Company Registration No. 05808040 (England and Wales)
COMPACTGTL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
PAGES FOR FILING WITH REGISTRAR
COMPACTGTL LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 11
COMPACTGTL LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2019
31 December 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,389
-
Current assets
Debtors
6
106,153
315,546
Cash at bank and in hand
3,546,016
3,778
3,652,169
319,324
Creditors: amounts falling due within one year
7
(3,897,727)
(554,923)
Net current liabilities
(245,558)
(235,599)
Total assets less current liabilities
(244,169)
(235,599)
Provisions for liabilities
(100,000)
(100,000)
Net liabilities
(344,169)
(335,599)
Capital and reserves
Called up share capital
9
34,914,573
34,914,573
Share premium account
73,212,477
73,212,477
Other reserves
10
39,371,548
39,371,548
Profit and loss reserves
11
(147,842,767)
(147,834,197)
Total equity
(344,169)
(335,599)
Note to the balance sheet
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
58,893
306,934
Deferred income
3,739,886
-
Taxation and social security
36,498
104,293
Other creditors
62,450
143,696
3,897,727
554,923
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
COMPACTGTL LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2019
31 December 2019
- 2 -
For the financial year ended 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 14 April 2021 and are signed on its behalf by:
A Asgarov
Director
Company Registration No. 05808040
COMPACTGTL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
- 3 -
1
Accounting policies
Company information
CompactGTL Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
85 Great Portland Street, London, United Kingdom, W1W 7LT.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention except for share based payment liabilities.
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
.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Also included in turnover is the recharge of operating expenses incurred.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired
by the Company are stated at cost less
accumulated amortisation and accumulated impairment losses.
Amortisation is
charged to write off the cost of the assets less their residual value over the estimated useful lives of intangible assets unless such lives are indefinite. Intangible assets with an indefinite useful life are systematically tested for impairment at each balance sheet date. The rates applied are:
Development costs
33.3%
Intellectual property rights
nil
1.5
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
COMPACTGTL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 4 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
33.3%
Computers
33.3%
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.6
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
COMPACTGTL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 5 -
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.
Classification of financial liabilities
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.
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
paymen
ts 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. A
m
ounts 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.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
COMPACTGTL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 6 -
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
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.
1.11
Provisions
Provisions are recognised when the
company
has a legal or constructive present obligation as a result of a past event, it is probable that the
company
will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation.
Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i
s
measured at present value
,
the unwinding of the discount is recognised as a finance cost in profit or loss in the period
in which
it arises.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
COMPACTGTL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 7 -
1.14
Share-based payments
The fair value of the employee and suppliers’ services received in exchange for the grant of the options is
recognised as an expense. The total amount to be expensed over the vesting year is determined by reference to the
fair value of the options granted, excluding the impact of any non-market vesting conditions (for example,
profitability and sales growth targets).
Non-market vesting conditions are included in assumptions about the number of options that are expected to vest.
At each statement of financial position date, the entity revises its estimates of the number of options that are
expected to vest. It recognises the impact of the revision to original estimates, if any, in the income statement,
with a corresponding adjustment to equity.
The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value)
and share premium when the options are exercised.
