Accounts filed on 31-12-2017

11. SHARE PREMIUM ACCOUNT

Share premium account

ENTERPRISE PROJECTS VENTURES LIMITED - Company Information


Registered number: 08098061






Enterprise Projects Ventures Limited


ACCOUNTS

FOR THE YEAR ENDED 31/12/2017
























Prepared By:
Eightoaks
1st Floor Holborn Gate
330 High Holborn
London
WC1V 7QT


Enterprise Projects Ventures Limited


ACCOUNTS
FOR THE YEAR ENDED 31/12/2017





DIRECTORS
T Chambers
M Bruni
S Silverman
N Colloff


REGISTERED OFFICE
3rd Floor 86-90 Paul Street
London
EC2A 4NE


COMPANY DETAILS
Private company limited by shares registered in EW - England and Wales, registered number 08098061



ACCOUNTANTS
Eightoaks
1st Floor Holborn Gate
330 High Holborn
London
WC1V 7QT


ACCOUNTS
FOR THEYEARENDED31/12/2017



CONTENTS



		Page

Directors' Report		-

Auditors' Report		-

Accountants' Report		-

Statement Of Comprehensive Income		-

Balance Sheet		3

Notes To The Accounts		4


The following do not form part of the statutory financial statements:

Trading And Profit And Loss Account		-

Profit And Loss Account Summaries		-


BALANCE SHEET AT 31/12/2017

			2017		2016
	Notes		£		£

FIXED ASSETS
Intangible assets	2		112,977		-
Investment Assets	3		8,886		-

			121,863		-

CURRENT ASSETS
Stock		663,719		77,522
Debtors	5	1,131,725		223,095
Cash at bank and in hand		582,242		503,213
		2,377,686		803,830
CREDITORS: Amounts falling due within one year	6	2,363,856		38,774
NET CURRENT ASSETS			13,830		765,056
TOTAL ASSETS LESS CURRENT LIABILITIES			135,693		765,056


CREDITORS: Amounts falling due after more than one year	7		42,779		148,810

NET ASSETS			92,914		616,246

CAPITAL AND RESERVES

Called up share capital	10		132		124
Share premium account	11		749,201		578,965
Profit and loss account			(656,419)		37,157
SHAREHOLDERS' FUNDS			92,914		616,246

For the year ending 31/12/2017 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have decided not to deliver to the registrar a copy of the company's profit and loss account.

Approved by the board on 28/09/2018 and signed on their behalf by



.............................
T Chambers
Director


NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31/12/2017

1. ACCOUNTING POLICIES



1a. Basis Of Accounting
The accounts have been prepared under the historical cost convention.
The accounts have been prepared in accordance with FRS102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006 .



1b. Change In Accounting Policy
-FRS102 Section 1A as applicable to Small Companies
The adoption of new accounting standards has not resulted in any adjustments to the results of the company in either this year or the previous year.



1c. Intangible Assets
Development expenditure is capitalised where the economic benefit is expected to extend beyond the year of expenditure, and this can be foreseen with reasonable certainty. Where this is the case, it is amortised over the expected sales life of the product of 5 years at the rate of 20% per annum.



1d. Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.
When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs.



1e. Foreign Currency
Transactions in currencies, other than the functional currency of the company, are recorded at the rate of the exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. All differences are taken to the profit and loss account. Non-monetary items that are measured at the historic cost in a foreign currency are not retranslated.



1f. Government Grants Deferred
Government grants received are treated as deferred credits and credited to profit and loss account over the estimated useful life of the relevant fixed assets.



1g. Investments
Fixed asset investments are shown at cost less amounts written off.
Provisions are made for permanent fluctuations in value.



1h. Revenue Recognition
Revenue is measured at the net invoice value of the goods and services. Revenue from the sale of goods is recognised when either a) goods are delivered or b) legal title has passed.



1i. Cost Of Sales
Cost of sales represents cost of services and goods sold. In the case of goods sold under Hire Purchase contracts the costs are amortised to reflect the revenues recognised from payments received under the contracts during the year.



1j. Turnover
Turnover represents the invoiced value of goods and services supplied by the company, net of value added tax and trade discounts. In the case of goods the invoiced value is deferred until the goods are delivered to the customer.



