|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Statements for the Year Ended 31 December 2017 |
|
for |
|
BASALT GLOBAL LIMITED |
|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Statements for the Year Ended 31 December 2017 |
|
for |
|
BASALT GLOBAL LIMITED |
BASALT GLOBAL LIMITED (REGISTERED NUMBER: 07892984) |
|
|
|
|
|
|
Contents of the Financial Statements |
for the Year Ended 31 December 2017 |
|
|
|
|
Page |
|
Company Information | 1 |
|
Balance Sheet | 2 |
|
Notes to the Financial Statements | 3 |
|
BASALT GLOBAL LIMITED |
|
Company Information |
for the Year Ended 31 December 2017 |
|
|
|
|
|
|
|
DIRECTORS: |
|
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
AUDITORS: |
|
Chartered Certified Accountants |
& Registered Auditors |
73 Park Lane |
Croydon |
Surrey |
CR0 1JG |
BASALT GLOBAL LIMITED (REGISTERED NUMBER: 07892984) |
|
Balance Sheet |
31 December 2017 |
|
31.12.17 | 31.12.16 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
|
|
|
CURRENT ASSETS |
Debtors | 5 |
|
|
Cash at bank |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
CREDITORS |
Amounts falling due after more than one
year |
7 |
|
( |
) |
NET ASSETS |
|
|
|
CAPITAL AND RESERVES |
Called up share capital |
|
|
Share premium | 8 |
|
|
Retained earnings | 8 | ( |
) |
|
SHAREHOLDERS' FUNDS |
|
|
|
|
|
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
|
The financial statements were approved by the Board of Directors on
behalf by: |
|
|
|
|
|
|
|
BASALT GLOBAL LIMITED (REGISTERED NUMBER: 07892984) |
|
Notes to the Financial Statements |
for the Year Ended 31 December 2017 |
|
1. | STATUTORY INFORMATION |
|
Basalt Global Limited is a
|
company's registered number and registered office address can be found on the Company Information |
page. |
|
2. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
|
|
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, |
rebates, value added tax and other sales taxes. |
|
Tangible fixed assets |
|
Plant and machinery etc | - |
|
BASALT GLOBAL LIMITED (REGISTERED NUMBER: 07892984) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
|
2. | ACCOUNTING POLICIES - continued |
|
Financial instruments |
The company enters into basic financial instruments that result in the recognition of financial assets |
and liabilities like trade and other accounts receivable and payable, loans from banks and other third |
parties and loans to related parties. |
|
a) Trade and other debtors |
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost |
using the effective interest method, less impairment losses for bad and doubtful debts except where |
the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less |
impairment losses for bad and doubtful debts. |
|
b) Cash and cash equivalents |
Cash and cash equivalents comprise cash at bank and in hand. |
|
c) Impairment of financial assets |
Financial assets that are measured at cost and amortised cost are assessed at the end of each |
reporting period for objective evidence of impairment. If objective evidence of impairment is found, an |
impairment loss is recognised in profit or loss. |
|
For financial assets measured at amortised cost, the impairment loss is measured as the difference |
between an asset's carrying amount and the present value of estimated cash flows discounted at the |
asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate |
for measuring any impairment loss is the current effective interest rate determined under the contract. |
|
For financial assets measured at cost less impairment, the impairment loss is measured as the |
difference between an asset's carrying amount and the best estimate, which is an approximation, of |
the amount that the company would receive for the asset if it were to be sold at the reporting date. |
|
d) Trade and other creditors |
Debt instruments like loans and other accounts receivable and payable are initially measured at |
present value of the future payments and subsequently at amortised cost using the effective interest |
method. Debt instruments that are payable or receivable within one year, typically trade payables or |
receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other |
consideration expected to be paid or received. However, if the arrangements of a short-term |
instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal |
business terms or financed at a rate of interest that is not a market rate or in case of an outright |
short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, |
at the present value of the future payments discounted at a market rate of interest for a similar debt |
instrument. |
|
Financial assets and liabilities are offset and the net amount reported in the statement of financial |
position when there is an 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. |
|
Impairment of non-financial assets |
|
At each reporting date non-financial assets not carried at fair value, like plant and equipment, are |
reviewed to determine whether there is an indication that an asset may be impaired. If there is an |
indication of possible impairment, the recoverable amount of any asset or group of related assets, |
which is the higher of value in use and the fair value less cost to sell, is estimated and compared with |
its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to |
its recoverable amount and an impairment loss is recognised immediately in profit and loss. |
|
Inventories are also assessed for impairment at each reporting date. Each item of inventory is |
compared to the last sold date and an impairment loss recognised on a percentage basis in profit and |
loss. |
|
BASALT GLOBAL LIMITED (REGISTERED NUMBER: 07892984) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
|
2. | ACCOUNTING POLICIES - continued |
If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related |
assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount |
