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REGISTERED NUMBER: 07511276 (England and Wales)

















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 January 2024

for

Watt Energy Saver Ltd

Watt Energy Saver Ltd (Registered number: 07511276)






Contents of the Financial Statements
for the Year Ended 31 January 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 9

Other Comprehensive Income 10

Statement of Financial Position 11

Statement of Changes in Equity 12

Notes to the Financial Statements 13


Watt Energy Saver Ltd

Company Information
for the Year Ended 31 January 2024







DIRECTORS: Mr C Edmonds
Mr C Oxley
Mr D Whiles
Mrs V Canning





REGISTERED OFFICE: Elizabeth House
Latimer Way
New Ollerton
Newark
NG22 9QW





REGISTERED NUMBER: 07511276 (England and Wales)





AUDITORS: Sutton McGrath Hartley
5 Westbrook Court
Sharrowvale Road
Sheffield
South Yorkshire
S11 8YZ

Watt Energy Saver Ltd (Registered number: 07511276)

Strategic Report
for the Year Ended 31 January 2024

The directors present their strategic report for the year ended 31 January 2024.

REVIEW OF BUSINESS
Watt Energy Saver Ltd has experienced a dynamic year, delivering significant projects and maintaining strong relationships with key clients. We successfully completed large-scale projects across multiple portfolios, including ongoing collaborations with prominent clients such as HWB, NHS, and Center Parcs. This year's accomplishments reflect our commitment to delivering high-quality energy engineering solutions and sustaining our reputation as a reliable contractor in the industry.

PRINCIPAL RISKS AND UNCERTAINTIES
The primary risks faced by the company include:

- Material Costs Uncertainty: The volatility in material costs poses a significant challenge. To mitigate this risk, we have established robust supplier partnerships, ensuring cost certainty for our clients and maintaining our competitive edge.

- Skill Shortages: The renewable energy sector continues to face a shortage of skilled professionals. To address this, we have invested in dedicated in-house training programs for estimators, designers, and engineers. This strategy not only meets our current needs but also positions us for sustainable growth by building a skilled workforce internally.

KEY PERFORMANCE INDICATORS (KPI'S)
Financial KPI

- Revenue Growth: Aim for a 5-10% increase in annual turnover.

- Turnover: Turnover was down by 20% during the year, falling from £19.4m to £15.5m in 2024. The decrease in turnover is due to a significant reduction in the cost of solar panels, which fell by approximately 35% between March 2022 and March 2023. This price drop, while impacting overall revenue, has positively positioned us to offer more competitive pricing to our clients, ultimately strengthening our market position and driving long-term growth potential.

- Gross Profit Margin: Despite the decrease in turnover, the gross profit margin was up from 11.74% in 2023 to 35.44% in these financial statements.

- Net Profit Margin: As well as the gross profit margin increasing, the net profit margin also increased from 4.95% to 24.44% in 2024.


Non-Financial KPI

- Increase Post-Installation Customer Engagement: Our focus is on enhancing post-installation support and continued care. We aim to provide an enhanced aftercare service that includes comprehensive support and educational resources for our customers. This initiative is designed to foster longer-term relationships with our customer partners, ensuring their systems operate efficiently and effectively while promoting loyalty and repeat business.


Watt Energy Saver Ltd (Registered number: 07511276)

Strategic Report
for the Year Ended 31 January 2024

FUTURE PLANS AND STRATEGIC DIRECTION
Looking ahead, Watt Energy Saver Ltd is poised for continued growth and success. Our strategic priorities for the coming year include:

- Market Expansion: We aim to expand our market presence by targeting new customer segments, leveraging our expertise in large-scale rooftop solar projects to penetrate further into commercial and industrial markets.

- Innovation and Technology: Investment in cutting-edge technology and innovation remains a priority. We look to continue to develop and integrate AI and automation into our offerings, enhancing operational efficiency and providing advanced analytics and monitoring for our clients.

- Workforce Development: Recognising the critical importance of skilled personnel, we will continue to enhance our in-house training programs. Our goal is to attract and retain top talent, ensuring we have the expertise needed to support our growth and maintain our high standards of service delivery.

