The Energy Desk (UK) Limited 05918892 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is that of energy brokering. Digita Accounts Production Advanced 6.30.9574.0 true false true true 05918892 2022-04-01 2023-03-31 05918892 2023-03-31 05918892 core:OtherReservesSubtotal 2023-03-31 05918892 core:RetainedEarningsAccumulatedLosses 2023-03-31 05918892 core:ShareCapital 2023-03-31 05918892 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-03-31 05918892 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-03-31 05918892 core:CurrentFinancialInstruments 2023-03-31 05918892 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 05918892 core:Non-currentFinancialInstruments 2023-03-31 05918892 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 05918892 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-03-31 05918892 core:FurnitureFittingsToolsEquipment 2023-03-31 05918892 core:LandBuildings 2023-03-31 05918892 core:OtherPropertyPlantEquipment 2023-03-31 05918892 bus:SmallEntities 2022-04-01 2023-03-31 05918892 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 05918892 bus:FullAccounts 2022-04-01 2023-03-31 05918892 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 05918892 bus:RegisteredOffice 2022-04-01 2023-03-31 05918892 bus:Director6 2022-04-01 2023-03-31 05918892 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 05918892 core:ComputerSoftware 2022-04-01 2023-03-31 05918892 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-04-01 2023-03-31 05918892 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 05918892 core:LandBuildings 2022-04-01 2023-03-31 05918892 core:LeaseholdImprovements 2022-04-01 2023-03-31 05918892 core:OfficeEquipment 2022-04-01 2023-03-31 05918892 core:OtherPropertyPlantEquipment 2022-04-01 2023-03-31 05918892 core:PlantMachinery 2022-04-01 2023-03-31 05918892 core:Subsidiary1 2022-04-01 2023-03-31 05918892 core:Subsidiary1 1 2022-04-01 2023-03-31 05918892 core:Subsidiary1 countries:England 2022-04-01 2023-03-31 05918892 core:Subsidiary2 2022-04-01 2023-03-31 05918892 core:Subsidiary2 1 2022-04-01 2023-03-31 05918892 core:Subsidiary2 countries:England 2022-04-01 2023-03-31 05918892 countries:EnglandWales 2022-04-01 2023-03-31 05918892 2022-03-31 05918892 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-03-31 05918892 core:CostValuation 2022-03-31 05918892 core:FurnitureFittingsToolsEquipment 2022-03-31 05918892 core:LandBuildings 2022-03-31 05918892 core:OtherPropertyPlantEquipment 2022-03-31 05918892 2021-04-01 2022-03-31 05918892 2022-03-31 05918892 core:OtherReservesSubtotal 2022-03-31 05918892 core:RetainedEarningsAccumulatedLosses 2022-03-31 05918892 core:ShareCapital 2022-03-31 05918892 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-03-31 05918892 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2022-03-31 05918892 core:CurrentFinancialInstruments 2022-03-31 05918892 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 05918892 core:Non-currentFinancialInstruments 2022-03-31 05918892 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 05918892 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-03-31 05918892 core:FurnitureFittingsToolsEquipment 2022-03-31 05918892 core:LandBuildings 2022-03-31 05918892 core:OtherPropertyPlantEquipment 2022-03-31 05918892 core:Subsidiary1 1 2021-04-01 2022-03-31 05918892 core:Subsidiary2 1 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 05918892

The Energy Desk (UK) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

The Energy Desk (UK) Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 11

 

The Energy Desk (UK) Limited

(Registration number: 05918892)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

51,950

62,275

Tangible assets

5

139,393

208,017

Investments

6

2

2

 

191,345

270,294

Current assets

 

Stocks

7

25,930

-

Debtors

8

510,098

494,100

Cash at bank and in hand

 

20,137

10,101

 

556,165

504,201

Creditors: Amounts falling due within one year

9

(384,281)

(336,410)

Net current assets

 

171,884

167,791

Total assets less current liabilities

 

363,229

438,085

Creditors: Amounts falling due after more than one year

9

(130,698)

(240,312)

Provisions for liabilities

(24,229)

(24,229)

Net assets

 

208,302

173,544

Capital and reserves

 

Called up share capital

33

33

Other reserves

67

67

Retained earnings

208,202

173,444

Shareholders' funds

 

208,302

173,544

 

The Energy Desk (UK) Limited

(Registration number: 05918892)
Balance Sheet as at 31 March 2023

For the financial 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 Profit and Loss Account has been taken.

