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No description of principal activities is disclosed
2021-07-01
Sage Accounts Production 21.0 - FRS102_2021
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2022-06-30
11397771
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11397771
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2022-06-30
11397771
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2021-06-30
11397771
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2022-06-30
11397771
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2022-06-30
11397771
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2021-06-30
11397771
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2022-06-30
11397771
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2021-06-30
11397771
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2022-06-30
11397771
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2021-06-30
11397771
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2021-07-01
2022-06-30
11397771
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2021-06-30
11397771
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2021-06-30
11397771
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11397771
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11397771
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2022-06-30
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11397771
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2021-06-30
Company registration number:
11397771
First Graphene (UK) Limited
Unaudited filleted financial statements
for the year ended
30 June 2022
First Graphene (UK) Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
First Graphene (UK) Limited
Directors and other information
|
|
|
|
Directors
|
A Asthana
|
|
|
M E Bell
|
|
|
W R Grigor
|
|
|
|
|
|
|
|
Company number
|
11397771
|
|
|
|
|
|
|
|
Registered office
|
Netpark Plexus
|
|
|
Thomas Wright Way
|
|
|
Sedgefield
|
|
|
County Durham
|
|
|
TS21 3FD
|
|
|
|
|
|
|
|
Accountants
|
Redford & Co Limited
|
|
|
Chartered Accountants
|
|
|
First Floor
|
|
|
64 Baker Street
|
|
|
London
|
|
|
W1U 7GB
|
|
|
|
First Graphene (UK) Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of First Graphene (UK) Limited
Year ended 30 June 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of First Graphene (UK) Limited for the year ended 30 June 2022 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of First Graphene (UK) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of First Graphene (UK) Limited and state those matters that we have agreed to state to the board of directors of First Graphene (UK) Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than First Graphene (UK) Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that First Graphene (UK) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of First Graphene (UK) Limited. You consider that First Graphene (UK) Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of First Graphene (UK) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Redford & Co Limited
Chartered Accountants
First Floor
64 Baker Street
London
W1U 7GB
13 December 2022
First Graphene (UK) Limited
Statement of financial position
30 June 2022
|
|
|
2022
|
|
|
|
2021
|
|
|
|
|
Note
|
£
|
|
£
|
|
£
|
|
£
|
|
|
|
|
|
|
|
|
|
|
Fixed assets
|
|
|
|
|
|
|
|
|
|
Intangible assets
|
|
5
|
66,912
|
|
|
|
55,245
|
|
|
Tangible assets
|
|
6
|
9,784
|
|
|
|
19,590
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
|
|
76,696
|
|
|
|
74,835
|
|
|
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
|
|
Debtors
|
|
7
|
90,962
|
|
|
|
83,748
|
|
|
Cash at bank and in hand
|
|
|
169,581
|
|
|
|
103,574
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
260,543
|
|
|
|
187,322
|
|
|
Creditors: amounts falling due
|
|
|
|
|
|
|
|
|
|
within one year
|
|
8
|
(
2,936,740)
|
|
|
|
(
2,049,564)
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
Net current liabilities
|
|
|
|
|
(
2,676,197)
|
|
|
|
(
1,862,242)
|
|
|
|
|
|
_______
|
|
|
|
_______
|
Total assets less current liabilities
|
|
|
|
|
(
2,599,501)
|
|
|
|
(
1,787,407)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______
|
|
|
|
_______
|
Net liabilities
|
|
|
|
|
(
2,599,501)
|
|
|
|
(
1,787,407)
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
|
|
|
|
|
Capital and reserves
|
|
|
|
|
|
|
|
|
|
Called up share capital
|
|
|
|
|
1
|
|
|
|
1
|
Profit and loss account
|
|
|
|
|
(
2,599,502)
|
|
|
|
(
1,787,408)
|
|
|
|
|
|
_______
|
|
|
|
_______
|
Shareholders deficit
|
|
|
|
|
(
2,599,501)
|
|
|
|
(
1,787,407)
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
|
|
|
|
|
For the year ending 30 June 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
13 December 2022
, and are signed on behalf of the board by:
A Asthana
Director
Company registration number:
11397771
First Graphene (UK) Limited
Notes to the financial statements
Year ended 30 June 2022
1.
