Company registration number 11212563 (England and Wales)
VALDA ENERGY LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
VALDA ENERGY LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 27
VALDA ENERGY LIMITED
COMPANY INFORMATION
Directors
A L Brent
C K Crossley Cooke
S L James
D Kaur
(Appointed 13 November 2023)
D Soper
(Appointed 13 November 2023)
M Coull
(Appointed 13 November 2023)
Company number
11212563
Registered office
Unit 11
Talisman Business Centre
Talisman Road
Bicester
England
OX26 6HR
Auditor
Critchleys Audit LLP
Beaver House
23-38 Hythe Bridge Street
Oxford
OX1 2EP
Bankers
Barclays Bank PLC
1 Churchill Place
London
E14 1QE
VALDA ENERGY LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -
The directors present the strategic report for the year ended 30 April 2024.
Principal activities
Valda Energy Limited is a licensed Electricity and Gas Supplier to Non-Domestic and Domestic end users in Great Britian. With focus on the small and medium sized business market, Valda Energy offers customers electricity and gas supply contracts.
Review of the business
The Company has continued to grow, and this financial period has seen another strong performance across our Business Key Performance indications (“KPIs”).
Growth in contracted meter point numbers and the total amount of commodity supplied to customers has led to a 41% increase in turnover for the year. Gross profit increased 31%. Gross Margin (%) decreased slightly year on year reflecting the change in the customer portfolio mix in a competitive market. Operating Profit increased to £4.5m (£4.1m 2022/23).
This financial year saw movement in the commodity market again being the dominant factor on the performance of the business. With the sharp decline in wholesale energy costs, most evident in the second six months of the year, a sharply different market landscape has been evident compared to that seen in prior trading years.
As a result of the war in the Ukraine driving an unprecedented period of high market prices and volatility in gas consumption across all sectors, we have incurred additional costs, in respect to settled Gas volumes and associated charges for Unidentified Gas, the majority of which relates to previous financial periods. While the amounts are not material from an audit perspective, in order to maintain the relevance and reliability of our financial statements we have restated our financial accounts for FY2022/23.
The Company continued to adhere to key policies that have proved successful in providing a platform for growth and has again demonstrated flexibility and adaptability to ever changing conditions.
The easing of the commodity market from previous record highs has been welcomed by Customers; competition with Customer switching activity remained strong providing the opportunity for portfolio growth as Customers look for competitive deals within the market.
Therefore, the year has seen continued focus on new acquisitions, with the business developing a robust sales channel through continuity of pricing availability, service delivery and a competitive market offering. The business has maintained its ability to attract new customer acquisitions developing a diversified portfolio of different Business types, across the SME sector. This diversified portfolio has performed well against business metrics, and Valda Energy customers remain engaged which has been key to the debt risk performance reflected in these results.
The Directors are positive for the future direction of the Business and its ability to meet expectations across all the Business KPIs.
Principal risks and uncertainties
The Company faces several Business risks, however, through regular management review and policy analysis each risk has been evaluated and actions to mitigate identified.
The Company operates a Fully Hedged wholesale energy policy, aiming to de-risk our exposure to the energy market. The forecast energy demand for all customer contracts is calculated using considerable internal resource and modelling. This modelling is continually developing, using up to date, real-time customer data combined with knowledge and experience of operating within the energy retail sector.
VALDA ENERGY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
The main hedging related risks are broadly categorised as prolonged periods of extreme weather, changes in customer consumption and changes in the rate in which contracted customers move out of their properties. These are managed, in turn, by receiving weather forecasts from relevant weather stations across the country, adjusting hedge volumes accordingly, and by having forecasts that update based on the latest customer consumption information. Detailed analysis to review the half hourly volumes consumed by our existing portfolio is also applied to this calculation as well as the development of a comprehensive customer performance library.
The Business continues to operate under our long-term Wholesale Energy agreement, the terms of which enable full adherence to our agreed Commodity Risk policy and provide pricing security to our customers.
Bad debts derived from customers who fail to pay their electricity and gas invoices represent a significant administrative expense to the Business.
Effective credit risk management is fundamental in ensuring that there is an appropriate balance between this risk and facilitating the growth of the Business. The Company controls the exposure to credit risk from customers with the Credit Assessment decision path that integrates with the Business acquisition online platform. Furthermore, the Business devotes significant resource to manage its customer portfolio to mitigate credit exposure and any negative effect on cash flows. Through historical analysis and current customer performance, the Business forecasts and then analyses expected customer behaviour against allowed tolerances
The Business operates in a highly regulated industry and welcomes strong, sensible regulation. The Company’s Directors consider both regulatory and compliance risks and the potential impacts they may have on our Business and through proactively engaging with regulators and industry parties.
