Basalt Technologies UK Limited
|
Registered number: |
09739118
|
Balance Sheet |
as at 31 August 2020
|
|
Notes |
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|
2020 |
|
|
2019 |
£ |
£ |
Fixed assets |
Intangible assets |
3 |
|
|
3,399,630 |
|
|
3,399,630 |
Tangible assets |
4 |
|
|
66,207 |
|
|
73,452 |
|
|
|
|
3,465,837 |
|
|
3,473,082 |
|
Current assets |
Stocks |
|
|
14,090 |
|
|
16,208 |
Debtors |
5 |
|
16,489 |
|
|
23,333 |
Investments held as current assets |
6 |
|
133,000 |
|
|
133,000 |
Cash at bank and in hand |
|
|
8,701 |
|
|
8,739 |
|
|
|
172,280 |
|
|
181,280 |
|
Creditors: amounts falling due within one year |
7 |
|
(65,547) |
|
|
(39,109) |
|
Net current assets |
|
|
|
106,733 |
|
|
142,171 |
|
Total assets less current liabilities |
|
|
|
3,572,570 |
|
|
3,615,253 |
|
Creditors: amounts falling due after more than one year |
8 |
|
|
(3,855,269) |
|
|
(3,786,472) |
|
|
|
Net liabilities |
|
|
|
(282,699) |
|
|
(171,219) |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
100 |
|
|
100 |
Profit and loss account |
|
|
|
(282,799) |
|
|
(171,319) |
|
Shareholders' funds |
|
|
|
(282,699) |
|
|
(171,219) |
|
|
|
|
|
|
|
|
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
|
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
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The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
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|
|
|
Mr Y Ganfeld |
Director |
Approved by the board on 19 April 2021
|
|
Basalt Technologies UK Limited
|
Notes to the Accounts |
for the year ended 31 August 2020
|
|
|
1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
|
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
|
|
|
Intangible fixed assets |
|
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
|
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
|
|
|
Plant and machinery |
25% reducing balance method |
|
|
Investments |
|
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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|
|
Stocks |
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Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
|
|
|
Foreign currency translation |
|
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
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|
|
|
|
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Leased assets |
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A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
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|
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Pensions |
|
Contributions to defined contribution plans are expensed in the period to which they relate.
|
|
|
2 |
Employees |
2020 |
|
2019 |
Number |
Number |
|
|
Average number of persons employed by the company |
2 |
|
2 |
|
|
|
|
|
|
|
|
|
|
3 |
Intangible fixed assets |
£ |
|
Goodwill: |
|
|
Cost |
|
At 1 September 2019 |
3,399,630 |
|
At 31 August 2020 |
3,399,630 |
|
|
|
|
|
|
|
|
|
|
Amortisation |
|
At 31 August 2020 |
- |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 August 2020 |
3,399,630 |
|
At 31 August 2019 |
3,399,630 |
|
|
|
|
|
|
|
|
|
|
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. |
|
|
|
|
|
|
|
|
|
4 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Plant and machinery etc |
£ |
|
Cost |
|
At 1 September 2019 |
97,936 |
|
Additions |
14,827 |
|
At 31 August 2020 |
112,763 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 September 2019 |
24,484 |
|
Charge for the year |
22,072 |
|
At 31 August 2020 |
46,556 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 August 2020 |
66,207 |
|
At 31 August 2019 |
73,452 |
|
|
|
|
|
|
5 |
Debtors |
2020 |
|
2019 |
£ |
£ |
|
|
Trade debtors |
(1,011) |
|
- |
|
Prepayments |
|
|
|
|
- |
|
5,833 |
|
Other debtors |
17,500 |
|
17,500 |
|
|
|
|
|
|
16,489 |
|
23,333 |
|
|
|
|
|
|
|
|
|
|
6 |
Investments held as current assets |
2020 |
|
2019 |
£ |
£ |
|
Fair value |
|
Unlisted investments |
133,000 |
|
133,000 |
|
|
|
|
|
|
|
|
|
|
|
7 |
Creditors: amounts falling due within one year |
2020 |
|
2019 |
£ |
£ |
|
|
Trade creditors |
8,351 |
|
23,913 |
|
Taxation and social security costs |
(20,534) |
|
(3,137) |
|
PAYE and NI |
16,806 |
|
4,635 |
|
Accruals |
3,221 |
|
1,024 |
|
Directors' account |
13,344 |
|
10,418 |
|
Other creditors |
44,359 |
|
2,256 |
|
|
|
|
|
|
65,547 |
|
39,109 |
|
|
|
|
|
|
|
|
|
|
8 |
Creditors: amounts falling due after one year |
2020 |
|
2019 |
£ |
£ |
|
|
Bank loans |
50,000 |
|
- |
|
Obligations under licence agreement and royalties |
3,399,630 |
|
3,399,630 |
|
Shareholders' loan |
405,639 |
|
386,842 |
|
|
|
|
|
|
3,855,269 |
|
3,786,472 |
|
|
|
|
|
|
|
|
|
|
9 |
Controlling party |
|
|
The director is the controlling party of the company.
|
|
|
10 |
Other information |
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|
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 |