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Company registration number: 12640125
Energy World Holdings (UK) Limited
Unaudited filleted financial statements
30 June 2023
Energy World Holdings (UK) Limited
Statement of financial position
30 June 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 12,127 14,267
_______ _______
12,127 14,267
Current assets
Stocks 4,558 -
Debtors 6 - 4,558
Cash at bank and in hand 44,457 32,132
_______ _______
49,015 36,690
Creditors: amounts falling due
within one year 7 ( 65,138) ( 50,774)
_______ _______
Net current liabilities ( 16,123) ( 14,084)
_______ _______
Net (liabilities)/assets ( 3,996) 183
_______ _______
Capital and reserves
Called up share capital 10,000 10,000
Profit and loss account ( 13,996) ( 9,817)
_______ _______
Shareholders (deficit)/funds ( 3,996) 183
_______ _______
For the year ending 30 June 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.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 12 March 2024 , and are signed on behalf of the board by:
Mr B J Allen
Director
Company registration number: 12640125
Energy World Holdings (UK) Limited
Notes to the financial statements
Year ended 30 June 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 Botleigh Grange, Grange Road, Hedge End, Southampton, SO30 2GA.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The Directors believe that the company will have adequate resources to meet its liabilities as they fall due and so to operate as a going concern for a period of at least twelve months from the date of these financial statements. The Directors therefore consider it appropriate to continue to adopt the going concern basis in the preparation of these accounts.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Fittings fixtures and equipment - 15 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 July 2022 and 30 June 2023 16,785 16,785
_______ _______
Depreciation
At 1 July 2022 2,518 2,518
Charge for the year 2,140 2,140
_______ _______
At 30 June 2023 4,658 4,658
_______ _______
Carrying amount
At 30 June 2023 12,127 12,127
_______ _______
At 30 June 2022 14,267 14,267
_______ _______
6. Debtors
2023 2022
£ £
Other debtors - 4,558
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Amounts owed to group undertakings and undertakings in which the company has a participating interest 42,873 28,459
Social security and other taxes 22 22
Other creditors 22,243 22,293
_______ _______
65,138 50,774
_______ _______
8. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2023 2022 2023 2022
£ £ £ £
Parent company 14,414 37,959 ( 42,873) ( 28,459)
Associated company - - ( 21,343) ( 21,343)
_______ _______ _______ _______
The related party indebtedness is interest free and repayable on demand.
9. Controlling party
The company is a wholly owned subsidiary of Energy World Corporation Limited whose registered office is at 9a Seaforth Crescent, Seaforth NSW 2092, Australia.