REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JANUARY 2024 |
FOR |
H2H ALTERNATIVE ENERGY SOLUTIONS LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JANUARY 2024 |
FOR |
H2H ALTERNATIVE ENERGY SOLUTIONS LIMITED |
H2H ALTERNATIVE ENERGY SOLUTIONS LIMITED (REGISTERED NUMBER: 09189628) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 30 January 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
H2H ALTERNATIVE ENERGY SOLUTIONS LIMITED |
COMPANY INFORMATION |
for the Year Ended 30 January 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Douglas Bank House |
Wigan Lane |
Wigan |
Lancashire |
WN1 2TB |
H2H ALTERNATIVE ENERGY SOLUTIONS LIMITED (REGISTERED NUMBER: 09189628) |
STATEMENT OF FINANCIAL POSITION |
30 January 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
H2H ALTERNATIVE ENERGY SOLUTIONS LIMITED (REGISTERED NUMBER: 09189628) |
STATEMENT OF FINANCIAL POSITION - continued |
30 January 2024 |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the Board of Directors and authorised for issue on |
H2H ALTERNATIVE ENERGY SOLUTIONS LIMITED (REGISTERED NUMBER: 09189628) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 30 January 2024 |
1. | STATUTORY INFORMATION |
H2H Alternative Energy Solutions Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. |
The principal accounting policies adopted in the preparation of the financial statements are set out below. |
The Directors report that a third party has been engaged to perform research into building a small scale prototype. The company is reliant on the continued support of its shareholders and certain other creditors to continue product development. These creditors have entered into a formal agreement regarding repayment of amounts due to them which prevents amounts being repaid without the consent of Iceland Limited. In addition, the Directors are working with the a number of foreign investors assist their transition from a fossil fuel provider to a green energy provider having formed a separate Joint Venture with an company manufacturing electrolyers in the USA. The company also continues to engage a number of investors to commercially develop the hydrogen storage technology and consider that a going concern and is an appropriate basis on which to prepare the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable for services provided. |
Turnover is recognised when the service has been provided. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
H2H ALTERNATIVE ENERGY SOLUTIONS LIMITED (REGISTERED NUMBER: 09189628) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 January 2024 |
2. | ACCOUNTING POLICIES - continued |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Financial instruments |
The following assets and liabilities are classified as financial instruments; Bond investments, Directors' loan accounts, other loans and accruals. |
Financial instruments that are payable or receivable within one year, typically Directors' loan accounts, other loans and accruals are initially and subsequently at the undiscounted amount of the cash or other consideration that is expected to be paid or received. |
Financial instruments that are repayable in more than one year specifically overseas insurance bonds are accounted for initially at fair value which is equal to the transaction price. Any subsequent change fair value is recorded in the income statement. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | FIXED ASSET INVESTMENTS |
Fixed assets represent the fair value of overseas insurance bonds which are expected to mature at a future date. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Other creditors |
Amounts falling due in more than five years: |
Repayable by instalments |
Other loans repayable in more |
than five years by instalments | 10,999 | 17,142 |
10,999 | 17,142 |
H2H ALTERNATIVE ENERGY SOLUTIONS LIMITED (REGISTERED NUMBER: 09189628) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 January 2024 |
8. | RELATED PARTY DISCLOSURES |
Hydrogen Horizons Ltd |
A company registered in Israel in which J H McGregor is a shareholder and director |
Included in debtors is £97,045 (2023: £97,045) due from Hydrogen Horizons Ltd. |
There are no set repayment terms and no interest has been charged on this balance. |
W A Lloyd |
Director |
Included in creditors is £211,573 (2023: £225,807) due to W A Lloyd. |
J H McGregor |
Director |
Included in creditors is £24,317 (2023: £29,817) due to J H McGregor. |
H2H Refrigeration Limited |
A company registered in England and Wales in which J H McGregor is a shareholder and director and W A Lloyd is a director |
Included in creditors is £60,205 (2023: £61,585) due to H2H Refrigeration Limited, |
Iceland Foods Limited |
Shareholder |
Included in creditors is £143,005 (2023: £143,005) due to Iceland Foods Limited. |
There is a formal loan agreement in place between the company and Iceland Foods Limited. The loan agreement states that, whilst the above balance is outstanding, amounts due to certain creditors can not be repaid without the prior written consent of Iceland Foods Limited. |
At the reporting date included in creditors is £679,080 (2023: £658,242) which is subject to this covenant. This is inclusive of amounts due to W A Lloyd, J H McGregor and H2H Refrigeration Limited. |
Hydrogen Horizons Limited |
A company registered in England and Wales in which J H McGregor and W A Lloyd are shareholders and directors. |
During the year the company repaid £5,190 (2023: £17,887 was advanced by) to Hydrogen Horizons Limited. |
Included in creditors is £28,843 (2023: £34,033) due to Hydrogen Horizons Limited. |
This balance is unsecured, there are are no fixed repayment terms and no interest has been charged. |