Outsourced Energy Limited 12631552 false 2022-07-01 2023-09-30 2023-09-30 The principal activity of the company is the provision of underfloor heating. Digita Accounts Production Advanced 6.30.9574.0 true true 12631552 2022-07-01 2023-09-30 12631552 2023-09-30 12631552 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2023-09-30 12631552 core:CurrentFinancialInstruments 2023-09-30 12631552 core:CurrentFinancialInstruments core:WithinOneYear 2023-09-30 12631552 core:Non-currentFinancialInstruments 2023-09-30 12631552 core:Non-currentFinancialInstruments core:AfterOneYear 2023-09-30 12631552 core:Goodwill 2023-09-30 12631552 core:OfficeEquipment 2023-09-30 12631552 core:PlantMachinery 2023-09-30 12631552 bus:SmallEntities 2022-07-01 2023-09-30 12631552 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-09-30 12631552 bus:FullAccounts 2022-07-01 2023-09-30 12631552 bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-09-30 12631552 bus:RegisteredOffice 2022-07-01 2023-09-30 12631552 bus:Director1 2022-07-01 2023-09-30 12631552 bus:Director4 2022-07-01 2023-09-30 12631552 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2022-07-01 2023-09-30 12631552 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-09-30 12631552 core:Goodwill 2022-07-01 2023-09-30 12631552 core:OfficeEquipment 2022-07-01 2023-09-30 12631552 core:PlantMachinery 2022-07-01 2023-09-30 12631552 1 2022-07-01 2023-09-30 12631552 countries:EnglandWales 2022-07-01 2023-09-30 12631552 2022-06-30 12631552 core:Goodwill 2022-06-30 12631552 core:OfficeEquipment 2022-06-30 12631552 core:PlantMachinery 2022-06-30 12631552 2021-07-01 2022-06-30 12631552 2022-06-30 12631552 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2022-06-30 12631552 core:CurrentFinancialInstruments 2022-06-30 12631552 core:CurrentFinancialInstruments core:WithinOneYear 2022-06-30 12631552 core:Non-currentFinancialInstruments 2022-06-30 12631552 core:Non-currentFinancialInstruments core:AfterOneYear 2022-06-30 12631552 core:Goodwill 2022-06-30 12631552 core:OfficeEquipment 2022-06-30 12631552 core:PlantMachinery 2022-06-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 12631552

Outsourced Energy Limited

Unaudited Filleted Financial Statements

for the Period from 1 July 2022 to 30 September 2023

 

Outsourced Energy Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Outsourced Energy Limited

Company Information

Directors

Mrs J M Knight

Mr J P Knight

Registered office

62 Cranford Avenue
Exmouth
Devon
EX8 2QF

Accountants

Redwoods
Chartered Certified Accountants
2 Clyst Works
Clyst Road
Topsham
Exeter
Devon
EX3 0DB

 

Outsourced Energy Limited

(Registration number: 12631552)
Balance Sheet as at 30 September 2023

Note

2023
£

(As restated)

2022
£

Fixed assets

 

Intangible assets

4

231,475

271,385

Tangible assets

5

16,600

1,559

 

248,075

272,944

Current assets

 

Stocks

6

48,174

51,348

Debtors

7

94,403

68,712

Cash at bank and in hand

 

148,910

92,560

 

291,487

212,620

Creditors: Amounts falling due within one year

8

(343,458)

(300,072)

Net current liabilities

 

(51,971)

(87,452)

Total assets less current liabilities

 

196,104

185,492

Creditors: Amounts falling due after more than one year

8

(100,000)

(150,000)

Net assets

 

96,104

35,492

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

96,004

35,392

Shareholders' funds

 

96,104

35,492

For the financial period ending 30 September 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 accounts for the period in question in accordance with section 476; and

The directors acknowledge their 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 1 February 2024 and signed on its behalf by:
 

 

Outsourced Energy Limited

(Registration number: 12631552)
Balance Sheet as at 30 September 2023

.........................................
Mrs J M Knight
Director

   
     
 

Outsourced Energy Limited

Notes to the Unaudited Financial Statements for the Period from 1 July 2022 to 30 September 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:
62 Cranford Avenue
Exmouth
Devon
EX8 2QF

These financial statements were authorised for issue by the Board on 1 February 2024.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

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

The accounts are prepared in £ sterling and are rounded to £1.

Disclosure of long or short period

The company's accounting period has been extended to 30th September 2023. The comparative figures, where shown, are for the year ended 30th June 2022.

Going concern

The financial statements have been prepared on a going concern basis.

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 current 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.

 

Outsourced Energy Limited

Notes to the Unaudited Financial Statements for the Period from 1 July 2022 to 30 September 2023

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.

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 apportioned pro-rata in respect of all additions during the period.
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

Plant and machinery

20% straight line

Office equipment

33% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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

Goodwill

straight line over 10 years

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.

 

Outsourced Energy Limited

Notes to the Unaudited Financial Statements for the Period from 1 July 2022 to 30 September 2023

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.

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.

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 directors) during the period, was 3 (2022 - 1).

 

Outsourced Energy Limited

Notes to the Unaudited Financial Statements for the Period from 1 July 2022 to 30 September 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 July 2022

319,277

319,277

At 30 September 2023

319,277

319,277

Amortisation

At 1 July 2022

47,892

47,892

Amortisation charge

39,910

39,910

At 30 September 2023

87,802

87,802

Carrying amount

At 30 September 2023

231,475

231,475

At 30 June 2022

271,385

271,385

5

Tangible assets

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 July 2022

-

1,670

1,670

Additions

12,528

6,301

18,829

At 30 September 2023

12,528

7,971

20,499

Depreciation

At 1 July 2022

-

111

111

Charge for the period

1,670

2,118

3,788

At 30 September 2023

1,670

2,229

3,899

Carrying amount

At 30 September 2023

10,858

5,742

16,600

At 30 June 2022

-

1,559

1,559

6

Stocks

 

Outsourced Energy Limited

Notes to the Unaudited Financial Statements for the Period from 1 July 2022 to 30 September 2023

2023
£

(As restated)

2022
£

Work in progress

7,500

10,000

Other inventories

40,674

41,348

48,174

51,348

7

Debtors

Current

2023
£

(As restated)

2022
£

Trade debtors

85,235

53,200

Prepayments

818

4,401

Other debtors

8,350

11,111

 

94,403

68,712

 

Outsourced Energy Limited

Notes to the Unaudited Financial Statements for the Period from 1 July 2022 to 30 September 2023

8

Creditors

Creditors: amounts falling due within one year

2023
£

(As restated)

2022
£

Due within one year

Trade creditors

93,535

76,556

Taxation and social security

23,048

13,616

Accruals and deferred income

1,875

-

Other creditors

225,000

209,900

343,458

300,072

Creditors: amounts falling due after more than one year

Note

2023
£

(As restated)

2022
£

Due after one year

 

Loans and borrowings

10

100,000

150,000

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

10

Loans and borrowings

2023
£

(As restated)

2022
£

Non-current loans and borrowings

Other borrowings

100,000

150,000