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COMPANY REGISTRATION NUMBER: 07711571
CUSTOM ENERGY SOLUTIONS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
28 February 2023
CUSTOM ENERGY SOLUTIONS LIMITED
STATEMENT OF FINANCIAL POSITION
28 February 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
138,202
137,140
CURRENT ASSETS
Debtors
6
140,557
68,275
Cash at bank and in hand
154,451
162,342
---------
---------
295,008
230,617
CREDITORS: amounts falling due within one year
7
129,374
118,349
---------
---------
NET CURRENT ASSETS
165,634
112,268
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
303,836
249,408
CREDITORS: amounts falling due after more than one year
8
23,333
34,221
---------
---------
NET ASSETS
280,503
215,187
---------
---------
CAPITAL AND RESERVES
Called up share capital fully paid
150
150
Profit and loss account
280,353
215,037
---------
---------
SHAREHOLDERS FUNDS
280,503
215,187
---------
---------
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 statement of income and retained earnings has not been delivered.
For the year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
CUSTOM ENERGY SOLUTIONS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
28 February 2023
These financial statements were approved by the board of directors and authorised for issue on 13 October 2023 , and are signed on behalf of the board by:
Mr A Wheatley
Director
Company registration number: 07711571
CUSTOM ENERGY SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 28 FEBRUARY 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Headlands House 1 Kings Court, Kettering Parkway, Kettering, Northamptonshire, NN15 6WJ.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
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.
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.
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:
Plant and machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
33% straight line
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.
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
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.
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 6 (2022: 5 ).
5. TANGIBLE ASSETS
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 March 2022
48,970
132,415
33,706
215,091
Additions
3,485
39,950
7,015
50,450
Disposals
( 14,557)
( 14,557)
--------
---------
--------
---------
At 28 February 2023
52,455
172,365
26,164
250,984
--------
---------
--------
---------
Depreciation
At 1 March 2022
28,359
28,574
21,018
77,951
Charge for the year
6,024
35,948
4,875
46,847
Disposals
( 12,016)
( 12,016)
--------
---------
--------
---------
At 28 February 2023
34,383
64,522
13,877
112,782
--------
---------
--------
---------
Carrying amount
At 28 February 2023
18,072
107,843
12,287
138,202
--------
---------
--------
---------
At 28 February 2022
20,611
103,841
12,688
137,140
--------
---------
--------
---------
6. DEBTORS
2023
2022
£
£
Trade debtors
123,882
54,951
Other debtors
16,675
13,324
---------
--------
140,557
68,275
---------
--------
7. CREDITORS: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,000
9,539
Trade creditors
75,151
90,948
Corporation tax
16,785
434
Social security and other taxes
11,469
4,026
Other creditors
15,969
13,402
---------
---------
129,374
118,349
---------
---------
8. CREDITORS: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
23,333
34,221
--------
--------