Registered number |
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Registered number: |
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Balance Sheet | |||||||
as at |
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Notes | 2019 | 2018 | |||||
£ | £ | ||||||
Fixed assets | |||||||
Intangible assets | 3 |
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Tangible assets | 4 |
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Current assets | |||||||
Stocks |
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Debtors | 5 |
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Investments held as current assets | 6 |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year | 7 | ( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: amounts falling due after more than one year | 8 | ( |
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Net liabilities | ( |
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Capital and reserves | |||||||
Called up share capital |
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Profit and loss account | ( |
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Shareholders' funds | ( |
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Mr Yuri Ganfeld | |||||||
Director | |||||||
Approved by the board on |
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Notes to the Accounts | ||||||||
for the year ended |
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1 | Accounting policies | |||||||
Basis of preparation | ||||||||
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Turnover | ||||||||
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Intangible fixed assets | ||||||||
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Tangible fixed assets | ||||||||
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Plant and machinery | 25% reducing balance | |||||||
Investments | ||||||||
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Stocks | ||||||||
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Foreign currency translation | ||||||||
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Pensions | ||||||||
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2 | Employees | 2019 | 2018 | |||||
Number | Number | |||||||
Average number of persons employed by the company |
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3 | Intangible fixed assets | £ | ||||||
Goodwill: | ||||||||
Cost | ||||||||
At 1 September 2018 |
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At 31 August 2019 |
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Amortisation | ||||||||
At 31 August 2019 | - | |||||||
Net book value | ||||||||
At 31 August 2019 |
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At 31 August 2018 |
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The value of the licence has been capitalised under FRS 10 Section 18 as an intangible asset that is recognised when it is probable that the entity will receive the expected future economic benefits attributed to the asset and its costs or value can be measured reliably. The value of the licence has been measured as 10% of the capital cost of a new 5,000 tons per year capacity plant. The capital cost has been valued at £36m ($43m). The licence agreement is based on an obligation to pay an amount equivalent to 2% of the yearly output in terms of Royalties for the exclusive use of technology in the teritory of GCC Countries. The intangible asset will be written off in equal annual instalments over its estimated economic life of 10 years from the following the year ending 31 August 2018. |
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4 | Tangible fixed assets | |||||||
Plant and machinery etc | ||||||||
£ | ||||||||
Cost | ||||||||
Additions |
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At 31 August 2019 |
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Depreciation | ||||||||
Charge for the year |
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At 31 August 2019 |
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Net book value | ||||||||
At 31 August 2019 |
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5 | Debtors | 2019 | 2018 | |||||
£ | £ | |||||||
Other debtors |
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Prepayments | 5,833 | - | ||||||
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6 | Investments held as current assets | 2019 | 2018 | |||||
£ | £ | |||||||
Fair value | ||||||||
Unlisted investments | 133,000 | 133,000 | ||||||
7 | Creditors: amounts falling due within one year | 2019 | 2018 | |||||
£ | £ | |||||||
Trade creditors |
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Taxation and social security costs | ( |
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Accruals | 1,024 | 360 | ||||||
PAYE and NI | 4,635 | - | ||||||
Other creditors |
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Directors' account | 10,418 | 2,339 | ||||||
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8 | Creditors: amounts falling due after one year | 2019 | 2018 | |||||
£ | £ | |||||||
Obligations under licence agreement and royalties | 3,399,630 | 3,399,630 | ||||||
Shareholders' equity investment | 386,842 | 133,000 | ||||||
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9 | Other financial commitments | 2019 | 2018 | |||||
£ | £ | |||||||
Total future minimum payments under non-cancellable operating leases |
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10 | Controlling party | |||||||
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11 | Other information | |||||||
Basalt Technologies UK Limited is a private company limited by shares and incorporated in England. Its registered office is: | ||||||||
Crown House | ||||||||
27 Old Gloucester Street | ||||||||
London | ||||||||
WC1N 3AX |