Company Registration No. 08836957 (England and Wales)
Plutus Energy Limited
Financial Statements
for the period from 1 May 2022 to 31 October 2023
Plutus Energy Limited
Financial Statements
Contents
Plutus Energy Limited
Company Information
for the period from 1 May 2022 to 31 October 2023
Company Number
08836957 (England and Wales)
Registered Office
27-28 Eastcastle Street
London
W1W 8DH
Plutus Energy Limited
Statement of financial position
as at 31 October 2023
Cash at bank and in hand
64
2,757
Creditors: amounts falling due within one year
(44,753)
(219,827)
Net current assets
646,708
536,484
Total assets less current liabilities
646,708
536,484
Creditors: amounts falling due after more than one year
(27,879)
(35,376)
Net assets
618,829
501,108
Called up share capital
20,725
20,725
Profit and loss account
595,147
477,426
Shareholders' funds
618,829
501,108
For the period ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 17 April 2024 and were signed on its behalf by
Charles Tatnall
Director
Company Registration No. 08836957
Plutus Energy Limited
Notes to the Accounts
for the period from 1 May 2022 to 31 October 2023
Plutus Energy Limited is a private company, limited by shares, registered in England and Wales, registration number 08836957. The registered office is 27-28 Eastcastle Street, London, W1W 8DH.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous period, and also have been consistently applied within the same accounts.
Cash and Cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
The accounts are presented in £ sterling.
Plutus Energy Limited
Notes to the Accounts
for the period from 1 May 2022 to 31 October 2023
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
These financial statements have been prepared on the assumption that the Company is a going concern. When assessing the foreseeable future, the Director has looked at a period of at least twelve months from the date of approval of this report and the working capital requirements of the Company.
After a careful review, the director firmly believes that together with his financial support the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the company continues to adopt the going concern basis in preparing the financial statements.
Amounts falling due within one year
Accrued income and prepayments
656,856
656,856
Other debtors
34,541
90,293
5
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
6,658
11,227
Trade creditors
5,061
1,890
Other creditors
5,605
199,725
Loans from directors
20,230
735
6
Creditors: amounts falling due after more than one year
2023
2022
Allotted, called up and fully paid:
120,000,006 Deferred shares of £0.0001 each
12,000.00
12,000.00
872,534,994 Ordinary shares of £0.00001 each
8,725.34
8,725.34
Plutus Energy Limited
Notes to the Accounts
for the period from 1 May 2022 to 31 October 2023
8
Transactions with related parties
During the 18 month period, Plutus Powergen PLC, a former controlling party and a company of which Charles Tatnall is also a director and shareholder received loans from the Company totalling a net £4,619 at the period end (2022: Plutus Powergen PLC provided loans totalling £41,971). No interest was charged. The loan balance is recorded under "Other debtors" and is repayable upon demand.
During the 18 month period, Neo Energy Metals PLC (formally Stranger Holdings PLC), a company of which Charles Tatnall is also a director and shareholder received loans from the Company totalling a net £29,922 (2022: £23,322). These loans remained outstanding at 31 October 2023, and no interest was charged. The loans are recorded under "Other debtors" and are repayable upon demand.
During the 18 month period, Fandango Holdings PLC, a company of which Charles Tatnall is also director and shareholder lent the Company a series of loans totalling a net £235,200 (2022: £199,200). The loan balance has been written off in the profit and loss account. No interest was charged.
9
Average number of employees
During the period the average number of employees was 1 (2022: 1).