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10238116












NORIKER STAUNCH LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

 

NORIKER STAUNCH LTD
 
COMPANY INFORMATION


Directors
Benjamin Guest 
Stephen Beck 
Gareth Owen (resigned 15 March 2024)




Registered number
10238116



Registered office
C/O Gresham House Asset Management Limited
5 New Street Square

London

EC4A 3TW




Independent auditor
Blick Rothenberg Audit LLP

16 Great Queen Street

London

WC2B 5AH





 

NORIKER STAUNCH LTD

CONTENTS



Page
Directors' report
1 - 2
Independent auditor's report
3 - 6
Statement of income and retained earnings
7
Balance sheet
8
Statement of cash flows
9
Notes to the financial statements
10 - 17


 

NORIKER STAUNCH LTD

DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Principal activity

The principal activity of the company is the supply of electricity.

Results

The loss for the year, after taxation, amounted to £2,450,785 (2023 - loss £2,912,682).

Directors

The directors who served during the year were:

Benjamin Guest 
Stephen Beck 
Gareth Owen (resigned 15 March 2024)

Directors' responsibilities statement

The directors are responsible for preparing the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are 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 directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They are 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.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Page 1

 

NORIKER STAUNCH LTD

DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Auditors

The auditor, Blick Rothenberg Audit LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board on 23 May 2025 and signed on its behalf.
 





Stephen Beck
Director

Page 2

 

NORIKER STAUNCH LTD

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NORIKER STAUNCH LTD
 FOR THE YEAR ENDED 31 DECEMBER 2024

Opinion


We have audited the financial statements of Noriker Staunch Ltd (the 'Company') for the year ended 31 December 2024, which comprise the Statement of income and retained earnings, the Balance sheet, the Statement of cash flows and the notes to the financial statements, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its loss 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 opinion


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 United Kingdom, including the Financial Reporting Council'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 opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Page 3

 

NORIKER STAUNCH LTD

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NORIKER STAUNCH LTD (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Opinion 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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' report has 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 Directors' report.


We have nothing to report in respect of the following matters in relation to which 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 directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' report and from the requirement to prepare a Strategic report.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 1, the directors are 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 directors determine is 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 directors are 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 directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 4

 

NORIKER STAUNCH LTD

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NORIKER STAUNCH LTD (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

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 an Auditor's report 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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, and noncompliance with laws and regulations, our procedures included the following: enquiring of management concerning the Company’s policies with regards identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; enquiring of management concerning the Company’s policies detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; enquiring of management concerning the Company’s policies in relation to the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations; discussing among the engagement team where fraud might occur in the financial statements and any potential indicators of fraud; and obtaining an understanding of the legal and regulatory framework that the Company operates in and focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the Company. The key laws and regulations we considered in this context included the UK Companies Act 2006, Health and Safety legislation and applicable tax legislation.
Particular focus areas included the risk of fraud through management override of controls and the potential manipulation of future cashflows forecasts which are used in order for management to assess whether there is any required impairment to the carrying value of the assets. Our procedures to respond to risks identified included the following: performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; reviewing the bank statements of the Company for evidence of any large or unusual activity which may be indicative of fraud; enquiring of management in relation to any potential litigation and claims; testing the appropriateness of journal entries and other adjustments; and assessing whether judgements made in making accounting estimates, particularly in relation to the future cashflows which are used in order for management to assess whether there is any required impairment to the carrying value of the assets, are indicative of potential bias.
There are inherent limitations in our audit procedures described above. The more removed that 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 Auditor's report.


Page 5

 

NORIKER STAUNCH LTD

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NORIKER STAUNCH LTD (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

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 2006Our 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 an Auditor's report 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.





Artur Vorobyev (Senior statutory auditor)
  
for and on behalf of
Blick Rothenberg Audit LLP
 
Chartered Accountants
Statutory Auditor
16 Great Queen Street
London
WC2B 5AH

23 May 2025
Page 6

 

NORIKER STAUNCH LTD
 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
963,210
2,494,926

Cost of sales
  
(488,745)
(2,230,361)

Gross profit
  
474,465
264,565

Administrative expenses
  
(1,541,808)
(1,899,335)

Operating loss
 5 
(1,067,343)
(1,634,770)

Amounts written off stock
  
(14,057)
-

Interest receivable and similar income
  
87
-

Interest payable and similar expenses
 7 
(1,387,692)
(1,277,912)

Profit on sale of tangible assets
  
18,220
-

Loss before tax
  
(2,450,785)
(2,912,682)

Tax on loss
 8 
-
-

Loss after tax
  
(2,450,785)
(2,912,682)

  

  

Retained earnings at the beginning of the year
  
(9,722,553)
(6,809,871)

  
(9,722,553)
(6,809,871)

Loss for the year
  
(2,450,785)
(2,912,682)

Retained earnings at the end of the year
  
(12,173,338)
(9,722,553)
There was no other comprehensive income in 2024 or 2023.

