Company registration number 11018593 (England and Wales)
RETAIL ENERGY SOLUTIONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
RETAIL ENERGY SOLUTIONS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
RETAIL ENERGY SOLUTIONS LIMITED
BALANCE SHEET
AS AT 30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
56,814
97,052
Investments
6
8
8
56,822
97,060
Current assets
Stocks
16,000
17,428
Debtors
8
484,459
638,012
Cash at bank and in hand
44,853
101,993
545,312
757,433
Creditors: amounts falling due within one year
9
(149,085)
(135,261)
Net current assets
396,227
622,172
Total assets less current liabilities
453,049
719,232
Creditors: amounts falling due after more than one year
10
(75,191)
(103,715)
Provisions for liabilities
11
(10,258)
(24,377)
Net assets
367,600
591,140
Capital and reserves
Called up share capital
12
20,000
20,000
Profit and loss reserves
347,600
571,140
Total equity
367,600
591,140

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their 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.

RETAIL ENERGY SOLUTIONS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2023
30 November 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 29 August 2024 and are signed on its behalf by:
Mr M C Littlejohn
Director
Company registration number 11018593 (England and Wales)
RETAIL ENERGY SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 3 -
1
Accounting policies
Company information

Retail Energy Solutions Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1a Bakery Court, London End, Beaconsfield, Bucks, HP9 2FN.

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

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents amounts receivable for the provision of integrated building solutions encompassing lighting, HVAC and energy monitoring, and is net of VAT and trade discounts.

 

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.5
Intangible fixed assets

Intangible assets consists of software costs.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
33.33% Straight line
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
33.33% Straight line
Fixtures and fittings
33.33% Straight line
Computer and office equipment
33.33% Straight line
Motor vehicles
33.33% Straight line
RETAIL ENERGY SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 4 -

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.

1.7
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8
Stocks

Work in progress is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs.

1.9
Cash at bank and in hand

Cash and cash equivalents 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.

1.10
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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.

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.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

RETAIL ENERGY SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.12
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

RETAIL ENERGY SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 6 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
10
8
3
Taxation
2023
2022
£
£
Current tax
R&D tax credit
-
0
(32,287)
Deferred tax
Origination and reversal of timing differences
(9,380)
11,240
Total tax credit
(9,380)
(21,047)
4
Intangible fixed assets
Other
£
Cost
At 1 December 2022 and 30 November 2023
1,577
Amortisation and impairment
At 1 December 2022 and 30 November 2023
1,577
Carrying amount
At 30 November 2023
-
0
At 30 November 2022
-
0
RETAIL ENERGY SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 7 -
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 December 2022
138,231
Additions
1,541
At 30 November 2023
139,772
Depreciation and impairment
At 1 December 2022
41,179
Depreciation charged in the year
41,779
At 30 November 2023
82,958
Carrying amount
At 30 November 2023
56,814
At 30 November 2022
97,052
6
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
8
8
RETAIL ENERGY SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 8 -
7
Subsidiaries

Details of the company's subsidiaries at 30 November 2023 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
RES Controls LTD
England and Wales
Electrical, plumbing, heat, air- conditioning and other construction installation
Ordinary
80.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
RES Controls LTD
(109,104)
(7,907)
8
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
90,094
134,288
Corporation tax recoverable
52,782
92,178
Amounts owed by group undertakings
185,869
279,627
Other debtors
155,714
131,919
484,459
638,012
9
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,800
11,027
Obligations under finance leases
19,395
19,992
Trade creditors
55,335
44,035
Corporation tax
22,026
30,733
Other taxation and social security
21,543
18,947
Other creditors
19,986
10,527
149,085
135,261
RETAIL ENERGY SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 9 -
10
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
20,867
30,705
Obligations under finance leases
54,324
73,010
75,191
103,715

 

11
Provisions for liabilities
2023
2022
£
£
Warranty provision
6,704
11,443
Deferred tax liabilities
3,554
12,934
10,258
24,377
12
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
20,000
20,000
Ordinary A shares of £1 each
4,000
4,000
Ordinary B shares of £1 each
16,000
-
16,000
-
20,000
20,000
20,000
20,000

On 1 March 2023, the company redesignated its share capital from 20,000 Ordinary Shares of £1 each to 4,000 Ordinary 'A' shares of £1 each and 16,000 Ordinary 'B' shares of £1 each.

 

Each class of ordinary share carries the right to one vote per share, the rights to a return of capital on liquidation, no rights of redemption and the right to receive dividends.

13
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
Motor vehicles
32,837
60,191
RETAIL ENERGY SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 10 -
14
Directors' transactions

During the year ended 30 November 2023 the directors were advanced £93,521 and had dividends credited to their loan account of £64,056. At the year ended 30 November 2023 £133,977 (2022: £99,775) was due from the directors.

 

Interest was charged at the market rate on the loan and the amount was £2,737 (2022: £1,547).

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