Company registration number 09134344 (England and Wales)
AMPED INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
AMPED INVESTMENTS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
AMPED INVESTMENTS LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,192,195
1,261,842
Current assets
Debtors
4
154,104
140,272
Cash at bank and in hand
108,035
128,340
262,139
268,612
Creditors: amounts falling due within one year
5
(522,755)
(573,590)
Net current liabilities
(260,616)
(304,978)
Total assets less current liabilities
931,579
956,864
Creditors: amounts falling due after more than one year
6
(1,225,330)
(1,294,448)
Net liabilities
(293,751)
(337,584)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(293,851)
(337,684)
Total equity
(293,751)
(337,584)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 31 July 2024
Mr S P Baker
Director
Company Registration No. 09134344
AMPED INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 2 -
1
Accounting policies
Company information
Amped Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Summit, Woodwater Park, Pynes Hill, Exeter, United Kingdom, EX2 5WS.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The company meets its day to day working capital requirements through continued financial support from its director, shareholders and a third party finance facility. The balance of finance from the third party provider has been refinanced and extended since the year end. On the basis of continued support from these stakeholders, the director considers it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result from a withdrawal of this support.
1.3
Turnover
Turnover represents amounts receivable for the generation, sale and export of electricity net of VAT and trade discounts.
Generation
Revenue from the generation and sale of electricity is recognised based on meter readings taken periodically at customer properties and rates per unit of usage as agreed in Power Purchase Agreement contracts.
Where electricity is provided to customers at a discounted rate the revenue recognised is grossed up to reflect a deemed rental charge contra for use of the customers premises.
Export and Feed in Tariff
Income from the export of electricity to the National Grid and the Feed in Tariff (FiT) are recognised when it is probable that the economic benefits will flow to the company and the amount of revenue can be measured reliably. Income is accrued with reference to electricity units generated and agreed export and FiT rates.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation.
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Plant and machinery
4% per annum on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
AMPED INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 3 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2022 and 31 October 2023
1,741,407
Depreciation and impairment
At 1 November 2022
479,565
Depreciation charged in the year
69,647
At 31 October 2023
549,212
Carrying amount
At 31 October 2023
1,192,195
At 31 October 2022
1,261,842
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
19,700
21,987
Other debtors
134,404
118,285
154,104
140,272
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,000
10,000
Trade creditors
6,933
3,578
Taxation and social security
41,179
34,891
Other creditors
464,643
525,121
522,755
573,590
AMPED INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
5
Creditors: amounts falling due within one year
(Continued)
- 4 -
Bank loans represent the current portion of the company's Bounce Back Loan.
Other creditors includes a balance of £79,837 (2022 - £93,000) relating to the current portion of loan financing. Amounts outstanding on the loan are secured on a fixed and floating charge over the assets of the company.
Other creditors also includes a balance of £312,531 (2022 - £304,937) due to directors and participators. The balances outstanding are unsecured and deemed repayable on demand.
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
15,833
25,833
Other creditors
1,209,497
1,268,615
1,225,330
1,294,448
Bank loans represent the non-current portion of the company's Bounce Back Loan.
Other creditors includes a balance of £1,209,497 (2022 - £1,268,615) relating to the loan financing. Amounts outstanding on the loan are secured on a fixed and floating charge over the assets of the company.
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
808,370
-