REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE PERIOD |
4 AUGUST 2022 TO 30 SEPTEMBER 2023 |
FOR |
SHARE ENERGY TRADING LTD |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE PERIOD |
4 AUGUST 2022 TO 30 SEPTEMBER 2023 |
FOR |
SHARE ENERGY TRADING LTD |
SHARE ENERGY TRADING LTD (REGISTERED NUMBER: NI690170) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 4 AUGUST 2022 TO 30 SEPTEMBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 | to | 6 |
SHARE ENERGY TRADING LTD |
COMPANY INFORMATION |
FOR THE PERIOD 4 AUGUST 2022 TO 30 SEPTEMBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
17 Clarendon Road |
Belfast |
BT1 3BG |
SOLICITORS: |
Victoria House |
15-17 Gloucester St. |
Belfast |
BT1 4LS |
SHARE ENERGY TRADING LTD (REGISTERED NUMBER: NI690170) |
BALANCE SHEET |
30 SEPTEMBER 2023 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
SHARE ENERGY TRADING LTD (REGISTERED NUMBER: NI690170) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 4 AUGUST 2022 TO 30 SEPTEMBER 2023 |
1. | STATUTORY INFORMATION |
Share Energy Trading Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going Concern |
The company was incorporated on 4 August 2022 and is in the "start up" phase and is due to commence trading in the year ended 30 September 2024. The directors have prepared budgets and cashflow forecasts for the next 12 months and are satisfied that the company will have adequate resources to meet their liabilities as they fall due. |
At the end of the period the company owes related parties £415,472. These related parties have confirmed they will not recall the balances to such times as the company has adequate resources to repay the balances. |
Having taken these factors into consideration the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the going concern basis of accounting has been adopted in preparing the annual financial statements. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Plant and machinery etc | - |
SHARE ENERGY TRADING LTD (REGISTERED NUMBER: NI690170) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 4 AUGUST 2022 TO 30 SEPTEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
All financial instruments of the company are considered to meet the definition of basic financial instruments. |
- Short term debtors and creditors |
Debtors and creditors with no stated interest rate and are receivable or payable on demand are recognised at transaction price, and subject to annual impairment reviews. Any losses arising on impairment are recognised in the profit and loss account. |
- Cash and cash equivalents |
Cash and cash equivalents comprise cash at bank and in hand. |
- Loans and borrowings |
All loans and borrowings are initially recorded at the present value of cash payable to the lender in settlement of the liability discounted at the market interest rate. Subsequently loans and borrowings are stated at amortised cost using the effective interest rate method. The computation of amortised cost includes any issue costs, transaction costs and fees, and any discount or premium on settlement, and the effect of this is to amortise these amounts over the expected borrowing period. Loans with no stated interest rate and repayable within one period or on demand are not amortised. Loans and borrowings are classified as current liabilities unless the borrower has an unconditional right to defer settlement of the liability for at least 12 months after the financial period end date. |
Taxation |
Taxation for the period 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 period 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. |
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 |
The average number of employees during the period was |
SHARE ENERGY TRADING LTD (REGISTERED NUMBER: NI690170) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 4 AUGUST 2022 TO 30 SEPTEMBER 2023 |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
Additions |
At 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
Additions |
At 30 September 2023 |
DEPRECIATION |
Charge for period |
At 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Trade creditors |
Amounts owed to related parties |
Taxation and social security |
Other creditors |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
SHARE ENERGY TRADING LTD (REGISTERED NUMBER: NI690170) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 4 AUGUST 2022 TO 30 SEPTEMBER 2023 |
9. | RELATED PARTY DISCLOSURES |
At period end the company has balances owing to related parties of £433,908 as disclosed in note 7 of the financial statements. These amounts were advanced during the period. Included in the balance is an amount of £367,607 which is repayable on demand and is interest bearing at 2.5% over the bank of england base rate. The remaining balance of £66,301 is unsecured, repayable on demand and interest free. |