RFC Power Limited - Period Ending 2023-06-30

RFC Power Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 10

RFC Power Limited

Company Information

Directors

Prof N P Brandon Dr V Yufit Prof A R J Kucernak Mr T A von Werne IP2IPO Services Limited Mr P Lenoble Dr M A Selby

Registered office

Windsor House Cornwall Road Harrogate HG1 2PW

Registered number

10838031

Accountants

Corrigan Accountants Limited 1st Floor 25 King Street Bristol BS1 4PB

RFC Power Limited

(Registration number: 10838031)
Balance Sheet as at 30 June 2023

	Note	2023 £	2022 £
Fixed assets
Tangible assets	4	17,470	21,701
Current assets
Debtors	5	964,862	110,243
Cash at bank and in hand		1,345,839	617,245
		2,310,701	727,488
Creditors: Amounts falling due within one year	6	(138,121)	(28,413)
Net current assets		2,172,580	699,075
Net assets		2,190,050	720,776
Capital and reserves
Called up share capital		24	20
Share premium reserve		4,193,064	2,121,308
Other reserves		37,000	43,000
Profit and loss account		(2,040,038)	(1,443,552)
Total equity		2,190,050	720,776

RFC Power Limited

(Registration number: 10838031)
Balance Sheet as at 30 June 2023

For the financial year ending 30 June 2023 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised for issue by the Board on 24 November 2023 and signed on its behalf by:
 

.........................................

Mr T A von Werne
Director

RFC Power Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1	Statutory information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Windsor House
Cornwall Road
Harrogate
HG1 2PW

2	Accounting policies

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The accounts have been prepared on a going concern basis which assumes that the company has sufficient funds to continue to trade for the foreseeable future. The directors have indicated their willingness to continue to support the company and accordingly the accounts have been prepared on the basis that the company is a going concern.

Government grants

Government grants are recognised, using the accrual model, at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

RFC Power Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Deferred tax
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible fixed assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Furniture, fittings and equipment	25% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade creditors

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

RFC Power Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employees' services are received.

Share based payments

The company has issued options over its unissued shares to certain employees. The cost of equity-settled transactions is measured by reference to the fair value of the equity instruments granted at the date at which they are granted and is recognised as an expense over the vesting period, which ends on the date on which the option holder becomes fully entitled to the award. Fair value is determined using the Black Scholes pricing model.

At each balance sheet date before vesting, the cumulative expense is calculated, representing the extent to which the vesting period has expired and management’s best estimate of the achievement or otherwise of non-market conditions and of the number of equity instruments that will ultimately vest. The movement in cumulative expense since the previous balance sheet date is recognised in the profit and loss account, with a corresponding entry in equity.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2022 - 6).

RFC Power Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

4	Tangible fixed assets

	Furniture, fittings and equipment  £
Cost
At 1 July 2022	25,490
Additions	2,510
At 30 June 2023	28,000
Depreciation
At 1 July 2022	3,789
Charge for the year	6,741
At 30 June 2023	10,530
Carrying amount
At 30 June 2023	17,470
At 30 June 2022	21,701

5	Debtors: amounts falling due within one year

	2023 £	2022 £
Other debtors	19,905	7,269
Called up share capital not paid	649,902	-
VAT	103,074	22,482
Prepayments and accrued income	191,981	80,492
	964,862	110,243

RFC Power Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

6

Creditors

	2023 £	2022 £
Trade creditors	119,750	15,244
Taxation and social security	12,917	9,196
Other creditors	2,179	1,473
Accruals	3,275	2,500
	138,121	28,413

7	Share capital

Allotted, called up and fully paid shares

	2023		2022
	No.	£	No.	£
T Ordinary shares of £0.001 each	1,225	1.23	993	0.99
Ordinary shares of £0.001 each	23,264	23.26	18,856	18.86
	24,489	24	19,849	20

New shares allotted

During the year 2,501 ordinary shares with an aggregate nominal value of £2.50 were allotted for an aggregate consideration of £750,300, of which £250,200 was settled with cash and £500,100 was settled with services (see note 10). In addition, 132 T ordinary shares having an aggregate nominal value of £0.13 were allotted for an aggregate consideration of £17.16.

RFC Power Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

8	Share-based payments

EMI Share option scheme

Scheme details and movements

Share options were granted to certain employees under an EMI share option scheme. The options are exercisable provided criteria are met regarding continued employment and achievement of certain targets.

The options expire ten years after the grant date.

The movements in the number of share options during the year were as follows:

	2023 Number	2022 Number
Outstanding, start of period	1,208	1,092
Granted during the period	-	116
Outstanding, end of period	1,208	1,208
Exercisable, end of period	779	750

The movements in the weighted average exercise price of share options during the year were as follows:

	2023 £	2022 £
Outstanding, start of period	36.00	36.00
Granted during the period	-	36.00
Outstanding, end of period	36.00	36.00
Exercisable, end of period	36.00	36.00

RFC Power Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Non-EMI Share option scheme

Scheme details and movements

Share options have been granted to certain members of management under an unapproved share option scheme. The options are exercisable provided certain criteria are met regarding continued service.

The options expire ten years after the grant date.

The movements in the number of share options during the year were as follows:

	2023 Number	2022 Number
Outstanding, start of period	1,182	-
Granted during the period	-	1,182
Expired during the period	(1,182)	-
Outstanding, end of period	-	1,182
Exercisable, end of period	-	1,182

The movements in the weighted average exercise price of share options during the year were as follows:

	2023 £	2022 £
Outstanding, start of period	10.24	-
Granted during the period	-	10.24
Expired during the period	10.24	-
Outstanding, end of period	-	10.24
Exercisable, end of period	-	10.24

Other share-based payments

The company entered into a joint development arrangement in the year whereby 1,667 Ordinary shares with an aggregate nominal value of £1.67 were issued to the other party as consideration for the work performed. The fair value of the work performed was £500,100 as per the terms in the subscription agreement. This amount has been recognised as an increase in equity.