Company registration number 12776864 (England and Wales)
AZURE ONE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
AZURE ONE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
AZURE ONE LIMITED
BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Stocks
364,405
351,815
Debtors
3
21
43
Cash at bank and in hand
95
158
364,521
352,016
Creditors: amounts falling due within one year
4
(373,898)
(361,393)
Net current liabilities
(9,377)
(9,377)
Capital and reserves
Called up share capital
5
1,000
1,000
Profit and loss reserves
(10,377)
(10,377)
Total equity
(9,377)
(9,377)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 28 November 2023 and are signed on its behalf by:
Mr S M Packer
Director
Company registration number 12776864 (England and Wales)
AZURE ONE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information
Azure One Limited is a private company limited by shares incorporated in England and Wales. The registered office is 7 Bell Yard, London, England, WC2A 2JR.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
AOL was incorporated to capture pre-development expenditure (primarily planning and consultancy fees) relating to a sustainable development the Group is aiming to develop in Romsey, Hampshire. Once the Group funding has been secured this will allow funds to be transferred to AOL that will allow it’s liabilities and the negative net assets position to be cleared. On this premise the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Stocks
Stocks comprises costs incurred to date on separately identified projects. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in respect of projects.
At each reporting date, an assessment is made for impairment of projects. Any excess of the carrying amount over its estimated realisable value less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
AZURE ONE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
3
AZURE ONE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
21
43
4
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,211
1,211
Amounts owed to group undertakings
71,378
71,218
Other creditors
301,309
288,964
373,898
361,393
5
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
625
625
625
625
A Ordinary of £1 each
375
375
375
375
1,000
1,000
1,000
1,000
Ordinary shares of £1 each carry one vote per share. Ordinary A shares of £1 each carry no right to vote.
6
Related party transactions
At the balance sheet date, £71,378 (2022: £71,218) was owing to companies under common control, held within other creditors.
At the balance sheet date, £124,156 (2022: £113,356) was due to a company of which L Bedford is also a director.
At the balance sheet date, £167,000 (2022: £167,000) of consultancy fees from companies under common control were accrued in and recognised in work in progress.
7
Parent company
The ultimate controlling party is EP Group Corporate Holdings Limited and its registered office is 7 Bell Yard, London, England, WC2A 2JR.
On 31 March 2022, EP Group Corporate Holdings Limited became the ultimate controlling party after a share for share exchange transactions with shareholders of the parent company, EnergyPro Impact Limited.