The Business engages with Third Party Intermediaries and the identified risk is a reduction in the number of parties operating in this sector potentially reducing market competition. The most likely cause for a possible reduction in the TPI sector is recognised as either increased consolidation activity, or possible changes in regulation.
The Directors believe that a strong and robust TPI market can support healthy competition within the energy retail market, and the Business actively engages with the Regulator and other parties to be at the forefront of discussions considering enhancements to the sector.
With Employees being at the centre of our continued success, the Business recognises the risk of not being able to meet our resourcing requirements. The Directors employ an Attract and Retain strategy at the core of our business culture. We recognise that this culture is the most important intangible Business asset, providing a key tool in establishing our competitive advantage, delivering for our customers as well as all our stakeholders.
Key performance indicators
The directors monitor the key performance indicators (KPIs) of the business on a regular basis:
2024 2023
Turnover Growth 41% 341%
Gross margin percentage 17.1% 18.5%
S L James
Director
30 September 2024
VALDA ENERGY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
The directors present their annual report and financial statements for the year ended 30 April 2024.
Results and dividends
The results for the year are set out on page 8.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
A L Brent
C K Crossley Cooke
S L James
D Kaur
(Appointed 13 November 2023)
D Soper
(Appointed 13 November 2023)
M Coull
(Appointed 13 November 2023)
Energy and carbon report
As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Going concern
The accounts has been prepared under the going concern concept; the parent company Valda Energy Group Limited has confirmed to the directors that it will continue to support the company for a period of at least 12 months after the dates of signing the financial statements.
On behalf of the board
S L James
Director
30 September 2024
VALDA ENERGY LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
VALDA ENERGY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF VALDA ENERGY LIMITED
- 5 -
Opinion
We have audited the financial statements of Valda Energy Limited (the 'company') for the year ended 30 April 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 30 April 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
VALDA ENERGY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF VALDA ENERGY LIMITED (CONTINUED)
- 6 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our knowledge and experience;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence where applicable; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
VALDA ENERGY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF VALDA ENERGY LIMITED (CONTINUED)
- 7 -
To address the risk of fraud through management bias and override of controls, we:
performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
agreeing financial statement disclosures to underlying supporting documentation;
reading the minutes of meetings of those charged with governance;
enquiring of management as to actual and potential litigation and claims;
reviewing relevant correspondence.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Katherine Wilkes
Senior Statutory Auditor
For and on behalf of Critchleys Audit LLP
1 October 2024
Chartered Accountants
Statutory Auditor
Beaver House
23-38 Hythe Bridge Street
Oxford
OX1 2EP
VALDA ENERGY LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
2024
2023
as restated
Notes
£
£
Turnover
3
108,106,826
76,609,797
Cost of sales
(89,601,692)
(62,471,668)
Gross profit
18,505,134
14,138,129
Administrative expenses
(14,052,122)
(10,001,042)
Operating profit
4
4,453,012
4,137,087
Interest receivable and similar income
9
46,778
4,998
Interest payable and similar expenses
8
(213,122)
(201,942)
Profit before taxation
4,286,668
3,940,143
Tax on profit
10
(890,427)
(934,484)
Profit for the financial year
3,396,241
3,005,659
The above results were derived from continuing operations.
