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Registered number: 08301170 INACCESS LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
INACCESS LIMITED COMPANY INFORMATION
Directors | C Georgopoulos (resigned 31 May 2023)
| I Tordjaman (appointed 3 May 2023)
| J E Rainville (appointed 16 September 2024)
Company secretary | Flexsys (services) Ltd
Registered number | 08301170
Registered office | Berkeley Square House
| Berkeley Square
| London
| W1J 6BD
Independent auditors | Barnes Roffe Audit Limited
| Chartered Accountants & Statutory Auditor
| 1st Floor
| 73-81 Southwark Bridge Road
| London
| SE1 0NQ
Bankers | Natwest Bank Plc
| 1 High Street
| Croydon
| CR9 1PD
| Lloyds Bank Plc
| 39 Threadneedle Street
| London
| EC2R 8AU
INACCESS LIMITED CONTENTS
| Page
Directors' report | 1 - 2
Independent auditors' report | 3 - 7
Statement of Profit or Loss and Other Comprehensive Income | 8
Statement of financial position | 9 - 10
Statement of changes in equity | 11
Statement of cash flows | 12
Notes to the financial statements | 13 - 27
Detailed profit and loss account and summaries | 27
INACCESS LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The directors present their report and the financial statements for the year ended 31 December 2023.
Directors' responsibilities statement
The directors are responsible for preparing the Directors' report and the financial statements, in accordance with applicable law. Company law requires the directors to prepare financial statements for each financial year. Under that law they have elected to prepare the financial statements in accordance with International Financial Reporting Standards (IFRS) as adopted by the UK. 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 the financial statements, the directors are required to: ∙select suitable accounting policies and then apply them consistently; ∙make judgments and estimates that are reasonable and prudent; ∙state whether they have been prepared in accordance with IFRS as adopted by the UK, subject to any material departures disclosed and explained in the financial statements; ∙assess the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and ∙use the going concern basis of accounting unless they either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Company and to prevent and detect fraud and other irregularities.
Principal activity
The principal activity of the Company during the year was that of design, development and implementation of remote monitoring and control solutions for renewable energy plants.
Results and dividends
The profit for the year, after taxation, amounted to £850,860 (2022 - £1,117,317). The director does not recommend the payment of a final dividend (2022 - £nil). Page 1
INACCESS LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
Directors
The directors who served during the year were:
C Georgopoulos (resigned 31 May 2023)
I Tordjaman (appointed 3 May 2023)
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 auditors are 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 auditors are aware of that information.
Auditors
After the year end Barnes Roffe LLP resigned as auditors due to the transfer of its audit business and its successor Barnes Roffe Audit Limited was appointed by the directors under s485 Companies Act 2006. This report was approved by the board on 8 October 2025 and signed on its behalf.
I Tordjaman Director
Page 2
INACCESS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INACCESS LIMITED
Opinion
We have audited the financial statements of Inaccess Limited for the year ended 31 December 2023 which comprise the Statement of profit or loss and other comprehensive income, the Statement of financial position, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policies set out on pages 13 - 18. The financial reporting framework that has been applied in their preparation is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the United Kingdom. In our opinion the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 31 December 2023 and of its profit for the year then ended; ∙have been properly prepared in accordance with IFRSs as adopted by the United Kingdom; 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 auditors' 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
We have nothing to report in respect of the following matters inrelation to which the ISAs (UK) require us to report to you where: ∙the director's use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or ∙directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for use. Page 3
INACCESS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INACCESS LIMITED (CONTINUED)
Other information
The other information comprises the information included in the Annual report, other than the financial statements and our auditors' report thereon. The directors are responsible for the other information contained within the Annual report. Our 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.
