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Company No: 10130120 (England and Wales)

E-MOTIVE HOLDINGS LTD

Unaudited Financial Statements
For the financial period from 01 April 2023 to 30 March 2024
Pages for filing with the registrar

E-MOTIVE HOLDINGS LTD

Unaudited Financial Statements

For the financial period from 01 April 2023 to 30 March 2024

Contents

E-MOTIVE HOLDINGS LTD

BALANCE SHEET

As at 30 March 2024
E-MOTIVE HOLDINGS LTD

BALANCE SHEET (continued)

As at 30 March 2024
Note 30.03.2024 31.03.2023
£ £
Fixed assets
Tangible assets 3 1,569 2,623
Investments 4 0 100
1,569 2,723
Current assets
Debtors 5 2,439 272,260
Cash at bank and in hand 139 10,640
2,578 282,900
Creditors: amounts falling due within one year 6 ( 657,189) ( 633,454)
Net current liabilities (654,611) (350,554)
Total assets less current liabilities (653,042) (347,831)
Provision for liabilities 0 ( 269,312)
Net liabilities ( 653,042) ( 617,143)
Capital and reserves
Called-up share capital 100 100
Share premium account 788,077 756,096
Capital redemption reserve 42 42
Profit and loss account ( 1,441,261 ) ( 1,373,381 )
Total shareholders' deficit ( 653,042) ( 617,143)

For the financial period ending 30 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 E-Motive Holdings Ltd (registered number: 10130120) were approved and authorised for issue by the Board of Directors on 22 January 2025. They were signed on its behalf by:

B W Palmer
Director
E-MOTIVE HOLDINGS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 April 2023 to 30 March 2024
E-MOTIVE HOLDINGS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 April 2023 to 30 March 2024
1. Accounting policies

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

General information and basis of accounting

E-Motive Holdings 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 Goodwood House, Blackbrook Park Avenue, Taunton, Somerset, TA1 2PX, 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 company is developing commercial vehicles which run on fuel derived from renewable energy. The technology is currently still under development. The company is being financed by a combination of shareholder investment, loans from the directors and shareholders, as well as loans from companies under common control. Following a first prototype, the directors are pursuing investment for a further prototype. The directors are confident in the viability of the vehicle, the demand for this and are actively pursuing further investment funding. The directors confirm that repayment of existing loans will not be demanded until such time as the company has available funds. They therefore continue to adopt the going concern basis in preparing the financial statements.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Reporting period length

The reporting period length has been shortened to spread the administrative burden of related entities. This means that the periods shown in these financial statements are not entirely comparable.

Taxation


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 tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. 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. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 3 years straight line
Plant and machinery 5 years straight line
Computer equipment 5 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.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

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. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

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.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

Period from
01.04.2023 to
30.03.2024
Year ended
31.03.2023
Number Number
Monthly average number of persons employed by the Company during the period, including directors 2 2

3. Tangible assets

Leasehold improve-
ments
Plant and machinery Computer equipment Total
£ £ £ £
Cost
At 01 April 2023 352 1,892 3,381 5,625
At 30 March 2024 352 1,892 3,381 5,625
Accumulated depreciation
At 01 April 2023 352 820 1,830 3,002
Charge for the financial period 0 378 676 1,054
At 30 March 2024 352 1,198 2,506 4,056
Net book value
At 30 March 2024 0 694 875 1,569
At 31 March 2023 0 1,072 1,551 2,623

4. Fixed asset investments

Investments in subsidiaries

30.03.2024
£
Cost
At 01 April 2023 100
At 30 March 2024 100
Provisions for impairment
At 01 April 2023 0
Impairment 100
At 30 March 2024 100
Carrying value at 30 March 2024 0
Carrying value at 31 March 2023 100

5. Debtors

30.03.2024 31.03.2023
£ £
Trade debtors 0 270,624
Other debtors 2,439 1,636
2,439 272,260

6. Creditors: amounts falling due within one year

30.03.2024 31.03.2023
£ £
Other taxation and social security 0 1,976
Other creditors 657,189 631,478
657,189 633,454