RCG Energy Ltd - Period Ending 2020-04-30

RCG Energy Ltd

Contents

Company Information	1
Directors' Report	2 to 3
Accountants' Report	4
Abridged Profit and Loss Account	5
Abridged Balance Sheet	6 to 7
Statement of Changes in Equity	8
Notes to the Abridged Financial Statements	9 to 11
Non-statutory pages	12 to 13

RCG Energy Ltd

Company Information

Directors

Mr R Gledhill Miss L Davies

Registered office

Llainffynnon Rhydargaeau Road Carmarthen Dyfed SA32 7AJ

Accountants

Moore Scarrott Limited Chartered Accountants Calyx House South Road Taunton Somerset TA1 3DU

RCG Energy Ltd

Directors' Report for the Year Ended 30 April 2020

The directors present their report and the abridged financial statements for the year ended 30 April 2020.

Directors of the company

The directors who held office during the year were as follows:

Mr R Gledhill

Miss L Davies

Principal activity

The principal activity of the company is Energy Consultants.

Going concern

The accounts have been drawn up on a going concern basis. The company meets its day to day working capital requirements through the director's loan account. The director's have confirmed that they will not seek repayment of this amount until the company has sufficient funds available to do so. Therefore the company will have sufficient funding to enable it to continue trading for at least one year from the date of the approval of these accounts.

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

•	select suitable accounting policies and apply them consistently;

•	make judgements and accounting estimates that are reasonable and prudent;

•	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Small companies provision statement

This report has 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.

RCG Energy Ltd

Directors' Report for the Year Ended 30 April 2020

Approved by the Board on 4 September 2020 and signed on its behalf by:

Mr R Gledhill
Director

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
RCG Energy Ltd
for the Year Ended 30 April 2020

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of RCG Energy Ltd for the year ended 30 April 2020 as set out on pages 5 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of RCG Energy Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of RCG Energy Ltd and state those matters that we have agreed to state to the Board of Directors of RCG Energy Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than RCG Energy Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that RCG Energy Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of RCG Energy Ltd. You consider that RCG Energy Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of RCG Energy Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

Moore Scarrott Limited
Chartered Accountants
Calyx House
South Road
Taunton
Somerset
TA1 3DU

14 September 2020

RCG Energy Ltd

Abridged Profit and Loss Account for the Year Ended 30 April 2020

	Note	2020 £	2019 £
Gross loss		-	(20)
Administrative expenses		(20,203)	(6,196)
Loss before tax		(20,203)	(6,216)
Loss for the financial year		(20,203)	(6,216)

The company has no recognised gains or losses for the year other than the results above.

RCG Energy Ltd

(Registration number: 08373710)
Abridged Balance Sheet as at 30 April 2020

	Note	2020 £	2019 £
Fixed assets
Tangible assets	3	123,449	111,750
Current assets
Stocks		50	50
Debtors		-	110
Cash at bank and in hand		1,763	36
		1,813	196
Creditors: Amounts falling due within one year		(155,588)	(122,069)
Net current liabilities		(153,775)	(121,873)
Net liabilities		(30,326)	(10,123)
Capital and reserves
Called up share capital		10	10
Profit and loss account		(30,336)	(10,133)
Total equity		(30,326)	(10,123)

RCG Energy Ltd

(Registration number: 08373710)
Abridged Balance Sheet as at 30 April 2020

For the financial year ending 30 April 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

	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.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 4 September 2020 and signed on its behalf by:
 

 

Mr R Gledhill

Director

 

Miss L Davies

Director

RCG Energy Ltd

Statement of Changes in Equity for the Year Ended 30 April 2020

	Share capital £	Profit and loss account £	Total £
At 1 May 2019	10	(10,133)	(10,123)
Loss for the year	-	(20,203)	(20,203)
At 30 April 2020	10	(30,336)	(30,326)

	Share capital £	Profit and loss account £	Total £
At 1 May 2018	10	(3,917)	(3,907)
Loss for the year	-	(6,216)	(6,216)
At 30 April 2019	10	(10,133)	(10,123)

RCG Energy Ltd

Notes to the Abridged Financial Statements for the Year Ended 30 April 2020

1	General information

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

The address of its registered office is:
Llainffynnon
Rhydargaeau Road
Carmarthen
Dyfed
SA32 7AJ

2	Accounting policies

Statement of compliance

These abridged financial statements were 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 abridged 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.

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 sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable the future economic benefits will flow into the entity, and specific criteria have been met for each of the company activities.

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 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.

RCG Energy Ltd

Notes to the Abridged Financial Statements for the Year Ended 30 April 2020

Deferred 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 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 assets

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

Depreciation

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:

Asset class	Depreciation method and rate
Freehold property	2% straight line
Plant and machinery	25% reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

RCG Energy Ltd

Notes to the Abridged Financial Statements for the Year Ended 30 April 2020

3	Tangible assets

	Total £
Cost or valuation
At 1 May 2019	118,363
Additions	14,473
At 30 April 2020	132,836
Depreciation
At 1 May 2019	6,613
Charge for the year	2,774
At 30 April 2020	9,387
Carrying amount
At 30 April 2020	123,449
At 30 April 2019	111,750

4	Related party transactions

Transactions with directors

2020	Advances to directors £	Repayments by director £	At 30 April 2020 £
Mr R Gledhill
Directors' advance and credits- repayable on demand and interest charged at commercial rate.	72	(72)	-

RCG Energy Ltd

Detailed Profit and Loss Account for the Year Ended 30 April 2020

	2020 £	2019 £
Turnover	-	-
Cost of sales	-	(20)
Gross loss	-	(20)
Administrative expenses
Establishment costs	15,389	1,847
General administrative expenses	1,945	1,728
Finance charges	95	80
Depreciation costs	2,774	2,541
	20,203	6,196
Operating loss	(20,203)	(6,216)
Loss before tax	(20,203)	(6,216)

RCG Energy Ltd

Detailed Profit and Loss Account for the Year Ended 30 April 2020

2020 £

2019 £

Cost of sales
Opening raw materials	50	50
Purchases	-	20
Closing raw materials	(50)	(50)
	-	20

Establishment costs
Rent	488	488
Rates	494	642
Light, heat and power	83	122
Insurance	609	570
Repairs and renewals	13,715	25
	15,389	1,847

General administrative expenses
Telephone and fax	238	309
Travel and subsistence	675	225
Accountancy fees	1,032	984
Legal and professional fees	-	210
	1,945	1,728

Finance charges
Bank charges	95	80

Depreciation costs
Depreciation of freehold property	2,604	2,314
Depreciation of plant and machinery (owned)	170	227
	2,774	2,541