H14 Energy Limited Accounts

H14 ENERGY LIMITED - Company Information






H14 Energy Limited

	Company No. 09007964
		Information for Filing with The Registrar
		31 March 2022

at	31 March 2022
Company No.		09007964	Notes	2022	2021
				£	£
Fixed assets

	Tangible assets		5	2,747,066	2,932,176


				2,747,066	2,932,176
Current assets

	Debtors		6	131,997	126,882

	Cash at bank and in hand			712,729	596,842
				844,726	723,724
Creditors: Amount falling due within one year			7	(51,503)	(70,758)
Net current assets				793,223	652,966
Total assets less current liabilities				3,540,289	3,585,142

Provisions for liabilities
	Deferred taxation		8	(76,371)	(87,583)

Net assets				3,463,918	3,497,559

Capital and reserves
	Called up share capital			40,557	40,557
	Share premium account		10	4,014,940	4,014,940


	Profit and loss account		10	(591,579)	(557,938)

Total equity				3,463,918	3,497,559



These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.

For the year ended 31 March 2022 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 in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.



As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.

Approved by the board on 14 June 2022
And signed on its behalf by:
E.B.N. Guinness
Director
14 June 2022

for the year ended 31 March 2022

General information

Its registered number is: 09007964

Its registered office is:

C/O External Services Ltd

Central House 20 Central Ave

St. Andrews Business Park

Norwich

NR7 0HR

The functional and presentational currency of the company is Sterling. The accounts are rounded to the nearest pound.

The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland (March 2018) and the Companies Act 2006.

Going concern

The directors, at the time of approving the financial statements, consider that due to positive net current assets and the company is cash positive from operations, there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements. The directors have considered the effects of COVID-19 and concluded that there should be no material impact on the company.

Accounting policies

Turnover

Turnover is measured at the fair value of the consideration received or receivable exclusive of VAT.

Tangible fixed assets and depreciation

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.

Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:

Plant and machinery

5% straight line

Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.

Trade and other creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Leased assets

Where the company enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.

Leases which do not transfer substantially all the risks and rewards of ownership to the Company are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the Company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the Company's policy on borrowing costs (see the accounting policy above).

Assets held under finance leases are depreciated in the same way as owned assets.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term.

In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Financial instruments

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Judgements in applying accounting policies and key sources of estimation uncertainty

In preparing these financial statements, the directors have had to make the following judgements:

Tangible Fixed assets (see note 5)

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where
appropriate. the actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Deferred tax (see note 8)

The directors have considered the likelihood of the use of tax losses in the near future and have determined that the use of those losses will be unlikely. Therefore deferred tax on tax losses has not been provided for.

4	Employees
			2022	2021
			Number	Number
		The average monthly number of employees (including directors) during the year was:	2	2

5	Tangible fixed assets
			Plant and machinery	Total
			£	£
		Cost or revaluation
		At 1 April 2021	3,702,735	3,702,735




		At 31 March 2022	3,702,735	3,702,735
		Depreciation
		At 1 April 2021	770,559	770,559
		Charge for the year	185,110	185,110



		At 31 March 2022	955,669	955,669
		Net book values
		At 31 March 2022	2,747,066	2,747,066
		At 31 March 2021	2,932,176	2,932,176

6	Debtors
			2022	2021
			£	£
		Trade debtors	5,222	7,368



		VAT recoverable	1,157	4,421

		Other debtors	20,000	20,000
		Prepayments and accrued income	105,618	95,093
			131,997	126,882

7	Creditors:
		amounts falling due within one year
			2022	2021
			£	£




		Trade creditors	17,875	39,020


		Other taxes and social security	-	757


		Accruals and deferred income	33,628	30,981
			51,503	70,758

8	Provisions for liabilities
		Deferred taxation

			Accelerated Capital Allowances, Losses and Other Timing Differences	Total
			£	£
		At 1 April 2021	87,583	87,583
		Charge to the profit and loss account for the period	(11,212)	(11,212)

		At 31 March 2022	76,371	76,371



			2022	2021
			£	£
		Accelerated capital allowances	363,336	387,843
		Tax losses	(286,965)	(300,260)


			76,371	87,583

Share capital

The company has 4,055,695 Ordinary £0.01 shares in issue, all of which are allotted, called up and fully paid.

Reserves

Share premium account - includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.

Profit and loss account - includes all current and prior period retained profits and losses.

Related party disclosures

Controlling Party

Immediate and ultimate controlling party:

No single party controls the company.