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 Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements. Page 4
INACCESS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INACCESS LIMITED (CONTINUED) 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 Strategic report or 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. Responsibilities of directors As explained more fully in the directors' responsibilities statement 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. 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 auditors' 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: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with law and regulations, was as follows: • The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; • We identified the laws and regulations applicable to the company through discussion with directors and other management, and from our commercial knowledge and experience of the software and technology sector in which the company operates; • The specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, are as follows; Page 5
INACCESS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INACCESS LIMITED (CONTINUED) • Companies Act 2006 • IFRSs • Health and Safety legislation • Employment legislation • Tax legislation • We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, reviewing board minutes and inspecting relevant legal and other correspondence; and • Laws and regulations were communicated within the audit team at the planning meeting, and during the audit as any further laws and regulation were identified. The audit team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by: • Making enquires of management as to where they consider there was susceptibility to fraud and their knowledge of actual suspected and alleged fraud; • Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; • Reviewing the financial statements and testing the disclosures against supporting documentation; • Performing analytical procedures to identify any unusual or unexpected trends or anomalies; • Inspecting and testing journal entries to identify unusual or unexpected transactions; • Assessing whether judgement and assumptions made in determining significant accounting estimates, including certain year end accruals, were indicative of management bias; and • Investigating the rationale behind significant transactions, or transactions that are unusual or outside the company’s usual course of business. The areas that we identified as being susceptible to misstatement through fraud were: • Management bias in the estimates and judgements made; • Management override of controls; and • Posting of unusual journals or transactions. Page 6
INACCESS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INACCESS LIMITED (CONTINUED) Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 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 auditors' report. Duncan Stannett (Senior statutory auditor) for and on behalf of Barnes Roffe Audit Limited Chartered Accountants Statutory Auditor 1st Floor 73-81 Southwark Bridge Road London SE1 0NQ 8 October 2025 Page 7
INACCESS LIMITED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2023
|  |  |  | 2023 | 2022
|  |  | Note | £ | £
Revenue | 5 | 6,978,815 | 6,505,536
Cost of sales |  | (5,211,089) | (4,477,852)
Gross profit |  | 1,767,726 | 2,027,684
Other operating income | 6 | - | 40,147
Administrative expenses |  | (449,412) | (512,925)
Distribution expenses |  | (66,602) | (109,485)
Other expenses |  | (73,381) | (77,552)
Profit from operations |  | 1,178,331 | 1,367,869
Finance income | 10 | - | 16,210
Finance expense | 10 | (43,555) | (536)
Profit before tax |  | 1,134,776 | 1,383,543
Tax expense | 11 | (283,916) | (266,226)
Profit for the year |  | 850,860 | 1,117,317
Total comprehensive income |  | 850,860 | 1,117,317
The notes on pages 13 to 27 form part of these financial statements.
Page 8
INACCESS LIMITED REGISTERED NUMBER: 08301170 STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2023
| 2023 | 2022
Note | £ | £
Assets |  |
Non-current assets |  |  |
Property, plant and equipment | 12 | 4,905 | 11,445
|  | 4,905 | 11,445
Current assets |  |  |
Trade and other receivables | 13 | 5,292,110 | 3,805,572
Cash and cash equivalents | 14 | 413,862 | 153,714
|  | 5,705,972 | 3,959,286
Total assets |  | 5,710,877 | 3,970,731
Liabilities |  |
Non-current liabilities |  |  |
Loans and borrowings | 16 | - | 5,048
|  | - | 5,048
Current liabilities |  |  |
Trade and other liabilities | 15 | 2,814,372 | 1,918,549
Loans and borrowings | 16 | 5,048 | 6,537
|  | 2,819,420 | 1,925,086
Total liabilities |  | 2,819,420 | 1,930,134
Net assets |  | 2,891,457 | 2,040,597
Issued capital and reserves |  |  |
Share capital | 17 | 407,750 | 407,750
Retained earnings |  | 2,483,707 | 1,632,847
TOTAL EQUITY |  | 2,891,457 | 2,040,597
Page 9
INACCESS LIMITED REGISTERED NUMBER: 08301170 STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 DECEMBER 2023 The financial statements on pages 8 to 27 were approved and authorised for issue by the board of directors on 8 October 2025 and were signed on its behalf by:
I Tordjaman
Director
The notes on pages 13 to 27 form part of these financial statements. Page 10
INACCESS LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2023
| Share capital | Retained earnings | Total equity
| £ | £ | £
At 1 January 2023 | 407,750 | 1,632,847 | 2,040,597
Profit for the year | - | 850,860 | 850,860
Total comprehensive income for the year | - | 850,860 | 850,860
At 31 December 2023 | 407,750 | 2,483,707 | 2,891,457
| Share capital | Retained earnings | Total equity
| £ | £ | £
At 1 January 2022 | 407,750 | 515,530 | 923,280
Profit for the year | - | 1,117,317 | 1,117,317
Total comprehensive income for the year | - | 1,117,317 | 1,117,317
At 31 December 2022 | 407,750 | 1,632,847 | 2,040,597
The notes on pages 13 to 27 form part of these financial statements.
