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COMPANY REGISTRATION NUMBER: 03956818
ENERGY CONTROLS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2023
ENERGY CONTROLS LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2023
Contents
Pages
Balance sheet 1 to 2
Notes to the financial statements 3 to 6
ENERGY CONTROLS LIMITED
BALANCE SHEET
31 March 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
139,580
147,085
Current assets
Debtors
6
514,437
392,504
Cash at bank and in hand
310,716
660,269
------------
------------
825,153
1,052,773
Creditors: amounts falling due within one year
7
( 257,458)
( 169,600)
------------
------------
Net current assets
567,695
883,173
------------
------------
Total assets less current liabilities
707,275
1,030,258
Provisions
Taxation including deferred tax
( 31,503)
( 27,823)
------------
------------
Net assets
675,772
1,002,435
------------
------------
Capital and reserves
Called up share capital
9
50
100
Capital redemption reserve
50
Profit and loss account
675,672
1,002,335
------------
------------
Shareholders funds
675,772
1,002,435
------------
------------
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 Section 1A of 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 profit and loss account has not been delivered.
For the year ending 31 March 2023 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 .
ENERGY CONTROLS LIMITED
BALANCE SHEET (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 4 October 2023 , and are signed on behalf of the board by:
G J Barrett
Director
Company registration number: 03956818
ENERGY CONTROLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2023
1. General information
The company is a private company limited by shares, registered in England and Wales, company number 03956818 . The address of the registered office is Unit A Marshall Hall Mills, Elland Lane, Elland, West Yorkshire, HX5 9DU.
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. The financial statements are prepared in sterling, which is the functional currency of the entity, and rounded to the nearest £.
Revenue recognition
Turnover represents the value of goods sold and services provided net of value added tax and in the case of an incomplete contract, the value is estimated based on the cost of the work completed during the year compared to the total expected cost of the contract. Revenues are recognised when there are no significant obligations remaining by the vendor and collection of the resulting receivables is considered probable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Property improvments
-
Over the period of the lease
Plant and machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Office equipment
-
25% reducing balance
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis 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 and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either 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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 25 (2022: 25 ).
5. Tangible assets
Property Improvements
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 April 2022
36,454
26,767
257,141
15,071
335,433
Additions
1,980
38,500
40,480
Disposals
( 15,865)
( 15,865)
------------
------------
------------
------------
------------
At 31 March 2023
36,454
28,747
279,776
15,071
360,048
------------
------------
------------
------------
------------
Depreciation
At 1 April 2022
36,454
19,227
119,896
12,771
188,348
Charge for the year
1,885
43,407
575
45,867
Disposals
( 13,747)
( 13,747)
------------
------------
------------
------------
------------
At 31 March 2023
36,454
21,112
149,556
13,346
220,468
------------
------------
------------
------------
------------
Carrying amount
At 31 March 2023
7,635
130,220
1,725
139,580
------------
------------
------------
------------
------------
At 31 March 2022
7,540
137,245
2,300
147,085
------------
------------
------------
------------
------------
6. Debtors
2023
2022
£
£
Trade debtors
481,654
314,439
Prepayments and accrued income
11,642
38,501
Directors' loan accounts
30,000
Other debtors
21,141
9,564
------------
------------
514,437
392,504
------------
------------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
64,452
49,715
Accruals and deferred income
55,020
20,849
Corporation tax
118,277
81,065
Social security and other taxes
17,660
16,460
Other creditors
2,049
1,511
------------
------------
257,458
169,600
------------
------------
8. Deferred tax
The deferred tax included in the balance sheet is as follows:
2023
2022
£
£
Included in provisions
31,503
27,823
------------
------------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
31,723
27,946
Pension plan obligations
( 220)
( 123)
------------
------------
31,503
27,823
------------
------------
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary A shares of £ 1 each
45
45
Ordinary B shares of £ 1 each
45
45
45
45
Ordinary C shares of £ 1 each
5
5
Ordinary D shares of £ 1 each
5
5
5
5
------------
------------
------------
------------
50
50
100
100
------------
------------
------------
------------
On 20 January 2023 the company re-purchased 45 Ordinary A shares and 5 Ordinary C shares for an aggregate cost of £633,150. The various classes of share rank pari passu in all material respects.
10. Director's advances, credits and guarantees
The directors' loan accounts of £nil (2022: £30,000) above were unsecured and settled in full during the year.
11. Related party transactions
The company has guaranteed the bank borrowings of this company and provided a debenture over its assets to the bank.
12. Controlling party
The company is controlled by G J Barrett .