Amberside Energy Ltd - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 09944800 (England and Wales)

Financial Statements for the Year Ended 31 October 2017

for

Amberside Energy Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A C Middleton

M P Scambler

D J Scrivens

REGISTERED OFFICE:

9 Amberside House

Wood Lane

Hemel Hempstead

Hertfordshire

HP2 4TP

REGISTERED NUMBER:

09944800 (England and Wales)

ACCOUNTANTS:

Farrell & Co

1C Amberside

Wood Lane

Hemel Hempstead

Hertfordshire

HP2 4TP

FIXED ASSETS

Tangible assets

4

13,377

143

CURRENT ASSETS

Debtors

5

5,142

5,460

Cash at bank

21,869

15,322

27,011

20,782

CREDITORS

Amounts falling due within one year

6

17,167

6,673

NET CURRENT ASSETS

9,844

14,109

TOTAL ASSETS LESS CURRENT LIABILITIES

23,221

14,252

CREDITORS

Amounts falling due after more than one year

7

(157,000

)

(85,000

)

PROVISIONS FOR LIABILITIES

8

(2,809

)

-

NET LIABILITIES

(136,588

)

(70,748

)

CAPITAL AND RESERVES

Called up share capital

2,500

-

Share premium

9

27,500

-

Retained earnings

9

(166,588

)

(70,748

)

(136,588

)

(70,748

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 30 July 2018 and were signed on its behalf by:

D J Scrivens - Director

1.	STATUTORY INFORMATION

Amberside Energy 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.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

20% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 year 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2016 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 November 2016

146

Additions

14,075

At 31 October 2017

14,221

DEPRECIATION

At 1 November 2016

3

Charge for year

841

At 31 October 2017

844

NET BOOK VALUE

At 31 October 2017

13,377

At 31 October 2016

143

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.17

31.10.16

£

£

Trade debtors

2,160

5,460

Other debtors

2,982

-

5,142

5,460

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.17

31.10.16

£

£

Trade creditors

-

3,916

Amounts owed to associates

2,851

-

Taxation and social security

8,396

983

Other creditors

5,920

1,774

17,167

6,673

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.10.17

31.10.16

£

£

Other creditors

157,000

85,000

8.	PROVISIONS FOR LIABILITIES

31.10.17

31.10.16

£

£

Deferred tax

2,809

-

Deferred

tax

£

Provided during year

2,809

Balance at 31 October 2017

2,809

9.

RESERVES

Retained

Share

earnings

premium

Totals

£

£

£

At 1 November 2016

(70,748

)

-

(70,748

)

Deficit for the year

(95,840

)

(95,840

)

Cash share issue

-

27,500

27,500

At 31 October 2017

(166,588

)

27,500

(139,088

)

10.	RELATED PARTY DISCLOSURES

Directors

During the year, M Scambler paid for expenses on behalf of the company amounting to £1,525 (2016:£1,262).

As at the balance sheet date £Nil (2016: £37) was owed to M Scambler in respect of these expenses.

During the year, A Middleton paid for expenses on behalf of the company amounting to £1,042 (2016: £Nil). As

at the balance sheet date £424 (2016: £Nil) was owed from A Middleton in respect of these expenses.

Clubfinance Ltd

As at the balance sheet date, P K Rhoden and D J Scrivens were directors and shareholders of both Amberside

Energy Ltd and Clubfinance Ltd.

Debentures have previously been given from Clubfinance Ltd to Amberside Energy Ltd. During the year

Amberside Energy Ltd received additional debentures of £24,000. The balance outstanding at the balance sheet

date was £109,000 (2016: £85,000). This debenture has been issued with a rate of interest of 10.2% per annum,

with a redemption premium of 10.2%.

During the year, Clubfinance Ltd provided services to Amberside Energy Ltd amounting to a total of £14,326

(2016: £5,703).

As at the balance sheet date, the balance owed to Clubfinance Ltd was £1,205 (2016: £3,916).

Amberside Advisors Ltd

As at the balance sheet date D J Scrivens was a director and shareholder of both Amberside Advisors Ltd and

Amberside Energy Ltd. As at the balance sheet date P K Rhoden was a shareholder of both Amberside Advisors

Ltd and Amberside Energy Ltd.

During the year, Amberside Advisors Ltd purchased 20% of the issued ordinary share capital of Amberside

Energy Ltd for £30,000.

During the year, Amberside Energy Ltd provided services to Amberside Advisors Ltd amounting to a total of

£14,500 (2016: £4,000).

As at the balance sheet date, the balance owed to Amberside Energy Ltd was £NIL (2016: £900).

During the year, Amberside Advisors Ltd issued two debentures to Amberside Energy Ltd. The first debenture

for £18,000 has been issued with a rate of interest of 10.2% per annum, with no redemption premium. The

second debenture for £30,000 has been issued with a rate of interest of 5.1% per annum, with no redemption

premium. As at the balance sheet date, both debentures were outstanding totalling £48,000.

11.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is M P Scambler.