Approved and authorised by the director on 14 November 2023
 

.........................................
I Edwards
Director

 

The Energy Desk (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
10 Venus House
Mercury Rise
Altham Industrial Estate
Accrington
Lancashire
BB5 5BY
England

These financial statements were authorised for issue by the director on 14 November 2023.

2

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared in sterling (£) using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change 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.

 

The Energy Desk (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet 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

Office equipment

25% reducing balance

Leasehold improvements

20% reducing balance

Plant and machinery

33% straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

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

Internally generated software development costs

10% straight line

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.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

The Energy Desk (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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 profit and loss account 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.

 

The Energy Desk (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 11 (2022 - 14).

 

The Energy Desk (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Intangible assets

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 April 2022

103,250

103,250

At 31 March 2023

103,250

103,250

Amortisation

At 1 April 2022

40,975

40,975

Amortisation charge

10,325

10,325

At 31 March 2023

51,300

51,300

Carrying amount

At 31 March 2023

51,950

51,950

At 31 March 2022

62,275

62,275

 

The Energy Desk (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2022

6,791

229,477

199,170

435,438

Additions

-

1,385

-

1,385

At 31 March 2023

6,791

230,862

199,170

436,823

Depreciation

At 1 April 2022

3,531

201,760

22,130

227,421

Charge for the year

815

2,804

66,390

70,009

At 31 March 2023

4,346

204,564

88,520

297,430

Carrying amount

At 31 March 2023

2,445

26,298

110,650

139,393

At 31 March 2022

3,260

27,717

177,040

208,017

Included within the net book value of land and buildings above is £2,445 (2022 - £3,260) in respect of long leasehold land and buildings.
 

6

Investments

2023
£

2022
£

Investments in subsidiaries

2

2

Subsidiaries

£

Cost or valuation

At 1 April 2022

2

Provision

Carrying amount

At 31 March 2023

2

At 31 March 2022

2

 

The Energy Desk (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

The Energy Desk Ltd

10 Venus House
Mercury Rise
Altham Industrial Estate
Accrington
Lancashire
BB5 5BY

England

Ordinary shares

100%

100%

TED - WTE 1 Ltd

10 Venus House
Mercury Rise
Altham Industrial Estate
Accrington
Lancashire
BB5 5BY

England

Ordinary A shares

100%

100%

Subsidiary undertakings

The Energy Desk Ltd

The principal activity of The Energy Desk Ltd is that of a dormant company.

TED - WTE 1 Ltd

The principal activity of TED - WTE 1 Ltd is research and experimental development on natural sciences and engineering.

7

Stocks

2023
£

2022
£

Other inventories

25,930

-

 

The Energy Desk (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

8

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

142,423

128,413

Amounts owed by related parties

261,501

261,201

Prepayments

 

5,149

3,461

Other debtors

 

101,025

101,025

   

510,098

494,100

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

133,761

120,048

Trade creditors

 

103,841

72,607

Taxation and social security

 

73,394

75,319

Accruals and deferred income

 

5,145

3,200

Other creditors

 

68,140

65,236

 

384,281

336,410

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £53,112 (2022 - £53,112).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

130,698

240,312

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £35,408 (2022 - £88,520).

 

The Energy Desk (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

11,667

21,667

Hire purchase contracts

35,408

88,520

Other borrowings

83,623

130,125

130,698

240,312

2023
£

2022
£

Current loans and borrowings

Bank overdrafts

24,148

10,436

Hire purchase contracts

53,112

53,112

Other borrowings

56,501

56,500

133,761

120,048

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £14,900 (2022 - £14,900).