Ecotor Technologies Ltd Filleted accounts for Companies House (small and micro)

ECOTOR TECHNOLOGIES LTD - Company Information

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COMPANY REGISTRATION NUMBER: 12565957

Ecotor Technologies Ltd

Filleted Unaudited Financial Statements

30 April 2021

Ecotor Technologies Ltd

Financial Statements

Period from 21 April 2020 to 30 April 2021

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Ecotor Technologies Ltd

Statement of Financial Position

30 April 2021

	30 Apr 21
Note	£

Fixed assets

Intangible assets	5	1,388,950
Tangible assets	6	2,300
		------------
		1,391,250

Current assets

Debtors	7	17,660
Cash at bank and in hand		1,154,874
		------------
		1,172,534

Creditors: amounts falling due within one year	8	647,584
		------------
Net current assets		524,950
		------------
Total assets less current liabilities		1,916,200
		------------
Net assets		1,916,200
		------------

Capital and reserves

Called up share capital	1,757
Share premium account	2,931,170
Profit and loss account	( 1,016,727)
	------------
Shareholders funds	1,916,200
	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the period ending 30 April 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- 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 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Ecotor Technologies Ltd

Statement of Financial Position (continued)

30 April 2021

These financial statements were approved by the board of directors and authorised for issue on 1 March 2022 , and are signed on behalf of the board by:

H A A Almansoor

Director

Company registration number: 12565957

Ecotor Technologies Ltd

Notes to the Financial Statements

Period from 21 April 2020 to 30 April 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 Northumberland Avenue, London, WC2N 5BW, England.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The accounts have been prepared on a going concern basis which relies upon the continuing support of the investors.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Intangible assets	-	33% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Equipment	-	33% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

4. Employee numbers

The average number of persons employed by the company during the period amounted to 1 .

5. Intangible assets

	Intangible assets
	£
Cost
Additions	2,000,000
	------------
At 30 April 2021	2,000,000
	------------
Amortisation
Charge for the period	611,050
	------------
At 30 April 2021	611,050
	------------
Carrying amount
At 30 April 2021	1,388,950
	------------

6. Tangible assets

	Equipment
	£
Cost
At 21 April 2020	–
Additions	3,235
	-------
At 30 April 2021	3,235
	-------
Depreciation
At 21 April 2020	–
Charge for the period	935
	-------
At 30 April 2021	935
	-------
Carrying amount
At 30 April 2021	2,300
	-------

7. Debtors

	30 Apr 21
	£
Other debtors	17,660
	--------

8. Creditors: amounts falling due within one year

	30 Apr 21
	£
Trade creditors	12,629
Social security and other taxes	22,480
Other creditors	612,475
	---------
	647,584
	---------

9. Related party transactions

During the period the company acquired the trade of a connected company. The trade acquired was represented by intangible assets valued at £2,000,000 and the assumption of liabilities valued at £653,130. The consideration for the acquisitor of the trade was satisfied by way of the issue of shares in the company.