REGISTERED NUMBER: |
ELEMENTAL TECHNOLOGIES LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED |
31 MARCH 2024 |
REGISTERED NUMBER: |
ELEMENTAL TECHNOLOGIES LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED |
31 MARCH 2024 |
ELEMENTAL TECHNOLOGIES LIMITED (REGISTERED NUMBER: 13287765) |
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 |
ELEMENTAL TECHNOLOGIES LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
The Turbine |
Shireoaks Triangle |
Coach Close |
Worksop |
Nottinghamshire |
S81 8AP |
ELEMENTAL TECHNOLOGIES LIMITED (REGISTERED NUMBER: 13287765) |
BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the Board of Directors and authorised for issue on |
ELEMENTAL TECHNOLOGIES LIMITED (REGISTERED NUMBER: 13287765) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
Elemental Technologies Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Tangible fixed assets |
Plant and machinery etc | - |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
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 and development is written off in the year in which it is incurred. |
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. |
Going concern |
The financial statements have been prepared on a going concern basis. The company incurred a loss (pre tax and exceptional items) of £316,226 for the year ended 31 March 2024. At the balance sheet date due the the write off of amounts owed to connected companies, the balance sheet had reserves of £128,683. |
The directors consider that the going concern basis is appropriate due to the continuing support of the directors and related parties. |
ELEMENTAL TECHNOLOGIES LIMITED (REGISTERED NUMBER: 13287765) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
7. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
ELEMENTAL TECHNOLOGIES LIMITED (REGISTERED NUMBER: 13287765) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
8. | CALLED UP SHARE CAPITAL |
Allotted and issued: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
9. | RELATED PARTY DISCLOSURES |
Effective Energy Group Limited |
Effective Energy Group Limited is a Company under common control. |
In the period to 31 March 2024, Effective Energy Group recharged costs totalling £2,530 to Elemental Technologies Limited. |
Included in creditors amounts falling due within one year is a loan payable to Effective Energy group Limited, the balance outstanding at 31 March 2024 is £Nil (2023 £532,173). No interest was charged in the year. |
Since the Balance Sheet date Effective Energy Group Ltd has recognised a provision for the full amount of the loan as an irrecoverable amount as disclosed in note 12 |
Effective Energy Solutions Limited |
Effective Energy Solutions is a Company under common control. |
In the period to 31 March 2024, Effective Energy Solutions recharged costs totalling £18,817 to Elemental Technologies Limited. |
Included in creditors amounts falling due within one year is £Nil (2023 £379,442) due to Effective Energy Solutions Limited. No interest was charged in the year. |
Since the Balance Sheet date Effective Energy Solutions Ltd has recognised a provision for the full amount of the loan as an irrecoverable amount as disclosed in note 12 |
Effective Home Limited |
Effective Home Limited is a Company under common control. |
Included in creditors amounts falling due within one year is a loan payable to Effective Home Limited, the balance outstanding at 31 March 2024 is £Nil (2023 £30,000). No interest was charged in the year |
Post Year End Effective Home Ltd reassigned its debt due from Elemental Technologies Ltd to Effective Energy Solutions Ltd. |
10. | POST BALANCE SHEET EVENTS |
On 28 October 2024 Effective Energy Group Limited commenced a group restructuring and as part of this process various amounts owed to related companies of Elemental Technologies Limited were recognised as irrecoverable. The total amount deemed irrecoverable was £1,164,292, per note 5.. |
ELEMENTAL TECHNOLOGIES LIMITED (REGISTERED NUMBER: 13287765) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
11. | ULTIMATE CONTROLLING PARTY |
R J Cox and L J Cottingham are regarded as the ultimate controlling parties of the company by virtue of their shareholdings. |