Epsilon Energy Solutions Ltd SC589947 false 2023-03-01 2024-02-29 2024-02-29 The principal activity of the company is petroleum engineering & technology consulting. Digita Accounts Production Advanced 6.30.9574.0 true true SC589947 2023-03-01 2024-02-29 SC589947 2024-02-29 SC589947 bus:Director1 1 2024-02-29 SC589947 bus:Director2 1 2024-02-29 SC589947 core:CurrentFinancialInstruments 2024-02-29 SC589947 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-29 SC589947 bus:SmallEntities 2023-03-01 2024-02-29 SC589947 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 SC589947 bus:FullAccounts 2023-03-01 2024-02-29 SC589947 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 SC589947 bus:RegisteredOffice 2023-03-01 2024-02-29 SC589947 bus:Director1 2023-03-01 2024-02-29 SC589947 bus:Director1 1 2023-03-01 2024-02-29 SC589947 bus:Director2 2023-03-01 2024-02-29 SC589947 bus:Director2 1 2023-03-01 2024-02-29 SC589947 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 SC589947 countries:Scotland 2023-03-01 2024-02-29 SC589947 bus:Director1 1 2023-02-28 SC589947 bus:Director2 1 2023-02-28 SC589947 2022-03-01 2023-02-28 SC589947 2023-02-28 SC589947 bus:Director1 1 2023-02-28 SC589947 bus:Director2 1 2023-02-28 SC589947 core:CurrentFinancialInstruments 2023-02-28 SC589947 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 SC589947 bus:Director1 1 2022-03-01 2023-02-28 SC589947 bus:Director2 1 2022-03-01 2023-02-28 SC589947 bus:Director1 1 2022-02-28 SC589947 bus:Director2 1 2022-02-28 iso4217:GBP xbrli:pure

Registration number: SC589947

Epsilon Energy Solutions Ltd

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Epsilon Energy Solutions Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Epsilon Energy Solutions Ltd

Company Information

Directors

Mrs Raksheeta Vora

Mr Ankeet Vora

Registered office

22 Woodcroft Avenue
Bridge Of Don
Aberdeen
AB22 8WY

Accountants

Michaelides Warner & Co
102 Fulham Palace Road
London
W6 9PL

 

Epsilon Energy Solutions Ltd

(Registration number: SC589947)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Current assets

 

Debtors

4

-

79,564

Investments

5

284,810

-

Cash at bank and in hand

 

13,442

297,026

 

298,252

376,590

Creditors: Amounts falling due within one year

6

(47,285)

(150,596)

Total assets less current liabilities

 

250,967

225,994

Provisions for liabilities

(7,932)

-

Net assets

 

243,035

225,994

Capital and reserves

 

Called up share capital

7

100

100

Other reserves

23,797

-

Retained earnings

219,138

225,894

Shareholders' funds

 

243,035

225,994

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 14 October 2024 and signed on its behalf by:
 

.........................................
Mr Ankeet Vora
Director

 

Epsilon Energy Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
22 Woodcroft Avenue
Bridge Of Don
Aberdeen
AB22 8WY
Scotland

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Judgements

The directors consider that there are no key judgements that management have made in the process of applying the company’s accounting policies and that may have had a significant effect on the amounts recognised in the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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.

 

Epsilon Energy Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised
directly in other comprehensive income.

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 taxable income

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated
depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and
installation.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

Epsilon Energy Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in
the reporting period in which the dividends are declared.

Financial instruments

Classification
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like investments, trade and other receivables, cash and bank balances, trade and other creditors.

Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or cash consolidation expected to be paid or received.

 

 

Epsilon Energy Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Debtors

2024
£

2023
£

Trade debtors

-

79,564

-

79,564

5

Current asset investments

2024
£

2023
£

Other investments

284,810

-

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

-

59,595

Taxation and social security

1,448

20,901

Accruals and deferred income

1,750

45,055

Other creditors

44,087

25,045

47,285

150,596

 

Epsilon Energy Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

7

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

8

Related party transactions

The financial statements disclose related party transactions, specifically consultancy services involving EES India, a company in which Mr. Ankeet has a controlling interest. During the year, the company engaged to provide consultancy services amounting to £96,000. These services were obtained on an arm's length basis, ensuring fair and reasonable terms. The amount payable to EES India at the year end was £NIL (2023: £48,000). .

Transactions with directors

2024

At 1 March 2023
£

Advances to director
£

At 29 February 2024
£

Mrs Raksheeta Vora

Amount owed from/(to) the Director

(10,140)

(5,787)

(15,927)

       
     

Mr Ankeet Vora

Amount owed from/(to) the Director

(14,905)

(13,255)

(28,161)

       
     

 

2023

At 1 March 2022
£

Advances to director
£

At 28 February 2023
£

Mrs Raksheeta Vora

Amount owed from/(to) the Director

(38,678)

28,538

(10,140)

       
     

Mr Ankeet Vora

Amount owed from/(to) the Director

(37,678)

22,773

(14,905)