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Registered number: 12397707
Tulway Energy Limited
Unaudited Financial Statements
For The Year Ended 30 June 2024
Contents
Page
Company Information 1
Accountant's Report 2
Balance Sheet 3—4
Notes to the Financial Statements 5—7
Page 1
Company Information
Directors Mr K Tully
Mrs J C Tully
Miss J Tully
Company Number 12397707
Registered Office Unit 12 Faraday Road Britonwood Trading Estate
Knowsley Industrial Park
Liverpool
Merseyside
L33 7UT
Accountants ERC Accountants & Business Advisers Limited
Chartered Accountants
Hanover Buildings, 11-13 Hanover Street
Liverpool
Merseyside
L1 3DN
Page 1
Page 2
Accountant's Report
Chartered Accountant's report to the directors on the preparation of the unaudited statutory accounts of Tulway Energy Limited for the year ended 30 June 2024
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of Tulway Energy Limited for the year ended 30 June 2024 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given to us.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/membership/regulations-standards-and-guidance.
This report is made solely to the directors of Tulway Energy Limited , as a body, in accordance with the terms of our engagement letter dated 26 March 2024. Our work has been undertaken solely to prepare for your approval the accounts of Tulway Energy Limited and state those matters that we have agreed to state to the directors of Tulway Energy Limited , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Tulway Energy Limited and its directors, as a body, for our work or for this report.
It is your duty to ensure that Tulway Energy Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Tulway Energy Limited . You consider that Tulway Energy Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit of the accounts of Tulway Energy Limited . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
ERC Accountants and Business Advisers Ltd
30 August 2024
ERC Accountants & Business Advisers Limited
Chartered Accountants
Hanover Buildings, 11-13 Hanover Street
Liverpool
Merseyside
L1 3DN
Page 2
Page 3
Balance Sheet
Registered number: 12397707
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 82,445 -
82,445 -
CURRENT ASSETS
Debtors 5 1,158,413 182,189
Cash at bank and in hand 557 1,236
1,158,970 183,425
Creditors: Amounts Falling Due Within One Year 6 (978,270 ) (99,542 )
NET CURRENT ASSETS (LIABILITIES) 180,700 83,883
TOTAL ASSETS LESS CURRENT LIABILITIES 263,145 83,883
Creditors: Amounts Falling Due After More Than One Year 7 (51,010 ) -
PROVISIONS FOR LIABILITIES
Deferred Taxation (17,176 ) -
NET ASSETS 194,959 83,883
CAPITAL AND RESERVES
Called up share capital 9 4 4
Profit and Loss Account 194,955 83,879
SHAREHOLDERS' FUNDS 194,959 83,883
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Page 4
For the year ending 30 June 2024 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 directors acknowledge their 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr K Tully
Director
30 August 2024
The notes on pages 5 to 7 form part of these financial statements.
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Page 5
Notes to the Financial Statements
1. General Information
Tulway Energy Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12397707 . The registered office is Unit 12 Faraday Road Britonwood Trading Estate, Knowsley Industrial Park, Liverpool, Merseyside, L33 7UT.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor vehicles 25% reducing balance
2.4. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 3)
3 3
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4. Tangible Assets
Motor vehicles
£
Cost
As at 1 July 2023 -
Additions 89,940
As at 30 June 2024 89,940
Depreciation
As at 1 July 2023 -
Provided during the period 7,495
As at 30 June 2024 7,495
Net Book Value
As at 30 June 2024 82,445
As at 1 July 2023 -
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
2024 2023
£ £
Motor vehicles 68,704 -
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 433,992 -
Prepayments and accrued income 2,318 2,185
Other debtors 661,000 180,000
Share issue 4 4
VAT 61,099 -
1,158,413 182,189
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 6,698 -
Trade creditors 1,056 -
Corporation tax 14,898 3,328
VAT - 5,189
Other creditors 951,243 88,800
Accruals and deferred income 2,375 2,225
Directors' loan accounts 2,000 -
978,270 99,542
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7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 51,010 -
8. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 6,698 -
Later than one year and not later than five years 51,010 -
57,708 -
57,708 -
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 4 4
10. Directors Advances, Credits and Guarantees
No director received advances, credits or guarantees during the current or previous accounting periods.
11. Related Party Transactions
The following related party transactions were undertaken during the year:
The directors introduced amounts totalling £2,000 during the year. At the balance sheet date the amount owed to the directors from the company was £2,000 (2023: £Nil).
A company under common control received payments of £107,200 (2023: £75,000), made payments of £575,000 (2023: £10,000), raised sales invoices of Nil (2023: £67,200) and received purchase invoices of £930,000 (2023: £36,000). At the balance sheet date the amounts owed to the company totalled £551,000 (2023: £88,000).
A second company under common control received advances of £54,900 (2023: £nil) and repaid amounts of £3,000 (2023: £80,000). At the balance sheet date the amounts owed from the company totalled £661,000 (2023: £180,000).
No dividends were paid to the directors in respect of their shareholdings.
No further transactions with related parties were undertaken such as are required to be disclosed in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
12. Ultimate Parent Undertaking and Controlling Party
The company's immediate and ultimate parent undertaking is Tulway Engineering Ltd . Tulway Engineering Ltd was incorporated in England & Wales, registered number 03590248.

The ultimate controlling party is Tulway Engineering Ltd who controls 100% of the shares of Tulway Energy Limited .
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