CARBON-12_CROYDON_LIMITED - Accounts

The directors present their annual report and financial statements for the period ended 31 August 2019.

The company was incorporated on the 13 August 2018 and trade commenced on 1 November 2018. The principal activity of the company became that of data centre and power related development.

The directors who held office during the period and up to the date of signature of the financial statements were as follows:

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Carbon-12 Croydon Limited for the period ended 31 August 2019 which comprise the profit and loss account, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Carbon-12 Croydon Limited, as a body, in accordance with the terms of our engagement letter dated 14 January 2020. Our work has been undertaken solely to prepare for your approval the financial statements of Carbon-12 Croydon Limited and state those matters that we have agreed to state to the Board of Directors of Carbon-12 Croydon Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Carbon-12 Croydon Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Carbon-12 Croydon Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Carbon-12 Croydon Limited. You consider that Carbon-12 Croydon Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of Carbon-12 Croydon Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

For the financial period ended 31 August 2019 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.

The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Carbon-12 Croydon Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1-9 Castle Street, Suite 5B, 2nd Floor, Hinckley, Leicestershire, LE10 1DA.

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 amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The current reporting period represents the 12 month period from incorporation on 13 August 2018 to the reporting date of 31 August 2019.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Assets in the course of construction are not depreciated.

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.

The 71,002 Ordinary shares were issued on incorporation and form the capital structure of the company.

After the balance sheet date on 8 January 2020, 62,001 Ordinary shares were issued at par of £1 per share, taking the total shares issued and fully paid to £133,003.

Two directors of the company are also directors of Element Group-14 Limited. During the period, Element Group-14 Limited have provided consultancy services totalling £63,000, of which £14,000 is payable at the balance sheet date and included within trade creditors.