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AES Sustainability Limited

Annual Report and Unaudited Financial Statements
Year Ended 30 November 2023

Registration number: 12002337

 

AES Sustainability Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

AES Sustainability Limited

Balance Sheet

30 November 2023

Note

2023
£

(As restated)

2022
£

Fixed assets

 

Intangible assets

4

94,371

58,179

Investments

5

3,063,796

3,063,796

 

3,158,167

3,121,975

Current assets

 

Debtors

6

693,350

365,470

Cash at bank and in hand

 

107,220

1,424

 

800,570

366,894

Creditors: Amounts falling due within one year

7

(2,804,386)

(2,282,657)

Net current liabilities

 

(2,003,816)

(1,915,763)

Net assets

 

1,154,351

1,206,212

Capital and reserves

 

Called up share capital

9

2,000

2,000

Share premium reserve

48,000

48,000

Profit and loss account

1,104,351

1,156,212

Shareholders' funds

 

1,154,351

1,206,212

 

AES Sustainability Limited

Balance Sheet

30 November 2023

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 29 August 2024 and signed on its behalf by:
 

.........................................
Mr A T Brooks
Director

Company Registration Number: 12002337

 

AES Sustainability Limited

Notes to the Unaudited Financial Statements

Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
4b Oaklands Court
Tiverton Way
Tiverton Business Park
Tiverton
Devon
EX16 6TG
United Kingdom

These financial statements were authorised for issue by the Board on 29 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Group accounts not prepared

The company is part of a small group. The company has taken advantage of the exemption provided by section 398 of the Companies Act 2006 and has not prepared group accounts.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

 

AES Sustainability Limited

Notes to the Unaudited Financial Statements

Year Ended 30 November 2023

Prior period adjustment

In previous years, the capital value of A shares has been treated as equity. As the capital value of the A shares represents a contractual obligation to deliver cash, the capital value of the A shares has been reclassified as a liability and the prior period has been restated accordingly.

The capital value of the A shares in previous years was found to have been understated. This has resulted in a restatement being required to the investment value in the prior year.

The A shareholders are entitled to an interest element on the capital value of the A shares, which had not previously been accrued for in the company accounts. The prior year profit and loss account has been restated to reflect the interest accrued in that year, with the prior year opening retained earnings also being restated to reflect interest acrrued up to 30 November 2021.

As previously

Adjustment

As restated

reported

Year ended 30 November 2022

£

£

£

Opening profit and loss reserve

1,250,197

(44,571)

1,205,626

Share premium

329,510

(281,510)

48,000

Share capital

2,005

(5)

2,000

Interest charged

35,673

19,887

55,560

Closing profit and loss reserve

1,220,670

(64,458)

1,156,212

Other creditors

-

351,333

351,333

Investments

3,058,436

5,360

3,063,796

Revenue recognition

Turnover represents management charges and income from software services received from subsidiary companies. Revenue is received upon delivery of service.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life. Computer software costs are not amortised until the software has been fully developed and brought into use.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

 

AES Sustainability Limited

Notes to the Unaudited Financial Statements

Year Ended 30 November 2023

Asset class

Amortisation method and rate

Software development costs

5 years straight line

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Dividends on equity securities are recognised in income when receivable.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 14 (2022 - 12).

 

AES Sustainability Limited

Notes to the Unaudited Financial Statements

Year Ended 30 November 2023

4

Intangible assets

Software development costs
 £

Total
£

Cost or valuation

At 1 December 2022

58,179

58,179

Additions

59,785

59,785

At 30 November 2023

117,964

117,964

Amortisation

Amortisation charge

23,593

23,593

At 30 November 2023

23,593

23,593

Carrying amount

At 30 November 2023

94,371

94,371

At 30 November 2022

58,179

58,179

5

Investments

2023
£

(As restated)

2022
£

Investments in subsidiaries

3,063,796

3,063,796

Subsidiaries

£

Cost or valuation

At 1 December 2022

3,063,796

Provision

Carrying amount

At 30 November 2023

3,063,796

At 30 November 2022

3,063,796

 

AES Sustainability Limited

Notes to the Unaudited Financial Statements

Year Ended 30 November 2023

6

Debtors

2023
£

2022
£

Amounts owed by group undertakings and undertakings in which the company has a participating interest

667,278

356,239

Prepayments

26,072

6,907

Other debtors

-

2,324

693,350

365,470

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

(As restated)

2022
£

Due within one year

 

Loans and borrowings

8

343,001

329,091

Trade creditors

 

7,268

20,497

Amounts owed to group undertakings and undertakings in which the company has a participating interest

 

1,715,830

1,359,642

Taxation and social security

 

319,684

219,814

Accruals and deferred income

 

46,190

2,280

Other creditors

 

372,413

351,333

 

2,804,386

2,282,657

 

AES Sustainability Limited

Notes to the Unaudited Financial Statements

Year Ended 30 November 2023

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Other borrowings

343,001

329,091

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

2,000

2,000

2,000

2,000