Ignite Energy Ltd - Limited company accounts 18.1.1

REGISTERED NUMBER: 07079518 (England and Wales)

Report of the Directors and

Financial Statements for the Year Ended 31 December 2017

for

IGNITE ENERGY LTD

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

4

Income Statement

7

Balance Sheet

8

Notes to the Financial Statements

9

DIRECTORS:

B J Higgins

D A Higgins

REGISTERED OFFICE:

The Orangery

East Lockinge

Wantage

Oxfordshire

OX12 8QJ

REGISTERED NUMBER:

07079518 (England and Wales)

AUDITORS:

Camerons Accountancy Consultants Limited

Statutory Auditor

Chartered Accountants

9 Worton Park

Cassington

Witney

Oxfordshire

OX29 4SX

The directors present their report with the financial statements of the company for the year ended 31 December 2017.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2017

to the date of this report.

B J Higgins

D A Higgins

Other changes in directors holding office are as follows:

R Deverson - resigned 1 January 2017

POLITICAL DONATIONS AND EXPENDITURE

Donations of £7,771 were made during 2017, including donation of £5,000 to WH Smith Group

Charitable Trust

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors and the financial

statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year.

Under that law the directors have elected to prepare the financial statements in accordance

with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting

Standards and applicable law). Under company law the directors must not approve the

financial statements unless they are satisfied that they give a true and fair view of the state of

affairs of the company and of the profit or loss of the company for that period. In preparing

these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

The directors are responsible for keeping adequate accounting records that are sufficient to

show and explain the company's transactions and disclose with reasonable accuracy at any

time the financial position of the company and enable them to ensure that the financial

statements comply with the Companies Act 2006. They are also responsible for safeguarding

the assets of the company and hence for taking reasonable steps for the prevention and

detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section

418 of the Companies Act 2006) of which the company's auditors are unaware, and each

director has taken all the steps that he ought to have taken as a director in order to make

himself aware of any relevant audit information and to establish that the company's auditors

are aware of that information.

AUDITORS

The auditors, Camerons Accountancy Consultants Limited, will be proposed for re-appointment

at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies

Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

B J Higgins - Director

31 August 2018

Opinion

We have audited the financial statements of Ignite Energy Ltd (the 'company') for the year

ended 31 December 2017 which comprise the Income Statement, Balance Sheet and Notes to

the Financial Statements, including a summary of significant accounting policies. The financial

reporting framework that has been applied in their preparation is applicable law and United

Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial

Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally

Accepted Accounting Practice).

This report is made solely to the company's members, as a body, in accordance with Chapter 3

of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might

state to the company's members those matters we are required to state to them in a Report of

the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept

or assume responsibility to anyone other than the company and the company's members as a

body, for our audit work, for this report, or for the opinions we have formed.

In our opinion, except for the effects of the matter described in the Basis for opinion section of

our report, the accompanying financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 2017 and

of its profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted

Accounting Practice; and

- have been prepared in accordance with the requirement of the Companies Act 2006.

Basis for opinion

The Company's stock is shown in the Balance Sheet with a value of £552,580. We did not

attend the year end stock take and we were unable to obtain sufficient appropriate audit

evidence in relation to the value of the stock held as at 31 December 2017.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs

(UK)) and applicable law. Our responsibilities under those standards are further described in

the Auditors' responsibilities for the audit of the financial statements section of our report. We

are independent of the company in accordance with ethical requirements that are relevant to

our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we

have fulfilled our other ethical responsibilities in accordance with these requirements. We

believe that the audit evidence we have obtained is sufficient and appropriate to provide a

basis for our qualified opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs

(UK) require us to report to you where:

-	the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

-

the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other information

The directors are responsible for the other information. The other information comprises the

information in the Report of the Directors, but does not include the financial statements and

our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and we do not

express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other

information and, in doing so, consider whether the other information is materially inconsistent

with the financial statements or our knowledge obtained in the audit or otherwise appears to

be materially misstated. If, based on the work we have performed, we conclude that there is a

material misstatement of this other information, we are required to report that fact. We have

nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Directors has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained

in the course of the audit, we have not identified material misstatements in the Report of the

Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006

requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit; or

-	the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page two, the

directors are responsible for the preparation of the financial statements and for being satisfied

that they give a true and fair view, and for such internal control as the directors determine

necessary to enable the preparation of financial statements that are free from material

misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the

company's ability to continue as a going concern, disclosing, as applicable, matters related to

going concern and using the going concern basis of accounting unless the directors either

intend to liquidate the company or to cease operations, or have no realistic alternative but to

do so.

