Recharge Energy Limited
Recharge Energy Limited
Registered number: 08372269
Unaudited Financial Statements
For The Year Ended
31 January 2021
WA&A
359 Yardley Road
Yardley
Birmingham
West Midlands
B25 8NB
Recharge Energy Limited
Unaudited Financial Statements
For The Year Ended
31 January 2021
Unaudited Financial Statements
Contents | |
Page | |
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Balance Sheet | 1—2 |
Notes to the Financial Statements | 3—5 |
Recharge Energy Limited
Balance Sheet
As at
31 January 2021
Balance Sheet
Registered number:
08372269
For the year ending 31 January 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
2021 | 2020 | ||||
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Notes | £ | £ | £ | £ | |
FIXED ASSETS | |||||
Tangible Assets | 3 |
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CURRENT ASSETS | |||||
Debtors | 4 |
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Cash at bank and in hand |
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Creditors: Amounts Falling Due Within One Year | 5 |
( |
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NET CURRENT ASSETS (LIABILITIES) |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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PROVISIONS FOR LIABILITIES | |||||
Deferred Taxation |
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- | |||
NET ASSETS |
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CAPITAL AND RESERVES | |||||
Called up share capital | 6 |
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Revaluation reserve | 7 |
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Profit and Loss Account |
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SHAREHOLDERS' FUNDS | 27,185 | 2,312 | |||
Page 1
Recharge Energy Limited
Balance Sheet (continued)
As at
31 January 2021
Directors' responsibilities:
-
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 Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Director
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The notes on pages 3 to 5 form part of these financial statements.
Page 2
Recharge Energy Limited
Notes to the Financial Statements
For The Year Ended
31 January 2021
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
1.3.
Turnover
Turnover relates to rental income from property leases. Rental income is accrued or deferred dependent on the terms of the rental agreement and is recognised in the period in which it is earned.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, value added tax and other sales taxes.
1.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings |
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1.5.
Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
The 2021 valuation of the residential properties was made by the director based on their knowledge of the property and the market.
1.6.
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 statement of comprehensive income 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 timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing 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. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related 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.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: NIL (2020: NIL)
Page 3
Recharge Energy Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 January 2021
3.
Tangible Assets
Investment Properties | Fixtures & Fittings | Total | |
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£ | £ | £ | |
Cost or Valuation | |||
As at
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Additions | 110,000 |
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Revaluation | 24,669 |
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As at
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Depreciation | |||
As at
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Provided during the period | - |
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As at
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Net Book Value | |||
As at
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As at
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Investment properties have been purchased and updated to reflect their fair value based on valuations of similar units and is of the opinion of the directors that the fair value of the investment properties are included in the accounts is an accurate reflection based on curent market values.
The fair value of investment properties as at 31 Janaury 2021 is represented by valuation of £24,669 and cost of £245,331 showing a total fair value of £270,000.
4.
Debtors
2021 | 2020 | ||
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£ | £ | ||
Due within one year | |||
Trade debtors |
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Prepayments and accrued income |
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5.
Creditors: Amounts Falling Due Within One Year
2021 | 2020 | ||
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£ | £ | ||
Corporation tax |
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Other creditors |
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Accruals and deferred income |
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Directors' loan accounts |
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Page 4
Recharge Energy Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 January 2021
7.
Reserves
Revaluation Reserve | |
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£ | |
Transfer to profit and loss |
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As at
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8.
General Information
Recharge Energy Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
08372269
. The registered office is 56 Oakham Road, Harborne, Birmingham, B17 9DG.
Page 5