GOOD ENERGIES LTD
Directors: R. Goldstein
S. Zenios
Secretary: S. Zenios
Registered Office: 9.17 15b Capital Tower
91 Waterloo Road
London
SE1 8RT
Registered No: 12488692 (England & Wales)
Auditors: Shahmoon & Co.
Chartered Accountants
37 Broadhurst Gardens
London NW6 3QT
Financial statements
For the year ended 31 December 2023
page
Statement of financial position 1
Notes to the Financial Statements 2-4
GOOD ENERGIES LTD
Statement of financial position as at 31 December 2023
31.12.2023 31.12.2022
Notes £ £ £
Current assets
Inventory 5 19,500 0
Debtors 6 178,649 1,257,584
Cash at bank and in hand 93,479 709,433
291,628 1,967,017
Creditors: amounts falling due
within one year 7 (520,008) (2,355,257)
Net current assets (228,380) (388,240)
Creditors: amounts falling due
within more than one year 8 (2,572,016) (3,410,317)
Total net liabilities £ (2,800,396) £ (3,798,557)
Capital and deficit
£ £
Called up share capital 9 10 10
Capital fund 427,984 -
Profit and loss account (3,228,390) (3,798,567)
Shareholders' funds £ (2,800,396) £ (3,798,557)
-
The accounts have been prepared and delivered in accordance with special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
_________________________
R. Goldstein
Director
Company registration no. 12488692
Approved by the Board:
10 July 2024
GOOD ENERGIES LTD
Notes to the Financial Statements - 31 December 2023
1 STATUTORY INFORMATION
Company Information
Good Energies Ltd is a private limited company incorporated and domiciled in the UK. The address of its registered office is 15b Capital Tower 91 Waterloo Road, London, SE1 8RT.
The company is a wholly owned subsidiary of Erika-Carmel Ltd a company registered in Israel.
2. STATEMENT OF COMPLIANCE
The financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A small entities and the Companies Act 2006.
3. ACCOUNTING POLICIES
Basis of accounting
The financial statements have been prepared on a going concern basis, under historical cost convention.
The financial statements are presented in sterling (£).
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Cash flow
The company as a small entity has taken the advantage not to prepare a cash flow statement under FRS 102 Section 1A small entities.
Going Concern
The company has a negative equity and net current asset position. The company was profitable during 2023 but suffered significant loss in the past. Sales were significantly reduced. According to cash flow projections for the company is expected to continue to be profitable.
In addition, the company's operations are being financed by a long term advance from its parent company and the parent company guarantees that it will not demand the repayment of the loan if it will put the financial position of the company at risk.
Based on the above, the directors consider it appropriate to prepare the financial statements on a going concern basis.
Turnover
Turnover represents net invoiced value of goods and services excluding VAT.
Revenue Recognition
Revenue comprises the fair value of the consideration received or receivable for the sale of goods and services in the ordinary course of the company’s activities. Revenue is shown net of value-added tax, returns, rebates and discounts.
The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Sales of goods that are sold under extended credit terms are initially measured at present value and the financing element included in the sales proceeds is accounted separately and recognised in the statement of income as a finance income over the period of the credit terms.
GOOD ENERGIES LTD
Notes to the Financial Statements - 31 December 2023
3 ACCOUNTING POLICIES (Continued)….
Inventory
Inventory is valued at the lower of cost and net resalable value, after making due allowances
for damaged and slow moving stock.
Inventory includes all direct expenses that were incurred on the stock up to the arrival at the
warehouse.
Deferred taxation
Deferred taxation is provided using the liability method to take into account timing differences
arising from the inclusion of items of expenditure in taxation computations in periods that differ
from those in which they are included in the financial statements to the extent that it is
probably that an assets will crystallize in the future.
Provision for deferred taxation is set off against debit balance of deferred taxation.
Foreign currencies
Monetary assets and liabilities in foreign currencies are translated into Sterling at the rate of
exchange ruling at the balance sheet date. Transaction in foreign currencies are translated into
Sterling at the rate of exchange ruling at the date of the transaction.
4. Employee information
2023 2022
Average number of employees for the year 0 1
No remuneration was paid to any of the directors during the period.
5. Inventory
31.12.2023 31.12.2022
£ £
Finished goods for resale 19,500 0
19,500 0
6. Debtors
31.12.2023 31.12.2022
£ £
Trade debtors 163,916 1,186,358
VAT 14,733 63,669
Other debtors and prepayments 0 2,044
Group company 0 5,513
178,649 1,257,584
GOOD ENERGIES LTD
Notes to the Financial Statements - 31 December 2023
7. Creditors: amounts falling due
within one year 31.12.2023 31.12.2022
£ £
Trade creditors 2,399 1,881
Parent company 497,706 2,231,132
Accruals and deferred revenue 19,903 122,244
520,008 2,355,257
8. Creditors: amounts falling due 31.12.2023 31.12.2022
within more than one year £ £
Parent company 2,572,016 3,275,000
Group company - 135,317
2,572,016 3,410,317
9. Share capital
31.12.2023 31.12.2022
£ £
Allotted, called up and fully paid:
10 Ordinary shares of £1 each 10 10
10. Audit report information
As the income statement has been omitted from the filing of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444 (5B) of the Companies Act 2006. The auditor's report was unqualified. We would like to draw your attention to the following statement: contained with our audit report as included in the full financial statements:
MATERIAL UNCERTAINTY RELATING TO GOING CONCERN
We draw attention to note 3 which indicates that the company has a negative equity and net current asset position. The company was profitable during 2023 but suffered significant loss in the past. Sales were significantly reduced. According to cash flow projections for the company is expected to continue to be profitable. In addition, the company's deficit is being financed by a long term advance from its parent company and the parent company guarantees that it will not demand the repayment of the loan if it will put the financial position of the company at risk. Based on the above, the directors consider it appropriate to prepare the financial statements on a going concern basis.
Based on the above, the directors consider it appropriate to prepare the financial statements on a going concern basis.
The senior statutory auditor was Mr.Ran Shahmoon.
The auditor was Shahmoon & Co.
Date auditor signed accounts: 10 July 2024
Name of director signing accounts: R. Goldstein
Date director signed accounts: 10 July 2024
11. Related party transactions:
Control:
The parent undertaking is Erika-Carmel Ltd., a public company incorporated in Israel whose address is: Nachum Het 5, Pob 15141, Haifa, 3508504, Israel and who is listed on the Tel Aviv stock exchange .
Erika-Carmel Ltd is the smallest and largest group to prepare consolidated accounts which are publically available.
Transaction:
The company is exempt from disclosing transactions with related parties that are wholly owned within the same group in accordance with FRS 102 Section 33(1)A.
Commitment:
The company did not have any commitments as at 31.12.23 and 31.12.22.
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