Elmhurst Energy Systems Limited - Period Ending 2019-03-31
Elmhurst Energy Systems Limited - Period Ending 2019-03-31
Registration number:
Elmhurst Energy Systems Limited
for the Year Ended 31 March 2019
Robert Whowell & Partners
Chartered Accountants and Statutory Auditor
Westwood House
78 Loughborough Road
Quorn
Loughborough
Leicestershire
LE12 8DX
Elmhurst Energy Systems Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Elmhurst Energy Systems Limited
Company Information
Directors |
S. J. O'Hara M. H. Reed G. N. Dunn S. A. Fairlie |
Registered office |
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Auditors |
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Page 1 |
Elmhurst Energy Systems Limited
(Registration number: 02805846)
Balance Sheet as at 31 March 2019
Note |
2019 |
2018 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Investments |
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Current assets |
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Stocks |
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- |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets/(liabilities) |
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( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
- |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Capital redemption reserve |
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Profit and loss account |
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Total equity |
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The notes on pages 4 to 14 form an integral part of these financial statements.
Page 2 |
Elmhurst Energy Systems Limited
(Registration number: 02805846)
Balance Sheet as at 31 March 2019
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 by the
.........................................
Director
The notes on pages 4 to 14 form an integral part of these financial statements.
Page 3 |
Elmhurst Energy Systems Limited
Notes to the Financial Statements for the Year Ended 31 March 2019
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
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, unless otherwise stated.
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 except that as disclosed in the accounting policies certain items are shown at fair value.
Audit report
Page 4 |
Elmhurst Energy Systems Limited
Notes to the Financial Statements for the Year Ended 31 March 2019
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
Revenue from the sale of goods and services is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
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.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Page 5 |
Elmhurst Energy Systems Limited
Notes to the Financial Statements for the Year Ended 31 March 2019
Depreciation
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Leasehold improvements |
over the period of the lease |
Fixtures and fittings |
20% on cost |
Computer equipment |
50% and 20% on cost |
Motor vehicles |
20% on cost |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Development costs |
20% on cost |
Goodwill |
5 years |
Investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
Page 6 |
Elmhurst Energy Systems Limited
Notes to the Financial Statements for the Year Ended 31 March 2019
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtor.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
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. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
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.
Page 7 |
Elmhurst Energy Systems Limited
Notes to the Financial Statements for the Year Ended 31 March 2019
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Page 8 |
Elmhurst Energy Systems Limited
Notes to the Financial Statements for the Year Ended 31 March 2019
Intangible assets |
Goodwill |
Other |
Total |
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Cost or valuation |
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At 1 April 2018 |
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At 31 March 2019 |
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Amortisation |
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At 1 April 2018 |
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Amortisation charge |
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At 31 March 2019 |
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Carrying amount |
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At 31 March 2019 |
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At 31 March 2018 |
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Page 9 |
Elmhurst Energy Systems Limited
Notes to the Financial Statements for the Year Ended 31 March 2019
Tangible assets |
Leasehold improvements |
Fixtures, fittings and computer equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 April 2018 |
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Additions |
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- |
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Disposals |
- |
( |
- |
( |
At 31 March 2019 |
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Depreciation |
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At 1 April 2018 |
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Charge for the year |
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Eliminated on disposal |
- |
( |
- |
( |
At 31 March 2019 |
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Carrying amount |
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At 31 March 2019 |
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At 31 March 2018 |
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Investments |
2019 |
2018 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 April 2018 |
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At 31 March 2019 |
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Provision |
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Carrying amount |
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At 31 March 2019 |
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At 31 March 2018 |
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Page 10 |
Elmhurst Energy Systems Limited
Notes to the Financial Statements for the Year Ended 31 March 2019
Stocks |
2019 |
2018 |
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Stocks |
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- |
Debtors |
Note |
2019 |
2018 |
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Trade debtors |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Prepayments |
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Other debtors |
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Page 11 |
Elmhurst Energy Systems Limited
Notes to the Financial Statements for the Year Ended 31 March 2019
Creditors |
Creditors: amounts falling due within one year
Note |
2019 |
2018 |
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Due within one year |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
2019 |
2018 |
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Due after one year |
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Other non-current financial liabilities |
- |
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Share capital |
Allotted, called up and fully paid shares
2019 |
2018 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
Page 12 |
Elmhurst Energy Systems Limited
Notes to the Financial Statements for the Year Ended 31 March 2019
Related party transactions |
Transactions with directors |
2019 |
At 1 April 2018 |
Repaid |
Interest charged |
At 31 March 2019 |
S. J. O'Hara |
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Directors' loan |
247,093 |
( |
2,606 |
- |
2018 |
At 1 April 2017 |
Advanced |
Repaid |
Interest charged |
At 31 March 2018 |
S. J. O'Hara |
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Directors' loan |
221,118 |
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( |
1,881 |
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Summary of transactions with parent
Summary of transactions with other related parties
Income and receivables from related parties
2019 |
Other related parties |
Receipt of services |
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2018 |
Other related parties |
Receipt of services |
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Page 13 |
Elmhurst Energy Systems Limited
Notes to the Financial Statements for the Year Ended 31 March 2019
Loans to related parties
2019 |
Parent |
Other related parties |
At start of period |
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Advanced |
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At end of period |
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Loans from related parties
2019 |
Parent |
Other related parties |
At start of period |
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Advanced |
- |
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Repaid |
( |
- |
At end of period |
- |
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Parent and ultimate parent undertaking |
The company's immediate parent is
Page 14 |