- Sustainability Initiatives: We will intensify our efforts to reduce our carbon footprint and promote sustainable practices both within our company and among our clients. This includes increasing the use of eco-friendly materials and promoting energy-efficient solutions.

- Customer Engagement: Enhancing post-installation customer engagement will be a significant focus. By implementing comprehensive follow-up procedures and providing ongoing support and education, we aim to foster long-term relationships and ensure customer satisfaction.

- Financial Performance: Our financial strategy is centred on maintaining robust growth and profitability. We aim for a 5-10% increase in annual turnover while ensuring efficient cost management and operational excellence.

CONCLUSION
Watt Energy Saver Ltd is well-positioned to capitalise on emerging opportunities in the renewable energy sector. By focusing on market expansion, innovation, workforce development, sustainability, and customer engagement, we aim to deliver sustained value to our stakeholders and achieve our strategic goals.

ON BEHALF OF THE BOARD:





Mr C Edmonds - Director


31 October 2024

Watt Energy Saver Ltd (Registered number: 07511276)

Report of the Directors
for the Year Ended 31 January 2024

The directors present their report with the financial statements of the company for the year ended 31 January 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of installation and supply of renewable energy products.

DIVIDENDS
The total distributions of dividends during the year was £1,100,000.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 February 2023 to the date of this report.

Mr C Edmonds
Mr C Oxley
Mr D Whiles
Mrs V Canning

DONATIONS
During the year, the company made multiple donations totalling £2,900.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Watt Energy Saver Ltd (Registered number: 07511276)

Report of the Directors
for the Year Ended 31 January 2024


AUDITORS
The auditors, Sutton McGrath Hartley, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr C Edmonds - Director


31 October 2024

Report of the Independent Auditors to the Members of
Watt Energy Saver Ltd

Opinion
We have audited the financial statements of Watt Energy Saver Ltd (the 'company') for the year ended 31 January 2024 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 January 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Watt Energy Saver Ltd


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our assessment of the susceptibility to material misstatement, whether by fraud or error, is made in a risk based
approach. In this approach, laws and regulations applicable to the entity, such as the Companies Act 2006, United Kingdom Generally Accepted Accounting Practice including Financial Reporting Standard 102, the relevant tax compliance regulations within the UK, employment law, and Health and Safety law is considered, and the policies and controls the entity has in place to comply with these laws are reviewed, by discussion, reviews of correspondence and registrations monitored by external bodies. The engagement team remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Policies and controls relating to the risk of material misstatement as a result of fraud are also considered. These are
assessed by obtaining an understanding of the company's operations and control environment. The policies and
controls have been reviewed by discussion, review and sample testing of accounting entries, challenging assumptions and judgements, reviewing and evaluating related parties transactions, and wider background searches. Carrying value of investments is also tested.

We have ensured that the engagement team have appropriate levels of competence and experience to effectively
monitor these risks and carry out work relevant to our assessment of each risk, including consideration of the industry the company operates in and its size and complexity.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Watt Energy Saver Ltd


Other matters which we are required to address
The comparative figures have not been audited as the audit exemption was taken. As far as we are aware, there is no material misstatement in those figures.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




James Salim FCCA (Senior Statutory Auditor)
for and on behalf of Sutton McGrath Hartley
5 Westbrook Court
Sharrowvale Road
Sheffield
South Yorkshire
S11 8YZ

31 October 2024

Watt Energy Saver Ltd (Registered number: 07511276)

Income Statement
for the Year Ended 31 January 2024

2024 2023
Notes £ £ £ £

TURNOVER 3 15,941,812 19,441,889

Cost of sales 10,146,857 17,159,415
GROSS PROFIT 5,794,955 2,282,474

Distribution costs 964,588 803,988
Administrative expenses 743,106 513,933
1,707,694 1,317,921
4,087,261 964,553

Other operating income - 104
OPERATING PROFIT 5 4,087,261 964,657

Interest receivable and similar income 274 -
4,087,535 964,657

Interest payable and similar expenses 6 1,733 1,735
PROFIT BEFORE TAXATION 4,085,802 962,922

Tax on profit 7 1,033,284 184,904
PROFIT FOR THE FINANCIAL YEAR 3,052,518 778,018

