Registered number: 07104689
GREEN ENERGY POWER SOLUTIONS LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2023
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GREEN ENERGY POWER SOLUTIONS LIMITED
REGISTERED NUMBER: 07104689
BALANCE SHEET
AS AT 31 DECEMBER 2023
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Net current assets/(liabilities)
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 September 2024.
The notes on pages 3 to 10 form part of these financial statements.
Page 1
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GREEN ENERGY POWER SOLUTIONS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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Comprehensive income for the year
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Total comprehensive income for the year
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Comprehensive income for the year
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Total comprehensive income for the year
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The notes on pages 3 to 10 form part of these financial statements.
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Page 2
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GREEN ENERGY POWER SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Green Energy Power Solutions Limited is a Company limited by shares and incorporated in England. The Company registration number is 07104689. The Company registered office is Saturn Building, Balby Carr Bank, Doncaster, DN4 5JQ. The principal activity of the Company is the fitting and maintenance of solar panels.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The Company's functional and presentational currency is GBP.
The Company has prepared it's financial statements to the nearest £.
The following principal accounting policies have been applied:
At the balance sheet date the Company had net liabilities of £747,677. The Company meets its day to day working capital demands via funding from fellow group companies and companies under common control. As such the company is reliant upon the support of its creditors.
In determining the appropriate basis of preparing the financial statements, the directors are required to consider whether the company can continue its operational existence for the foreseeable future and at least 12 months from following the signing of this report. A letter of support has been obtained from the Company's most significant creditor; One Call Insurance Services Limited confirming that loans will not be called in for at least 12 months from the date of approval of the financial statements and additional financial support will be provided if required. Given this, the directors consider it appropriate to prepare the financial statements on the going concern basis.
Page 3
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GREEN ENERGY POWER SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙the Company has transferred the significant risks and rewards of ownership to the buyer;
∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Finance costs are charged to profit or loss 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.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
Page 4
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GREEN ENERGY POWER SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the following methods.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Page 5
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GREEN ENERGY POWER SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Provisions for liabilities
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Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation.
Increases in provisions are generally charged as an expense to profit or loss.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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Warranty & compensation provisions
The Company offers warranties against installations. Management have assessed the present value of expected warranty claims each year in order to quantify the required provision. The assessment is based on average costs of claims and expectations based on historic claims and age of equipment.
The Company faces claims for compensation. Management make a balanced assessment of the level of provision required to settle such claims into the future based on historic settlement values and case numbers.
Page 6
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GREEN ENERGY POWER SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Cost of defined contribution scheme
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The average monthly number of employees, including the director, during the year was as follows:
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Charge for the year on owned assets
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Page 7
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GREEN ENERGY POWER SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Amounts owed by connected companies
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Prepayments and accrued income
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Amounts owed by connected companies are interest free and repayable on demand.
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Amounts owed to group undertakings are interest free and repayable on demand.
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Page 8
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GREEN ENERGY POWER SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Creditors: Amounts falling due after more than one year
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Amounts owed to group undertakings
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Amounts owed to connected companies
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Non-current amounts owed to connected companies are amounts owed to One Call Insurance Services Limited. One Call Insurance Services Limited have provided written confirmation that they will not demand repayment of amounts owed for at least 12 months, unless the Company is in a position to repay amounts and as such this has been recognised as an amount falling due after more than one year. Interest is charged at 1% compounded monthly on the loan.
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Charged to statement of comprehensive income
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The deferred taxation balance is made up as follows:
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Accelerated capital allowances
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Tax losses carried forward
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The expected reversal of deferred tax is not estimated to be material.
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Charged to statement of comprehensive income
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Page 9
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GREEN ENERGY POWER SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Allotted, called up and fully paid
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100 (2022 - 100) Ordinary shares of £1.00 each
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Profit and loss account
Includes all distributable current and prior period retained profits and losses.
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £2,262 (2022 - £2,118). Contributions totalling £NIL (2022 - £NIL) were payable to the fund at the balance sheet date and are included in creditors.
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Transactions with directors
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The Company owed £127,487 (2022: £214,000) to Director J L Radford which is recognised in other creditors. No amounts were advanced or repaid during the year and the maximum balance owed was £214,000. The director loan is interest free and repayable on demand.
During the year, the Company generated sales of £86,513 (2022: £nil) with Director J L Radford.
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The immediate and ultimate parent company is RSCPBR B Ltd by virtue of it's controlling interest in the equity capital in Green Energy Power Solutions Limited. RSCPBR B Ltd is incorporated in England.
The ultimate controlling party is J L Radford by virtue of his controlling interest in the equity capital in RSCBPR B Ltd.
The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.
The audit report was signed on 19 September 2024 by James Delve (Senior statutory auditor) on behalf of PKF Smith Cooper Audit Limited.
Page 10
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