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a

whole are free from material misstatement, whether due to fraud or error, and to issue a

Report of the Auditors that includes our opinion. Reasonable assurance is a high level of

assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will

always detect a material misstatement when it exists. Misstatements can arise from fraud or

error and are considered material if, individually or in the aggregate, they could reasonably be

expected to influence the economic decisions of users taken on the basis of these financial

statements.

A further description of our responsibilities for the audit of the financial statements is located

on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This

description forms part of our Report of the Auditors.

Ellen O'Donnell (Senior Statutory Auditor)

for and on behalf of Camerons Accountancy Consultants Limited

Statutory Auditor

Chartered Accountants

9 Worton Park

Cassington

Witney

Oxfordshire

OX29 4SX

31 August 2018

TURNOVER

12,215,156

9,103,226

Cost of sales

6,799,824

5,432,267

GROSS PROFIT

5,415,332

3,670,959

Administrative expenses

2,722,630

1,954,805

OPERATING PROFIT

4

2,692,702

1,716,154

Income from fixed asset investments

15,000

-

Interest receivable and similar income

162

116

15,162

116

2,707,864

1,716,270

Interest payable and similar expenses

4,708

-

PROFIT BEFORE TAXATION

2,703,156

1,716,270

Tax on profit

514,270

344,355

PROFIT FOR THE FINANCIAL YEAR

2,188,886

1,371,915

FIXED ASSETS

Tangible assets

5

195,783

32,783

Investments

6

-

29,966

195,783

62,749

CURRENT ASSETS

Stocks

552,580

185,000

Debtors

7

3,154,285

2,306,333

Prepayments and accrued income

-

54,376

Cash at bank and in hand

526,531

593,947

4,233,396

3,139,656

CREDITORS

Amounts falling due within one year

8

1,679,909

1,304,654

NET CURRENT ASSETS

2,553,487

1,835,002

TOTAL ASSETS LESS CURRENT LIABILITIES

2,749,270

1,897,751

CREDITORS

Amounts falling due after more than one year

9

(130,759

)

-

PROVISIONS FOR LIABILITIES

(34,908

)

(3,034

)

NET ASSETS

2,583,603

1,894,717

CAPITAL AND RESERVES

Called up share capital

10

760

760

Retained earnings

11

2,582,843

1,893,957

SHAREHOLDERS' FUNDS

2,583,603

1,894,717

The financial statements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 31 August 2018 and were signed on its behalf by:

B J Higgins - Director

1.	STATUTORY INFORMATION

Ignite 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Fixtures and fittings

-

25% on cost

Computer equipment

-

33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due

allowance for obsolete and slow moving items.

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.

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 36 (2016 - 33 ) .

4.	OPERATING PROFIT

The operating profit is stated after charging:

2017

2016

£

£

Depreciation - owned assets

86,251

27,275

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 January 2017

49,747

-

108,316

158,063

Additions

5,196

223,180

20,875

249,251

At 31 December 2017

54,943

223,180

129,191

407,314

DEPRECIATION

At 1 January 2017

39,722

-

85,558

125,280

Charge for year

6,800

55,795

23,656

86,251

At 31 December 2017

46,522

55,795

109,214

211,531

NET BOOK VALUE

At 31 December 2017

8,421

167,385

19,977

195,783

At 31 December 2016

10,025

-

22,758

32,783

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 January 2017

29,966

Disposals

(29,966

)

At 31 December 2017

-

NET BOOK VALUE

At 31 December 2017

-

At 31 December 2016

29,966

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

3,030,507

2,251,500

Other debtors

123,778

54,833

3,154,285

2,306,333

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Hire purchase contracts

25,572

-

Trade creditors

890,784

604,375

Taxation and social security

700,023

413,664

Other creditors

63,530

286,615

1,679,909

1,304,654

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Hire purchase contracts

130,759

-

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

760

Ordinary

1

760

760

11.

RESERVES

Retained

earnings

£

At 1 January 2017

1,893,957

Profit for the year

2,188,886

Dividends

(1,500,000

)

At 31 December 2017

2,582,843

12.	RELATED PARTY DISCLOSURES

In 2017 the company repaid the loan of £200,000 made by Mr D Higgins (director)

during the year to 31st December 2016.

13.	ULTIMATE CONTROLLING PARTY

The ultimate controlling parties of Ignite Energy Limited are Mr B Higgins and Mr D

Higgins as directors and equal shareholders in the company.