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Registered number: 07161652










ORANGE GLOW ENERGY LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
ORANGE GLOW ENERGY LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ORANGE GLOW ENERGY LIMITED
FOR THE YEAR ENDED 31 MARCH 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Orange Glow Energy Limited for the year ended 31 March 2024 which comprise  the Statement of financial position and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of Orange Glow Energy Limited, as a body, in accordance with the terms of our engagement letter dated 16 March 2023Our work has been undertaken solely to prepare for your approval the financial statements of Orange Glow Energy Limited and state those matters that we have agreed to state to the Board of directors of Orange Glow Energy Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Orange Glow Energy Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Orange Glow Energy Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Orange Glow Energy Limited. You consider that Orange Glow Energy Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Orange Glow Energy Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



McColes & Co (Herts) Ltd
 
First Floor
28 Whitehorse Street
Baldock
Herts
SG7 6QQ
4 October 2024
Page 1

 
ORANGE GLOW ENERGY LIMITED
REGISTERED NUMBER: 07161652

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
£
£

Fixed assets
  

Tangible assets
 4 
4,414
2,407

  
4,414
2,407

Current assets
  

Stocks
 5 
22,089
20,300

Debtors: amounts falling due within one year
 6 
79,813
21,383

Cash at bank and in hand
  
42,820
10,746

  
144,722
52,429

Creditors: amounts falling due within one year
 7 
(86,557)
(67,444)

Net current assets/(liabilities)
  
 
 
58,165
 
 
(15,015)

Total assets less current liabilities
  
62,579
(12,608)

Creditors: amounts falling due after more than one year
  
(31,417)
-

Provisions for liabilities
  

Deferred tax
 10 
(918)
-

  
 
 
(918)
 
 
-

Net assets/(liabilities)
  
30,244
(12,608)


Capital and reserves
  

Called up share capital 
  
30,000
30,000

Profit and loss account
  
244
(42,608)

  
30,244
(12,608)


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 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 income and retained earnings in accordance with provisions
Page 2

 
ORANGE GLOW ENERGY LIMITED
REGISTERED NUMBER: 07161652
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

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 4 October 2024.




A J Llewellyn
Director

The notes on pages 4 to 11 form part of these financial statements.

Page 3

 
ORANGE GLOW ENERGY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.Accounting policies

 
1.1

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 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.

The following principal accounting policies have been applied:

 
1.2

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.

 
1.3

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.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 4

 
ORANGE GLOW ENERGY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.Accounting policies (continued)

 
1.4

Interest income

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

 
1.5

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.

 
1.6

Borrowing costs

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

 
1.7

Pensions

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 Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
1.8

Current and deferred taxation

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 reporting 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 reporting 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 reporting date.

Page 5

 
ORANGE GLOW ENERGY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.Accounting policies (continued)

 
1.9

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, on the following basis.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
reducing balance
Office equipment
-

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.

 
1.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
1.11

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.

 
1.12

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.

 
1.13

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

 
ORANGE GLOW ENERGY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.Accounting policies (continued)

 
1.14

Provisions for liabilities

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.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
1.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


2.


General information

The Comapny is a private company, limited by shares and registered in England.
Its Registered Number is:
Its Registered Office is:
21 The Avenue
Blunham
Bedford 
MK44 3NY


3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Staff
2
3

Page 7

 
ORANGE GLOW ENERGY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Plant and machinery
Office equipment
Total

£
£
£



Cost or valuation


At 1 April 2023
20,198
1,786
21,984


Additions
3,282
220
3,502



At 31 March 2024

23,480
2,006
25,486



Depreciation


At 1 April 2023
17,791
1,786
19,577


Charge for the year on owned assets
1,422
73
1,495



At 31 March 2024

19,213
1,859
21,072



Net book value



At 31 March 2024
4,267
147
4,414



At 31 March 2023
2,407
-
2,407


5.


Stocks

2024
2023
£
£

Raw materials and consumables
22,089
20,300

22,089
20,300



6.


Debtors

2024
2023
£
£


Trade debtors
77,660
21,383

Other debtors
1,350
-

Prepayments and accrued income
803
-

79,813
21,383


Page 8

 
ORANGE GLOW ENERGY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
5,299
41,991

Trade creditors
35,692
5,141

Corporation tax
14,410
3,567

Other taxation and social security
18,474
16,451

Other creditors
10,882
294

Accruals and deferred income
1,800
-

86,557
67,444



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
31,417
-

31,417
-


Page 9

 
ORANGE GLOW ENERGY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
5,299
41,991


5,299
41,991

Amounts falling due 1-2 years

Bank loans
5,431
-


5,431
-

Amounts falling due 2-5 years

Bank loans
17,121
-


17,121
-

Amounts falling due after more than 5 years

Bank loans
8,865
-

8,865
-

36,716
41,991



10.


Deferred taxation




2024


£






Charged to profit or loss
(918)



At end of year
(918)

Page 10

 
ORANGE GLOW ENERGY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
10.Deferred taxation (continued)

The deferred taxation balance is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(918)
-

(918)
-


11.


Pension commitments

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 £5,400 (2023 - £4,978) . Contributions totalling £233 (2023 - £267) were payable to the fund at the reporting date and are included in creditors.


12.


Related party transactions

The amount due to the director A Llewellyn and included in other creditors at the reporting date was £10,648 (2023: £29). The loan does not attract a rate of interest and is repayable on demand.

 
Page 11