BOXED ENERGY LIMITED

BOXED ENERGY LIMITED

BOXED ENERGY LIMITED - Company Information

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BOXED ENERGY LIMITED

Company Registration Number:
08333841 (England and Wales)

Unaudited abridged accounts for the year ended 31 March 2021

Period of accounts

Start date: 31 March 2020

End date: 31 March 2021

BOXED ENERGY LIMITED

Contents of the Financial Statements

for the Period Ended 31 March 2021

Balance sheet
Notes

BOXED ENERGY LIMITED

Balance sheet

As at 31 March 2021


Notes
2021
2020


£
£
Fixed assets
Intangible assets: 3 34,419 34,419
Tangible assets: 4 3,937 7,503
Total fixed assets: 38,356 41,922
Current assets
Debtors: 5 1,062,047 924,150
Cash at bank and in hand: 8,429 55,209
Total current assets: 1,070,476 979,359
Creditors: amounts falling due within one year: 6 (1,058,876) (904,172)
Net current assets (liabilities): 11,600 75,187
Total assets less current liabilities: 49,956 117,109
Creditors: amounts falling due after more than one year:   (100,000) (100,000)
Total net assets (liabilities): (50,044) 17,109
Capital and reserves
Called up share capital: 100,000 100,000
Profit and loss account: (150,044) (82,891)
Shareholders funds: (50,044) 17,109

The notes form part of these financial statements

BOXED ENERGY LIMITED

Balance sheet statements

For the year ending 31 March 2021 the company was entitled to exemption 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 Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 20 December 2021
and signed on behalf of the board by:

Name: P E Tuch
Status: Director

The notes form part of these financial statements

BOXED ENERGY LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2021

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and revenue can be reliably measured and the Company has transferred the significant risks and rewards of ownership to the buyer. This is deemed to be following successful completion of the installation of the goods. Until this has been completed, costs incurred are prepaid and associated payments on account received are deferred.

Tangible fixed assets and depreciation policy

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis: Plant and machinery - 5 years. Fixtures and fittings - 5 years.

Intangible fixed assets and amortisation policy

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. Amortisation is provided on the following basis: Development - 20% straight line.

BOXED ENERGY LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2021

2. Employees

2021 2020
Average number of employees during the period 0 0

BOXED ENERGY LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2021

3. Intangible Assets

Total
Cost £
At 31 March 2020 154,419
Additions 0
Disposals 0
At 31 March 2021 154,419
Amortisation
At 31 March 2020 120,000
Charge for year 0
At 31 March 2021 120,000
Net book value
At 31 March 2021 34,419
At 30 March 2020 34,419

BOXED ENERGY LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2021

4. Tangible Assets

Total
Cost £
At 31 March 2020 19,894
Additions 0
Disposals (1,650)
Revaluations 0
At 31 March 2021 18,244
Depreciation
At 31 March 2020 12,391
Charge for year 3,566
On disposals (1,650)
At 31 March 2021 14,307
Net book value
At 31 March 2021 3,937
At 30 March 2020 7,503

BOXED ENERGY LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2021

5. Debtors

2021 2020
££
Debtors due after more than one year: 0 0

As at 31 March 2021: Trade debtors was £447,293 (2020: £567,986). Amounts owed by related entities was £108,439 (2020: £113,821). Prepayments and accrued income was £506,315 (2020: £242,341).

BOXED ENERGY LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2021

6. Creditors: amounts falling due within one year note

As at 31 March 2021: Trade creditors was £142,625 (2020: £320,109). Amounts owed to related entities was £364,971 (2020: £382,017). Other taxation and social security was £95,382 (2020: £40,005). Accruals and deferred income was £455,898 (2020: £162,041).

BOXED ENERGY LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2021

7. Related party transactions

Name of the related party: Places for People Ventures Limited
Relationship:
Parent company of 50% shareholder
Description of the Transaction: Places for People Ventures Limited is the parent company of Places for People Green Services Limited, which own 50% of the shares of the Company. Finance costs of £nil (2020: £nil) were paid during the year on the loan and repayments of £nil (2020: £nil) were made. The Company owed £100,000 (2020: £100,000) capital plus £31,337 (2020: £24,337) of interest at the balance sheet date. Places for People Ventures Limited has a floating charge registered over the assets of the Company as security for this loan.
£
Balance at 31 March 2020 124,337
Balance at 31 March 2021 131,337
Name of the related party: Places for People Homes Limited
Relationship:
Related company of 50% shareholding company
Description of the Transaction: Places for People Homes is a company which is related to Places for People Green Services Limited, which own 50% of the shares of the Company. During the year, the Company made sales totalling £12,456 (2020: £248,563) to Places for People Homes Limited. During the year, the Company was charged £42,441 (2020: £587,134) for services provided by Places for People Homes Limited. At the year-end £361,420 (2020: £366,067) was owed to Places for People Homes Limited by the Company.
£
Balance at 31 March 2020 366,067
Balance at 31 March 2021 361,420
Name of the related party: Boxed Light Services Limited
Relationship:
Common directors
Description of the Transaction: During the year, the Company made sales totalling £62,845 (2020: £694,065) to Boxed Light Services Limited, a company in which M Button and P Tuch are also directors. At the year-end £346,237 (2020: £551,932) was owed by Boxed Light Services Limited to the Company.
£
Balance at 31 March 2020 551,932
Balance at 31 March 2021 346,237
Name of the related party: Fontenergy Construction Services Limited
Relationship:
Joint Venture
Description of the Transaction: During the year Fontenergy Construction Services Limited provided services to the Company for the value of £36,000 (2020 £36,000) net of VAT in respect of management charges. During the year Fontenergy Construction Services Limited provided services to the Company for the value of £102,459 (2020: £nil) net of VAT in respect of on-site services. During the year to the Company loaned Fontenergy Construction Services Limited £297,000 (2020: £114,172) and a balance of £300,878 (2020: £59,408) was repaid. At the year-end £105,868 (2020: £93,031) was owed to the Company by Fontenergy Construction Services Limited. P Tuch and M Button, directors of the Company, are also directors of Fontenergy Construction Services Limited.
£
Balance at 31 March 2020 93,031
Balance at 31 March 2021 105,868