Page 11
INACCESS LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023
|  |  |  | 2023 | 2022
|  |  | Note | £ | £
Cash flows from operating activities |  |  |
Profit for the year |  | 850,860 | 1,117,317
Adjustments for |  |  |
Depreciation of property, plant and equipment | 12 | 6,540 | 6,540
Finance income | 10 | - | (16,210)
Finance expense | 10 | 463 | 536
Income tax expense | 11 | 283,916 | 266,226
|  | 1,141,779 | 1,374,409
Movements in working capital: |  |  |
Increase in trade and other receivables |  | (76,904) | (510,260)
Decrease in trade and other payables |  | (797,727) | (757,066)
Cash generated from operations |  | 267,148 | 107,083
Net cash from operating activities |  | 267,148 | 107,083
Cash flows from investing activities |  |  |
Interest received |  | - | 16,210
Net cash from investing activities |  | - | 16,210
Cash flows from financing activities |  |  |
Interest paid on convertible loan notes |  | - | (12)
Payment of finance lease liabilities |  | (7,000) | (7,000)
Net cash used in financing activities |  | (7,000) | (7,012)
Net increase in cash and cash equivalents |  | 260,148 | 116,281
Cash and cash equivalents at the beginning of year |  | 153,714 | 37,433
Cash and cash equivalents at the end of the year | 14 | 413,862 | 153,714
The notes on pages 13 to 27 form part of these financial statements. Page 12
INACCESS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 1.Accounting policies
| 1.1 | Statement of compliance with IFRS
These financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union (IFRSs as adopted by the EU), IFRIC Interpretations and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS. The financial statements have been prepared under the historical cost convention or fair value where appropriate. The significant accounting policies adopted are set out below. These financial statements are presented in pounds sterling, which is the Company's functional currency.
| 1.2 | Segment information
Revenue is derived from the Company's principal activity. The Company has a single operating segment and only a single reportable segment.
| 1.3 | Going concern
Since the Balance Sheet date the company has had to deal with the coronavirus pandemic and the associated measures that governments, customers, suppliers and finance providers are putting in place to deal with it. While the company will undoubtedly suffer some limited adverse impact from this in the short term, the directors are confident that they can work through the temporary disruption and that the company’s business plans are robust even in the current situation. On the basis of the above the accounts have been prepared on the going concern basis.
| 1.4 | Revenue
Revenue is measured based on the consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties. The Company recognises revenue when it transfers control over a product or service to a customer. The Company does not expect to have any contracts where the period between the transfer of the promised goods or services to the customer and payment by the customer exceeds one year. As a consequence, the Company does not adjust any of the transaction prices for the time value of money.
| 1.5 | Segment information
Revenue is derived from the Company's principle activity. The Company has a sign operating segment and only a single reportable segment.
