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COMPANY REGISTRATION NUMBER: 13454387
Manocap Energy Asset Company Limited
Filleted Unaudited Financial Statements
31 March 2023
Manocap Energy Asset Company Limited
Financial Statements
Year ended 31 March 2023
Contents
Page
Officers and professional advisers
1
Chartered certified accountants report to the director on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
4
Manocap Energy Asset Company Limited
Officers and Professional Advisers
Director
T M Cairnes
Company secretary
Breams Secretaries Limited
Registered office
Floor 8
71 Queen Victoria Street
London
EC4V 4AY
Accountants
Complete Accounting Solutions
Chartered Certified Accountants
727-729 High Road
London
N12 0BP
Manocap Energy Asset Company Limited
Chartered Certified Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Manocap Energy Asset Company Limited
Year ended 31 March 2023
As described on the statement of financial position, the director of the company is responsible for the preparation of the financial statements for the year ended 31 March 2023, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Complete Accounting Solutions Chartered Certified Accountants
727-729 High Road London N12 0BP
Manocap Energy Asset Company Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
4
2,536,218
Current assets
Debtors
5
1,260,666
1,909,598
Creditors: amounts falling due within one year
6
1,601,119
3,342,156
------------
------------
Net current liabilities
340,453
1,432,558
---------
------------
Total assets less current liabilities
( 340,453)
1,103,660
---------
------------
Net (liabilities)/assets
( 340,453)
1,103,660
---------
------------
Capital and reserves
Called up share capital
1
1
Other reserves
1,288,399
1,654,215
Profit and loss account
( 1,628,853)
( 550,556)
------------
------------
Shareholders (deficit)/funds
( 340,453)
1,103,660
------------
------------
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 comprehensive income has not been delivered.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 4 November 2024 , and are signed on behalf of the board by:
T M Cairnes
Director
Company registration number: 13454387
Manocap Energy Asset Company Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Floor 8, 71 Queen Victoria Street, London, EC4V 4AY.
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 Company's functional currency is USD. This differs from the presentational currency which is GBP. The reason for the difference is that GBP is used as the presentational currency of the Company to maintain consistency with comparative periods .
Leased assets : The company as lessor
Where assets leased to a third party give rights approximating to ownership (finance lease), the lessor recognises as a receivable an amount equal to the net investment in the lease i.e. the minimum lease payments receivable under the lease discounted at the interest rate implicit in the lease. This receivable is reduced as the lessee makes capital payments over the term of the lease.
A finance lease gives rise to two types of income: profit or loss equivalent to the profit or loss resulting from outright sale of the asset being leased, at normal selling prices, reflecting any applicable discounts, and finance income over the lease term.
Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Borrowing costs
All borrowing costs are recognised in profit or loss in the period in which they are incurred.
Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Revenue recognition
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: - the amount of revenue can be measured reliably; - it is probable that the Company will receive the consideration due under the contract;- the stage of completion of the contract at the end of the reporting period can be measured reliably; and - the costs incurred and the costs to complete the contract can be measured reliably.
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. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date .
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.
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:
Energy assets
-
Term of the lease
Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. 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 other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan .
4. Tangible assets
Energy assets
£
Cost
At 1 April 2022
2,667,121
Additions
2,561,544
Disposals
( 5,228,665)
------------
At 31 March 2023
------------
Depreciation
At 1 April 2022
130,903
Charge for the year
130,903
Disposals
( 261,806)
------------
At 31 March 2023
------------
Carrying amount
At 31 March 2023
------------
At 31 March 2022
2,536,218
------------
5. Debtors
2023
2022
£
£
Amounts owed by group undertakings
166,455
34,169
Prepayments and accrued income
229,879
Other debtors
1,094,211
1,645,550
------------
------------
1,260,666
1,909,598
------------
------------
The debtors above include the following amounts falling due after more than one year:
2023
2022
£
£
Other debtors 1 - desc in a/cs
467,412
Other debtors 2 - desc in a/cs
768,629
----
------------
1,236,041
----
------------
lncluded in the notes receivable balance is £835,118 secured by way of a charge .
6. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
150,251
3,243,997
Trade creditors
310,471
3,480
Amounts owed to group undertakings and undertakings in which the company has a participating interest
6,165
Other creditors
1,140,397
88,514
------------
------------
1,601,119
3,342,156
------------
------------
On 19 August 2021, the Company entered into a facility agreement with Eiffel Investment Group who made available €3,071,000. On 9 March 2022, this facility was amended and increased to €3,771,000. The maturity date of the facility is 14 August 2022.
7. Controlling party
ManoCap Energy Limited is the ultimate controlling party by virtue of its 100% shareholding .