Stoke Energy Limited Company Accounts

STOKE ENERGY LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 05525420

STOKE ENERGY LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 June 2017

STOKE ENERGY LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 30 JUNE 2017

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	4

STOKE ENERGY LIMITED

OFFICERS AND PROFESSIONAL ADVISERS

Director	K M Z Majid

Registered office	Suite H2 Witan Studios
	299 Upper Fourth Street
	Milton Keynes
	England
	MK9 1EH

STOKE ENERGY LIMITED

STATEMENT OF FINANCIAL POSITION

30 June 2017

	2017		2016
Note	£	£	£	£

Fixed assets

Intangible assets	5	50,956	50,956
Tangible assets	6	3,527,523	1,643,484
		------------	------------
		3,578,479	1,694,440

Current assets

Debtors	7	46,325	10,725
Cash at bank and in hand		178,347	1,321
		---------	--------
		224,672	12,046

Creditors: amounts falling due within one year	8	( 1,444,734)		( 22,779,432)
		------------		-------------
Net current liabilities			( 1,220,062)		( 22,767,386)
			------------		-------------
Total assets less current liabilities			2,358,417		( 21,072,946)

Creditors: amounts falling due after more than one year	9	( 3,537,853)	( 1,852,728)
		------------	-------------
Net liabilities		( 1,179,436)	( 22,925,674)
		------------	-------------

Capital and reserves

Called up share capital	900,441	900,441
Share premium account	1,414,666	1,414,666
Profit and loss account	( 3,494,543)	( 25,240,781)
	------------	-------------
Shareholders deficit	( 1,179,436)	( 22,925,674)
	------------	-------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.

For the year ending 30 June 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

STOKE ENERGY LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

30 June 2017

These financial statements were approved by the board of directors and authorised for issue on 23 May 2018 , and are signed on behalf of the board by:

K M Z Majid
Director

Company registration number: 05525420

STOKE ENERGY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 JUNE 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Suite H2 Witan Studios, 299 Upper Fourth Street, Milton Keynes, MK9 1EH, England.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 July 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Intangible assets

Intangibles relate to the environment agency permit which has an indefinite useful life and cannot be revoked on the basis that the annual fees are paid and all necessary operating conditions are adhered to. On this basis the asset is not amortised through the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold property	-	2% straight line
Equipment	-	20% straight line

Depreciation is not charged on freehold land. The directors have considered it prudent not to charge depreciation on the production plant until testing of the demo production line is concluded.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Employee numbers

The average number of persons employed by the company during the year amounted to Nil (2016: 1 ).

5. Intangible assets

	Development costs
	£
Cost
At 1 July 2016 and 30 June 2017	50,956
	--------
Amortisation
At 1 July 2016 and 30 June 2017	–
	--------
Carrying amount
At 30 June 2017	50,956
	--------
At 30 June 2016	50,956
	--------

The cost relates to the environment agency permit.

6. Tangible assets

	Land and buildings	Production research plant	Equipment	Total
	£	£	£	£
Cost
At 1 July 2016	1,643,484	–	–	1,643,484
Additions	338,049	1,557,966	14,148	1,910,163
	------------	------------	--------	------------
At 30 June 2017	1,981,533	1,557,966	14,148	3,553,647
	------------	------------	--------	------------
Depreciation
At 1 July 2016	–	–	–	–
Charge for the year	25,167	–	957	26,124
	------------	------------	--------	------------
At 30 June 2017	25,167	–	957	26,124
	------------	------------	--------	------------
Carrying amount
At 30 June 2017	1,956,366	1,557,966	13,191	3,527,523
	------------	------------	--------	------------
At 30 June 2016	1,643,484	–	–	1,643,484
	------------	------------	--------	------------

Included in Land and Buildings is freehold land at a cost of £723,195 (2016: £415,695) which is not being depreciated.

7. Debtors

	2017	2016
	£	£
Other debtors	46,325	10,725
	--------	--------

8. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	40,105	111,608
Accruals and deferred income	105,159	68,377
Obligations under finance leases and hire purchase contracts	1,299,284	–
Other creditors - Other loans	–	21,424,136
Other creditors	186	1,175,311
	------------	-------------
	1,444,734	22,779,432
	------------	-------------

9. Creditors: amounts falling due after more than one year

	2017	2016
	£	£
Amounts owed to group undertakings and undertakings in which the company has a participating interest	3,537,853	–
Other creditors - other loans	–	1,852,728
	------------	------------
	3,537,853	1,852,728
	------------	------------

10. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 July 2015.

No transitional adjustments were required in equity or profit or loss for the year.