Company No:
Contents
| Note | 30.04.2025 | 30.04.2024 | ||
| £ | £ | |||
| Fixed assets | ||||
| Investments | 3 |
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| 17,296,661 | 17,806,661 | |||
| Current assets | ||||
| Debtors | 4 |
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| Cash at bank and in hand |
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| 186,267 | 263,592 | |||
| Creditors: amounts falling due within one year | 5 | (
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| Net current assets/(liabilities) | 42,743 | (378,373) | ||
| Total assets less current liabilities | 17,339,404 | 17,428,288 | ||
| Creditors: amounts falling due after more than one year | 6 | (
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| Net liabilities | (
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| Capital and reserves | ||||
| Called-up share capital | 7 |
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| Share premium account |
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| Profit and loss account | (
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| Total shareholders' deficit | (
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The financial statements of Idem Capital Ltd (registered number:
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Daniel Millard
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.
Idem Capital Ltd (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 First Floor, Templeback, 10 Temple Back, Bristol, BS1 6FL, United Kingdom.
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 £.
The company has taken advantage of the following disclosure exemptions:
• from the financial instrument disclosures, required under FRS 102 Section 11 Basic Financial Instruments paragraphs 11.39 to 11.48A and Section 12 Other Financial Instruments paragraphs 12.26 to 12.29;
• The company has taken advantage not to disclose transactions and balances with other members of the group
• The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
The financial statements have been prepared on a going concern basis, which assumes that the company will continue in operational existence for at least 12 months from the date of approval of the financial statements. This is despite the company incurring a loss of £2,157,839 and Net Liability of £4,818,607 during the financial year primarily due to the preference share costs.
The directors have assessed the company’s ability to continue as a going concern and have concluded that the going concern basis of preparation is appropriate. This is based on their viability assessment of its trading subsidiary - Energy Services International Limited operating into the foreseeable future, noting no issues. Furthermore, Idem Capital Ltd is in a net liabilities position arising from the treatment of preference shares as liability rather than equity. Preference shares payable after one year is not redeemable until January 2029.
Based on the above reasons, the directors conclude that Idem Capital Ltd can continue as a going concern for at least 12 months from the date of approval of the financial statements.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
The component parts of compound instruments issued by the company are classified separately as financial liabilities and equity in accordance with the substance of the contractual arrangement. At the date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for a similar non-convertible instrument. This amount is recorded as a liability on an amortised cost basis using the effective interest method until extinguished upon conversion or at the instrument's maturity date. The equity component is determined by deducting the amount of the liability component from the fair value of the compound instrument as a whole. This is recognised and included in equity net of income tax effects and is not subsequently remeasured.
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.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
| Year ended 30.04.2025 |
Period from 05.12.2022 to 30.04.2024 |
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| Number | Number | ||
| Monthly average number of persons employed by the company during the year, including directors |
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Investments in subsidiaries
| 30.04.2025 | |
| £ | |
| Cost | |
| At 01 May 2024 |
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| Reimbursement of capital contribution | (510,000) |
| At 30 April 2025 |
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| Carrying value at 30 April 2025 |
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| Carrying value at 30 April 2024 |
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| 30.04.2025 | 30.04.2024 | ||
| £ | £ | ||
| Amounts owed by group undertakings |
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| Other debtors |
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| 30.04.2025 | 30.04.2024 | ||
| £ | £ | ||
| Trade creditors |
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| Amounts owed to fellow subsidiaries |
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| Other taxation and social security |
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| Other creditors |
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| 30.04.2025 | 30.04.2024 | ||
| £ | £ | ||
| Other creditors |
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| 30.04.2025 | 30.04.2024 | ||
| £ | £ | ||
| Allotted, called-up and fully-paid | |||
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| 968 | 893 | ||
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| 17,602,970 | 18,012,893 |
On 30 July 2024, 125 D Ordinary shares of 1p each were issued for a consideration £125 resulting in a share premium of £124.
On 16 April 2025, 455 D Ordinary shares of 1p each were issued for a consideration of £455 resulting in a share premium of £450.
The A and B are entitled to vote at general meetings and receive dividends but rank behind the Preference shareholders. The A and B Ordinary shares are not redeemable.
The C and D Ordinary shareholders are not entitled to vote at general meetings and have no rights to dividends. On return of capital, the C and D Ordinary shareholders rank behind the Preference shareholders.
The Preference shareholders are not entitled to vote at general meetings. The Preference shares are redeemable.
| 30.04.2025 | 30.04.2024 | ||
| £ | £ | ||
| Payable within one year | 0 | 468,105 | |
| Payable after one year | 22,158,011 | 20,096,635 | |
| 22,158,011 | 20,564,740 |
Redeemable preference shares carry an entitlement, in priority to any other class of shares, to a fixed cumulative dividend at the rate of 10% per annum on the amount credited as paid up on each share. The preference dividends are payable on the earliest of 1 January 2029; immediately prior to an exit event; and the date of redemption of such Preference Share.
The shares are redeemable at the option of the holder at the earlier of 1 January 2029 or immediately prior to an exit event.
The audit report was signed by David Ewen MA (Hons) CA on behalf of Hall Morrice LLP.