Think Energy Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC579827 (Scotland)

Financial Statements

For The Year Ended 30 April 2020

for

Think Energy Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

P K Ferrier

REGISTERED OFFICE:

Unit 7

10 South Douglas Street

Clydebank

Glasgow

G81 1PD

REGISTERED NUMBER:

SC579827 (Scotland)

ACCOUNTANTS:

Cahill Jack Associates Limited

91 Alexander Street

Airdrie

North Lanarkshire

ML6 0BD

FIXED ASSETS

Tangible assets

4

15,400

2,296

CURRENT ASSETS

Debtors

5

901,947

388,227

Cash at bank

169,176

100,968

1,071,123

489,195

CREDITORS

Amounts falling due within one year

6

458,795

223,018

NET CURRENT ASSETS

612,328

266,177

TOTAL ASSETS LESS CURRENT LIABILITIES

627,728

268,473

PROVISIONS FOR LIABILITIES

2,926

436

NET ASSETS

624,802

268,037

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

624,801

268,036

624,802

268,037

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 31 August 2020 and were signed by:

P K Ferrier - Director

1.	STATUTORY INFORMATION

Think Energy Ltd 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.

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue

can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding

value added tax and any other sales taxes The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from sale of goods is recognised when all of the following conditions are satisfied:

- the company has transferred the significant risks and rewards of ownership to the buyer;

- the company retains neither continuing managerial involvement to the degree usually associated with ownership

nor effective control over the goods sold;

- the amount of revenue can be measured reliably;

- it is probable that the company will receive the consideration due under the transaction;

- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from agreement to provide services is recognised in the period in which the services are provided when all of the

following conditions are satisfied:

- the amount of revenue can be measured reliably;

- it is probable that the company will receive the consideration due under the agreement.

Tangible fixed assets

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

Plant and machinery etc

-

25% on reducing balance

The company adds to the carrying amount of an item of fixed asset the cost of replacing part of such an item when that

cost is incurred, if the replacement part is expected to provide incremental future benefits to the

company. Any carrying amount of the replaced part is written off. Repairs and maintenance are charged to

the profit and loss during the year in which they are incurred except for any parts unused at the year end.

Asset residual values, useful lives and depreciation methods of relevant assets are reviewed, and adjusted

prospectively if appropriate. Gains and losses on disposals are determined by comparing the proceeds with

the carrying amount and recognised in the profit and loss during the year of disposal.

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have

suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset

is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is

reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its

recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been

recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

Financial instruments

The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors and bank loans.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence

of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss.

Other items

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest rate method so that the

amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the

proceeds of the associated capital instrument.

Holiday pay

A liability is recognised to the extent of any unused holiday pay entitlement which has accrued at the balance sheet date

and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so

accrued at the balance sheet date.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2019 - 8 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 May 2019

3,500

Additions

18,238

At 30 April 2020

21,738

DEPRECIATION

At 1 May 2019

1,204

Charge for year

5,134

At 30 April 2020

6,338

NET BOOK VALUE

At 30 April 2020

15,400

At 30 April 2019

2,296

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.20

30.4.19

£

£

Trade debtors

901,947

388,227

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.20

30.4.19

£

£

Trade creditors

14,509

64,829

Amounts owed to participating interests

339,016

146,850

Taxation and social security

94,269

6,049

Other creditors

11,001

5,290

458,795

223,018

7.	ULTIMATE CONTROLLING PARTY

The controlling party is P K Ferrier.