The notes on pages 10 to 17 form part of these financial statements.

Page 7


 
REGISTERED NUMBER:10238116
NORIKER STAUNCH LTD

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 9 
6,182,996
7,452,193

  
6,182,996
7,452,193

Current assets
  

Stocks
  
-
14,057

Debtors: amounts falling due within one year
 10 
368,490
189,452

Cash at bank and in hand
  
494,716
99,568

  
863,206
303,077

Creditors: amounts falling due within one year
 11 
(19,219,538)
(17,477,821)

Net current liabilities
  
 
 
(18,356,332)
 
 
(17,174,744)

Total assets less current liabilities
  
(12,173,336)
(9,722,551)

  

Net liabilities
  
(12,173,336)
(9,722,551)


Capital and reserves
  

Called up share capital 
 12 
2
2

Profit and loss account
  
(12,173,338)
(9,722,553)

  
(12,173,336)
(9,722,551)




The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 May 2025.




Stephen Beck
Director

The notes on pages 10 to 17 form part of these financial statements.

Page 8

 

NORIKER STAUNCH LTD

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Loss for the financial year
(2,450,785)
(2,912,682)

Adjustments for:

Expenses paid by the parent company
145,076
-

Depreciation of tangible assets
1,116,241
1,270,726

Impairments of stock
14,057
-

Loss on disposal of tangible assets
(18,220)
-

Interest payable
1,387,692
1,277,912

Decrease in stocks
-
35,166

(Increase)/decrease in debtors
(179,038)
178,607

Increase/(decrease) in creditors
158,950
(34,099)

Increase in amounts owed to groups
-
78

Net cash generated from operating activities

173,973
(184,292)


Cash flows from investing activities

Repayment of other loans
-
(1,222)

Sale of tangible fixed assets
171,175
-

Net cash from investing activities

171,175
(1,222)

Cash flows from financing activities

New loans from group companies
50,000
-

Financing item
-
(200,000)

Net cash used in financing activities
50,000
(200,000)

Net increase/(decrease) in cash and cash equivalents
395,148
(385,514)

Cash and cash equivalents at beginning of year
99,568
485,082

Cash and cash equivalents at the end of year
494,716
99,568


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
494,716
99,568

494,716
99,568


Page 9

 

NORIKER STAUNCH LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Noriker Staunch Limited (the 'Company') is a private limited liability company incorporated on 17 June 2016 and registered in England & Wales.
The registered address of the company is C/O Gresham House Asset Management Limited, 5 New Street Square, London, EC4A 3TW.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

 
2.2

Going concern

Forecasts have been prepared that show the company is able to operate for at least 12 months from the balance sheet date. The directors have also made enquiries with the directors of the immediate parent undertaking, Gresham House Energy Storage Holdings Ltd, with regards to the repayment of the loan the company has with its parent. This is detailed in note 11 and is repayable on demand of the parent as the lender. The directors understand that this will not be called in unless the company has the ability to make the repayment. Accordingly, the directors consider it appropriate to prepare the financial statements on a going concern basis.

 
2.3

Turnover

Turnover comprises revenue recognised by the company in respect of stored electricity sold during the year, and related income, exclusive of Value Added Tax.

 
2.4

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 10

 

NORIKER STAUNCH LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.6
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
7 - 20 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

  
2.7

Financial instruments

Financial assets
Basic financial assets, including trade and other receivables, cash and bank balances and
investments in commercial paper, are initially recognised at transaction price. Such assets are
subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for
objective evidence of impairment. If an asset is impaired the impairment loss is the difference
between the carrying amount and the present value of the estimated cash flows discounted at the
asset's original effective interest rate. The impairment loss is recognised in profit or loss.
Other financial assets, including investments in equity instruments of entities which are not
subsidiaries, associates or joint ventures, are initially measured at fair value, which is nominally the
transaction price. Such assets are subsequently carried at fair value and the changes in fair value are
recognised in the profit and loss account.
Financial liabilities
Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group
companies and preference shares that are classified as debt, 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 receipts discounted at a market rate of interest.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary
course of business from suppliers. Accounts payable are classified as current liabilities if payment is
due within one year or less. If not, they are presented as non-current liabilities. Trade payables are
recognised initially at transaction price and subsequently measured at amortised cost using the
effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the associated
contractual obligation is discharged, cancelled or expires.
Offsetting
Financial assets and liabilities are offset and 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.

