Registration number:
First Graphene (UK) Limited
for the Year Ended 30 June 2020
First Graphene (UK) Limited
Contents
Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
First Graphene (UK) Limited
(Registration number: 11397771)
Statement of Financial Position as at 30 June 2020
Note |
2020 |
2019 |
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Fixed assets |
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Intangible assets |
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- |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
1 |
1 |
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Profit and loss account |
(1,183,858) |
(371,809) |
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Shareholders' deficit |
(1,183,857) |
(371,808) |
For the financial year ending 30 June 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Director
First Graphene (UK) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2020
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
First Graphene (UK) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2020
Going concern
At the balance sheet date, the company's liabilities exceeded its assets. The company has received assurances from the parent company that they will continue to give financial support to the company for the foreseeable future and for a period not less than 12 months from the date of signing these financial statements.
On this basis, the directors consider it appropriate to prepare the accounts on the going concern basis. However, should the financial support mentioned above not be forthcoming the going concern basis used in preparing the company's accounts may be invalid and adjustments would have to be made to reduce the value of assets to their realisable amount and provide for any further liabilities which might arise. The accounts do not include any adjustment to the company's assets or liabilities that might be be necessary should this basis not continue to be appropriate.
In March 2020, the World Health Organization characterized the coronavirus (“COVID-19”) as a pandemic, and the Prime Minister of the United Kingdom declared COVID-19 as the biggest threat this country has faced for decades. The rapid spread of the pandemic, and the continuously evolving responses to combat it, have had an increasingly negative impact on the global economy and our business. Due to the widespread impact of the COVID-19 pandemic and the Government’s instructions to the British people and businesses, the Company implemented measures to allow the Company’s operations to continue.
Due to the current unprecedented market and economic conditions in the U.K. and internationally, the expected impact of the COVID-19 pandemic on the Company’s operations cannot be reasonably estimated. However, we expect our results from operations and cash flows for the remainder of financial year 2020 to be adversely impacted by the pandemic.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
First Graphene (UK) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2020
Depreciation
Depreciation is charged so as to write off the cost of assets over their estimated useful lives at the following rates.
At the period end the assets had not been brought into use so no depreciation has been charged.
Asset class |
Depreciation method and rate |
Plant and machinery |
20% Straight line |
Office equipment |
25% Straight line |
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Intangible assets |
Nil |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
First Graphene (UK) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2020
Intangible assets |
Other intangible assets |
Total |
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Cost or valuation |
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Additions acquired separately |
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At 30 June 2020 |
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Amortisation |
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Carrying amount |
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At 30 June 2020 |
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Tangible assets |
Plant and machinery |
Office equipment |
Total |
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Cost or valuation |
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At 1 July 2019 |
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Additions |
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- |
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At 30 June 2020 |
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Depreciation |
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Charge for the year |
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At 30 June 2020 |
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Carrying amount |
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At 30 June 2020 |
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At 30 June 2019 |
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Debtors |
2020 |
2019 |
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Trade debtors |
- |
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Prepayments |
- |
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Other debtors |
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First Graphene (UK) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2020
Creditors |
Creditors: amounts falling due within one year
Note |
2020 |
2019 |
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Due within one year |
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Trade creditors |
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Owed to parent undertakings |
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Taxation and social security |
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- |
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Accruals and deferred income |
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Other creditors |
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First Graphene (UK) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2020
Related party transactions |
Summary of transactions with parent
Loans from related parties
2020 |
Parent |
Total |
At start of period |
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Advanced |
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At end of period |
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2019 |
Parent |
Total |
Advanced |
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At end of period |
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Terms of loans from related parties
Parent and ultimate parent undertaking |
The company's immediate parent is
The most senior parent entity producing publicly available financial statements is
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was