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COMPANY REGISTRATION NUMBER: 07711571
CUSTOM ENERGY SOLUTIONS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
29 February 2024
CUSTOM ENERGY SOLUTIONS LIMITED
STATEMENT OF FINANCIAL POSITION
29 February 2024
2024
2023
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
139,472
138,202
CURRENT ASSETS
Debtors
6
147,420
140,557
Cash at bank and in hand
242,363
154,451
---------
---------
389,783
295,008
CREDITORS: amounts falling due within one year
7
148,434
129,374
---------
---------
NET CURRENT ASSETS
241,349
165,634
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
380,821
303,836
CREDITORS: amounts falling due after more than one year
8
14,154
23,333
PROVISIONS
25,708
---------
---------
NET ASSETS
340,959
280,503
---------
---------
CAPITAL AND RESERVES
Called up share capital fully paid
150
150
Profit and loss account
340,809
280,353
---------
---------
SHAREHOLDERS FUNDS
340,959
280,503
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
CUSTOM ENERGY SOLUTIONS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
29 February 2024
These financial statements were approved by the board of directors and authorised for issue on 10 October 2024 , and are signed on behalf of the board by:
Mr A Wheatley
Director
Company registration number: 07711571
CUSTOM ENERGY SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 29 FEBRUARY 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Headlands House, 1 Kings Court, Kettering Parkway, Kettering, Northamptonshire, NN15 6WJ.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 8 (2023: 6 ).
5. TANGIBLE ASSETS
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 March 2023
52,455
172,365
26,164
250,984
Additions
9,741
58,679
68,420
Disposals
( 45,290)
( 45,290)
--------
---------
--------
---------
At 29 February 2024
62,196
185,754
26,164
274,114
--------
---------
--------
---------
Depreciation
At 1 March 2023
34,383
64,522
13,877
112,782
Charge for the year
6,954
36,856
4,241
48,051
Disposals
( 26,191)
( 26,191)
--------
---------
--------
---------
At 29 February 2024
41,337
75,187
18,118
134,642
--------
---------
--------
---------
Carrying amount
At 29 February 2024
20,859
110,567
8,046
139,472
--------
---------
--------
---------
At 28 February 2023
18,072
107,843
12,287
138,202
--------
---------
--------
---------
6. DEBTORS
2024
2023
£
£
Trade debtors
139,806
123,882
Other debtors
7,614
16,675
---------
---------
147,420
140,557
---------
---------
7. CREDITORS: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
85,612
75,151
Social security and other taxes
41,126
28,254
Other creditors
11,696
15,969
---------
---------
148,434
129,374
---------
---------
8. CREDITORS: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
14,154
23,333
--------
--------