General information
The company is a private company limited by shares, registered in England. The address of the registered office is Netpark Plexus, Thomas Wright Way, Sedgefield, County Durham, TS21 3FD.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
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 necessary should this basis not continue to be appropriate.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
|
|
|
Goodwill |
- |
20 % |
straight line
|
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
|
|
|
|
|
Plant and machinery
|
-
|
25 %
|
straight line
|
|
Office Equipment
|
-
|
25 %
|
straight line
|
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
10
(2021:
7
).
5.
Intangible assets
|
|
Patents
|
Total
|
|
|
|
|
|
|
£
|
£
|
|
|
|
|
|
Cost
|
|
|
|
|
|
|
|
At 1 July 2021
|
65,245
|
65,245
|
|
|
|
|
|
Additions
|
25,000
|
25,000
|
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
At 30 June 2022
|
90,245
|
90,245
|
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
Amortisation
|
|
|
|
|
|
|
|
At 1 July 2021
|
10,000
|
10,000
|
|
|
|
|
|
Charge for the year
|
13,333
|
13,333
|
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
At 30 June 2022
|
23,333
|
23,333
|
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
Carrying amount
|
|
|
|
|
|
|
|
At 30 June 2022
|
66,912
|
66,912
|
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
At 30 June 2021
|
55,245
|
55,245
|
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
|
|
|
|
|
|
|
6.
Tangible assets
|
|
Plant and machinery
|
Office Equipment
|
Total
|
|
|
|
|
|
|
£
|
£
|
£
|
|
|
|
|
|
Cost
|
|
|
|
|
|
|
|
|
At 1 July 2021 and 30 June 2022
|
36,254
|
1,858
|
38,112
|
|
|
|
|
|
|
_______
|
_______
|
_______
|
|
|
|
|
|
Depreciation
|
|
|
|
|
|
|
|
|
At 1 July 2021
|
17,926
|
596
|
18,522
|
|
|
|
|
|
Charge for the year
|
9,055
|
751
|
9,806
|
|
|
|
|
|
|
_______
|
_______
|
_______
|
|
|
|
|
|
At 30 June 2022
|
26,981
|
1,347
|
28,328
|
|
|
|
|
|
|
_______
|
_______
|
_______
|
|
|
|
|
|
Carrying amount
|
|
|
|
|
|
|
|
|
At 30 June 2022
|
9,273
|
511
|
9,784
|
|
|
|
|
|
|
_______
|
_______
|
_______
|
|
|
|
|
|
At 30 June 2021
|
18,328
|
1,262
|
19,590
|
|
|
|
|
|
|
_______
|
_______
|
_______
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7.
Debtors
|
|
|
2022
|
2021
|
|
|
|
£
|
£
|
|
Other debtors
|
|
90,962
|
83,748
|
|
|
|
_______
|
_______
|
|
|
|
|
|
8.
Creditors: amounts falling due within one year
|
|
|
2022
|
2021
|
|
|
|
£
|
£
|
|
Trade creditors
|
|
70,646
|
89,921
|
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest
|
|
2,820,884
|
1,923,551
|
|
Social security and other taxes
|
|
14,596
|
21,185
|
|
Other creditors
|
|
30,614
|
14,907
|
|
|
|
_______
|
_______
|
|
|
|
2,936,740
|
2,049,564
|
|
|
|
_______
|
_______
|
|
|
|
|
|
9.
Controlling party
The company's immediate parent is First Graphene Limited, incorporated in Australia. The most senior parent entity producing publicly available financial statements is First Graphene Limited. These financial statements are available upon request from 1 Sepia Close, Henderson, WA 6166, Australia.