ENERGYPRO_ASSET_MANAGEMEN - Accounts

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

EnergyPro Asset Management Limited is a private company limited by shares incorporated in England and Wales. The registered office is 7 Bell Yard, London, WC2A 2JR.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention other than fixed asset investments.

A discounted future cash flow model has been used to calculate the fair value of the unlisted investments which comprise minority shareholdings. This methodology has been used as the basis of the valuation used in these financial statements, a valuation on a net assets basis would give a materially lower value, but the Directors are of the opinion that this would not give a true and fair view of the value of the investments. The Directors' have reviewed the carrying value at at 31 March 2022 and are of the opinion that there is no material change from that used as at 31 March 2021.

The impact of this revaluation is to show an unrealised revaluation gain on unlisted investments of £5,815,966.

The principal accounting policies adopted are set out below.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

The average monthly number of persons (including directors) employed by the company during the year was:

Unlisted investments comprise entities in which the company holds a non-controlling interest.

The Directors' have revalued the unlisted investments held by the company. Should the unlisted investments have been included at historical cost the value in investments would have been £5,790,250 as opposed to the revalued amount of £11,606,216, this gain is recognised in the profit and loss reserve but is not distributable in accordance with Companies Act 2006.

The historical cost of unlisted investments overall is £5,790,250.

Included within amounts due within one year is a Coronavirus Bounce Back Loan which is secured by way of government guarantee, with £10,920 due within one year, included within bank loans. The loan is due to be fully repaid within five years. £35,960 is due after one year.

Included within amounts due after one year is a Coronavirus Bounce Back Loan which is secured by way of government backed guarantee, with £35,960 due after one year included within bank loans and overdrafts. The loan is due to be fully repaid within five years. £10,920 is due within one year, included within bank loans.

The company has guarantees in respect of a loan to fellow group company EnergyPro Limited. The loan value is £749,600 (2021: £739,959).

As at the date of approval of the financial statments, no default has occurred which would trigger the above liability, nor is one anticipated. As such, the directors consider that the fair valude of this obligation is £nil and there is no recognition of a liability on the balance sheet

During the period ended 31 March 2018 the company received a loan of £5,378,750 from EESL EnergyPro Assets Limited, an entity in which this company holds a minority interest, and was charged interest and fees of £361,491 (2021: £350,762) during the year based on commercial terms. At the balance sheet date £6,868,662 (2021: £6,507,172) was owed by the company to EESL EnergyPro Assets Limited. There is an agreement in place for this to be repaid on 13 March 2023.

At the balance sheet date £106,381 (2021: £150,714) was owed to the companies which have common directors.

At the balance sheet date £366,961 (2021: £150,714) was due to companies under common control. £97,490 (2021: £14,866) is held within trade creditors, and £269,471 (2021: £135,848) is held within amounts due to other group undertakings. Also held within trade creditors is £8,891 (2021: £nil) owed to a company in which L Bedford is also a director.

At the balance sheet date £412 (2021: £NIL) was owed to a company under common control.

At the balance sheet date, the directors owed the company £13,097 (2021: £13,097) and is included in other debtors.

On 31 March 2022 a restructure took place which meant that a number of entities which had been under the common control of the Directors were brought into a single group.

The ultimate controlling party is EP Group Corporate Holdings Limited and its registered office is 7 Bell Yard, London, England, WC2A 2JR.