| 1.6 | Leasing
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases. Page 13
INACCESS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 1.Accounting policies (continued)
| 1.7 | Foreign currency
In preparing the financial statements of each individual group entity, transactions in currencies other than the entity's functional currency (foreign currencies) are recognised at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. Exchange differences on monetary items are recognised in profit or loss in the period in which they arise except for: ∙exchange differences on foreign currency borrowings relating to assets under construction for future productive use, which are included in the cost of those assets when they are regarded as an adjustment to interest costs on those foreign currency borrowings; ∙exchange differences on transactions entered into in order to hedge certain foreign currency risks (see for hedging accounting policies); and ∙exchange differences on monetary items receivable from or payable to foreign operation for which settlement is neither planned nor likely to occur (therefore forming part of the net investment in the foreign operation), which are recognised initially in other comprehensive income and reclassified from equity to profit or loss on repayment of the monetary items. For the purposes of presenting these financial statements, the assets and liabilities of the Company's foreign operations are translated into pounds using exchange rates prevailing at the end of each reporting period. Income and expense items are translated at the average exchange rates for the period, unless exchange rates fluctuate significantly during that period, in which case the exchange rates at the dates of the transactions are used. Exchange differences arising, if any, are recognised in other comprehensive income and accumulated in equity (and attributed to non-controlling interests as appropriate). On the disposal of a foreign operation (i.e. a disposal of the Company's entire interest in a foreign operation, a disposal involving loss of control over a subsidiary that includes a foreign operation, or a partial disposal of an interest in a joint arrangement or an associate that includes a foreign operation of which the retained interest becomes a financial asset), all of the exchange differences accumulated in equity in respect of that operation attributable to the owners of the Company are reclassified to profit or loss. In addition, in relation to a partial disposal of a subsidiary that includes a foreign operation that does not result in the Group losing control over the subsidiary, the proportionate share of accumulated exchange differences are re-attributed to non-controlling interests and are not recognised in profit or loss. For all other partial disposals (i.e. partial disposals of associates or joint arrangements that do not result in the Group losing significant influence or joint control), the proportionate share of the accumulated exchange differences is reclassified to profit or loss. Goodwill and fair value adjustments to identifiable assets acquired and liabilities assumed through acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the rate of exchange prevailing at the end of each reporting period. Exchange differences arising are recognised in other comprehensive income. Page 14
INACCESS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 1.Accounting policies (continued)
| 1.8 | Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
| 1.9 | Employee benefits
| Contributions from employees to third parties to defined benefit plans
Discretionary contributions made by employees or third parties reduce service cost upon payment of these contributions to the plan. When the formal terms of the plans specify that there will be contributions from employees or third parties, the accounting depends on whether the contributions are linked to service, as follows: ∙If the contributions are not linked to services (e.g. contributions are required to reduce a deficit arising from losses on plan assets or from actuarial losses), they are reflected in the remeasurement of the net defined benefit liability (asset). ∙If contributions are linked to services, they reduce service costs. For the amount of contribution that is dependent on the number of years of service, the entity reduces service cost by attributing the contributions to periods of service using the attribution method required by IAS 19 paragraph 70 for the gross benefits. For the amount of contribution that is independent of the number of years of service, the entity reduces service cost by attributing contributions to the employees’ periods of service in accordance with IAS 19 paragraph 70.
| 1.10 | Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
| 1.11 | Property, plant and equipment
Items of property, plant and equipment are measured at cost less accumulated depreciation and any accumulated impairment losses. If significant parts of an item of property, plant and equipment have different useful lives, then they are accounted for as separate items (major components) of property, plant and equipment. Any gain or loss on disposal of an item of property, plant and equipment is recognised in profit or loss. Subsequent expenditure is capitalised only if it is probable that the future economic benefits associated with the expenditure will flow to the Company. Depreciation is provided on all other items of property, plant and equipment so as to write off their carrying value over their expected useful economic lives. It is provided at the following rates:
|  | Computer equipment | 25% | per annum reducing balance
Page 15
INACCESS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 1.Accounting policies (continued)
| 1.12 | Financial instruments
Financial assets and financial liabilities are recognised when an entity becomes a party to the contractual provisions of the instruments. Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in profit or loss.
