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Registration number: 14539947

Nextenergy Services Ltd

Unaudited Filleted Abridged Financial Statements

for the Period from 14 December 2022 to 31 December 2023

 

Nextenergy Services Ltd

Contents

Abridged Balance Sheet

1 to 2

Notes to the Unaudited Abridged Financial Statements

3 to 7

 

Nextenergy Services Ltd

(Registration number: 14539947)
Abridged Balance Sheet as at 31 December 2023

Note

2023
£

Fixed assets

 

Intangible assets

4

68,083

Tangible assets

5

179,878

Investments

6

6,175,912

 

6,423,873

Current assets

 

Debtors

74,594

Cash at bank and in hand

 

60,625

 

135,219

Prepayments and accrued income

 

2,455,590

Creditors: Amounts falling due within one year

(8,214,617)

Net current liabilities

 

(5,623,808)

Total assets less current liabilities

 

800,065

Accruals and deferred income

 

(871,321)

Net liabilities

 

(71,256)

Capital and reserves

 

Called up share capital

7

100

Retained earnings

(71,356)

Shareholders' deficit

 

(71,256)

For the financial period ending 31 December 2023 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 period 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) 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.

 

Nextenergy Services Ltd

(Registration number: 14539947)
Abridged Balance Sheet as at 31 December 2023

Approved and authorised by the Board on 19 August 2024 and signed on its behalf by:
 

.........................................
Edward Caley
Director

   
     
 

Nextenergy Services Ltd

Notes to the Unaudited Abridged Financial Statements for the Period from 14 December 2022 to 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
75 Grosvenor Street
London
W1K3JS
United Kingdom

These financial statements were authorised for issue by the Board on 19 August 2024.

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 abridged 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 abridged 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.

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.

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.

 

Nextenergy Services Ltd

Notes to the Unaudited Abridged Financial Statements for the Period from 14 December 2022 to 31 December 2023

Tangible assets

Tangible assets are stated in the balance sheet 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.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings, tools and equipment

33.3% on a straight line basis

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Software

33.3% on a straight line basis

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.

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.

 

Nextenergy Services Ltd

Notes to the Unaudited Abridged Financial Statements for the Period from 14 December 2022 to 31 December 2023

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 32.

 

Nextenergy Services Ltd

Notes to the Unaudited Abridged Financial Statements for the Period from 14 December 2022 to 31 December 2023

4

Intangible assets

Total
£

Cost or valuation

Additions acquired separately

84,851

At 31 December 2023

84,851

Amortisation

Amortisation charge

16,768

At 31 December 2023

16,768

Carrying amount

At 31 December 2023

68,083

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

Additions

208,622

208,622

At 31 December 2023

208,622

208,622

Depreciation

Charge for the period

28,744

28,744

At 31 December 2023

28,744

28,744

Carrying amount

At 31 December 2023

179,878

179,878

6

Investments

Total
£

Cost or valuation

Additions

6,175,912

Provision

Carrying amount

At 31 December 2023

6,175,912

 

Nextenergy Services Ltd

Notes to the Unaudited Abridged Financial Statements for the Period from 14 December 2022 to 31 December 2023

2023
£

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

Subsidiary undertakings

NexrEnergy Services Italia S.R.L

Galleria Passarella 2, 20122, Milano

Italy

Ordinary

98.34%

7

Share capital

Allotted, called up and fully paid shares

 

2023

 

No.

£

Ordinary shares of £1 each

100

100

     

New shares allotted

During the period 100 Ordinary shares having an aggregate nominal value of £1 were allotted for anaggregate consideration of £100.