Registered number
07712927
Commerce Energy Limited
Filleted Accounts
31 July 2023
Commerce Energy Limited
Registered number: 07712927
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Current assets
Debtors 4 34,383 42,309
Cash at bank and in hand 23,058 22,299
57,441 64,608
Creditors: amounts falling due within one year 5 (40,675) (53,618)
Net current assets 16,766 10,990
Net assets 16,766 10,990
Capital and reserves
Called up share capital 1 1
Profit and loss account 16,765 10,989
Shareholder's funds 16,766 10,990
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S A Cooper, Esq
Director
Approved by the board on 24 April 2024
Commerce Energy Limited
Notes to the Accounts
for the year ended 31 July 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services and is recognised by reference to the stage of completion of the contract, which is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and Equipment over 4 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2022 3,746
At 31 July 2023 3,746
Depreciation
At 1 August 2022 3,746
At 31 July 2023 3,746
Net book value
At 31 July 2023 -
4 Debtors 2023 2022
£ £
Trade debtors 33,188 30,469
Amounts owed by related parties - 10,655
Other debtors 1,195 1,185
34,383 42,309
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 7,590 12,426
Taxation and social security costs 1,160 1,671
Other creditors 31,925 39,521
40,675 53,618
Included in creditors is £26,025 (2022: £31,946) owing to the director. The loan is interest-free and there is no fixed date of repayment. The director has confirmed that the loan will only be repaid as and when cash flow permits.
6 Related party transactions
Coopers Investments Ltd
The director of the company is also a director of Coopers Investments Ltd, a company incorporated in England and Wales. During the year there have been transactions to recharge expenses made by the company totalling £4800 (2022: £9,600).
2023 2022
£ £
At the balance sheet date, there was an amount due to the company of: - 10,655
Swan Laboratories Ltd
The director of the company is also a director of Swan Laboratories Ltd, a company incorporated in England and Wales. During the year there have been transactions to recharge expenses made by the company totalling £nil (2022: £nil).
Andac Developments Ltd
The director of the company is also a director of Andac Developments Ltd, a company incorporated in England and Wales. During the year there have been transactions to recharge expenses made by the company totalling £Nil (2022: £400).
7 Controlling party
The company is controlled by the director who owns the entire share capital of the company.
8 Other information
Commerce Energy Limited is a private company limited by shares and incorporated in England. Its registered office is:
10 Union Street
Barnet
Herts
EN5 4HZ
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