Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31The principal activity of the company is trade of electricity.2023-01-01false127truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 13051162 2023-01-01 2023-12-31 13051162 2022-01-01 2022-12-31 13051162 2023-12-31 13051162 2022-12-31 13051162 c:Director1 2023-01-01 2023-12-31 13051162 d:OfficeEquipment 2023-01-01 2023-12-31 13051162 d:OfficeEquipment 2023-12-31 13051162 d:OfficeEquipment 2022-12-31 13051162 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 13051162 d:ComputerEquipment 2023-01-01 2023-12-31 13051162 d:ComputerEquipment 2023-12-31 13051162 d:ComputerEquipment 2022-12-31 13051162 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 13051162 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 13051162 d:CurrentFinancialInstruments 2023-12-31 13051162 d:CurrentFinancialInstruments 2022-12-31 13051162 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 13051162 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 13051162 d:ShareCapital 2023-12-31 13051162 d:ShareCapital 2022-12-31 13051162 d:RetainedEarningsAccumulatedLosses 2023-12-31 13051162 d:RetainedEarningsAccumulatedLosses 2022-12-31 13051162 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-12-31 13051162 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-12-31 13051162 c:FRS102 2023-01-01 2023-12-31 13051162 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 13051162 c:FullAccounts 2023-01-01 2023-12-31 13051162 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 13051162 2 2023-01-01 2023-12-31 13051162 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 13051162









QUARK ENERGY TRADING LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
QUARK ENERGY TRADING LIMITED
REGISTERED NUMBER: 13051162

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
194,518
174,732

  
194,518
174,732

Current assets
  

Debtors: amounts falling due within one year
 5 
288,155
1,412,022

Cash at bank and in hand
  
1,387,776
193,924

  
1,675,931
1,605,946

Creditors: amounts falling due within one year
 6 
(3,424,337)
(2,117,447)

Net current liabilities
  
 
 
(1,748,406)
 
 
(511,501)

Total assets less current liabilities
  
(1,553,888)
(336,769)

  

Net liabilities
  
(1,553,888)
(336,769)


Capital and reserves
  

Called up share capital 
  
490
200

Profit and loss account
  
(1,554,378)
(336,969)

  
(1,553,888)
(336,769)


Page 1

 
QUARK ENERGY TRADING LIMITED
REGISTERED NUMBER: 13051162
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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 income and retained earnings 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 by: 




................................................
D Barrington-Chappell
Director

Date: 16 September 2024

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
QUARK ENERGY TRADING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Quark Energy Trading Limited is a limited liability company. The Company is incorporated in England and Wales with the registration number 13051162. The registered office is 20 Eastbourne Terrace, London, W2 6LG.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on the going concern basis which assumes that the Company will continue in operational existence for the foreseeable future. 
The Board of Directors has a reasonable expectation that the Company has adequate resources to continue its operations for a period of at least 12 months from the date that the financial statements are approved. The key method for assessing going concern is through the business planning process which considers profitability, liquidity and solvency. The business planning process considers the Company's business activities, together with factors likely to affect its future development, successful performance and position, and key risks in the current economic climate. 
The Directors are not aware of any reason why the support from the other group Companies, Company's financiers and other creditors will not be renewed. The continuation of this support is critical to the Company's ability to meet its liabilities as they fall due.
Should the going concern basis of preparation of the financial statements be found to be inappropriate should such support be withdrawn by the financiers or there was insufficient working capital for the Company to continue as a going concern adjustments may have to be made to reduce the value of assets to their recoverable amount, to provide further liabilities that might arise and to reclassify fixed assets and long term liabilities as current assets and liabilities respectively, both adjustments having a consequent effect on the profit and loss account. It is not practical to quantify these potential adjustments which are not included in these financial statements.

Page 3

 
QUARK ENERGY TRADING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 4

 
QUARK ENERGY TRADING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Revenue

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.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

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.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 5

 
QUARK ENERGY TRADING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Pensions

Defined contribution pension plan

The Company contributes into 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.

 
2.10

Tangible fixed assets

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 straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
33%
Straight line
Computer equipment
-
33%
Straight line

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.

 
2.11

Debtors

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.

 
2.12

Cash and cash equivalents

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.

 
2.13

Creditors

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.

Page 6

 
QUARK ENERGY TRADING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.14

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Employees

The average monthly number of employees, including directors, during the year was 12 (2022 - 7).

Page 7

 
QUARK ENERGY TRADING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Office equipment
Computer equipment
Total

£
£
£



Cost or valuation


At 1 January 2023
3,830
194,283
198,113


Additions
2,055
111,482
113,537


Disposals
-
(91)
(91)



At 31 December 2023

5,885
305,674
311,559



Depreciation


At 1 January 2023
330
23,050
23,380


Charge for the year on owned assets
1,878
91,791
93,669


Disposals
-
(8)
(8)



At 31 December 2023

2,208
114,833
117,041



Net book value



At 31 December 2023
3,677
190,841
194,518



At 31 December 2022
3,499
171,233
174,732


5.


Debtors

2023
2022
£
£


Other debtors
266,417
1,370,733

Prepayments and accrued income
21,738
41,289

288,155
1,412,022


Page 8

 
QUARK ENERGY TRADING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other loans
300,000
-

Trade creditors
54,789
51,468

Amounts owed to group undertakings
2,912,609
2,001,892

Other taxation and social security
41,001
12,449

Accruals and deferred income
115,938
51,638

3,424,337
2,117,447



7.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
1,387,776
193,924




Financial assets measured at fair value through profit or loss comprise cash at bank.


8.


Pension commitments

The Company contributes into 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 £10,093 (2022 - £1,006). Contributions totalling £Nil (2022 - £Nil) were payable to the fund at the balance sheet date and are included in creditors.


9.


Related party transactions

At the period end the Company owed Liger Investments Limited £2,903,331. Of this amount, £1,700,000 relates to a loan accruing interest at the Bank of England base rate + 5%. The loan is repayable on demand. £1,200,000 relates to a working capital loan which is interest free and repayable on demand. The remaining £3,331 relates to recharged costs.
A Luers and P Robinson were also directors of Habitat Energy Limited in the year. At the period end, the Company owed Habitat Energy Limited £304,006 (2022: £1,891) £300,000 of this balance relates to a loan and is included with "Other loans". The loan is interest free and repayable on demand. The remainder of the balance relates to recharged costs.
 

Page 9

 
QUARK ENERGY TRADING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Controlling party

At the balance sheet date, the ultimate parent undertaking is Liger Investments Limited by virtue of their 80% shareholding. The ultimate controlling party is T Gile through his ownership of Liger Investments Limited.

 
Page 10