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Registration number: 07711115

Envirovolt Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2023

 

Envirovolt Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Envirovolt Ltd

Company Information

Directors

Mr Mark Joseph Massetti

Mr. Philip Charles Massetti

Mr Lance Vincent Adams

Registered office

Broad Oak Manor
Broad Oak End
Bramfield Road
Hertford
Hertfordshire
SG14 2JA

Accountants

RS Partnership Ltd
Chartered Certified Accountants
10 Prospect Place
Welwyn
Hertfordshire
AL6 9EW

 

Envirovolt Ltd

(Registration number: 07711115)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Investments

4

75,050

75,050

Current assets

 

Debtors

5

186,524

159,796

Cash at bank and in hand

 

13,082

15,659

 

199,606

175,455

Creditors: Amounts falling due within one year

6

(16,165)

(12,741)

Net current assets

 

183,441

162,714

Total assets less current liabilities

 

258,491

237,764

Creditors: Amounts falling due after more than one year

6

(18,052)

(19,444)

Net assets

 

240,439

218,320

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

240,339

218,220

Shareholders' funds

 

240,439

218,320

For the financial year ending 31 July 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 year 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 15 April 2024 and signed on its behalf by:
 

.........................................
Mr Mark Joseph Massetti
Director

 

Envirovolt Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

The company is a private company limited by share capital, incorporated in England & WAles.

The address of its registered office is:
Broad Oak Manor
Broad Oak End
Bramfield Road
Hertford
Hertfordshire
SG14 2JA

The principal place of business is:
Broad Oak Manor
Broad Oak End
Bramfield Road
Hertford
Hertfordshire
SG14 2JA

These financial statements were authorised for issue by the Board on 15 April 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.

These financial statements are presented in Pounds Sterling (£), which is the Company’s functional
currency. All amounts have been rounded to the nearest pound, unless otherwise indicated.

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.

 

Envirovolt Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

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.

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.

Depreciation

Asset class

Depreciation method and rate

PLant & Machinery

20% Straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

 

Envirovolt Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 0).

4

Investments

2023
£

2022
£

Investments in joint ventures

75,050

75,050

Joint ventures

£

Cost

At 1 August 2022

75,050

Provision

Carrying amount

At 31 July 2023

75,050

At 31 July 2022

75,050

 

Envirovolt Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Joint ventures

Watford Control Instruments Ltd

Broad Oak Manor Broad Oak End, Bramfield Road, Hertford, Herts, United Kingdom, SG14 2JA

Ordinary

49%

49%

 

England & Wales

     

Joint ventures

Watford Control Instruments Ltd

The principal activity of Watford Control Instruments Ltd is Manufacture and sale of voltage optimiser units.

5

Debtors

Note

2023
£

2022
£

Trade debtors

 

61,292

28,200

Amounts owed by group undertakings and undertakings in which the company has a participating interest

9

125,231

125,231

Prepayments

 

1

6,365

 

186,524

159,796

 

Envirovolt Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

8

3,009

2,778

Trade creditors

 

(760)

2,286

Taxation and social security

 

11,324

5,307

Accruals and deferred income

 

2,370

2,370

Corporation tax

 

222

-

 

16,165

12,741

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

18,052

19,444

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

18,052

19,444

2023
£

2022
£

Current loans and borrowings

Bank borrowings

3,009

2,778

 

Envirovolt Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

9

Related party transactions

Copy Management Services Ltd
A company controlled by Mr L V Adams by virtue of directorship and 100% shareholding

In prior years the company lent Copy Management Services Ltd £20,000. The amount is unsecured and interest free and there is no fixed date for repayment. At 30 July 2022 the company was owed £8,000 by Copy Management Services Limited in respect of the above.



Old Beech Construction Ltd
A company controlled by Mr P C Massetti by virtue of directorship and 77% shareholding

The company has lent Old Beech Construction Ltd £49,800. The amount is unsecured and interest free and there is no fixed date for repayment and this amount is outstanding in full at the year end.



Datalease Ltd
A company controlled by Mr M J Massetti by virtue of directorship and a controlling percentage of the shares

The company has lent Datalease Ltd £66,900. The amount is unsecured and interest free and there is no fixed date for repayment and this amount is outstanding in full at the year end.

Summary of transactions with joint ventures

Watford Control Instruments Ltd

Income and receivables from related parties

2023

2022

Joint ventures
£

Receipt of services

72,062

Amounts receivable from related party

28,800

Expenditure with and payables to related parties

2023

2022

Joint ventures
£

Rendering of services

1,528