VALDA ENERGY LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
- 9 -
2024
2023
as restated
£
£
Profit for the year
3,396,241
3,005,659
Other comprehensive income
-
-
Total comprehensive income for the year
3,396,241
3,005,659
VALDA ENERGY LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 10 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
11
42,508
52,801
Tangible assets
12
270,941
144,525
313,449
197,326
Current assets
Debtors
13
27,248,008
18,094,611
Cash at bank and in hand
4,898,893
5,451,455
32,146,901
23,546,066
Creditors: amounts falling due within one year
14
(21,361,686)
(16,394,394)
Net current assets
10,785,215
7,151,672
Total assets less current liabilities
11,098,664
7,348,998
Creditors: amounts falling due after more than one year
15
(8,475,840)
(8,269,112)
Provisions for liabilities
Provisions
16
101,858
(101,858)
-
Net assets/(liabilities)
2,520,966
(920,114)
Capital and reserves
Called up share capital
21
100
100
Other reserves
2,850,148
2,805,309
Profit and loss reserves
(329,282)
(3,725,523)
Total equity
2,520,966
(920,114)
The financial statements were approved by the board of directors and authorised for issue on 26 September 2024 and are signed on its behalf by:
S L James
Director
Company registration number 11212563 (England and Wales)
VALDA ENERGY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 11 -
Share capital
Share based payments
Discounting reserve
Profit and loss reserves
Total
£
£
£
£
£
As restated for the period ended 30 April 2023:
Balance at 1 May 2022
100
521,446
2,098,227
(6,731,182)
(4,111,409)
Year ended 30 April 2023:
Profit and total comprehensive income
-
-
-
3,005,659
3,005,659
Other movements
-
185,636
-
-
185,636
Balance at 30 April 2023
100
707,082
2,098,227
(3,725,523)
(920,114)
Year ended 30 April 2024:
Profit and total comprehensive income
-
-
-
3,396,241
3,396,241
Other movements
-
44,839
-
-
44,839
Balance at 30 April 2024
100
751,921
2,098,227
(329,282)
2,520,966
VALDA ENERGY LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
- 12 -
2024
2023
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
26
(352,217)
3,152,466
Interest paid
(6,394)
(256)
Net cash (outflow)/inflow from operating activities
(358,611)
3,152,210
Investing activities
Purchase of intangible assets
(9,285)
(6,260)
Purchase of tangible fixed assets
(231,527)
(84,807)
Proceeds from disposal of tangible fixed assets
83
Interest received
46,778
4,998
Net cash used in investing activities
(193,951)
(86,069)
Net (decrease)/increase in cash and cash equivalents
(552,562)
3,066,141
Cash and cash equivalents at beginning of year
5,451,455
2,385,314
Cash and cash equivalents at end of year
4,898,893
5,451,455
VALDA ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 13 -
1
Accounting policies
Company information
Valda Energy Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 11, Talisman Business Centre, Talisman Road, Bicester, Oxfordshire, OX26 6HR.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK” (“FRS 102”) and the requirements of the Companies Act 2006.
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, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The accounts has been prepared under the going concern concept; the parent company Valda Energy Grouptrue Limited has confirmed to the directors that it will continue to support the company for a period of 12 months after the dates of signing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for electricity and gas 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.
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 specific criteria have been met for each of the company's activities.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Website and software development costs
5 years straight line
VALDA ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 14 -
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Short leasehold improvements
5 years straight line
Furniture and fittings
5 years straight line
Office and IT equipment
3 years straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
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, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
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.
VALDA ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 15 -
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.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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, loans from fellow group companies 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.
VALDA ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 16 -
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred 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 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.
VALDA ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 17 -
1.11
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Share-based payments
The company participates in a share-based payment arrangement granted to its employees and employees of its parent company Valda Energy Group Limited.
Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.
When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.
Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.
1.15
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.16
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
VALDA ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 18 -
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.
Accrued income
Accrued income is estimated to recognise revenue for consumption not billed. This is based on a combination of actual meter readings and in the absence of these, EAC/AQ industry data to generate expected revenue.
Bad debt provision
Recoverability is assessed by looking at the portfolio as a whole and taking a view on the stage of debt collection to determine what estimated provision is necessary to provide for debts deemed doubtful.
Accruals
Cost of sales accruals are based on reported supply volumes and in some cases, estimated £/MWh prices which can lead to variances once the settlement runs are finalised. The accrual is based on the best available information as at the balance sheet date from supply data and industry driven knowledge to produce an appropriate estimate of liabilities due.
Share based payments
The directors concur with HMRC's valuation of £1 per issued share option at grant date and therefore consider it appropriate to value the options at this amount in the accounts.
Deferred tax asset
This is primarily based on available carried forward losses and share options alongside management’s assessment of recoverability against future profits.
3
Turnover
2024
2023
£
£
Turnover analysed by class of business
Sale of electricity
97,602,488
67,014,267
Sale of gas
10,489,788
9,578,550
Other
14,550
16,980
108,106,826
76,609,797
2024
2023
£
£
Turnover analysed by geographical market
UK
108,106,826
76,609,797
VALDA ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 19 -
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Exchange losses
435
619
Depreciation of owned tangible fixed assets
105,028
70,649
Amortisation of intangible assets
19,578
32,150
Operating lease charges
202,775
168,086
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
19,500
14,000
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
102
77
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
5,073,538
3,727,743
Social security costs
530,377
402,209
Pension costs
128,128
93,304
5,732,043
4,223,256
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
1,062,709
685,829
Company pension contributions to defined contribution schemes
17,849
12,500
1,080,558
698,329
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2023 - 2).
