GOOD ENERGIES LTD |
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Notes to the Financial Statements - 31 December 2023 |
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1 |
STATUTORY INFORMATION |
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Company Information |
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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. |
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The company is a wholly owned subsidiary of Erika-Carmel Ltd a company registered in Israel. |
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2. |
STATEMENT OF COMPLIANCE |
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The financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A small entities and the Companies Act 2006. |
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3. |
ACCOUNTING POLICIES |
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Basis of accounting |
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The financial statements have been prepared on a going concern basis, under historical cost convention. |
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The financial statements are presented in sterling (£). |
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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. |
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Cash flow |
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The company as a small entity has taken the advantage not to prepare a cash flow statement under FRS 102 Section 1A small entities. |
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Going Concern |
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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. |
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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. |
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Based on the above, the directors consider it appropriate to prepare the financial statements on a going concern basis. |
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Turnover |
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Turnover represents net invoiced value of goods and services excluding VAT. |
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Revenue Recognition |
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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. |
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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. |
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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. |
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GOOD ENERGIES LTD |
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Notes to the Financial Statements - 31 December 2023 |
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3 |
ACCOUNTING POLICIES (Continued)…. |
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Inventory |
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Inventory is valued at the lower of cost and net resalable value, after making due allowances |
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for damaged and slow moving stock. |
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Inventory includes all direct expenses that were incurred on the stock up to the arrival at the |
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warehouse. |
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Deferred taxation |
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Deferred taxation is provided using the liability method to take into account timing differences |
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arising from the inclusion of items of expenditure in taxation computations in periods that differ |
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from those in which they are included in the financial statements to the extent that it is |
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probably that an assets will crystallize in the future. |
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Provision for deferred taxation is set off against debit balance of deferred taxation. |
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Foreign currencies |
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Monetary assets and liabilities in foreign currencies are translated into Sterling at the rate of |
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exchange ruling at the balance sheet date. Transaction in foreign currencies are translated into |
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Sterling at the rate of exchange ruling at the date of the transaction. |
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4. |
Employee information |
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2023 |
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2022 |
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Average number of employees for the year |
0 |
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1 |
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No remuneration was paid to any of the directors during the period. |
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5. |
Inventory |
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31.12.2023 |
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31.12.2022 |
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£ |
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£ |
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Finished goods for resale |
19,500 |
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0 |
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19,500 |
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0 |
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6. |
Debtors |
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31.12.2023 |
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31.12.2022 |
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£ |
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£ |
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Trade debtors |
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163,916 |
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1,186,358 |
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VAT |
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14,733 |
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63,669 |
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Other debtors and prepayments |
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0 |
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2,044 |
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Group company |
0 |
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5,513 |
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178,649 |
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1,257,584 |
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GOOD ENERGIES LTD |
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Notes to the Financial Statements - 31 December 2023 |
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7. |
Creditors: amounts falling due |
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within one year |
31.12.2023 |
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31.12.2022 |
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£ |
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£ |
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Trade creditors |
2,399 |
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1,881 |
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Parent company |
497,706 |
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2,231,132 |
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Accruals and deferred revenue |
19,903 |
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122,244 |
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520,008 |
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2,355,257 |
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8. |
Creditors: amounts falling due |
31.12.2023 |
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31.12.2022 |
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within more than one year |
£ |
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£ |
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Parent company |
2,572,016 |
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3,275,000 |
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Group company |
- |
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135,317 |
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2,572,016 |
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3,410,317 |
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9. |
Share capital |
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31.12.2023 |
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31.12.2022 |
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£ |
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£ |
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Allotted, called up and fully paid: |
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10 Ordinary shares of £1 each |
10 |
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10 |
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10. |
Audit report information |
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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: |
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MATERIAL UNCERTAINTY RELATING TO GOING CONCERN |
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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. |
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Based on the above, the directors consider it appropriate to prepare the financial statements on a going concern basis. |
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The senior statutory auditor was Mr.Ran Shahmoon. |
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The auditor was Shahmoon & Co. |
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Date auditor signed accounts: 10 July 2024 |
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Name of director signing accounts: R. Goldstein |
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Date director signed accounts: 10 July 2024 |
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11. |
Related party transactions: |
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Control: |
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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 . |
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Erika-Carmel Ltd is the smallest and largest group to prepare consolidated accounts which are publically available. |
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Transaction: |
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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. |
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Commitment: |
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The company did not have any commitments as at 31.12.23 and 31.12.22. |