Registration number:
NOF Energy Ltd (A company limited by guarantee)
Filleted
for the Year Ended 31 March 2022
NOF Energy Ltd
Contents
Company Information |
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Statement of Financial Position |
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Notes to the Financial Statements |
NOF Energy Ltd
Company Information
Directors |
A I Mills G Rafferty N Kirkbride A J Hayward S Learney J Leng C T Hewitt A Lowdon J G Brown D Armstrong P J Pogue T B Nightingale |
Registered office |
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Solicitors |
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Bankers |
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Accountants |
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NOF Energy Ltd
(Registration number: 05933450)
Statement of Financial Position as at 31 March 2022
Note |
2022 |
2021 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Investments |
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Other financial assets |
222,024 |
218,874 |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Net assets |
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Capital and reserves |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements. |
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.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.
NOF Energy Ltd
(Registration number: 05933450)
Statement of Financial Position as at 31 March 2022 (continued)
Approved and authorised by the
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NOF Energy Ltd
Notes to the Financial Statements for the Year Ended 31 March 2022
General information |
The company is a company limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.
The address of its registered office is
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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
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.
These financial statements are prepared in sterling which is the functional currency of the entity.
Going concern
The company meets its day to day working capital requirements through cash generated from operations. The directors have assessed the potential impact of the COVID-19 virus and the financial impact on the company and have developed a business continuity plan should the impact of the pandemic widen.
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for a period of at least 12 months from the date of signing these financial statements. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Revenue recognition
Turnover represents amounts receivable for services provided to members during the year, net of discounts and Value Added Tax.
Membership income is recognised on a straight line basis over the duration of the annual membership.
Event and consultancy income is recognised when the event has occurred or services have been provided.
NOF Energy Ltd
Notes to the Financial Statements for the Year Ended 31 March 2022 (continued)
2 |
Accounting policies (continued) |
Government grants
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a charge 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.
Tangible assets
Tangible assets are stated in the statement of financial position 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 |
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Leasehold improvements |
20% straight line |
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Motor vehicles |
20% straight line |
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Fixtures and fittings |
33% 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 |
Website |
33% straight line |
NOF Energy Ltd
Notes to the Financial Statements for the Year Ended 31 March 2022 (continued)
2 |
Accounting policies (continued) |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Dividends on equity securities are recognised in income when receivable.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or 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.
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 income statement 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.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
NOF Energy Ltd
Notes to the Financial Statements for the Year Ended 31 March 2022 (continued)
2 |
Accounting policies (continued) |
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Intangible assets |
Website |
Total |
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Cost or valuation |
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At 1 April 2021 |
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At 31 March 2022 |
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Amortisation |
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At 1 April 2021 |
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Amortisation charge |
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At 31 March 2022 |
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Carrying amount |
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At 31 March 2022 |
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At 31 March 2021 |
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NOF Energy Ltd
Notes to the Financial Statements for the Year Ended 31 March 2022 (continued)
Tangible assets |
Land and buildings |
Fixtures and fittings |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 April 2021 |
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Additions |
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At 31 March 2022 |
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Depreciation |
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At 1 April 2021 |
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Charge for the year |
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- |
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At 31 March 2022 |
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Carrying amount |
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At 31 March 2022 |
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- |
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At 31 March 2021 |
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- |
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Investments |
2022 |
2021 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 April 2021 |
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Carrying amount |
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At 31 March 2022 |
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At 31 March 2021 |
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Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
NOF Energy Ltd
Notes to the Financial Statements for the Year Ended 31 March 2022 (continued)
6 |
Investments (continued) |
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2022 |
2021 |
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Subsidiary undertakings |
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First Floor, Thames House
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Ordinary |
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NOF Energy Commercial Services Limited is |
Other financial assets (current and non-current) |
Financial assets at cost less impairment |
Total |
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Non-current financial assets |
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Cost or valuation |
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At 1 April 2021 |
218,874 |
218,874 |
Revaluations |
3,919 |
3,919 |
Additions |
12,757 |
12,757 |
Disposals |
(13,526) |
(13,526) |
At 31 March 2022 |
222,024 |
222,024 |
Carrying amount |
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At 31 March 2022 |
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222,024 |
Debtors |
2022 |
2021 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Corporation tax asset |
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4,728 |
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NOF Energy Ltd
Notes to the Financial Statements for the Year Ended 31 March 2022 (continued)
Creditors |
Creditors: amounts falling due within one year
Note |
2022 |
2021 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2022 |
2021 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
2022 |
2021 |
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Current loans and borrowings |
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Bank borrowings |
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2022 |
2021 |
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Non-current loans and borrowings |
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Bank borrowings |
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the statement of financial position
The total amount of financial commitments not included in the statement of financial position is £
NOF Energy Ltd
Notes to the Financial Statements for the Year Ended 31 March 2022 (continued)
Related party transactions |
The company is related to Bel Valves Limited by virtue of common director R J Turner. During the year the company raised invoices with a net value of £nil (2021 - £2,150) for services provided to Bel Valves Limited. At the year end £nil (2021 - £nil) was outstanding.
