Exchange Energy Limited - Period Ending 2013-12-31

Registration number: 04843680

Exchange Energy Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 December 2013
 

Exchange Energy Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

Exchange Energy Limited
(Registration number: 04843680)
Abbreviated Balance Sheet at 31 December 2013

		Note			2013 £			2012 £
Fixed assets
Tangible fixed assets					384			512
Investments					536			-
					920			512
Current assets
Debtors					1,221			1,570
Cash at bank and in hand					772			8,703
					1,993			10,273
Creditors: Amounts falling due within one year					(15,033)			(18,686)
Net current liabilities					(13,040)			(8,413)
Total assets less current liabilities					(12,120)			(7,901)
Provisions for liabilities					(77)			(103)
Net liabilities					(12,197)			(8,004)
Capital and reserves
Called up share capital		3			100			100
Profit and loss account					(12,297)			(8,104)
Shareholders' deficit					(12,197)			(8,004)

For the year ending 31 December 2013 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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

Approved by the director on 29 September 2014

.........................................
Mr S P Dyke
Director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

Exchange Energy Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2013
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Amortisation method and rate
Goodwill	100%

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Office Equipment	25% Reducing Balance

Fixed asset investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

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Exchange Energy Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2013
......... continued

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2	Fixed assets

		Intangible assets £			Tangible assets £			Investments £			Total £
Cost
At 1 January 2013		2,000			2,005			-			4,005
Additions		-			-			536			536
At 31 December 2013		2,000			2,005			536			4,541
Depreciation
At 1 January 2013		2,000			1,493			-			3,493
Charge for the year		-			128			-			128
At 31 December 2013		2,000			1,621			-			3,621
Net book value
At 31 December 2013		-			384			536			920
At 31 December 2012		-			512			-			512

3	Share capital

Allotted, called up and fully paid shares

	2013						2012
		No.			£			No.			£
100 Ordinary Shares of £1 each of £1 each		100			100			100			100

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