| 1.13 | Financial assets
The company classifies its financial assets as loans and receivables. Classification of financial assets depends on the purpose for which the financial assets were acquired. Management determines the classification of its financial assets at initial recognition. Loans and receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets, except for maturities greater than 12 months after the balance sheet date. The company's loans and receivables comprise trade and other receivables and cash and cash equivalents. Trade and other receivables Trade and other receivables are initially recognised at fair value less any provisions for impairment. A provision for impairment is made when collection of the full amount is no longer probable. Bad debts are written off when identified. The fair value of the Company's trade and other receivables is equivalent to their book value as set out in the financial information. Cash and cash equivalents Cash and cash equivalents in the Statement of Financial Position, which comprise cash at bank and in hand, demand deposits and other short-term highly liquid investments that are readily convertible to a known amount of cash, are subject to an insignificant risk of changes in value. For the purpose of the cash flow statement, cash and cash equivalents consist of cash and cash equivalents net of outstanding bank overdrafts. Page 16
INACCESS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 1.Accounting policies (continued)
| 1.14 | Financial liabilities and equity instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into and the definitions of a financial liability and equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities. Equity An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issuing costs. The Company has one class of ordinary share, which carries no rights to fixed income. All ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at the meetings of the Company. All shares rank equally with regard to the Company's residual assets. Ordinary shares are classified as equity and recorded at fair value on initial recognition with any costs directly attributable to the issue of new shares deducted from the proceeds. Trade and other payables Trade payables are initially recognised at fair value and subsequently at amortised cost. The fair value of the Company's trade and other payables is equivalent to their book values as set out in the financial information.
| 1.15 | Critical accounting judgements and key sources of estimation uncertainty
The preparation of financial statements in accordance with International Financial Reporting Standards requires management to make judgements, estimates and assumptions that affect the application of accounting policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from those estimates. Estimates and assumptions are reviewed on an ongoing basis and any revisions to estimates or assumptions are recognised in the period in which they are revised and in future periods affected. 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 if the revision affects only that period of the revision and future periods if the revision affects both current and future periods. Page 17
INACCESS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 1.Accounting policies (continued)
| 1.16 | Significant judgements
Areas comprising critical judgement that may significantly impact earnings and financial position are: Bad debt provisions The trade receivables balances recorded in the statement of financial position comprise a significant number of balances with customers. A full review of trade balances is carried out during the reporting period. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible there remains the risk that the provisions do not match the level of debts which ultimately are uncollectible.
| 1.17 | Research and Development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research is recognised as an expense when it is incurred. This has been the case for all research and development work in 2020 and as such all expenditure has been written off to the Profit and Loss account.
2. | Reporting entity
Inaccess Limited (the 'Company') is a limited company incorporated in England and Wales under the Companies Act 2006. The Company's principal activity is design, development and implementation of remote monitoring and control solutions for renewable energy plants. The registered number of the Company is 08301170. The Company's registered office is located at Berkeley Square House, Berkeley Square, London, W1J 6BD, United Kingdom.
3. | Functional and presentation currency
These financial statements are presented in pound sterling, which is the Company's functional currency. All amounts have been rounded to the nearest pound, unless otherwise indicated. Page 18
INACCESS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
4. | Accounting estimates and judgments
4.1 Judgment The preparation of financial statements in accordance with International Financial Reporting Standards requires management to make judgements, estimates and assumptions that affect the application of accounting policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from those estimates. Estimates and assumptions are reviewed on an ongoing basis and any revisions to estimates or assumptions are recognised in the period in which they are revised and in future periods affected.
| 4.2 Estimates and assumptions
The key assumptions concerning the future and other key factors that affect the certainty of estimations at the reporting date and present a significant risk of causing material adjustments to the carrying amounts of assets and liabilites within the next financial years are presented below: Income tax Management must determine the amount for the provision for income tax. The provision for income tax, in accordance with IAS 12 is the amount expected to be paid to the taxation authorities and includes the provision for current income taxes reported, the provision for potential additional taxes that may be imposed as a result of audits by the taxation authorities and any future tax benefits. If the final tax amount differs from the amount initially recognised, the difference will affect the income tax in the year that the determination of the tax differences takes place. Provisions for trade and other receivables Management periodically assesses the provisions for doubtful receivables taking into account the Group's credit policy and relevant information from Legal department that are based on the processing of historical data and recent developments in the cases it manages. Going concern Management assesses the key financial information, and where appropriate, compliance with medium terms budgets together with the existing loan terms in order to determine whether the going principle is appropriate for the preparation of the annual Financial Statements of the Company. Page 19
INACCESS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
5. | Revenue
| The following is an analysis of the Company's revenue for the year from continuing operations:
|  |  |  |  | 2023 | 2022
|  |  |  |  | £ | £
| Sale of goods | 6,978,815 | 6,505,536
|  | 6,978,815 | 6,505,536
| Timing of revenue recognition:
|  |  |  | 2023 | 2022
|  |  |  | £ | £
| Goods and services transferred over time | 6,978,815 | 6,505,536
|  | 6,978,815 | 6,505,536
6. | Other operating income
|  |  |  |  | 2023 | 2022
|  |  |  |  | £ | £
| Foreign exchange difference gain | - | 40,147
|  | - | 40,147
7. | Segment information
The Company has a single operating segment and therefore only a single reportable segment. The Company's turnover is mainly attributable to the UK, EU and Australian markets.