VALDA ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
7
Directors' remuneration
(Continued)
- 20 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
313,772
372,958
Company pension contributions to defined contribution schemes
8,067
7,292
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Other interest on financial liabilities
213,122
201,942
9
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
46,778
4,998
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
559,154
Adjustments in respect of prior periods
(188,557)
Total current tax
370,597
Deferred tax
Origination and reversal of timing differences
519,830
934,484
Total tax charge
890,427
934,484
From 1 April 2023 the applicable corporation tax rate is 25% (previously 19%). The tax charge for the year and on deferred tax assets/liabilities has been calculated accordingly.
VALDA ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
10
Taxation
(Continued)
- 21 -
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
4,286,668
3,940,143
Expected tax charge based on the standard rate of corporation tax in the UK of 25% (2023: 19.00%)
1,071,667
748,627
Tax effect of expenses that are not deductible in determining taxable profit
13,279
30,258
Tax effect of income not taxable in determining taxable profit
(5,962)
Adjustments in respect of prior years
(188,557)
56,150
Effect of change in corporation tax rate
99,449
Taxation charge for the year
890,427
934,484
11
Intangible fixed assets
Website and software development costs
£
Cost
At 1 May 2023
127,430
Additions
9,285
At 30 April 2024
136,715
Amortisation and impairment
At 1 May 2023
74,629
Amortisation charged for the year
19,578
At 30 April 2024
94,207
Carrying amount
At 30 April 2024
42,508
At 30 April 2023
52,801
VALDA ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 22 -
12
Tangible fixed assets
Short leasehold improvements
Furniture and fittings
Office and IT equipment
Total
£
£
£
£
Cost
At 1 May 2023
197,774
60,743
152,201
410,718
Additions
148,401
39,534
43,592
231,527
Disposals
(317)
(317)
At 30 April 2024
346,175
99,960
195,793
641,928
Depreciation and impairment
At 1 May 2023
111,972
38,369
115,852
266,193
Depreciation charged in the year
61,358
18,957
24,713
105,028
Eliminated in respect of disposals
(234)
(234)
At 30 April 2024
173,330
57,092
140,565
370,987
Carrying amount
At 30 April 2024
172,845
42,868
55,228
270,941
At 30 April 2023
85,802
22,374
36,349
144,525
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
13,040,983
8,611,695
Amounts owed by group undertakings
114,543
55,711
Other debtors
146,221
Prepayments and accrued income
12,930,593
8,179,392
26,232,340
16,846,798
Deferred tax asset
164,632
684,462
26,396,972
17,531,260
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
851,036
563,351
Total debtors
27,248,008
18,094,611
VALDA ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 23 -
14
Creditors: amounts falling due within one year
2024
2023
as restated
£
£
Trade creditors
2,906,244
1,393,260
Corporation tax
370,597
Other taxation and social security
2,259,251
1,683,056
Other creditors
3,440,259
3,122,533
Accruals and deferred income
12,385,335
10,195,545
21,361,686
16,394,394
15
Creditors: amounts falling due after more than one year
2024
2023
£
£
Amounts owed to group undertakings
8,475,840
8,269,112
16
Provisions for liabilities
2024
2023
£
£
101,858
-
Movements on provisions:
£
At 1 May 2023
-
Dilapidations provision
101,858
At 30 April 2024
101,858
17
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
128,128
93,304
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
Included in the balance sheet are unpaid pension contributions of £26,846 (2023: £17,656).
VALDA ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 24 -
18
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Assets / (liabilities)
Assets / (liabilities)
2024
2023
Balances:
£
£
Accelerated capital allowances
(23,348)
(16,370)
Tax losses
-
524,061
Share based payments
187,980
176,771
164,632
684,462
2024
Movements in the year:
£
Asset at 1 May 2023
(684,462)
Charge to profit or loss
519,830
Asset at 30 April 2024
(164,632)
19
Share-based payment transactions
Number of share options
Weighted average exercise price
2024
2023
2024
2023
Number
Number
£
£
restated
restated
Outstanding at 1 May 2023
762,783
747,163
2.40
2.39
Granted
64,000
30,500
3.20
2.00
Forfeited
(4,000)
(14,880)
2.00
2.00
Outstanding at 30 April 2024
822,783
762,783
2.45
2.38
Exercisable at 30 April 2024
629,502
480,117
2.35
2.51
The options outstanding at 30 April 2024 had an exercise price ranging from £1 to £4, and a remaining contractual life of 5-9 years.
