Elmhurst Energy Systems Limited - Period Ending 2020-03-31
Elmhurst Energy Systems Limited - Period Ending 2020-03-31
Registration number:
Elmhurst Energy Systems Limited
for the Year Ended 31 March 2020
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 T. Lakhani |
Registered office |
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Auditors |
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Elmhurst Energy Systems Limited
(Registration number: 02805846)
Balance Sheet as at 31 March 2020
Note |
2020 |
2019 |
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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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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 |
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Total assets less current liabilities |
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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 |
100 |
100 |
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Capital redemption reserve |
1,900 |
1,900 |
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Profit and loss account |
1,508,091 |
1,869,891 |
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Shareholders' funds |
1,510,091 |
1,871,891 |
Elmhurst Energy Systems Limited
(Registration number: 02805846)
Balance Sheet as at 31 March 2020
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
Elmhurst Energy Systems Limited
Notes to the Financial Statements for the Year Ended 31 March 2020
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
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, 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.
Elmhurst Energy Systems Limited
Notes to the Financial Statements for the Year Ended 31 March 2020
Foreign currency transactions and balances
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account.
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.
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.
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, fittings and computer equipment |
20% and 50% on cost |
Motor vehicles |
20% on cost |
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.
Elmhurst Energy Systems Limited
Notes to the Financial Statements for the Year Ended 31 March 2020
Development costs
Software development costs are incurred at the date of purchase. Software development is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation over its useful life.
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 |
Software development |
20% on cost |
Goodwill |
5 years |
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.
Elmhurst Energy Systems Limited
Notes to the Financial Statements for the Year Ended 31 March 2020
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Elmhurst Energy Systems Limited
Notes to the Financial Statements for the Year Ended 31 March 2020
Intangible assets |
Goodwill |
Software development |
Total |
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Cost or valuation |
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At 1 April 2019 |
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Additions |
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- |
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At 31 March 2020 |
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Amortisation |
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At 1 April 2019 |
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Amortisation charge |
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At 31 March 2020 |
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Carrying amount |
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At 31 March 2020 |
- |
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At 31 March 2019 |
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Elmhurst Energy Systems Limited
Notes to the Financial Statements for the Year Ended 31 March 2020
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 2019 |
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Additions |
- |
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Disposals |
- |
- |
( |
( |
At 31 March 2020 |
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Depreciation |
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At 1 April 2019 |
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Charge for the year |
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Eliminated on disposal |
- |
- |
( |
( |
At 31 March 2020 |
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Carrying amount |
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At 31 March 2020 |
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At 31 March 2019 |
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Elmhurst Energy Systems Limited
Notes to the Financial Statements for the Year Ended 31 March 2020
Investments |
2020 |
2019 |
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Investments in subsidiaries |
- |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 April 2019 |
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Disposals |
( |
At 31 March 2020 |
- |
Carrying amount |
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At 31 March 2020 |
- |
At 31 March 2019 |
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Stocks |
2020 |
2019 |
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Stocks |
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Debtors |
Note |
2020 |
2019 |
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Trade debtors |
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Amounts owed by group undertakings |
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Prepayments |
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Other debtors |
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Elmhurst Energy Systems Limited
Notes to the Financial Statements for the Year Ended 31 March 2020
Creditors |
Creditors: amounts falling due within one year
Note |
2020 |
2019 |
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Due within one year |
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Trade creditors |
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Amounts owed to group undertakings |
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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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Share capital |
Allotted, called up and fully paid shares
2020 |
2019 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
Related party transactions |
Summary of transactions with parent
Elmhurst Energy Systems Limited
Notes to the Financial Statements for the Year Ended 31 March 2020
Summary of transactions with other related parties
Income and receivables from related parties
2020 |
Other related parties |
Receipt of services |
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2019 |
Other related parties |
Receipt of services |
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Loans to related parties
2020 |
Parent |
Other related parties |
Total |
At start of period |
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Advanced |
- |
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Repaid |
( |
- |
( |
At end of period |
- |
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2019 |
Parent |
Other related parties |
Total |
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
2020 |
Other related parties |
Total |
At start of period |
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Advanced |
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At end of period |
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Elmhurst Energy Systems Limited
Notes to the Financial Statements for the Year Ended 31 March 2020
2019 |
Parent |
Other related parties |
Total |
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