8. | Auditors' remuneration
| During the year, the Company obtained the following services from the Company's auditors:
|  |  |  |  | 2023 | 2022
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 15,000 | 12,738
Page 20
INACCESS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
9. | Employee benefit expenses
|  |  |  |  | 2023 | 2022
|  |  |  |  | £ | £
| Employee benefit expenses (including directors) comprise: |  |
| Wages and salaries | 57,825 | 49,477
|  | 57,825 | 49,477
| The monthly average number of persons, including the directors, employed by the Company during the year was as follows:
|  |  |  |  | 2023 | 2022
|  |  |  |  | No. | No.
| Directors | 3 | 3
|  | 3 | 3
| Key Management Personnel Compensation Key Management Personnel are those persons having authority and responsibility for planning, directing and contracting the activities of the company, including the Directors of the company listed on page1.
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INACCESS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
10. | Finance income and expense
| Recognised in profit or loss
|  |  |  |  | 2023 | 2022
|  |  |  |  | £ | £
Finance income |  |
| Interest on: |  |
| - Bank deposits | - | 89
| Other interest receivable | - | 16,121
| Total finance income | - | 16,210
| Finance expense |  |
| Bank interest payable | - | 12
| Interest on lease liabilities | 463 | 524
| Other loan interest payable | 43,092 | -
| Total finance expense | 43,555 | 536
| Net finance (expense)/income recognised in profit or loss | (43,555) | 15,674
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INACCESS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
11. | Tax expense
| 11.1 Income tax recognised in profit or loss
|  |  |  |  | 2023 | 2022
|  |  |  |  | £ | £
| Current tax |  |
| Current tax on profits for the year | 283,916 | 265,069
| Overseas tax | - | 1,157
|  | 283,916 | 266,226
| The reasons for the difference between the actual tax charge for the year and the standard rate of corporation tax in the United Kingdom applied to profits for the year are as follows:
|  |  |  |  | 2023 | 2022
|  |  |  |  | £ | £
| Profit for the year | 850,860 | 1,117,317
| Income tax expense (including income tax on associate, joint venture and discontinued operations) | 283,916 | 266,226
| Profit before income taxes | 1,134,776 | 1,383,543
| Corporation tax charge | 282,281 | 262,873
| Expenses not deductible for tax purposes, other than goodwill, amortisation and impairment | - | 953
| Capital allowances for the year in excess of depreciation | 1,635 | 1,243
| Double tax relief | - | 1,157
| Total tax expense | 283,916 | 266,226
| 11.2 Current tax assets and liabilities
|  |  |  |  | 2023 | 2022
|  |  |  |  | £ | £
| Current tax liabilities |  |  |
| Corporation tax payable |  | 645,491 | 265,069
|  |  | 645,491 | 265,069
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INACCESS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
12. | Property, plant and equipment
|  | Computer equipment | Other property, plant and equipment | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 January 2022 | 916 | 19,620 | 20,536
| At 31 December 2022 | 916 | 19,620 | 20,536
| At 31 December 2023 | 916 | 19,620 | 20,536
|  | Computer equipment | Other property, plant and equipment | Total
|  | £ | £ | £
| Accumulated depreciation and impairment |  |  |
| At 1 January 2022 | 916 | 1,635 | 2,551
| Charge owned for the year | - | 6,540 | 6,540
| At 31 December 2022 | 916 | 8,175 | 9,091
| Charge owned for the year | - | 6,540 | 6,540
| At 31 December 2023 | 916 | 14,715 | 15,631
| Net book value |  |  |
| At 31 December 2022 | - | 11,445 | 11,445
| At 31 December 2023 | - | 4,905 | 4,905
13. | Trade and other receivables
|  | 2023 | 2022