Watt Energy Saver Ltd (Registered number: 07511276)

Other Comprehensive Income
for the Year Ended 31 January 2024

2024 2023
Notes £ £

PROFIT FOR THE YEAR 3,052,518 778,018


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

3,052,518

778,018

Watt Energy Saver Ltd (Registered number: 07511276)

Statement of Financial Position
31 January 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible assets 9 159,929 111,972

CURRENT ASSETS
Stocks 10 23,207 51,249
Debtors 11 2,033,028 4,651,322
Cash at bank and in hand 5,741,822 1,198,123
7,798,057 5,900,694
CREDITORS
Amounts falling due within one year 12 4,443,760 4,492,389
NET CURRENT ASSETS 3,354,297 1,408,305
TOTAL ASSETS LESS CURRENT LIABILITIES 3,514,226 1,520,277

CREDITORS
Amounts falling due after more than one year 13 (57,142 ) (31,565 )

PROVISIONS FOR LIABILITIES 17 (15,854 ) -
NET ASSETS 3,441,230 1,488,712

CAPITAL AND RESERVES
Called up share capital 18 100 100
Retained earnings 3,441,130 1,488,612
SHAREHOLDERS' FUNDS 3,441,230 1,488,712

The financial statements were approved by the Board of Directors and authorised for issue on 31 October 2024 and were signed on its behalf by:





Mr C Edmonds - Director


Watt Energy Saver Ltd (Registered number: 07511276)

Statement of Changes in Equity
for the Year Ended 31 January 2024

Called up
share Retained Total
capital earnings equity
£ £ £
Balance at 1 February 2022 100 1,460,594 1,460,694

Changes in equity
Dividends - (750,000 ) (750,000 )
Total comprehensive income - 778,018 778,018
Balance at 31 January 2023 100 1,488,612 1,488,712

Changes in equity
Dividends - (1,100,000 ) (1,100,000 )
Total comprehensive income - 3,052,518 3,052,518
Balance at 31 January 2024 100 3,441,130 3,441,230

Watt Energy Saver Ltd (Registered number: 07511276)

Notes to the Financial Statements
for the Year Ended 31 January 2024

1. STATUTORY INFORMATION

Watt Energy Saver Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 20% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Watt Energy Saver Ltd (Registered number: 07511276)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities
Financial liabilities are derecognised when the charitable company's contractual obligations expire or are discharged or cancelled.

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.

Watt Energy Saver Ltd (Registered number: 07511276)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Construction contracts
Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

The "percentage of completion method" is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2024 2023
£ £
PV and Electrical 13,153,278 15,996,426
Mechanical 2,566,260 3,349,225
Maintenance 222,274 96,238
15,941,812 19,441,889

Watt Energy Saver Ltd (Registered number: 07511276)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

3. TURNOVER - continued

An analysis of turnover by geographical market is given below:

2024 2023
£ £
United Kingdom 15,941,812 19,441,889
15,941,812 19,441,889

4. EMPLOYEES AND DIRECTORS
2024 2023
£ £
Wages and salaries 1,179,168 853,646
Social security costs 26,547 6,797
Other pension costs 18,096 14,944
1,223,811 875,387

The average number of employees during the year was as follows:
2024 2023

Management 5 5
Office staff 14 8
Directly employed engineers 8 8
27 21

2024 2023
£ £
Directors' remuneration 228,654 63,727

Information regarding the highest paid director for the year ended 31 January 2024 is as follows:
2024
£
Emoluments etc 95,000

Watt Energy Saver Ltd (Registered number: 07511276)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

5. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£ £
Depreciation - owned assets 25,469 26,391
Depreciation - assets on hire purchase contracts 4,149 2,443
Loss on disposal of fixed assets 1,936 -
Auditors' remuneration 7,000 -

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£ £
Bank loan interest 921 1,157
Hire purchase 812 578
1,733 1,735

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£ £
Current tax:
UK corporation tax 1,017,430 184,904

Deferred tax 15,854 -
Tax on profit 1,033,284 184,904

Watt Energy Saver Ltd (Registered number: 07511276)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£ £
Profit before tax 4,085,802 962,922
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

