REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2023 |
FOR |
ENERGISE ENERGY SOLUTIONS LTD |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2023 |
FOR |
ENERGISE ENERGY SOLUTIONS LTD |
ENERGISE ENERGY SOLUTIONS LTD (REGISTERED NUMBER: 11595551) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 5 |
Report of the Independent Auditors | 7 |
Statement of Income and Retained Earnings | 10 |
Balance Sheet | 11 |
Cash Flow Statement | 12 |
Notes to the Cash Flow Statement | 13 |
Notes to the Financial Statements | 15 |
ENERGISE ENERGY SOLUTIONS LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Rollestone House |
Bridge Street |
Horncastle |
Lincolnshire |
LN9 5HZ |
ENERGISE ENERGY SOLUTIONS LTD (REGISTERED NUMBER: 11595551) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
The directors present their strategic report for the year ended 28 February 2023. |
The principal activities of the company in the period under review were those of installation of smart meters and electric vehicle charging units. |
REVIEW OF BUSINESS |
The business achieved year on year sales growth of 23.4% but was unable to sustain the level of profitability that it had achieved in the 2022 year. The company operates in a highly competitive market and has to balance costs with customer price expectations. The company's staffing costs in particular grew rapidly as a result of inflationary wage pressure in the economy. Transportation and motor costs also increased significantly following fuel price rises following Russia's invasion of Ukraine. |
ENERGISE ENERGY SOLUTIONS LTD (REGISTERED NUMBER: 11595551) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
PRINCIPAL RISKS AND UNCERTAINTIES |
The company operates in a challenging economic climate, in which the price expectations of its customers have to be balanced against inflationary pressures. As such, the management of the company's business and the execution of the company's strategies are subject to a number of risks: |
ongoing market pressure on prices; |
reliance on high value contracts with individual customers |
the challenge of servicing increasing turnover levels ; and |
Increased costs of recruiting and retaining labour |
These risks are being addressed by: |
the directors working closely with customers to ensure they understand their needs and continue to offer competitive products and prices; |
continuing to invest in the company's in-house training program; |
renegotiation of prices to customers on long term contracts; and |
cost savings from restructuring in the company's sales team |
As a result of the implementation of the above-mentioned measures the directors consider that it remains appropriate to prepare these financial statements on a going concern basis. |
The company uses various financial instruments including cash, overdraft facilities, loans, hire purchase agreements and items such as trade debtors and trade creditors that arise directly from its operations, the main purpose of which is to ensure liquidity for the company's activities. These financial instruments expose the company to a number of financial risks, as set out below along with the means by which the company manages its exposure in these areas. |
All of these financial instruments relate to underlying business operations and no activities of a speculative nature are entered into. The main risk arising from the company's financial instruments are interest rate risk and credit risk. The directors review, agree and maintain policies for managing these risks, as summarised below. |
Interest rate risk |
The company finances its activities through a combination of bank borrowings and working capital management. The company's exposure to interest rate fluctuations on its bank borrowings is managed through the use of fixed rate loans. The company has also acquired a limited number of fixed assets using hire purchase facilities, but at known interest rates at the inception of the contracts. |
Liquidity risk |
The company manages its financial risk by ensuring that there is enough liquidity available to meet its short term and long term requirements, principally through bank loans and hire purchase and, in the short term, through overdraft facilities with its bankers. The directors also continue to provide financial support by loans made available to the business. |
Credit risk |
The company's main financial assets are cash and trade debtors. The main credit risk is linked to trade debtors.. A proactive approach to debt collection is adopted, with collection history and credit limits reviewed on an ongoing basis. |
KEY PERFORMANCE INDICATORS |
The company measures its financial performance by reference to key performance indicators. The directors consider the key performance indicators include: |
ENERGISE ENERGY SOLUTIONS LTD (REGISTERED NUMBER: 11595551) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
- turnover Increased by 23.4% |
- gross profit percentage Increased to 3.46% from 32.15% |
