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Company No: 10831400 (England and Wales)

NEUVILLE GRID DATA MANAGEMENT LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

NEUVILLE GRID DATA MANAGEMENT LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

NEUVILLE GRID DATA MANAGEMENT LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
NEUVILLE GRID DATA MANAGEMENT LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 381,371 428,117
Tangible assets 4 100,026 190,835
481,397 618,952
Current assets
Stocks 20,745 41,490
Debtors 5 14,457 64,556
Cash at bank and in hand 1,383 11,803
36,585 117,849
Creditors: amounts falling due within one year 6 ( 850,485) ( 1,787,934)
Net current liabilities (813,900) (1,670,085)
Total assets less current liabilities (332,503) (1,051,133)
Creditors: amounts falling due after more than one year 7 ( 8,787) ( 95,420)
Net liabilities ( 341,290) ( 1,146,553)
Capital and reserves
Called-up share capital 8 1,000 1,000
Share premium account 1,375,500 0
Profit and loss account ( 1,717,790 ) ( 1,147,553 )
Total shareholder's deficit ( 341,290) ( 1,146,553)

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Neuville Grid Data Management Limited (registered number: 10831400) were approved and authorised for issue by the Director on 20 June 2025. They were signed on its behalf by:

C V Simmons
Director
NEUVILLE GRID DATA MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
NEUVILLE GRID DATA MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

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

General information and basis of accounting

Neuville Grid Data Management Limited (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 C/O Bishop Fleming Llp, 10 North Place, Cheltenham, GL50 4DW, United Kingdom. The principal place of business is Sustainable Workspaces, 3rd Floor, Riverside Building, County Hall, Westminster Bridge Road, London, SE1 7PB.

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 director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director notes that the business has net current liabilities of £813,900. The Company is supported through loans from the Parent Company. The director has received assurances that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the Parent Company will continue to support the Company. After making enquiries, the director believes that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

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 average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. 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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Computer software 3 years straight line
Development costs 4 years straight line
Trademarks, patents and licences 20 years straight line
Research and development

Research expenditure is written off as incurred. Development expenditure is also written off, except where the director is satisfied as to the technical, commercial and financial viability of individual projects. In such cases, the identifiable expenditure is capitalised as an intangible asset and amortised over the period during which the Company is expected to benefit. This period is between three and five years. Provision is made for any impairment.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Plant and machinery 4 years straight line
Fixtures and fittings 4 years straight line
Office equipment 4 years straight line
Computer equipment 3 - 4 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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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.

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.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Ordinary share capital

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

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 5 6

3. Intangible assets

Computer software Development costs Trademarks, patents
and licences
Total
£ £ £ £
Cost
At 01 January 2023 43,992 448,662 79,857 572,511
Additions 0 70,484 23,139 93,623
Disposals 0 ( 13,485) 0 ( 13,485)
At 31 December 2023 43,992 505,661 102,996 652,649
Accumulated amortisation
At 01 January 2023 18,311 118,911 7,172 144,394
Charge for the financial year 14,649 119,414 4,620 138,683
Disposals 0 ( 11,799) 0 ( 11,799)
At 31 December 2023 32,960 226,526 11,792 271,278
Net book value
At 31 December 2023 11,032 279,135 91,204 381,371
At 31 December 2022 25,681 329,751 72,685 428,117

4. Tangible assets

Plant and machinery Fixtures and fittings Office equipment Computer equipment Total
£ £ £ £ £
Cost
At 01 January 2023 213,452 4,377 3,712 51,197 272,738
Additions 1,925 0 0 0 1,925
Disposals 0 0 0 ( 5,560) ( 5,560)
At 31 December 2023 215,377 4,377 3,712 45,637 269,103
Accumulated depreciation
At 01 January 2023 35,383 3,016 2,568 40,936 81,903
Charge for the financial year 22,969 1,094 928 3,739 28,730
Impairment losses 61,751 0 0 0 61,751
Disposals 0 0 0 ( 3,307) ( 3,307)
At 31 December 2023 120,103 4,110 3,496 41,368 169,077
Net book value
At 31 December 2023 95,274 267 216 4,269 100,026
At 31 December 2022 178,069 1,361 1,144 10,261 190,835

5. Debtors

2023 2022
£ £
Trade debtors 1,280 0
Prepayments and accrued income 4,456 4,889
VAT recoverable 7,293 4,359
Corporation tax 0 53,880
Other debtors 1,428 1,428
14,457 64,556

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans and overdrafts 2,080 3,111
Trade creditors 85,368 57,614
Amounts owed to Group undertakings 579,378 1,298,579
Accruals 95,037 37,156
Taxation and social security 82,865 47,690
Other creditors 5,757 343,784
850,485 1,787,934

There are no amounts included above in respect of which any security has been given by the small entity.

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 8,787 7,920
Other creditors 0 87,500
8,787 95,420

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100,001 B ordinary shares of £ 0.01 each (2022: 100,000 shares of £ 0.01 each) 1,000 1,000

During the year a loan from the parent company of £1,375,000.01 was converted to share capital with the issue of 1 £0.01 B ordinary share with a share premium of £1,375,500.

9. Related party transactions

Transactions with the entity's director

During the year, £87,500 of accrued salary for the director from prior years has been fully written back as no longer payable. By agreement, accumulated deferred director salary of £363,000 relating to prior years will only become payable once certain criteria have been met. These criteria had not been met at the balance sheet date and therefore no provision has been made for this within the financial statements. Post year-end, it was agreed that £301,278 would no longer be payable by the company.

10. Operating lease commitments

Lessee

2023 2022
£ £
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows: 1,428 1,428