENERGY (UK) LIMITED (REGISTERED NUMBER: 08671446) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 December 2023 |
1. | STATUTORY INFORMATION |
Biosar Energy (UK) Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparation |
As explained in note 18 to the financial statements, the company will apply to Companies House to be "struck off" the register in 2025 and the financial statements have been prepared on a basis other than the going concern basis. This basis includes, where applicable, writing the company's assets down to net realisable value and long-term liabilities taken to current liabilities. |
Summary of disclosure exemptions |
In these financial statements, the company has taken advantage of the disclosure exemptions available under FRS 101 in relation to share-based payment, business combinations, non-current assets held for sale, financial instruments, fair value measurements, capital management, revenue from contracts with customers, presentation of comparative period reconciliations for share capital, tangible fixed assets, intangible assets and investment property, presentation of a cash-flow statement, the effects of new standards not yet effective, impairment of assets and disclosures in respect of the compensation of key management personnel and of transactions with a management entity that provides key management personnel services to the company. |
Preparation of consolidated financial statements |
The financial statements contain information about Biosar Energy (UK) Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 401 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, Biosar Holdings Limited, a company incorporated in Cyprus. |
BIOSAR ENERGY (UK) LIMITED (REGISTERED NUMBER: 08671446) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Revenue recognition |
Recognition |
The company earns revenue from the provision of services relating to Revenue is measured at the fair value of the amount received or receivable for sate of goods and services, net of rebates and discounts and to the extent that a significant reversal is not expected in future periods. |
The company recognises revenue once performance obligations have been satisfied. Income is mainly generated from construction of energy projects and operation and maintenance services. |
The revenue and profit from construction contracts are recognised according to FRS 101 as described below. Sales of services are recognised over time in the accounting period in which the services are rendered, by reference to the stage of completion of the specific service. |
Interest income is recognised on an accrual basis using the effective interest rate method. |
Contracts for projects under construction: |
A construction contract is a contract drawn up specifically for the construction of an asset or a combination of assets that are closely interrelated or interdependent in terms of their design, technology and function or their ultimate purpose or use. The expenses of a construction contract are recognised over time when they are realised. When the outcome of a construction contract cannot be reliably estimated, only the expenses realised and expected to be collected are recognised as income from the contract. |
The revenue and expenses of the contract are recognised over time during the contract term as a revenue and expense respectively. The company uses the stage-of-completion method to estimate the appropriate amount of revenue and expense to be recognised for a certain period. The stage of completion is calculated based on the expenses which have been incurred up to the statement of financial position date compared to the total estimated expenses for each contract If it is probable that the total cost of the contract will exceed total income, then the estimated loss is directly recognised in profit and loss as an expense. |
Where the costs incurred plus the net profit (less loss) recognised exceeds the progress billings, the resulting difference is presented under the account "Prepayments and accrued income". When the progress billings exceed the costs incurred plus the net profit (less loss) recognised, the balance is presented under the account "Accruals and deferred income" . This revenue is recognised in the accounting period when the services are rendered at an amount that reflects the consideration to which the entity expects to be entitled in exchange for fulfilling its performance obligations to customers. |
BIOSAR ENERGY (UK) LIMITED (REGISTERED NUMBER: 08671446) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the financial instrument. |
Loans granted to other group companies are carried at amortised cost. The amortised cost is the amount at which the loan granted is measured at initial recognition minus principal repayments, plus or minus the cumulative amortization using the effective interest method of any difference between the initial amount and the maturity amount, and minus any reduction for impairment of uncollectibility. All loans are recognised when cash is advanced to the borrower. |
For the purpose of cash flow statements, cash and cash equivalents comprise cash at bank. |
Borrowings are recorded initially at the proceeds received, net of transaction costs incurred. Borrowings are subsequently stated at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption value is recognised in profit or loss over the period of the borrowings using the effective interest method. |
A financial asset is derecognised when the rights to receive cash flows from the asset have expired and a financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. |
All income and expenses relating to financial assets that are recognised in profit and loss are presented within revenue, finance costs or other financial items. |
The company does not hold any financial assets or financial liabilities measured at fair value through profit and loss or other comprehensive income. The company does not hold any hedging instruments, or transferred financial assets. |