2. INTANGIBLE FIXED ASSETS

	Development
	Costs	Total
	£	£
Cost
Additions	141,221	141,221
At 31/12/2017	141,221	141,221
Depreciation
For the year	28,244	28,244
At 31/12/2017	28,244	28,244
Net Book Amounts
At 31/12/2017	112,977	112,977



3. FiNANCIAL ASSETS

	Shares in group companies
	and participating interests	Total
	£	£
Cost
At 01/01/2017	8,886	8,886
At 31/12/2017	8,886	8,886
Amortisation
Net Book Amounts
At 31/12/2017	8,886	8,886
At 31/12/2016	8,886	8,886



4. STOCK	2017	2016
	£	£
Stock comprises:

Work in progress	663,719	77,522
	663,719	77,522



5. DEBTORS	2017	2016
	£	£
Amounts falling due within one year
Trade debtors	1,131,725	185,073
PAYE control	-	470
NIC control	-	771
Amounts due from group companies	-	36,781
	1,131,725	223,095



6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
	2017	2016
	£	£
UK corporation tax	-	3,594
VAT	263	2,809
PAYE control	1,537	-
NIC control	608	-
Directors current account	37	98
Working capital finance	392,975	341
Trade creditors	15,193	31,541
Other creditors	374,566	289
Accruals	6,102	-
Deferred income	1,400,880	-
Amounts due to group companies	171,695	-
	2,363,856	38,672

An arrangement was made with Hampshire Foundation Inc. to provide working capital finance, advanced on a project basis and secured against production units. At the end of the year the balance stood at £168,778 with £174,266 having been advanced and £5,488 repaid. A similar arrangement was made with Sunfunder for working capital related to procurement and at the end of year the balance stood at £224,197 (all advanced during the year), at an interest rate of 10.25%. On 1 July 2016 the company entered into an unsecured loan agreement with the DOEN Foundation for EUR 230,000 to be advanced in 2 instalments at an interest rate of 3% over a period of 3 years 6 months. A further advance of £200,000 was agreed with an option to convert the loan and a total of £265,464 advanced during the year. As at 31/12/17 the balance stood at £374,274.



7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
	2017	2016
	£	£
Loans >1yr	-	108,810
Grants >1yr	-	40,000
Due to group companies >1yr	42,779	-
	42,779	148,810



8. SECURED CREDITORS
	2017	2016
	£	£
Also included in other creditors are convertible loans totalling	(374,274)	-

A fixed charge was created on 22 September 2016 in favour of Hampshire Foundation Inc. (also referred to as Montpelier Foundation) in respect of sales of under hire purchase agreements. A total of £174,266 was advanced during the period.



9. EMPLOYEES

	2017	2016
	No.	No.
Average number of employees	7	6



10. SHARE CAPITAL	2017	2016
	£	£
Allotted, issued and fully paid:
100000 Ordinary of £0.001 each	100	100
32000 Preference shares of £.001 each	32	24
	132	124

New shares issued during period:
97000 Ordinary of £0.001 each	97	97
7529 Preference shares of £.001 each	8	24
	8	121



12. RELATED PARTY TRANSACTIONS
£95,569 has been advanced to EPV Italia by way of loans to cover operating costs, without interest. At the beginning of the period the balance stood at £32,210.
EPV Italia has invoiced £909,332 of manufacturing costs which are included in Work In Progress and Cost of Goods Sold. At the end of the period the total amount owed was £171,695.



13. AUDIT
The company decided to have a voluntary audit. The Auditors were MMO Limited whose Senior Statutory Auditor was F Butler. The audit report was unqualified.



14. CONTINGENT LIABILITIES
In previous years the company received £200,000 in the form of a conditionally repayable grant from Andrews Charitable Trust. In the opinion of the directors this may become repayable within the next 2 years if turnover targets are met.



15. R&D EXPENDITURE
Development costs of £141,221 have been capitalised at a rate of 20% per annum as they are expected to support sales over a 5 year period.



16. REPORTING PERIOD
In 2016 the company changed its year end to 31 December by way of shortening the current reporting period to align its reporting year with its business cycle. The comparative amounts shown are for the 6 month period ended 31 December 2016 and are therefore not directly comparable.