The company is related to CMP Products Limited through director R J Turner. During the year the company raised invoices with a net value of £nil (2021 - £420) for services provided to CMP Products Limited. At the year end £nil (2021 - £nil) was outstanding.
The company is related to Stadium Export Limited through director R J Turner. During the year the company raised invoices with a net value of £nil (2021 - £350) for services provided to Stadium Export Limited. At the year end £nil (2021 - £nil) was outstanding.
The company is related to Tyne Pressure Testing Limited through director R J Turner. During the year the company raised invoices with a net value of £nil (2021 - £350) for services provided to Tyne pressure Testing Limited. At the year end £nil (2021 - £nil) was outstanding.
The company is related to Glenalmond Group Limited by virtue of common director N Kirkbride. During the year the company raised invoices with a net value of £nil (2021 - £2,500) for services provided to Glenalmond Group Limited. At the year end £nil (2021 - £nil) was outstanding.
The company is related to Ward Hadaway by virtue of director C T Hewitt being a partner. During the year the company raised invoices with a net value of £1,760 (2021 - £1,760) for services provided to Ward Hadaway. The company was invoiced £3,823 (2021 - £363) by Ward Hadaway for legal services. At the year end £nil (2021 - £nil) was outstanding.
The company is related to Armstrong Consultancy Services (ACSL) Limited by virtue of common director D Armstrong. During the year the company raised invoices with a net value of £840 (2021 - £550) for services provided to Armstrong Consultancy Services (ACSL) Limited. At the year end £nil (2020 - £nil) was outstanding.
The company was related to PDL Solutions (Europe) Limited through director P W R Charlton. During the year the company raised invoices with a net value of £nil (2021 - £1,395) for services provided to PDL Solutions Limited. At the year end £nil (2021 - £nil) was outstanding.
The company is related to Francis Brown Limited by virtue of common director J G Brown. During the year the company raised invoices with a net value of £3,990 (2021 - £1,915) for services provided to Francis Brown Limited. At the year end £nil (2021 - £nil) was outstanding.
The company is related to Phusion IM Limited by virtue of common director A J Hayward. During the year the company raised invoices with a net value of £1,750 (2021 - £1,410) for services provided to Phusion IM Limited. At the year end £nil (2021 - £nil) was outstanding.
The company is related to Durham University through director A Lowdon. During the year the company raised invoices with a net value of £4,960 (2021 - £4,760) for services provided to Durham University. At the year end £nil (2021 - £nil) was outstanding.
The company is related to The Knowledge Spiral Ltd through director A Lowdon. During the year the company raised invoices with a net value of £2,993 (2021 - £nil) for services provided to Durham University. At the year end £3.591 (2021 - £nil) was outstanding.
NOF Energy Ltd
Notes to the Financial Statements for the Year Ended 31 March 2022 (continued)
The company is related to Jacobs through director A N Leigh. During the year the company raised invoices with a net value of £95 (2021 - £nil) for services provided to Jacobs. At the year end £nil (2021 - £nil) was outstanding.
The company is related to ITI Operations Limited through director A I Mills. During the year the company raised invoices with a net value of £2,845 (2021 - £2,535) for services provided to ITI Operations Limited. At the year end £nil (2021 - £nil) was outstanding.
The company is related to PX Group through director P J Pogue. During the year the company raised invoices with a net value of £165 (2021 - £nil) for services provided to PX Group. At the year end £nil (2021 - £nil) was outstanding.
The company is related to Haskel Energy through director S Learney. During the year the company raised invoices with a net value of £1,760 (2021 - £nil) for services provided to Haskel Energy. At the year end £nil (2021 - £nil) was outstanding.
The company is related to Equinor New Energy Ltd through director T B Nightingale. During the year the company raised invoices with a net value of £38,933 (2021 - £nil) for services provided to Equinor New Energy Ltd. At the year end £nil (2021 - £nil) was outstanding.
All transactions were in the normal course of business and were at arms length.
Ultimate controlling party |
In the opinion of the directors there is no ultimate controlling party. The company is owned by its members with the board of directors being made up of senior executives drawn from the membership.
When a company joins membership it is offered the opportunity to become a voting member with its liability limited to £1. Only voting members are permitted to vote at AGMs and EGMs.
At present there are a total of 46 voting members.
The company is operated by its management team with the Chief Executive reporting directly to the board.