Financial assets and financial liabilities are offset and the net amount reported in the statement of financial position if, any only if, there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, or to realise the asset and settle the liability simultaneously. |
Taxation |
Current taxes are based on the results shown in the financial statements and are calculated according to local tax rules, using tax rates enacted or substantially enacted by the statement of financial position date. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into British Pounds (£) at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into British Pounds (£) at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
The presentation currency used in the financial statements for the year ended 31 December 2023 is British Pound (£) and its functional currency is also British Pound (£). |
Employee benefit costs |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate. |
Cash and cash equivalent |
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. |
BIOSAR ENERGY (UK) LIMITED (REGISTERED NUMBER: 08671446) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 December 2023 |
3. | TURNOVER |
The turnover and profit (2022 - loss) before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by geographical market for the year ended 31 December 2022 is given below: |
£ |
United Kingdom |
This analysis is not considered to be applicable to the year ended 31 December 2023. |
4. | EMPLOYEES AND DIRECTORS |
31.12.23 | 31.12.22 |
£ | £ |
Wages and salaries | 2,496 | 81,217 |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
31.12.23 | 31.12.22 |
Administration and support |
31.12.23 | 31.12.22 |
£ | £ |
Directors' remuneration |
5. | EXCEPTIONAL ITEMS |
31.12.23 | 31.12.22 |
£ | £ |
Loans written back |
6. | PROFIT/(LOSS) BEFORE TAXATION |
The profit before taxation (2022 - loss before taxation) is stated after charging/(crediting): |
31.12.23 | 31.12.22 |
£ | £ |
Cost of inventories recognised as expense |
Auditors' remuneration | 10,000 | 10,500 |
Auditors' remuneration for non audit work | - | 4,750 |
Foreign exchange differences | ( |
) |
BIOSAR ENERGY (UK) LIMITED (REGISTERED NUMBER: 08671446) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 December 2023 |
7. | TAXATION |
Analysis of tax expense |
No liability to UK corporation tax arose for the year ended 31 December 2023 nor for the year ended 31 December 2022. |
Factors affecting the tax expense |
The tax assessed for the year is lower (2022 - higher) than the standard rate of corporation tax in the UK. The difference is explained below: |
31.12.23 | 31.12.22 |
£ | £ |
Profit/(loss) before income tax | ( |
) |
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of |
4,246,218 |
(189,048 |
) |
Effects of: |
Increase from effect of expenses not deductible in determining taxable profit | - |
9,500 |
Increase (decrease) from effect of unrelieved tax losses carried forward | (4,246,218 | ) | 179,548 |
Tax expense |
Factors that may affect future tax charges |
The company has taxable losses of £16,512,487 (2022 - £16,593,941) which would have been available to offset future taxable profits of the company had the company continued to trade. No deferred tax asset has been recognised in respect of the losses due to uncertainty over the timing of those future taxable profits. |
8. | INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 | 58 |
NET BOOK VALUE |
At 31 December 2023 | 58 |
At 31 December 2022 | 58 |
The company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
Registered office: 1 Queens Road, Melbourne, Victoria 3004, Australia |
Nature of business: |
% |
Class of shares: | holding |
The 100% owned investment was disposed on 29 November 2024. |
BIOSAR ENERGY (UK) LIMITED (REGISTERED NUMBER: 08671446) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 December 2023 |
9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Trade debtors |
VAT |
Prepayments and accrued income |
10. | CASH AT BANK |
31.12.23 | 31.12.22 |
£ | £ |
Cash at bank | 13,946 | 26,529 |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Trade creditors |
Social security and other taxes |
Other creditors |
Accrued expenses |
12. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.23 | 31.12.22 |
value: | £ | £ |
Ordinary | £1 | 1,150,001 | 1,150,001 |
13. | RESERVES |
Retained |
earnings |
£ |
At 1 January 2023 | ( |
) |
Profit for the year |
At 31 December 2023 | ( |
) |
14. | PENSION COMMITMENTS |
The company operated a defined contribution pension scheme until 31 January 2023. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £nil (2022 - £6,963). |
BIOSAR ENERGY (UK) LIMITED (REGISTERED NUMBER: 08671446) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 December 2023 |
15. | ULTIMATE PARENT COMPANY |
The ultimate parent company is Intrakat Société Anonyme Technical and Energy Projects with registered address 19th km Paiania - Markopoulo Ave. Paiania, Attica, Greece 190 02. The consolidated financial statements are publicly available on the Group's website www.intrakat.gr/en. |
The company's immediate parent is Biosar Holdings Limited, a company incorporated in Cyprus. These financial statements are available upon request from 19th km Paiania - Markopoulo Ave. Paiania, Attica, Greece 190 02. |
There is no ultimate controlling party. |
16. | OTHER FINANCIAL COMMITMENTS |
The total amount of other financial commitments not provided in the financial statements was £nil (2022 - £6,855). |
17. | RELATED PARTY DISCLOSURES |
Included within creditors amount falling due within one year is £nil (2022 - £16,988,951) payable to related parties. The related parties are all under common control. The loans are repayable on demand and there is no interest accrued on the outstanding balance. |
Included within loans written back on the profit and loss accounts is £16,903,417 (2022 - £nil) as non- repayable loans with related parties - companies under common control, being written back. |
The above balances are unsecured and no guarantees were given or received in respect of the above transactions. |
18. | EVENTS AFTER THE REPORTING PERIOD |
The company has ceased trading and the directors intend to apply to Companies House for the company to be "struck off" the register in 2025. |