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Company No: 11452065 (England and Wales)

EXPRESS ENERGY LIMITED

Unaudited Financial Statements
For the financial year ended 31 July 2023
Pages for filing with the registrar

EXPRESS ENERGY LIMITED

Unaudited Financial Statements

For the financial year ended 31 July 2023

Contents

EXPRESS ENERGY LIMITED

BALANCE SHEET

As at 31 July 2023
EXPRESS ENERGY LIMITED

BALANCE SHEET (continued)

As at 31 July 2023
Note 2023 2022
£ £
Current assets
Stocks 273,682 291,630
Debtors 4 602,615 603,801
Cash at bank and in hand 18 44,858
876,315 940,289
Creditors: amounts falling due within one year 5 ( 1,112,920) ( 1,146,433)
Net current liabilities (236,605) (206,144)
Total assets less current liabilities (236,605) (206,144)
Creditors: amounts falling due after more than one year 6 ( 24,167) ( 28,333)
Net liabilities ( 260,772) ( 234,477)
Capital and reserves
Called-up share capital 7 180,000 180,000
Profit and loss account ( 440,772 ) ( 414,477 )
Total shareholders' deficit ( 260,772) ( 234,477)

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.

Director's responsibilities:

The financial statements of Express Energy Limited (registered number: 11452065) were approved and authorised for issue by the Director on 15 March 2024. They were signed on its behalf by:

Mr F Patel
Director
EXPRESS ENERGY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2023
EXPRESS ENERGY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Express Energy Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 78 Chorley New Road, Bolton, BL1 4BY, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the director is required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements that the director has made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

3. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

4. Debtors

2023 2022
£ £
Trade debtors 602,615 603,801

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans and overdrafts 10,508 10,000
Trade creditors 328,530 319,064
Taxation and social security 4,693 6,405
Other creditors 769,189 810,964
1,112,920 1,146,433

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 24,167 28,333

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
95 Ordinary A shares of £ 1,800.00 each 171,000 171,000
1 Ordinary B share of £ 1,800.00 1,800 1,800
1 Ordinary C share of £ 1,800.00 1,800 1,800
1 Ordinary D share of £ 1,800.00 1,800 1,800
1 Ordinary E share of £ 1,800.00 1,800 1,800
1 Ordinary F share of £ 1,800.00 1,800 1,800
180,000 180,000