The directors estimate the fair value of an option granted to be in line with the HMRC valuation of the scheme.
VALDA ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 25 -
20
Share based payments
The Valda Energy share option scheme
The company’s controlling party Valda Energy Group Limited offers a share option scheme which is available to the employees of Valda Energy Limited.
The scheme is an equity settled share based option scheme, which gives the option to purchase Ordinary shares. The scheme is available to employees of the company and certain non-employees of the company. The employee options may only be exercised if the employees remain employed by the company. The options will lapse on the maximum 10th year anniversary of date of grant, if a performance target applying to the whole of the option becomes incapable of being met, the option holder attempts to transfer or assign the option or create an interest security over it, if the option holder becomes bankrupt or enters into an individual voluntary arrangement, or if the option holder ceases for any other reason to be the sole legal or beneficial owner.
The exercise of options are subject to full board approval.
The term of the options granted are a maximum of 5 years.
21
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
10,000
10,000
100
100
22
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within one year
205,051
205,051
Between two and five years
444,277
34,175
649,328
239,226
23
Capital commitments
Amounts contracted for but not provided in the financial statements:
2024
2023
£
£
Acquisition of tangible fixed assets
-
94,167
VALDA ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 26 -
24
Ultimate controlling party
The company is controlled by Valda Energy Group Limited. In the opinion of the directors, the company's ultimate parent company and controlling party is Valda Energy Group Limited, a company registered in England and Wales. The registered address is Unit 11 Talisman Business Centre, Talisman Road, Bicester, England, OX26 6HR.
The company's immediate parent is Valda Energy Group Limited, incorporated in UK and owning 100% of the share capital and voting rights. The consolidated financial statements in which the company is included are available upon request from Companies House, Crown Way, Cardiff, CF4 3UZ.
25
Related party transactions
Transactions with parent or other group companies
The company has taken advantage of the exemption available per paragraph 33.1A of FRS 102 whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary of the group.
Sale of energy to related parties
2024
2023
£
£
Directors and related companies
47,137
6,612
Purchases from related parties
During the year, Valda Energy Limited paid Swanee River Limited for the rental of offices that are used by a Director conducting Valda business. The Director has an interest in Swanee River Limited, and is the majority owner of Valda Energy Group Limited.
The rental expense in the year totalled £10,156, and the VAT inclusive amount remained outstanding at 30 April 2024.
2024
2023
Amounts due to related parties
£
£
Directors and related companies
12,188
-
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due from related parties
£
£
Directors and related companies
928
-
VALDA ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 27 -
26
Cash (absorbed by)/generated from operations
2024
2023
£
£
Profit for the year after tax
3,396,241
3,005,659
Adjustments for:
Taxation charged
890,427
934,484
Finance costs
6,394
256
Investment income
(46,778)
(4,998)
Amortisation and impairment of intangible assets
19,578
32,150
Depreciation and impairment of tangible fixed assets
105,028
70,649
Equity settled share based payment expense
44,839
185,636
Increase in provisions
101,858
-
Movements in working capital:
Increase in debtors
(9,673,227)
(9,668,123)
Increase in creditors
4,803,423
8,596,753
Cash (absorbed by)/generated from operations
(352,217)
3,152,466
27
Analysis of changes in net funds
1 May 2023
Cash flows
30 April 2024
£
£
£
Cash at bank and in hand
5,451,455
(552,562)
4,898,893
28
Prior period adjustment
In order to maintain the relevance and reliability of our financial statements we have re-evaluated the gas balancing accrual and restated our financial accounts for the year ending April 2023. The re-evaluation of the gas balancing accrual has been driven in part by the actual and forecast charges for unidentified gas over the most volatile periods of the energy crisis. The impact leads to an increase in creditors in 2023 by £754,227, an increase in cost of sales in the year ending April 2023 by £295,527. There is also a reduction in the prior period's opening profit or loss reserves by £458,700 due to this affecting periods prior to FY2022/23.
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