Electric Blue Limited - Limited company accounts 18.2

REGISTERED NUMBER: 09444791 (England and Wales)

REPORT OF THE DIRECTORS AND

UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2018

FOR

ELECTRIC BLUE LIMITED

Page

Company Information

1

Report of the Directors

2

Consolidated Profit and Loss Account

3

Consolidated Balance Sheet

4

Company Balance Sheet

6

Notes to the Consolidated Financial Statements

8

DIRECTORS:

Mr A J Calnan

Mr M D Calnan

Mr P V Walsh

Mr A G S Scarlett

Mr L C W Bedford

REGISTERED OFFICE:

Suite 14 Rivers Lodge

The Workstation

Harpenden

Hertfordshire

AL5 2JD

REGISTERED NUMBER:

09444791 (England and Wales)

ACCOUNTANTS:

Hanburys Limited

Chartered Certified Accountants

6b Parkway

Porters Wood

St Albans

Hertfordshire

AL3 6PA

The directors present their report with the financial statements of the company and the group for the year ended

31 December 2018.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of systems and software development and management for

electric vehicle infrastructure services and vehicle monitoring and dispatch.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2018 to the date of this report.

Mr A J Calnan

Mr M D Calnan

Mr P V Walsh

Mr A G S Scarlett

Other changes in directors holding office are as follows:

Mr L C W Bedford - appointed 7 October 2018

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small

companies.

ON BEHALF OF THE BOARD:

Mr A J Calnan - Director

25 July 2019

TURNOVER

148,124

21,074

Cost of sales

20,693

-

GROSS PROFIT

127,431

21,074

Administrative expenses

563,511

172,518

(436,080

)

(151,444

)

Other operating income

38,285

-

OPERATING LOSS

4

(397,795

)

(151,444

)

Interest payable and similar expenses

5,189

2,234

LOSS BEFORE TAXATION

(402,984

)

(153,678

)

Tax on loss

(82,593

)

(46,034

)

LOSS FOR THE FINANCIAL YEAR

(320,391

)

(107,644

)

Loss attributable to:

Owners of the parent

(320,391

)

(107,644

)

FIXED ASSETS

Intangible assets

6

3,009

-

Tangible assets

7

105,060

1,546

Investments

8

-

-

108,069

1,546

CURRENT ASSETS

Debtors

9

260,781

203,231

Cash at bank and in hand

68,344

487,188

329,125

690,419

CREDITORS

Amounts falling due within one year

10

255,843

253,141

NET CURRENT ASSETS

73,282

437,278

TOTAL ASSETS LESS CURRENT LIABILITIES

181,351

438,824

CREDITORS

Amounts falling due after more than one year

11

66,274

3,281

NET ASSETS

115,077

435,543

CAPITAL AND RESERVES

Called up share capital

13

785

860

Share premium

14

649,740

649,740

Retained earnings

14

(535,448

)

(215,057

)

SHAREHOLDERS' FUNDS

115,077

435,543

The company and the group are entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year

ended 31 December 2018.

The members have not required the company and the group to obtain an audit of its financial statements for the year ended

31 December 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the group keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company and the group as at the end of each financial year and of the group's profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company and the group.

The financial statements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating

to small companies.

The financial statements were approved by the Board of Directors on 25 July 2019 and were signed on its behalf by:

Mr A J Calnan - Director

FIXED ASSETS

Intangible assets

6

-

-

Tangible assets

7

-

-

Investments

8

300

200

300

200

CURRENT ASSETS

Debtors

9

680,948

241,605

Cash at bank and in hand

47,641

483,376

728,589

724,981

CREDITORS

Amounts falling due within one year

10

78,364

74,581

NET CURRENT ASSETS

650,225

650,400

TOTAL ASSETS LESS CURRENT LIABILITIES

650,525

650,600

CAPITAL AND RESERVES

Called up share capital

13

785

860

Share premium

14

649,740

649,740

SHAREHOLDERS' FUNDS

650,525

650,600

Company's profit for the financial year

-

-

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 25 July 2019 and were signed on its behalf by:

Mr A J Calnan - Director

1.	STATUTORY INFORMATION

Electric Blue Limited is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of consolidation

The consolidated financial statements incorporate those of Electric Blue Ltd and all of its subsidiaries (i.e. entities that

the group controls through its power to govern the financial and operating policies so as to obtain economic benefits).

Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from

the date that control passes. All financial statements are made up to 31 December 2018.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on

consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the

asset transferred.

Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used

into line with those used by other members of the group.