|  | £ | £
| Trade receivables | 1,257,173 | 1,613,426
| Receivables from related parties | 3,332,710 | 1,489,586
| Total financial assets other than cash and cash equivalents classified as loans and receivables | 4,589,883 | 3,103,012
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INACCESS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 13.Trade and other receivables (continued)
| Prepayments and accrued income | 702,227 | 702,560
| Total trade and other receivables | 5,292,110 | 3,805,572
| Total current portion | (5,292,110) | (3,805,572)
14. | Cash and cash equivalents
|  |  |  |  | 2023 | 2022
|  |  |  |  | £ | £
| Cash at bank available on demand | 413,862 | 153,714
|  | 413,862 | 153,714
15. | Trade and other payables
|  | 2023 | 2022
|  | £ | £
| Trade payables | 1,736,578 | 1,125,059
| Payables to related parties | - | 200,244
| Other payables | - | 7,985
| Accruals | 232,091 | 34,258
| Total financial liabilities, excluding loans and borrowings, classified as financial liabilities measured at amortised cost | 1,968,669 | 1,367,546
| Other payables - tax and social security payments | 845,703 | 551,003
| Total trade and other payables | 2,814,372 | 1,918,549
| Less: current portion - trade payables | (1,736,578) | (1,125,059)
| Less: current portion - payables to related parties | - | (200,244)
| Less: current portion - other payables | (845,703) | (558,988)
| Less: current portion - accruals | (232,091) | (34,258)
| Total current portion | (2,814,372) | (1,918,549)
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INACCESS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
16. | Loans and borrowings
|  | 2023 | 2022
|  | £ | £
| Non-current |  |
| Lease liabilities | - | 5,048
| Current |  |
| Lease liabilities | 5,048 | 6,537
| Total loans and borrowings | 5,048 | 11,585
17. | Share capital
| Authorised |
|  | 2023 | 2023 | 2022 | 2022
|  | Number | £ | Number | £
| Shares treated as equity |  |  |  |
| Ordinary shares of £0.25 each | 1,631,000 | 407,750 | 1,631,000 | 407,750
|  | 1,631,000 | 407,750 | 1,631,000 | 407,750
| Issued and fully paid |
|  | 2023 | 2023 | 2022 | 2022
|  | Number | £ | Number | £
| Ordinary shares of £0.25 each |  |  |  |
| At 1 January and 31 December | 1,631,000 | 407,750 | 1,631,000 | 407,750
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INACCESS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
18. | Reserves
Reserves are made up of retained earnings. Retained earnings Retained earnings in the year are £2,484,707 (2022: £1,632,847).
19. | Controlling party
As at 31 December 2023, the Company's immediate parent undertaking is Power Factors Holdings LLC whose registered office is 835 5th Avenue, Suite K, San Rafael CA 94901, United States
20. | Capital management
| The Company is not subject to any externally imposed capital requirements.
| The Company's activities expose it to a variety of risks including market risk (interest rate risk), credit risk and liquidity risk. The Company manages these risks through an effective risk management programme and through this programme, the Board seeks to minimise potential adverse effects on the Company's financial performance. The director has an overall responsibility for the establishment of the Company's risk management framework. A formal risk assessment and management framework for assessing, monitoring and managing the strategic, operational and financial risks of the Company is in place to ensure appropriate risk management of its operations.
|  |  |  |  | 2023 | 2022
|  |  |  |  | £ | £
| Cash and cash equivalents | (413,862) | (153,714)
| Net debt | (413,862) | (153,714)
| Capital and reserves | 2,891,457 | 2,040,597
| Total equity | 2,891,457 | 2,040,597
| Net debt to total equity ratio | (14)% | (8)%
Page 27