The fair value of share-based payments recognised in the statement of comprehensive income is measured by use
of the Black Scholes model, which takes into account conditions attached to the vesting and exercise of the equity
instruments. The expected life used in the model is adjusted; based on management’s best estimate, for the effects
of non-transferability, exercise restrictions and behavioural considerations. The share price volatility percentage
factor used in the calculation is based on management’s best estimate of future share price behaviour and is
selected based on past experience, future expectations and benchmarks against peer companies in the industry
1.15
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease
. Lease incentives received are recognised in the profit and loss account as an integral part of the total lease expenses
1.16
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2019
2018
Number
Number
Total
5
5
COMPACTGTL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 8 -
3
Intangible fixed assets
Development costs
Intellectual property rights
Total
£
£
£
Cost
At 1 January 2019 and 31 December 2019
1,560,933
6,064,000
7,624,933
Amortisation and impairment
At 1 January 2019 and 31 December 2019
1,560,933
6,064,000
7,624,933
Carrying amount
At 31 December 2019
-
-
-
At 31 December 2018
-
-
-
4
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 January 2019
27,976
59,718
87,694
Additions
-
2,084
2,084
At 31 December 2019
27,976
61,802
89,778
Depreciation and impairment
At 1 January 2019
27,976
59,718
87,694
Depreciation charged in the year
-
695
695
At 31 December 2019
27,976
60,413
88,389
Carrying amount
At 31 December 2019
-
1,389
1,389
At 31 December 2018
-
-
-
5
Subsidiaries
Details of the company's subsidiaries at 31 December 2019 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Compact WTL Limited
UK
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
COMPACTGTL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
5
Subsidiaries
(Continued)
- 9 -
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Compact WTL Limited
(1,743,352)
(1,743,402)
6
Debtors
2019
2018
Amounts falling due within one year:
£
£
Corporation tax recoverable
-
284,028
Other debtors
106,153
31,518
106,153
315,546
7
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
58,893
306,934
Deferred income
3,739,886
-
Taxation and social security
36,498
104,293
Other creditors
62,450
143,696
3,897,727
554,923
8
Share-based payment transactions
During 2014, the Company introduced a share option plan. Options over the Company's shares are awarded from time to time by the duly appointed committee of the Board of Directors.
Options awared during 2014 have a life of ten years and vested in full on 1 July 2014. Vested options may be exercised at any time up to 30 December 2024.
Share options are granted on a discretionary basis.
The total charge /(credit) recognised for the year arising from share based payments was £nil (2018 - £nil)
The details of the options are as follows
Number of share options
Weighted average exercise price
2019
2018
2019
2018
Number
Number
£
£
Outstanding at 1 January 2019 and 31 December 2019
72,500
72,500
0.01
0.01
Exercisable at 31 December 2019
-
-
-
-
COMPACTGTL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 10 -
9
Called up share capital
2019
2018
2019
2018
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of $1.67 each
30,921,404
30,921,404
30,920,834
30,920,834
Ordinary A1 shares of $1.00 each
6,248,113
6,248,113
3,986,082
3,986,082
Deferred shares of £1 each
2
2
2
2
Ordinary B shares of 1p each
765,500
765,500
7,655
7,655
37,935,019
37,935,019
34,914,573
34,914,573
10
Other reserves
Share based payment reserve
Capital contribution
Total
£
£
£
At the beginning of the prior year
118,678
39,252,870
39,371,548
At the end of the prior year
118,678
39,252,870
39,371,548
At the end of the current year
118,678
39,252,870
39,371,548
11
Profit and loss reserves
2019
2018
£
£
At the beginning of the year
(147,834,197)
(147,087,662)
Loss for the year
(8,570)
(746,535)
At the end of the year
(147,842,767)
(147,834,197)
12
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
The company has received a prepayment of £5m from its subsidiary Compact WTL Limited to undertake works related to waste to liquid project in the UK. During the year the company has incurred £1,260,114 of costs working on the project and the remaining balance of £3,739,836 at the year end is shown in current liabilities as deferred income.
13
Ultimate controlling party
The company does consider that it has an ultimate controlling party at the year end.
COMPACTGTL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 11 -
14
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2019
2018
£
£
-
37,000
15
Going Concern
The 2019 financial statements have been prepared on the going concern basis, notwithstanding the Company making a loss and having net liabilities on the balance sheet.
The directors believe the going concern basis to be appropriate for the following reasons:
During the year Compact
GTL
Limited received £5million from its 100% subsidiary Compact WTL Limited to undertake works related to waste to liquid project in the UK.
The company's key shareholder remains committed to funding the business if the need arises.
2019-12-31
2019-01-01
false
14 April 2021
CCH Software
CCH Accounts Production 2020.310
No description of principal activity
Jamestown Investments Limited
A Asgarov
AB Hayward
Jamestown Investments Limited
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