CuanTec Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: SC531370 (Scotland)

Financial Statements for the Year Ended 31 March 2023

for

CuanTec Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr G Redpath

Mr R S Maitland-Titterton

REGISTERED OFFICE:

C/O Bell Barr & Company

2 Stewart Street

Milngavie

Glasgow

G62 6BW

REGISTERED NUMBER:

SC531370 (Scotland)

AUDITORS:

Gerber Landa & Gee

Statutory Auditor

Chartered Accountants

Pavilion 1, Finnieston Business Park

Minerva Way

Glasgow

G3 8AU

FIXED ASSETS

Intangible assets

4

696,682

696,682

Tangible assets

5

551,048

144,221

1,247,730

840,903

CURRENT ASSETS

Debtors

6

155,041

280,916

Cash at bank

386,025

1,292,951

541,066

1,573,867

CREDITORS

Amounts falling due within one year

7

72,751

81,542

NET CURRENT ASSETS

468,315

1,492,325

TOTAL ASSETS LESS CURRENT LIABILITIES

1,716,045

2,333,228

ACCRUALS AND DEFERRED INCOME

22,499

28,499

NET ASSETS

1,693,546

2,304,729

CAPITAL AND RESERVES

Called up share capital

353

315

Share premium

3,517,157

3,517,157

Retained earnings

(1,823,964

)

(1,212,743

)

1,693,546

2,304,729

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 December 2023 and were signed on its behalf by:

Mr R S Maitland-Titterton - Director

1.	STATUTORY INFORMATION

CuanTec Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company 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.

The directors anticipate that the company will begin generating commercial revenue within the next six months. The directors have reviewed the company's operating costs for the next twelve months and the sources of funds available and have a strategy to secure future funding which should enable the company to meet all liabilities as they fall due for a period of at least twelve months from the date of approval of these financial statements. The financial statements are therefore prepared on the going concern basis.

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 £.

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

Development costs that meet the recognition criteria of FRS 102 are capitalised at cost and amortised over the useful economic life of the asset to which they relate.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Fixtures, fittings & equipment

-

15% on reducing balance

Computer equipment

-

33% on reducing balance

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the 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 is written off in the year in which it is incurred. Development expenditure is written off in the same way unless certain strict criteria are met for capitalisation. Before expenditure on the development of an asset can be capitalised the directors must be satisfied that the asset is separately identifiable, technically, commercially and financially feasible and that the asset will generate probable future economic benefits.

Hire purchase and leasing commitments

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 company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Cash at bank

Cash at bank represents short term highly liquid investments with a maturity of three months or less from the date of acquisition or opening of the account.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2022 - 10 ) .

4.	INTANGIBLE FIXED ASSETS

Development

costs

£

COST

At 1 April 2022

and 31 March 2023

696,682

NET BOOK VALUE

At 31 March 2023

696,682

At 31 March 2022

696,682

5.	TANGIBLE FIXED ASSETS

Fixtures,

fittings

Computer

& equipment

equipment

Totals

£

£

£

COST

At 1 April 2022

211,441

8,079

219,520

Additions

430,848

2,707

433,555

At 31 March 2023

642,289

10,786

653,075

DEPRECIATION

At 1 April 2022

70,480

4,819

75,299

Charge for year

24,759

1,969

26,728

At 31 March 2023

95,239

6,788

102,027

NET BOOK VALUE

At 31 March 2023

547,050

3,998

551,048

At 31 March 2022

140,961

3,260

144,221

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Trade debtors

-

75

Other debtors

155,041

280,841

155,041

280,916

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Trade creditors

26,874

33,801

Taxation and social security

16,863

13,116

Other creditors

29,014

34,625

72,751

81,542

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.3.23

31.3.22

£

£

Within one year

17,469

602

Between one and five years

131,098

-

148,567

602

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Darren Smith (Senior Statutory Auditor)

for and on behalf of Gerber Landa & Gee

10.	CAPITAL COMMITMENTS

31.3.23

31.3.22

£

£

Contracted but not provided for in the

financial statements

295,333

-

11.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Hive Energy Limited.

The registered office of Hive Energy Limited is Woodington House, Woodington Road, East Wellow, Romsey.