- Current ratio decreased to 0.92 from 1.06 as a result of cost increases. |
ON BEHALF OF THE BOARD: |
ENERGISE ENERGY SOLUTIONS LTD (REGISTERED NUMBER: 11595551) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
The directors present their report with the financial statements of the company for the year ended 28 February 2023. |
DIVIDENDS |
No dividends will be distributed for the year ended 28 February 2023. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 March 2022 to the date of this report. |
Other changes in directors holding office are as follows: |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
ENERGISE ENERGY SOLUTIONS LTD (REGISTERED NUMBER: 11595551) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
AUDITORS |
The auditors, Dexter & Sharpe Audit Services Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ENERGISE ENERGY SOLUTIONS LTD |
Opinion |
We have audited the financial statements of Energise Energy Solutions Ltd (the 'company') for the year ended 28 February 2023 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 28 February 2023 and of its loss for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ENERGISE ENERGY SOLUTIONS LTD |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We have enquired of management and those charged with governance about any instances of fraud or any actual or potential litigation or claims. |
We have reviewed financial statement disclosures and tested to supporting documentation to assess compliance with applicable laws and regulations. |
We have enquired of staff engaged in VAT, tax and compliance work about any instances of non-compliance. |
We have audited the risk of management override of control, including review of journal entries and large and unusual transactions. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ENERGISE ENERGY SOLUTIONS LTD |
for and on behalf of |
Rollestone House |
Bridge Street |
Horncastle |
Lincolnshire |
LN9 5HZ |
Dexter & Sharpe Audit Services Ltd |
ENERGISE ENERGY SOLUTIONS LTD (REGISTERED NUMBER: 11595551) |
STATEMENT OF INCOME AND |
RETAINED EARNINGS |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Distribution costs |
Administrative expenses |
4,770,710 | 3,329,933 |
(242,957 | ) | 196,416 |
Other operating income |
OPERATING (LOSS)/PROFIT | 4 | ( |
) |
Interest receivable and similar income |
(242,957 | ) | 197,671 |
Interest payable and similar expenses | 6 |
(LOSS)/PROFIT BEFORE TAXATION | ( |
) |
Tax on (loss)/profit | 7 | ( |
) |
(LOSS)/PROFIT FOR THE FINANCIAL YEAR |
( |
) |
Retained earnings at beginning of year | ( |
) | ( |
) |
RETAINED EARNINGS AT END OF YEAR |
( |
) |
( |
) |
ENERGISE ENERGY SOLUTIONS LTD (REGISTERED NUMBER: 11595551) |
BALANCE SHEET |
28 FEBRUARY 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 8 |
CURRENT ASSETS |
Stocks | 9 |
Debtors | 10 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 11 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 12 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 15 | ( |
) |
NET (LIABILITIES)/ASSETS | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 16 |
Share premium | 17 |
Retained earnings | 17 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
The financial statements were approved by the Board of Directors and authorised for issue on |
ENERGISE ENERGY SOLUTIONS LTD (REGISTERED NUMBER: 11595551) |
CASH FLOW STATEMENT |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( |
) |
Interest paid | ( |
) | ( |
) |
Interest element of hire purchase payments paid |
( |
) |
Net cash from operating activities | ( |
) |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Capital repayments in year | ( |
) | ( |
) |
Amount introduced by directors | - | 20,000 |
Amount withdrawn by directors | (4,653 | ) | (75,086 | ) |
Share issue |
Net cash from financing activities | ( |
) | ( |
) |
(Decrease)/increase in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
28,136 |
Cash and cash equivalents at end of year | 2 | 286,530 | 519,382 |
ENERGISE ENERGY SOLUTIONS LTD (REGISTERED NUMBER: 11595551) |
NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
1. | RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
(Loss)/profit before taxation | ( |
) |
Depreciation charges |
Government grants | ( |
) |
Finance costs | 16,390 | 49,092 |
Finance income | - | (5 | ) |
(178,559 | ) | 237,544 |
Increase in stocks | ( |
) | ( |
) |
Increase in trade and other debtors | ( |
) | ( |
) |
Increase in trade and other creditors |
Cash generated from operations | ( |
) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 28 February 2023 |
28.2.23 | 1.3.22 |
£ | £ |
Cash and cash equivalents | 286,530 | 519,382 |
Year ended 28 February 2022 |
28.2.22 | 1.3.21 |
£ | £ |
Cash and cash equivalents | 519,382 | 28,136 |
ENERGISE ENERGY SOLUTIONS LTD (REGISTERED NUMBER: 11595551) |
NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.3.22 | Cash flow | At 28.2.23 |
£ | £ | £ |
Net cash |
Cash at bank | 519,382 | (232,852 | ) | 286,530 |
519,382 | ( |
) | 286,530 |
Debt |
Finance leases | (33,174 | ) | 6,994 | (26,180 | ) |