Subsidiaries that are dormant have not been included with in the consolidation.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value

added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any

accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Government grants

Government grants are recognised when it is reasonable to expect that the grants will be received and that all related

conditions will be met, usually on submission of a valid claim for payment.

Government grants in respect of capital expenditure are credited to a deferred income account and are released to profit

over the expected useful lives of the relevant assets by equal annual instalments.

Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

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 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 payments

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. Amounts 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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Profit and Loss

Account, 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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under

hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are

depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the

future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are

charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2017 - 4 ) .

The average number of employees by undertakings that were proportionately consolidated during the year was 13

(2017 - 2 ) .

4.	OPERATING LOSS

The operating loss is stated after charging:

31.12.18

31.12.17

£

£

Depreciation - owned assets

7,154

109

Patents and licences amortisation

81

-

5.	INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented

as part of these financial statements.

6.	INTANGIBLE FIXED ASSETS

Group

Patents

and

licences

£

COST

Additions

3,090

At 31 December 2018

3,090

AMORTISATION

Amortisation for year

81

At 31 December 2018

81

NET BOOK VALUE

At 31 December 2018

3,009

7.	TANGIBLE FIXED ASSETS

Group

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 January 2018

-

-

1,655

1,655

Additions

49,805

68,908

1,729

120,442

At 31 December 2018

49,805

68,908

3,384

122,097

DEPRECIATION

At 1 January 2018

-

-

109

109

Charge for year

11,331

4,630

967

16,928

At 31 December 2018

11,331

4,630

1,076

17,037

NET BOOK VALUE

At 31 December 2018

38,474

64,278

2,308

105,060

At 31 December 2017

-

-

1,546

1,546

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

Additions

20,577

68,908

89,485

At 31 December 2018

20,577

68,908

89,485

DEPRECIATION

Charge for year

5,144

4,630

9,774

At 31 December 2018

5,144

4,630

9,774

NET BOOK VALUE

At 31 December 2018

15,433

64,278

79,711

8.	FIXED ASSET INVESTMENTS

Company

Shares in

group

undertakings

£

COST

At 1 January 2018

200

Additions

100

At 31 December 2018

300

NET BOOK VALUE

At 31 December 2018

300

At 31 December 2017

200

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group

Company

31.12.18

31.12.17

31.12.18

31.12.17

£

£

£

£

Trade debtors

631

104,893

-

-

Amounts owed by group undertakings

-

-

613,232

200,124

Amounts owed by participating interests

-

-

67,716

41,481

Other debtors

69,993

43,758

-

-

Tax

60,176

-

-

-

Value added tax

22,888

407

-

-

Deferred tax asset

72,787

47,724

-

-

Prepayments

34,306

6,449

-

-

260,781

203,231

680,948

241,605

Deferred tax asset

Group

Company

31.12.18

31.12.17

31.12.18

31.12.17

£

£

£

£

Accelerated capital allowances

(19,920

)

(294

)

-

-

Tax losses carried forward

92,707

48,018

-

-

72,787

47,724

-

-

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group

Company

31.12.18

31.12.17

31.12.18

31.12.17

£

£

£

£

Hire purchase contracts

25,663

5,625

-

-

Trade creditors

45,924

25,154

-

1

Social security and other taxes

9,261

(2,474

)

-

-

Other creditors

40,511

51,038

-

-

Directors' current accounts

78,364

74,580

78,364

74,580

Accruals and deferred income

43,557

99,218

-

-

Deferred government grants

12,563

-

-

-

255,843

253,141

78,364

74,581

11.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group

31.12.18

31.12.17

£

£

Hire purchase contracts

66,274

3,281

12.	SECURED DEBTS

The following secured debts are included within creditors:

Group

31.12.18

31.12.17

£

£

Hire purchase

41,226

8,906

The assets which are financed by hire purchase liabilities are secured by way of a director's personal guarantee.

13.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.18

31.12.17

value:

£

£

78,500

Ordinary

£0.01

785

860

On the 31 December 2018 a special resolution was passed repurchasing 7,500 Ordinary shares of £0.01 each at par.

14.

RESERVES

Group

Retained

Share

earnings

premium

Totals

£

£

£

At 1 January 2018

(215,057

)

649,740

434,683

Deficit for the year

(320,391

)

(320,391

)

At 31 December 2018

(535,448

)

649,740

114,292

Company

Retained

Share

earnings

premium

Totals

£

£

£

At 1 January 2018

-

649,740

649,740

Profit for the year

-

-

At 31 December 2018

-

649,740

649,740