Company Registration No. 11622114 (England and Wales)
CO2 EXTRACTION LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2020
PAGES FOR FILING WITH REGISTRAR
CO2 EXTRACTION LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 11
CO2 EXTRACTION LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2020
31 October 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Intangible assets
5
139
183
Tangible assets
6
935,318
94,151
935,457
94,334
Current assets
Debtors
7
6,449
5,645
Cash at bank and in hand
104,504
4,811
110,953
10,456
Creditors: amounts falling due within one year
8
(275,490)
(216,352)
Net current liabilities
(164,537)
(205,896)
Total assets less current liabilities
770,920
(111,562)
Creditors: amounts falling due after more than one year
9
(50,000)
Net assets/(liabilities)
720,920
(111,562)
Capital and reserves
Called up share capital
10
1,000
1
Share premium account
12
114,800
Revaluation reserve
11
831,115
Profit and loss reserves
13
(225,995)
(111,563)
Total equity
720,920
(111,562)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 October 2020 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 member has 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.
CO2 EXTRACTION LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2020
31 October 2020
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 30 July 2021 and are signed on its behalf by:
MA Flanagan
Director
Company Registration No. 11622114
CO2 EXTRACTION LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2020
- 3 -
Share capital
Share premium account
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 14 October 2018
Period ended 31 October 2019:
Loss and total comprehensive income for the period
-
-
-
(111,563)
(111,563)
Issue of share capital
10
1
-
-
1
Balance at 31 October 2019
1
(111,563)
(111,562)
Year ended 31 October 2020:
Loss for the year
-
-
-
(114,432)
(114,432)
Other comprehensive income:
Revaluation of tangible fixed assets
-
-
831,115
-
831,115
Total comprehensive income for the year
831,115
(114,432)
716,683
Issue of share capital
10
999
114,800
-
-
115,799
Balance at 31 October 2020
1,000
114,800
831,115
(225,995)
720,920
CO2 EXTRACTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2020
- 4 -
1
Accounting policies
Company information
CO2 Extraction Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
26 Grosvenor Street, Mayfair, London, United Kingdom, W1K 4QW.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, The directors have a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. Thus the Directors continue to adopt the the going concern basis of accounting in preparing the financial statements, based upon the continuing support of the creditors. Should this support cease, then the going concern basis would no longer be appropriate and adjustments would have to be made to reflect this.
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.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that
it is probable will be
recover
ed
.
CO2 EXTRACTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2020
1
Accounting policies
(Continued)
- 5 -
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date
where
it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the
fair
value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
Trademarks
Straight line over 5 years
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.
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:
Plant and machinery
Staight line over 10 years
Office equipment
Straight line over 5 years
Fixtures and fittings
Straight line over 5 years
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.
CO2 EXTRACTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2020
1
Accounting policies
(Continued)
- 6 -
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.
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.
CO2 EXTRACTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2020
1
Accounting policies
(Continued)
- 7 -
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.
1.10
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.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
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 except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.13
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
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Exceptional item
2020
2019
£
£
Income
Government Grant
10,000
-
This relates to a grant received from the Lancaster Council discretionary grant fund which aims to provide assistance and support to eligible local businesses affected by the pandemic.
This is non refundable.
CO2 EXTRACTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2020
- 8 -
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
1
1
5
Intangible fixed assets
Other
£
Cost
At 1 November 2019 and 31 October 2020
220
Amortisation and impairment
At 1 November 2019
37
Amortisation charged for the year
44
At 31 October 2020
81
Carrying amount
At 31 October 2020
139
At 31 October 2019
183
Intangible Assets consist of Trademarks registered in the year.
CO2 EXTRACTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2020
- 9 -
6
Tangible fixed assets
Plant and machinery
Office equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 November 2019
93,262
920
94,182
Additions
5,623
5,257
10,880
Revaluation
831,115
831,115
At 31 October 2020
930,000
920
5,257
936,177
Depreciation and impairment
At 1 November 2019
31
31
Depreciation charged in the year
184
644
828
At 31 October 2020
215
644
859
Carrying amount
At 31 October 2020
930,000
705
4,613
935,318
At 31 October 2019
93,262
889
94,151
Plant and Equipment has not been depreciated as it
was still under construction during the year. A quotation was received from SciMed Ltd on 31 March 2021 valuing the plant and machinery at £930,000.
7
Debtors
2020
2019
Amounts falling due within one year:
£
£
Other debtors
6,449
Prepayments and accrued income
5,645
6,449
5,645
Other debtors is made up of the following:
i.) £2,500.00 relates to a loan to Artisan Hotels Limited. The loan is unsecured, interest free and has no fixed date of repayment.
ii.) £3,949.32 of VAT recoverable at year end.
CO2 EXTRACTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2020
- 10 -
8
Creditors: amounts falling due within one year
2020
2019
£
£
Other borrowings
260,504
99,873
Trade creditors
4,186
4,643
Taxation and social security
15,717
Accruals and deferred income
10,800
96,119
275,490
216,352
i) Other borrowing
s
refers to funds loaned to the company by Wilton UK Group Ltd. On 14 October 2018 the company received a loan from Wilton UK Group Ltd. The loan is in the amount of £150,000, is interest free and repayable on demand.
ii) Trade Creditors relates
to supplier Invoices which were settled after year end.
i
ii
)
Accruals have been made for professional and accountancy fees rendered by Wilton.
9
Creditors: amounts falling due after more than one year
2020
2019
£
£
Other creditors
50,000
This relates to the bounce back loan received from the government which enabled smaller businesses to access finance more quickly during the coronavirus outbreak. The government guarantees 100% of the loan and there won’t be any fees or interest to pay for the first 12 months. After 12 months the interest rate will be 2.5% a year. Repayments will start in July 2021.
10
Called up share capital
2020
2019
2020
2019
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of 1p each
100,000
1
1,000
1
During the period 899 additional ordinary shares of £1 each were allotted. In April 2020 these shares were sub-divided into 90,000 ordinary shares of £0.01 each. An additional 10,000 ordinary shares were issued with 5,000 to Patrick O'Sullivan and 5,000 to Susan Garwood.
11
Revaluation reserve
2020
2019
£
£
At the beginning of the year
Revaluation surplus arising in the year
831,115
At the end of the year
831,115
-
CO2 EXTRACTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2020
11
Revaluation reserve
(Continued)
- 11 -
The plant and machinery was revalued during the year to a replacement value of £930,000. This is based on a quotation received from Scimed Ltd on 31 March 2021.
12
Share premium account
2020
2019
£
£
At the beginning of the year
Issue of new shares
114,800
At the end of the year
114,800
During the year the following shares were issued:
5,000 Ordinary shares of 1p each for a consideration of £50,000
(Premium £49,950)
- Patrick O'Sullivan
5,000 Ordinary shares of 1p each for a consideration of £50,000
(Premium £49,950)
- Susan Margaret Garwood
100 Ordinary shares of £1 each for a consideration of £15,000
(Premium £14,900) - Wilton UK (Group) Limited
13
Profit and loss reserves
2020
2019
£
£
At the beginning of the year
(111,563)
Loss for the year
(114,432)
(111,563)
At the end of the year
(225,995)
(111,563)
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N Mitchell
Gordon Wilson
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