Company registration number NI635587 (Northern Ireland)
GRANVILLE ENERGY SUPPLY LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
GRANVILLE ENERGY SUPPLY LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
GRANVILLE ENERGY SUPPLY LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
4
731,735
700,019
Cash at bank and in hand
316,716
259,656
1,048,451
959,675
Creditors: amounts falling due within one year
5
(1,068,124)
(957,248)
Net current (liabilities)/assets
(19,673)
2,427
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(19,674)
2,426
Total equity
(19,673)
2,427

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

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 14 May 2024 and are signed on its behalf by:
A Sharpe
Director
Company Registration No. NI635587
GRANVILLE ENERGY SUPPLY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2022
1
(18,468)
(18,467)
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
20,894
20,894
Balance at 31 December 2022
1
2,426
2,427
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
(22,100)
(22,100)
Balance at 31 December 2023
1
(19,674)
(19,673)
GRANVILLE ENERGY SUPPLY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Granville Energy Supply Limited is a private company limited by shares incorporated in Northern Ireland. The registered office is Granville Ecopark, Granville Industrial Estate, Dungannon, County Tyrone, Northern Ireland, BT70 1NJ. The principal place of business is Granville Ecopark, Granville Industrial Estate, Dungannon, County Tyrone, Northern Ireland, BT70 1NJ.

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

The company has net liabilities as at the balance sheet datetrue. Notwithstanding this, as part of the regular budgeting and forecast review process, the directors have prepared cash flow forecasts covering a period in excess of 12 months from the approval of the financial statements and are satisfied the company will have sufficient cash to meet its obligations as they fall due during this period. The company is also a member of a group whose financial position is closely linked to the status and continued support of other group undertakings. Each of these fellow group undertakings have committed to support each other as required for the foreseeable future.

 

Having considered the information available at the time of approving the financial statements, the directors have a resonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

 

The directors have therefore continued to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.4
Cash and cash equivalents

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.

1.5
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.

GRANVILLE ENERGY SUPPLY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
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.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, amounts owed to group undertakings 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.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Taxation

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

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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

GRANVILLE ENERGY SUPPLY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.7

Finance costs

Finance costs are charged to statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

1.8

Related parties

The company has taken advantage of the exemption available under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' not to disclose related party transactions with wholly owned subsidiaries within the group.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements
Recoverability of trade and other receivables

Trade and other receivables are recognised to the extent that they are judged recoverable. Management reviews are performed to estimate the level of provisions required for irrecoverable receivables. Provisions are made against receivables where recoverability is uncertain.

3
Employees
The company had no employees in either the current or prior year.
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
253,928
247,744
Amounts owed by group undertakings
12,238
72,820
Other debtors
465,569
379,455
731,735
700,019
GRANVILLE ENERGY SUPPLY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
5
Creditors: amounts falling due within one year
2023
2022
as restated
£
£
Amounts owed to group undertakings
1,062,534
934,653
Other creditors
5,590
22,595
1,068,124
957,248

Restatement

In the current year, the directors identified that an amount of accrued expenditure as previously reported relates to amounts owed to group undertakings. As a result, an amount of £95,152 is now shown in amounts owed to group undertakings in the comparative information presented in these financial statements whereas it was previously reported as other creditors.

6
Audit report information

As the income statement has been omitted from the filing copy 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.

Senior Statutory Auditor:
Laura Pingree
Statutory Auditor:
Azets Audit Services
7
Financial commitments, guarantees and contingent liabilities

The company had no financial commitments, guarantees or contingent liabilities as at the balance sheet date (2022: £Nil).

8
Parent company

The company is wholly owned by Granville Ecopark Limited, a company registered in Northern Ireland. Granville Ecopark Limited is the smallest and largest group to consolidate these financial statements. Copies of the consolidated financial statements can be obtained from the registered office at Granville Ecopark, Granville Industrial Estate, Dungannon, Northern Ireland, BT70 1NJ.

 

At the year end, in the opinion of the directors, there was no one ultimate controlling party.

 

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