Energy Portfolio Ltd - Period Ending 2023-06-30
Energy Portfolio Ltd - Period Ending 2023-06-30
Registration number:
Energy Portfolio Ltd
for the Year Ended 30 June 2023
Energy Portfolio Ltd
Contents
Director's Report |
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Accountants' Report |
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Profit and Loss Account |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Unaudited Financial Statements |
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Detailed Profit and Loss Account |
Energy Portfolio Ltd
Director's Report for the Year Ended 30 June 2023
The director presents his report and the financial statements for the year ended 30 June 2023.
Director of the company
The director who held office during the year was as follows:
Principal activity
The principal activity of the company is the supply of staff services to a consultancy operating in the energy sector.
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
......................................... |
Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Energy Portfolio Ltd
for the Year Ended 30 June 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Energy Portfolio Ltd for the year ended 30 June 2023 as set out on pages 3 to 12 from the company's accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of Energy Portfolio Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Energy Portfolio Ltd and state those matters that we have agreed to state to the Board of Directors of Energy Portfolio Ltd, as a body. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Energy Portfolio Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Energy Portfolio Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Energy Portfolio Ltd. You consider that Energy Portfolio Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Energy Portfolio Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
......................................
Date:.............................
Energy Portfolio Ltd
Profit and Loss Account for the Year Ended 30 June 2023
Note |
2023 |
2022 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Operating profit |
|
|
|
Other interest receivable and similar income |
|
|
|
Interest payable and similar expenses |
( |
- |
|
Profit before tax |
|
|
|
Taxation |
( |
( |
|
Profit for the financial year |
|
|
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Energy Portfolio Ltd
(Registration number: 08100311)
Balance Sheet as at 30 June 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Intangible assets |
|
|
|
Tangible assets |
|
|
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
- |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
100 |
100 |
|
Profit and loss account |
539,861 |
539,818 |
|
Shareholders' funds |
539,961 |
539,918 |
For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
|
• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
......................................... |
Energy Portfolio Ltd
Statement of Changes in Equity for the Year Ended 30 June 2023
Share capital |
Profit and loss account |
Total |
|
At 1 July 2022 |
|
|
|
Profit for the year |
- |
|
|
Total comprehensive income |
- |
|
|
Dividends |
- |
( |
( |
At 30 June 2023 |
|
|
|
Energy Portfolio Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
England
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures & Fittings |
15% reducing balance |
Energy Portfolio Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023
Office Equipment |
15% reducing balance |
Motor Vehicles |
25% straight line |
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Number Plate |
15% reducing rate |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Energy Portfolio Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Profit before tax |
Arrived at after charging/(crediting)
2023 |
2022 |
|
Depreciation expense |
|
|
Energy Portfolio Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023
Intangible assets |
Other intangible assets |
|
Cost or valuation |
|
At 1 July 2022 |
|
At 30 June 2023 |
|
Amortisation |
|
At 1 July 2022 |
|
Amortisation charge |
|
At 30 June 2023 |
|
Carrying amount |
|
At 30 June 2023 |
|
At 30 June 2022 |
|
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Total |
|
Cost or valuation |
|||
At 1 July 2022 |
|
|
|
Additions |
|
|
|
Disposals |
( |
( |
( |
At 30 June 2023 |
|
- |
|
Depreciation |
|||
At 1 July 2022 |
|
- |
|
Charge for the year |
|
- |
|
Eliminated on disposal |
( |
- |
( |
At 30 June 2023 |
|
- |
|
Carrying amount |
|||
At 30 June 2023 |
|
- |
|
At 30 June 2022 |
|
|
|
Stocks |
2023 |
2022 |
|
Other inventories |
|
|
Debtors |
Energy Portfolio Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023
2023 |
2022 |
|
Trade debtors |
|
|
Prepayments |
- |
|
Other debtors |
|
|
|
|
Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
|
Due within one year |
||
Trade creditors |
|
|
Taxation and social security |
|
|
Accruals and deferred income |
|
- |
Other creditors |
|
|
|
|
Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
|
Due after one year |
|||
Loans and borrowings |
|
|
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
100 |
|
100 |
Loans and borrowings |
2023 |
2022 |
|
Non-current loans and borrowings |
||
Other borrowings |
|
|
Related party transactions |
Summary of transactions with parent
Energy Portfolio Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023
Summary of transactions with all associates
Energy Portfolio Ltd
Detailed Profit and Loss Account for the Year Ended 30 June 2023
2023 |
2022 |
|
Turnover |
||
Sales |
1,780,000 |
1,075,000 |
Raw materials and consumables used |
||
Travelling |
6,490 |
5,673 |
Commissions payable |
547,406 |
271,671 |
Subcontract cost |
13,746 |
12,033 |
567,642 |
289,377 |
|
Employee benefits expense |
||
Wages and salaries (excluding directors) |
664,903 |
428,707 |
Staff NIC (Employers) |
83,593 |
54,916 |
Staff pensions (Defined contribution) |
9,076 |
9,314 |
Private health insurance |
4,901 |
8,125 |
762,473 |
501,062 |
|
Depreciation and amortisation expense |
||
Depreciation of fixtures and fittings (owned) |
7,387 |
9,836 |
Depreciation of motor vehicles (finance lease/hp) |
- |
19,431 |
Depreciation of other tangible (owned) |
610 |
718 |
7,997 |
29,985 |
|
Other expenses |
||
Rent and rates |
87 |
- |
Insurance |
12,506 |
7,092 |
Telephone and fax |
12,388 |
9,025 |
Office expenses |
(1,130) |
14,674 |
Printing, postage and stationery |
301 |
3,486 |
Charitable donations |
5,650 |
1,160 |
Sundry expenses |
102,628 |
64,607 |
Motor expenses |
40,840 |
46,408 |
Advertising |
2,867 |
3,313 |
Staff entertaining (allowable for tax) |
480 |
1,428 |
Customer entertaining (disallowable for tax) |
18,769 |
44,876 |
Legal and professional fees |
55,201 |
67,962 |
Bad debts written off |
- |
1,889 |
Bank charges |
690 |
5,635 |
251,277 |
271,555 |
|
Other gains/(losses) |
||
(Profit)/loss on disposal of tangible fixed assets |
25,507 |
(36,484) |
Operating profit |
165,104 |
19,505 |
Other interest receivable and similar income |
||
Bank interest receivable |
3,360 |
29,664 |
Interest payable and similar charges |
||
Other interest payable |
2,020 |
- |
Profit before tax |
166,444 |
49,169 |