that would have been determined had no impairment loss been recognised for the asset or group of |
related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit and |
loss. |
|
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, |
except to the extent that it relates to items recognised in other comprehensive income or directly in |
equity. |
|
Current or deferred taxation assets and liabilities are not discounted. |
|
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been |
enacted or substantively enacted by the balance sheet date. |
|
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
the balance sheet date. |
|
Timing differences arise from the inclusion of income and expenses in tax assessments in periods |
different from those in which they are recognised in financial statements. Deferred tax is measured |
using tax rates and laws that have been enacted or substantively enacted by the year end and that are |
expected to apply to the reversal of the timing difference. |
|
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable |
that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
|
3. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was NIL (2016 - 2 ). |
|
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 January 2017 |
|
Additions |
|
Disposals | ( |
) |
At 31 December 2017 |
|
DEPRECIATION |
At 1 January 2017 |
|
Charge for year |
|
Eliminated on disposal | ( |
) |
At 31 December 2017 |
|
NET BOOK VALUE |
At 31 December 2017 |
|
At 31 December 2016 |
|
BASALT GLOBAL LIMITED (REGISTERED NUMBER: 07892984) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
|
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.17 | 31.12.16 |
£ | £ |
Trade debtors |
|
|
Other debtors |
|
|
|
|
|
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.17 | 31.12.16 |
£ | £ |
Trade creditors |
|
|
Taxation and social security |
|
|
Other creditors |
|
|
|
|
|
7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.12.17 | 31.12.16 |
£ | £ |
Other creditors |
|
|
|
8. | RESERVES |
|
During the year dividends of £107,371 (2016: £107,369) were paid to ordinary shareholders. |
|
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
|
The Report of the Auditors was unqualified. |
|
|
for and on behalf of
|
BASALT GLOBAL LIMITED (REGISTERED NUMBER: 07892984) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
|
10. | RELATED PARTY DISCLOSURES |
|
Growth Power Limited |
A company in which the P Ash is a Director and S Almozaffar was a Director in the year. |
|
During the year the company invoiced £35,000 (2016: £952,522) for energy supplied to Growth Power |
Limited. The company was also invoiced £nil (2016: £429,722) by Growth Power Limited for energy |
and other services. |
|
At the balance sheet date, the company was owed £nil (2016: £23,356) and the company owed |
£339,058 (2016: £380,058) to Growth Power Limited. |
|
Rockpool Investments LLP |
Rockpool Investments LLP is a related entity to the shareholder, Rockpool Investment Nominee |
Limited. |
|
The company paid Rockpool Investments LLP £30,660 (2016: £33,215) for quarterly monitoring fees. |
The amount unpaid as at year end is nil (2016:£nil). |
|
Altius Corporate Design & Build Limited |
A company in which P Ash is a shareholder. |
|
The company paid £nil (2016: £36,132l) for gas and electricity £6,000 (2016: £10,500) net of VAT for |
serviced offices, £12,000 (2016: £3,000) in fees for accountancy services and £63,728 (2016: |
£47,796) for Chief Executive Officer Services. |
|
The amount owed as at the year end is £nil (2016: £nil). |
|
CHP Solutions Limited |
A company in which S Almozaffar is a shareholder. |
|
During the year the company paid £365,217 (2016: £459,263) to CHP Solutions Limited net of VAT. |
This related to the refurbishment of Combined Heat & Power equipment and maintenance on sites |
owned by Buckland Nurseries and Lansdale Nurseries located in Worcestershire and Lancashire |
respectively. |
|
The amount owed as at year end is £59,940 (2016: £21,000). |
|
Jardine Consulting Limited |
A company in which I Jardine is a director and a shareholder. |
|
The company paid £11,885 (2016: £8,572) for accountancy, company secretarial services and for |
director related services. The amount owed as at year end is £nil (2016: £2,600). |
BASALT GLOBAL LIMITED (REGISTERED NUMBER: 07892984) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
|
11. | GOING CONCERN |
|
The Board of Directors believe that the company has adequate resources to continue in operational |
existence for the foreseeable future. For this reason, they still adopt the going concern basis in |
producing the accounts. |
|
The Directors believe that the business is now in a stable position having grown from a start-up in 2014 |
to business now generating profits in 2017. The accounts for the year ending 31 December 2016 |
contained a large exceptional non-recurring payment to a former Director that resulted in the Company |
recording a loss. |
|
During the current financial year the Company has now optimised the run regimes of its combined heat |
and power (CHP) engines. This has reduced the cost of wasted heat and the related cost of gas used |
through the reduction of operating hours when the heat is not required by the client. It has also |
increased the income from export electricity through increasing operating hours during periods of peak |
demand for power from the National Grid when the best export electricity prices are offered to |
generators. The Directors are also working on significantly reducing the cost of maintenance of its |
CHPs. The Company has received an acceptable offer from a third party to purchase the shares of the |
Company. The new owners, who aim to be one of the leading operators of CHPs in the UK, intend to |
build on the platform created and make substantial investments in the acquisition of new clients and |
new assets. |