Debts falling due within 1 year | (9,673 | ) | (245 | ) | (9,918 | ) |
Debts falling due after 1 year | (33,226 | ) | 9,917 | (23,309 | ) |
(76,073 | ) | 16,666 | (59,407 | ) |
Total | 443,309 | (216,186 | ) | 227,123 |
ENERGISE ENERGY SOLUTIONS LTD (REGISTERED NUMBER: 11595551) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
1. | STATUTORY INFORMATION |
Energise Energy Solutions Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
ENERGISE ENERGY SOLUTIONS LTD (REGISTERED NUMBER: 11595551) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2023 | 2022 |
Administration | 12 | 9 |
Sales | 18 | 15 |
Operations | 123 | 96 |
2023 | 2022 |
£ | £ |
Directors' remuneration |
Information regarding the highest paid director is as follows: |
2023 | 2022 |
£ | £ |
Emoluments etc |
ENERGISE ENERGY SOLUTIONS LTD (REGISTERED NUMBER: 11595551) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
4. | OPERATING (LOSS)/PROFIT |
The operating loss (2022 - operating profit) is stated after charging: |
2023 | 2022 |
£ | £ |
Hire of plant and machinery |
Other operating leases |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
Foreign exchange differences |
5. | AUDITORS' REMUNERATION |
2023 | 2022 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
8,000 |
- |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Bank interest |
Bank loan interest |
HMRC interest payable |
Interest payable |
Interest payable |
Hire purchase |
7. | TAXATION |
Analysis of the tax (credit)/charge |
The tax (credit)/charge on the loss for the year was as follows: |
2023 | 2022 |
£ | £ |
Deferred tax | ( |
) |
Tax on (loss)/profit | ( |
) |
ENERGISE ENERGY SOLUTIONS LTD (REGISTERED NUMBER: 11595551) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
8. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1 March 2022 |
Additions |
Reclassification/transfer | ( |
) |
At 28 February 2023 |
DEPRECIATION |
At 1 March 2022 |
Charge for year |
Reclassification/transfer | ( |
) |
At 28 February 2023 |
NET BOOK VALUE |
At 28 February 2023 |
At 28 February 2022 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 March 2022 |
Additions |
Reclassification/transfer |
At 28 February 2023 |
DEPRECIATION |
At 1 March 2022 |
Charge for year |
Reclassification/transfer |
At 28 February 2023 |
NET BOOK VALUE |
At 28 February 2023 |
At 28 February 2022 |
ENERGISE ENERGY SOLUTIONS LTD (REGISTERED NUMBER: 11595551) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
8. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 March 2022 |
and 28 February 2023 |
DEPRECIATION |
At 1 March 2022 |
Charge for year |
At 28 February 2023 |
NET BOOK VALUE |
At 28 February 2023 |
At 28 February 2022 |
9. | STOCKS |
2023 | 2022 |
£ | £ |
Stocks |
10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Supplier deposits | 70,775 | 65,775 |
Other debtors |
Holding account | 30,450 | 49,350 |
Prepayments and accrued income |
ENERGISE ENERGY SOLUTIONS LTD (REGISTERED NUMBER: 11595551) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts (see note 13) |
Hire purchase contracts (see note 14) |
Trade creditors |
Social security and other taxes |
CIS tax payable | 22,274 | 5,231 |
VAT | 360,317 | 273,547 |
Other creditors |
CSA/DEA liability | 1,683 | 759 |
Pensions payable | 27,794 | 17,849 |
Directors' current accounts | 255,638 | 260,291 |
Accruals and deferred income |
Accrued expenses |
12. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans (see note 13) |
Hire purchase contracts (see note 14) |
13. | LOANS |
An analysis of the maturity of loans is given below: |
2023 | 2022 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
ENERGISE ENERGY SOLUTIONS LTD (REGISTERED NUMBER: 11595551) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
14. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable operating | leases |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
15. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax | - | 38,366 |
Deferred |
tax |
£ |
Balance at 1 March 2022 |
Credit to Income Statement during year | ( |
) |
Balance at 28 February 2023 |
16. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | 1 | 266,800 | 266,800 |
ENERGISE ENERGY SOLUTIONS LTD (REGISTERED NUMBER: 11595551) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
17. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 March 2022 | ( |
) | (52,868 | ) |
Deficit for the year | ( |
) | ( |
) |
At 28 February 2023 | ( |
) | (273,849 | ) |
18. | RELATED PARTY DISCLOSURES |
Key management personnel of the entity or its parent (in the aggregate) |
2023 | 2022 |
£ | £ |
Sales |
Purchases |
Amount due from related party |
Amount due to related party |
The above details transactions with companies controlled by the company's directors |
In addition the directors have also made loans to the company totalling £255,638 at 28th February 2023. The loans bear interest at a rate of 5% and have no fixed repayment date. |
2023 | 2022 |
£ | £ |
Sales |
Purchases |
Amount due from related party |
Amount due to related party |