Company registration number 02222330 (England and Wales)
EVALUATE ENERGY LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
EVALUATE ENERGY LIMITED
COMPANY INFORMATION
Directors
J Garrison
J Harrison
D Hood
S Flore
(Appointed 31 October 2024)
Company number
02222330
Registered office
55 Baker Street
London
W1U 7EU
Auditor
Simpson Wreford LLP
Wellesley House
Duke of Wellington Avenue
Royal Arsenal
London
SE18 6SS
EVALUATE ENERGY LIMITED
CONTENTS
Page
Directors' report
1
Balance sheet
2
Notes to the financial statements
3 - 8
EVALUATE ENERGY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -
The directors present their annual report and financial statements for the year ended 31 December 2024.
Principal activities
The principal activity of the company continued to be that of publishing to the energy industry.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
J Garrison
J Harrison
D Hood
S Flore
(Appointed 31 October 2024)
Auditor
Simpson Wreford LLP were appointed auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Going concern
The accounts have been prepared on a going concern basis. While the company's balance sheet does show an insolvent position it has received assurances from its parent company that it will continue to fund and support the business for a period of greater than 12 months from the date of approval of the accounts. GeoLOGIC Systems Ltd was the parent of the company as at the year end.
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
S Flore
Director
12 June 2025
EVALUATE ENERGY LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
6
11,056
25,942
Current assets
Debtors
7
11,538
83,828
Cash at bank and in hand
48,133
98,239
59,671
182,067
Creditors: amounts falling due within one year
8
(3,127,146)
(2,818,944)
Net current liabilities
(3,067,475)
(2,636,877)
Net liabilities
(3,056,419)
(2,610,935)
Capital and reserves
Called up share capital
714,891
714,891
Share premium account
88,614
88,614
Capital redemption reserve
10,000
10,000
Profit and loss reserves
(3,869,924)
(3,424,440)
Total equity
(3,056,419)
(2,610,935)
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 12 June 2025 and are signed on its behalf by:
S Flore
Director
Company registration number 02222330 (England and Wales)
EVALUATE ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information
Evaluate Energy Limited is a private company limited by shares incorporated in England and Wales. The registered office is 55 Baker Street, London, W1U 7EU.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
Evaluate Energy Limited was a wholly owned subsidiary of Geo Logic Systems Ltd during the year and the results of Evaluate Energy Limited are included in the consolidated financial statements of Geo Logic Systems Ltd, which are available at 1500-401 9th Avenue SW, Calgary, Alberta, Canada. The ownership of the company changed on 12th March 2021 to Geo Logic Systems Ltd.
1.2
Going concern
The accounts have been prepared on a going concern basis. The directors have prepared budgets and forecasts for a period greater than 12 months from the date of their approval of the financial statements and have received confirmation from it's parent company that it will continue to fund and support the business over this period.true
1.3
Turnover
Turnover represents the value of the services, net of value added tax, provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due. Where a contract has only been partially completed at the balance sheet date turnover represents the value of the service provided to date based on a proportion of the total expected consideration at completion. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Development costs
10 years straight line
EVALUATE ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computer equipment
3 -5 years straight line
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.
Assets held under leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
The company adopted a policy to capitalise leases from 1 January 2019.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.7
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 current liabilities.
1.8
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.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
EVALUATE ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
1.14
Deferred income is provided for on all sales where the duration of the licence issued extends beyond the year end. On commencement of the licence there is an initial recognition percentage, with the remaining balance split evenly to the end of the contract.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Auditor remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
11,500
11,500
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
12
13
EVALUATE ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
5
Intangible fixed assets
Development costs
£
Cost
At 1 January 2024
100,000
Transfers
(100,000)
At 31 December 2024
Amortisation and impairment
At 1 January 2024
100,000
Transfers
(100,000)
At 31 December 2024
Carrying amount
At 31 December 2024
At 31 December 2023
6
Tangible fixed assets
Computer equipment
£
Cost
At 1 January 2024
43,005
Disposals
(7,445)
At 31 December 2024
35,560
Depreciation and impairment
At 1 January 2024
17,063
Depreciation charged in the year
13,912
Eliminated in respect of disposals
(6,471)
At 31 December 2024
24,504
Carrying amount
At 31 December 2024
11,056
At 31 December 2023
25,942
EVALUATE ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
29,869
Corporation tax recoverable
11,500
Other debtors
11,538
42,459
11,538
83,828
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,244
10,501
Amounts owed to group undertakings
2,997,278
2,645,817
Other creditors
128,624
162,626
3,127,146
2,818,944
The short-term loan payable to group undertakings is secured by a GRID note where all accrued and unpaid interest shall be immediately due and payable upon demand by the borrower.
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.
The auditor report is unqualified and includes the following:
Opinion
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.
Senior Statutory Auditor:
Michael Broder BSc FCA
Statutory Auditor:
Simpson Wreford LLP
Date of audit report:
13 June 2025
10
Parent company
The company was under the control of the parent company, GeoLOGIC Systems Ltd for the whole of the current and preceding year.
EVALUATE ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
10
Parent company
(Continued)
- 8 -
The following are the parents of the largest and smallest groups in which this company's results are consolidated:
Largest group
GeoLOGIC Systems Ltd
Smallest group
GeoLOGIC Systems Ltd