1,021,451

182,955

Effects of:
Expenses not deductible for tax purposes 38,116 3,170
Capital allowances in excess of depreciation (1,556 ) (1,221 )
Difference due to change in tax rates (24,727 ) -
Total tax charge 1,033,284 184,904

8. DIVIDENDS
2024 2023
£ £
Ordinary shares of £1 each
Interim 1,100,000 750,000

9. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£ £ £ £ £
COST
At 1 February 2023 40,745 25,315 98,854 66,790 231,704
Additions 13,055 3,812 64,594 6,326 87,787
Disposals (427 ) (353 ) (23,859 ) (9,654 ) (34,293 )
At 31 January 2024 53,373 28,774 139,589 63,462 285,198
DEPRECIATION
At 1 February 2023 33,214 12,625 44,623 29,270 119,732
Charge for year 3,316 2,969 15,263 8,070 29,618
Eliminated on disposal (381 ) (280 ) (16,041 ) (7,379 ) (24,081 )
At 31 January 2024 36,149 15,314 43,845 29,961 125,269
NET BOOK VALUE
At 31 January 2024 17,224 13,460 95,744 33,501 159,929
At 31 January 2023 7,531 12,690 54,231 37,520 111,972

Watt Energy Saver Ltd (Registered number: 07511276)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

9. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£
COST
At 1 February 2023 23,859
Additions 64,594
Disposals (23,859 )
At 31 January 2024 64,594
DEPRECIATION
At 1 February 2023 14,086
Charge for year 4,149
Eliminated on disposal (16,041 )
At 31 January 2024 2,194
NET BOOK VALUE
At 31 January 2024 62,400
At 31 January 2023 9,773

10. STOCKS
2024 2023
£ £
Stocks 23,207 51,249

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 1,591,053 3,778,297
Other debtors 300 5,000
Prepayments and accrued income 441,675 868,025
2,033,028 4,651,322

Watt Energy Saver Ltd (Registered number: 07511276)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Bank loans and overdrafts (see note 14) 9,973 9,727
Hire purchase contracts (see note 15) 12,189 4,469
Trade creditors 1,491,242 2,504,315
Amounts owed to group undertakings 1,269,145 1,250,124
Tax 917,430 184,904
Social security and other taxes 25,968 22,562
CIS Tax Creditor 29,243 9,805
VAT 124,638 288,661
Credit Card 7,400 16,788
Other Creditors 4,715 8,775
Accruals and deferred income 551,817 192,259
4,443,760 4,492,389

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£ £
Bank loans (see note 14) 21,591 31,565
Hire purchase contracts (see note 15) 35,551 -
57,142 31,565

14. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£ £
Amounts falling due within one year or on demand:
Bank loans 9,973 9,727

Amounts falling due between one and two years:
Bank loans - 1-2 years 10,225 9,973

Amounts falling due between two and five years:
Bank loans - 2-5 years 11,366 21,592

Watt Energy Saver Ltd (Registered number: 07511276)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£ £
Net obligations repayable:
Within one year 12,189 4,469
Between one and five years 35,551 -
47,740 4,469

Non-cancellable
operating leases
2024 2023
£ £
Within one year 13,136 5,056
Between one and five years 16,529 12,641
29,665 17,697

16. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£ £
Hire purchase contracts 47,740 -

The Hire Purchase amounts which are owed are secured against the assets they relate to.

17. PROVISIONS FOR LIABILITIES
2024 2023
£ £
Deferred tax 15,854 -

Deferred tax
£
Provided during year 15,854
Balance at 31 January 2024 15,854

Watt Energy Saver Ltd (Registered number: 07511276)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
100 Ordinary £1 100 100

19. RELATED PARTY DISCLOSURES

At the year end, £300 (2023: NIL) was owed from a company under the common control of Mr C Edmonds.

20. POST BALANCE SHEET EVENTS

After the year end, an employee owned trust - Wes Employee Ownership Trustee Limited, acquired the shares in PLJ Energy Ltd which is the parent company of Watt Energy Saver Ltd.

21. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr C Edmonds.

At 31 January 2024 the company's parent company was PLJ Energy Ltd, a company which is incorporated in the UK. The consolidated accounts of this company are available to the public and may be obtained from Companies House, Cardiff.