Page 11

 

NORIKER STAUNCH LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.8

Current and Deferred Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Company can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The directors, as part of their annual review of the impairment of fixed assets, have used estimations and future cashflows forecasts of the company to calculate any required impairment to the carrying value of the assets.
The directors also assess, based on estimated future costs, what the anticipated decommissioning outlays will be in relation to the assets. The directors have judged that the costs will not be material and therefore have not included a decommissioning provision in these financial statements.

Page 12

 

NORIKER STAUNCH LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

United Kingdom
963,210
2,494,926

963,210
2,494,926


All turnover arose within the United Kingdom.


5.


Operating loss

The operating loss is stated after charging:

2024
2023
£
£

Tangible fixed assets - depreciation
1,116,242
1,270,726

Auditor's remuneration - audit
10,383
8,650

Auditor's remuneration - non-audit
3,250
4,000

Other operating lease rentals
38,794
38,794


6.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Directors
2
3


7.


Interest payable and similar expenses

2024
2023
£
£


Loans from group undertakings
1,387,692
1,277,912

Page 13

 

NORIKER STAUNCH LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


Taxation


2024
2023
£
£



Total current tax
-
-

Deferred tax

Total deferred tax
-
-

Taxation on loss on ordinary activities
 
-
 
-

Factors affecting tax charge for the year

The tax assessed for the year is different from the standard rate of corporation tax in the UK of 25% - blended rate (2023 - 23.5%). The differences are explained below:

2024
2023
£
£


Loss on ordinary activities before tax
(2,450,785)
(2,912,682)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.5%)
(612,696)
(684,480)

Effects of:


Expenses not deductible for tax purposes
8,116
-

Unprovided deferred tax
160,538
300,602

Group relief
270,580
381,626

Timing difference leading to an increase (decrease) in taxation
-
2,252

Transfer pricing adjustments
173,462
-

Total tax charge for the year
-
-


Factors that may affect future tax charges

The Company has carried forward losses plus deferred capital allowances of £4,983,314 (2023: £1,024,407). The potential deferred tax asset at 25% of £1,245,828 (2023: £256,102) has not been recognised due to uncertainty of whether losses will be relieved to other group companies and its timing and use.

Page 14

 

NORIKER STAUNCH LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


Tangible fixed assets





Plant and machinery

£



Cost or valuation


At 1 January 2024
14,998,314


Disposals
(585,439)



At 31 December 2024

14,412,875



Depreciation


At 1 January 2024
7,546,121


Charge for the year on owned assets
1,116,242


Disposals
(432,484)



At 31 December 2024

8,229,879



Net book value



At 31 December 2024
6,182,996



At 31 December 2023
7,452,193


10.


Debtors

2024
2023
£
£


Trade debtors
155,238
13,374

Other debtors
42,440
132,958

Prepayments and accrued income
170,812
43,120

368,490
189,452


Page 15

 

NORIKER STAUNCH LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

11.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other loans
17,410,170
15,937,183

Trade creditors
299,405
97,741

Amounts owed to group undertakings
18
78

Accruals and deferred income
1,509,945
1,442,819

19,219,538
17,477,821


As at 31 December 2024 other loans represented amounts borrowed from Gresham House Energy Storage Holdings Ltd (GHESH), the parent company. The loan is unsecured and accrues interest at 8% per annum compounding on 31 December each year. The loan is repayable at the earlier of (i) written demand from the lender or (ii) 31 December 2030. Included within accruals and deferred income is £1,387,692 (2023: £1,277,912) in relation to accrued interest on this loan.


12.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



2 (2023 - 2) Ordinary shares of £1.00 each
2
2


13.


Analysis of net debt





At 1 January 2024
Cash flows
Other non-cash changes
At 31 December 2024
£

£

£

£

Cash at bank and in hand

99,568

395,148

-

494,716

Debt due within 1 year

(15,937,183)

(50,000)

(1,422,987)

(17,410,170)


(15,837,615)
345,148
(1,422,987)
(16,915,454)

Other non-cash changes relate to the compounding of accrued interest.

Page 16

 

NORIKER STAUNCH LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

14.


Commitments under operating leases

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
38,794
38,794

Later than 1 year and not later than 5 years
155,176
155,176

Later than 5 years
155,176
193,970

349,146
387,940


15.


Related party transactions

The company applies FRS102 33.1A with regards to taking the exemption not to disclose transactions
with other entities wholly owned within a group.


16.


Controlling party

The immediate parent company is Gresham House Energy Storage Holdings Ltd. The ultimate parent company and controlling party is Gresham House Energy Storage Fund Plc.

Page 17