REGISTERED NUMBER: |
ENERGY TECHNOLOGY CENTRE LIMITED |
(A COMPANY LIMITED BY GUARANTEE) |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2024 |
REGISTERED NUMBER: |
ENERGY TECHNOLOGY CENTRE LIMITED |
(A COMPANY LIMITED BY GUARANTEE) |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2024 |
ENERGY TECHNOLOGY CENTRE LIMITED (REGISTERED NUMBER: SC345129) |
(A COMPANY LIMITED BY GUARANTEE) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 | to | 9 |
ENERGY TECHNOLOGY CENTRE LIMITED |
(A COMPANY LIMITED BY GUARANTEE) |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JULY 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered accountants |
Statutory auditor |
Abercorn House |
79 Renfrew Road |
Paisley |
Renfrewshire |
PA3 4DA |
ENERGY TECHNOLOGY CENTRE LIMITED (REGISTERED NUMBER: SC345129) |
(A COMPANY LIMITED BY GUARANTEE) |
BALANCE SHEET |
31 JULY 2024 |
2024 | 2023 |
Notes | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
Tangible assets | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 11 | ( |
) | ( |
) |
NET (LIABILITIES)/ASSETS | ( |
) |
RESERVES |
Income and expenditure account | ( |
) |
( |
) |
The financial statements were approved by the director and authorised for issue on |
ENERGY TECHNOLOGY CENTRE LIMITED (REGISTERED NUMBER: SC345129) |
(A COMPANY LIMITED BY GUARANTEE) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2024 |
1. | STATUTORY INFORMATION |
Energy Technology Centre Limited is a private company, limited by guarantee, registered in Scotland. The company's registered number is SC345129 and registered office address is Rankine Avenue, Scottish Enterprise Technology Park, East Kilbride, G75 0QF. |
The nature of the company's operations and its principal activities are that of engineering projects in support of the low carbon technology sector. |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 £. |
Going concern |
At the time of approving the financial statements, the director has a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements. |
At the balance sheet date, the company had net liabilities amounting to £21,343. The director has prepared cash flow projections which demonstrate that the company will be able to trade within its facility limits. The director therefore believes that it remains appropriate to prepare the accounts on the going concern basis. |
Critical accounting judgements and key sources of estimation uncertainty |
In preparing these financial statements, the director has made the following judgements: |
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values. |
Assets are considered for indications of impairment. If required an impairment review will be carried out and a decision made on possible impairment. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit. |
Bad debts are provided for where objective evidence of the need for a provision exists. |
ENERGY TECHNOLOGY CENTRE LIMITED (REGISTERED NUMBER: SC345129) |
(A COMPANY LIMITED BY GUARANTEE) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
3. | ACCOUNTING POLICIES - continued |
Turnover |
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Consideration is given to the point at which the Company is entitled to receive the income, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: |
Revenue from the provision of services is recognised in the period in which the services are provided when all of the following conditions are satisfied: |
- the amount of revenue can be measured reliably; |
- it is probable that the Company will receive the consideration due; |
- the costs incurred can be measured reliably. |
Rental income is included in the period which it is earned. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Intangible assets comprise of payments made to acquire intellectual property and development costs. The costs of acquiring intellectual property have been fully amortised in previous accounting periods and development costs are being amortised over a period of 7 years on a straight line basis. |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
ENERGY TECHNOLOGY CENTRE LIMITED (REGISTERED NUMBER: SC345129) |
(A COMPANY LIMITED BY GUARANTEE) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
3. | ACCOUNTING POLICIES - continued |
Financial instruments |
The Company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 ' Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's balance sheet when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Basic financial assets |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transactions costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
Derecognition of financial assets |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the Company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
Classification of financial liabilities |
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. |
Basic financial liabilities |
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
Research and development |
Expenditure on research activities is recognised in the income statement as an expense as incurred. |
Expenditure on development activities is capitalised if the product or process is technically and commercially feasible and the Company intends to and has the technical ability and sufficient resources to complete development, future economic benefits are probable and if the Company can measure reliably the expenditure attributable to the intangible asset during its development. Development activities improve a plan or design for the production of new or substantially improved products or processes. The expenditure capitalised includes the cost of materials, direct labour and an appropriate proportion of overheads and capitalised borrowing costs. Other development expenditure is recognised in the income statement as an expense as incurred. Capitalised development expenditure is stated at cost less accumulated amortisation and less accumulated impairment losses |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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. |
ENERGY TECHNOLOGY CENTRE LIMITED (REGISTERED NUMBER: SC345129) |
(A COMPANY LIMITED BY GUARANTEE) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
3. | ACCOUNTING POLICIES - continued |
Government grants |
Government grants received in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets by equal annual instalments. |
Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate. |
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 profit or loss as described below. |
Non-financial assets |
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. |
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. |
Financial assets |
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original effective interest rate. |
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date. |
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. |
An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. |
Cash and cash equivalents |
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
ENERGY TECHNOLOGY CENTRE LIMITED (REGISTERED NUMBER: SC345129) |
(A COMPANY LIMITED BY GUARANTEE) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
5. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 August 2023 |
Additions |
At 31 July 2024 |
AMORTISATION |
At 1 August 2023 |
Charge for year |
At 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 July 2023 |
6. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 August 2023 |
Additions |
At 31 July 2024 |
DEPRECIATION |
At 1 August 2023 |
Charge for year |
At 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 July 2023 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
VAT |
Prepayments and accrued income |
ENERGY TECHNOLOGY CENTRE LIMITED (REGISTERED NUMBER: SC345129) |
(A COMPANY LIMITED BY GUARANTEE) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Social security and other taxes |
VAT | 7,840 | - |
Accruals and deferred income |
Deferred government grants |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
Other creditors |
Deferred government grants |
One of the bank loans is repayable at 8% per annum over ten years. The balance outstanding on this loan at the year end was £nil (2023 - £9,557). |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans | - | 9,558 |
The bank loan is secured with a standard security over freehold property and a floating charge over all assets of the company. |
11. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 25,452 | 59,808 |
Deferred |
tax |
£ |
Balance at 1 August 2023 |
Originating and reversal of | (19,054 | ) |
timing differences |
Effect of changes in tax rates | (15,302 | ) |
Balance at 31 July 2024 |
ENERGY TECHNOLOGY CENTRE LIMITED (REGISTERED NUMBER: SC345129) |
(A COMPANY LIMITED BY GUARANTEE) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
13. | CAPITAL COMMITMENTS |
2024 | 2023 |
£ | £ |
Contracted but not provided for in the |
financial statements |
14. | FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES |
In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements. |
15. | LIABILITY OF MEMBERS |
The company is limited by guarantee and has no share capital. The liability of each member in the event of winding-up is limited to £1. |