|
Registered number: 15409059
LHYFE WALLSEND LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
|
|
LHYFE WALLSEND LIMITED
COMPANY INFORMATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chartered Accountants & Statutory Auditors
|
|
|
1st Floor Sackville House
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LHYFE WALLSEND LIMITED
CONTENTS
|
|
|
|
|
|
Statement of Changes in Equity
|
|
Notes to the Financial Statements
|
|
|
|
LHYFE WALLSEND LIMITED
REGISTERED NUMBER: 15409059
BALANCE SHEET
AS AT 31 DECEMBER 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allotted, called up and fully paid share capital
|
|
|
|
|
|
|
|
|
Equity shareholder's deficit
|
|
|
|
|
|
|
|
|
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the Director's Report and the Statement of Comprehensive Income in accordance with provisions applicable to companies subject to the small companies regime, under section 444 of the Companies Act 2006.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 September 2025.
The notes on pages 3 to 7 form part of these financial statements.
Page 1
|
|
LHYFE WALLSEND LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued during the period
|
|
|
|
|
|
|
|
|
|
|
The notes on pages 3 to 7 form part of these financial statements.
|
Page 2
|
|
LHYFE WALLSEND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
Lhyfe Wallsend Ltd (company number: 15409059) having its registered office and principal place of business at 7th Floor 3 More London Riverside, London, SE1 2AQ, is a private limited company incorporated in England and Wales.
The company was incorporated on 12 January 2024.
2.Accounting policies
|
|
|
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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:
The Company has taken advantage of the exemption in Financial Reporting Standard 102, Section 1A.7 from the requirement to provide a Statement of Cash Flows on the grounds that it is a small company.
The financial statements have been prepared on the going concern basis, despite net liabilities of £7,621 and incurring a loss of £7,622 during the period ended 31 December 2024.
The directors have been provided with an undertaking from the Company's shareholders, that they will for at least 12 months from the date of approval of these financial statements, continue to make available such funds as are needed by the Company and, in particular, will not seek repayment of the amounts currently made available. This should enable the Company to continue in operational existence for the foreseeable future by meeting its liabilities as they fall due for payment.
The financial statement do not include any adjustments that would result from the going concern basis of preparation being inapproproiate.
Finance costs are charged to the Statement of Comprehensive Income 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.
Tax is recognised the Statement of Comprehensive Income.
The current corporation 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.
Page 3
|
|
LHYFE WALLSEND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
|
|
|
2.6.1 Technology development costs
|
Research costs are recognised as an expense in the financial year in which they are incurred. Expenses relating to in-house development of technologies by the Company are only recognised as intangible assets if all of the following six criteria are met:
a) Technical feasibility required to complete the intangible asset so that it can be brought into service or sold,
b) Intention of the Company to complete the intangible asset and use or sell it,
c) Ability of the Company to use or sell the intangible asset,
d) Demonstration of the probability of future economic benefits attached to the asset. The entity must demonstrate, among other things, the existence of a market for the output of the intangible asset or for the intangible asset itself or, if it will be used in-house, its usefulness,
e) Availability of appropriate technical, financial and other resources to complete the development and use or sell the intangible asset, and
f) Ability to reliably assess the expenses attributable to the intangible asset during its development. Capitalised development costs include external costs (commitments made to suppliers or external service providers - invoices, invoices receivable, etc.) and internal costs (valued based on the working time allocated to the projects).
Impairment of intangible assets is calculated to fully write off the cost of the intangible asset, using the straight-line method over the estimated useful life (3 years), from the time the asset is usable, and is recognised under “Depreciation and amortisation of fixed assets”. The Company assesses the recoverability of intangible assets if there is an indication of impairment. For unamortised intangible assets, an impairment test is carried out at least once a year, and whenever there is an indication of impairment.
Page 4
|
|
LHYFE WALLSEND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
|
|
|
2.6.2 Capitalised costs on projects under development
|
Expenses relating to the development of the future renewable hydrogen production sites are capitalised if all of the criteria listed above are met. Direct external development costs (commitments made to suppliers or external service providers - invoices, invoices receivable, statements of account etc.) and internal development costs (valued based on the working time allocated to the projects), are capitalised as soon as the corresponding projects are likely to succeed.
The Company generally considers that the criteria above have been met when a project enters the Tender Ready stage in the project portfolio, i.e. when the conditions defined by the Company as described below have been met. These criteria differ depending on whether the project is:
- Linked to an industrial application: request by the potential customer to submit an "attractive" offer, or else submission of the offer is necessary for the process of obtaining subsidies,
- A mobility application: strategic investment decision after analysis of the demand in a geographical area, the ability to meet the demand and the possible subsidies.
All projects are reviewed on each balance sheet date. If the conditions for recognising an internally generated fixed asset are not met, the project development expenses are recognised as expenses in the financial year in which they are incurred. The expenses linked to these projects are no longer capitalised when the hydrogen production sites are commissioned.
When the project is brought into service, impairment is calculated on a straight-line basis over the estimated useful life of the underlying asset. If the Company considers that there is less likelihood of success as a result of unusual external factors, the development expenses are written down and recognised under "Impairment of non-current assets". When a project is abandoned, the related development costs are entered as expenses under "Other non-current operating income and expenses” if the impact of abandoning it is material.
Short-term debtors are measured at transaction price, less any impairment.
|
|
|
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.
Short-term creditors are measured at the transaction price.
|
|
The average monthly number of employees, including directors, during the period was 1.
|
Page 5
|
|
LHYFE WALLSEND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
|
|
Creditors: Amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accruals and deferred income
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: Amounts falling due after more than one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed to group undertakings
|
|
|
|
|
|
Page 6
|
|
LHYFE WALLSEND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
|
|
Related party transactions
|
|
|
The company has taken advantage of the exemption under paragraph 33.1A from the provisions of FRS 102, on the grounds that at 31 December 2024 it was a wholly owned subsidiary. There are no other related party transactions.
|
The immediate and ultimate controlling party as at 31 December 2024 is Lhyfe SA, a company incorporated in France.
The Company was subject to an audit for the period ended 31 December 2024. The audit report was issued with an unqualified opinion and signed on 29 September 2025 by Chris Gent BA FCA (Senior Statutory Auditor) on behalf of Wilder Coe Ltd.
Page 7
|