The Green Energy Advice Bureau Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 08387881 (England and Wales)

Unaudited Financial Statements

for the Period

1 April 2023 to 31 December 2023

for

The Green Energy Advice Bureau Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr P Cobb

Mr P N Lilley

Mr C D Anderson

Mr M Whitelaw

REGISTERED OFFICE:

Unit 3a, Hylton Park

Sunderland Enterprise Park

Wessington Way

Sunderland

SR5 3HD

REGISTERED NUMBER:

08387881 (England and Wales)

ACCOUNTANTS:

Haines Watts North East Audit LLP

17 Queens Lane

Newcastle upon Tyne

NE1 1RN

FIXED ASSETS

Intangible assets

5

894,135

976,865

Tangible assets

6

415,466

449,850

1,309,601

1,426,715

CURRENT ASSETS

Debtors

7

1,946,442

2,365,223

Cash at bank

2,485,521

285,272

4,431,963

2,650,495

CREDITORS

Amounts falling due within one year

8

2,969,739

2,232,394

NET CURRENT ASSETS

1,462,224

418,101

TOTAL ASSETS LESS CURRENT LIABILITIES

2,771,825

1,844,816

CREDITORS

Amounts falling due after more than one year

9

(1,856,349

)

(2,578,297

)

PROVISIONS FOR LIABILITIES

11

(66,575

)

(53,991

)

NET ASSETS/(LIABILITIES)

848,901

(787,472

)

CAPITAL AND RESERVES

Called up share capital

100

100

Profit and loss account

848,801

(787,572

)

848,901

(787,472

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 March 2024 and were signed on its behalf by:

Mr P N Lilley - Director

1.	STATUTORY INFORMATION

The Green Energy Advice Bureau Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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 a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared for the period 1 April 2023 to December 2023 in order to align the entity's reporting period with that of the main industry suppliers. As a result, the comparatives are not entirely comparable.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Turnover

Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value takes into account all related deductions.

The company adopts the prudency approach when recognising revenue, and as such commissions earned on contracts are only recognised when they become billable under the terms of those signed contracts.

As customer commission has an element of uncertainty with regards such events as under usage or customer failure, the above approach allows that no further provision is required as sufficient set aside is made by the deferral of revenue recognition.

Intangible assets

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Development costs

25% reducing balance

Tangible fixed assets

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:

Leasehold improvements

25% reducing balance

Plant and equipment

25% reducing balance

Fixtures and fittings

25% reducing balance

In 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.

Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss , unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Cash and cash equivalents

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.

Financial instruments

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

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.

Classification of financial liabilities

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

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.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development

Expenditure on research and development is written off in the year in which it is incurred. Identifiable

development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Employee benefits

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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 78 (2023 - 78 ) .

5.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 April 2023

1,353,922

Additions

97,516

At 31 December 2023

1,451,438

AMORTISATION

At 1 April 2023

377,057

Charge for period

180,246

At 31 December 2023

557,303

NET BOOK VALUE

At 31 December 2023

894,135

At 31 March 2023

976,865

6.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2023

907,576

Additions

35,811

At 31 December 2023

943,387

DEPRECIATION

At 1 April 2023

457,726

Charge for period

70,195

At 31 December 2023

527,921

NET BOOK VALUE

At 31 December 2023

415,466

At 31 March 2023

449,850

7.

DEBTORS

2023

2023

£

£

Amounts falling due within one year:

Trade debtors

87,684

179,415

Other debtors

554,282

840,272

641,966

1,019,687

Amounts falling due after more than one year:

Amounts owed by group undertakings

1,304,476

1,345,536

Aggregate amounts

1,946,442

2,365,223

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2023

£

£

Bank loans and overdrafts

931,970

910,028

Finance leases (see note 10)

74,893

85,255

Trade creditors

283,744

298,781

Taxation and social security

1,655,035

875,744

Other creditors

24,097

62,586

2,969,739

2,232,394

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2023

£

£

Bank loans

1,816,751

2,458,122

Finance leases (see note 10)

39,598

120,175

1,856,349

2,578,297

10.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Finance leases

2023

2023

£

£

Net obligations repayable:

Within one year

74,893

85,255

Between one and five years

39,598

120,175

114,491

205,430

Non-cancellable operating

leases

2023

2023

£

£

Within one year

2,852

3,030

Between one and five years

1,394

3,310

4,246

6,340

11.	PROVISIONS FOR LIABILITIES

2023

2023

£

£

Deferred tax

66,575

53,991

Deferred

tax

£

Balance at 1 April 2023

53,991

Charge to Profit and Loss Account during period

12,584

Balance at 31 December 2023

66,575

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

12.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Prestige Worldwide Group Limited, a company registered in England and Wales.