Elmya Energy UK Limited
Financial Statements
For the period ended 31 March 2024
Pages for Filing with Registrar
Company Registration No. 13809258 (England and Wales)
Elmya Energy UK Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 8
Elmya Energy UK Limited
Balance Sheet
As at 31 March 2024
31 March 2024
Page 1
2024
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
5,436
1,878
Current assets
Debtors
5
503,526
361,092
Cash at bank and in hand
14,019
86,318
517,545
447,410
Creditors: amounts falling due within one year
6
(3,399,930)
(1,049,665)
Net current liabilities
(2,882,385)
(602,255)
Net liabilities
(2,876,949)
(600,377)
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
(2,877,049)
(600,477)
Total equity
(2,876,949)
(600,377)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 27 November 2024 and are signed on its behalf by:
Jose Maria Pinar Celestino
Director
Company Registration No. 13809258
Elmya Energy UK Limited
Notes to the Financial Statements
For the period ended 31 March 2024
Page 2
1
Accounting policies
Company information
Elmya Energy UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, 9 Appold Street, London, EC2A 2AP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The parent company Elmya Energy SLU, has indicated it will provide sufficient financial support to Elmya Energy UK Limited to enable it to continue to trade and to meet its liabilities as they fall due, for a period of at least 12 months from the date of signing the report.
The company had a net loss of £2,276,572 for the period and has a net liability position of £2,876,949. The company will continue to generate revenue throughout the subsequent 12 month period. However it is still the expectation of the directors that there are sufficient resources in place to satisfy all costs expected to be incurred.
Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Reporting period
These accounts cover the 15 month period from 1 January 2023 to 31 March 2024 due to the company extending their period of accounts.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Elmya Energy UK Limited
Notes to the Financial Statements (Continued)
For the period ended 31 March 2024
1
Accounting policies
(Continued)
Page 3
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers
3 years straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Elmya Energy UK Limited
Notes to the Financial Statements (Continued)
For the period ended 31 March 2024
1
Accounting policies
(Continued)
Page 4
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
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.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Elmya Energy UK Limited
Notes to the Financial Statements (Continued)
For the period ended 31 March 2024
1
Accounting policies
(Continued)
Page 5
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
2022
Number
Number
Total
6
3
3
Shareholder loan impairment provision
This relates to a provision made for a loan due from an associate company in the year. This loan is fully provided for as the loan agreement has been breached.
Elmya Energy UK Limited
Notes to the Financial Statements (Continued)
For the period ended 31 March 2024
Page 6
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023
2,495
Additions
6,254
At 31 March 2024
8,749
Depreciation and impairment
At 1 January 2023
617
Depreciation charged in the period
2,696
At 31 March 2024
3,313
Carrying amount
At 31 March 2024
5,436
At 31 December 2022
1,878
5
Debtors
2024
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
499,018
353,092
Other debtors
1
-
Prepayments and accrued income
4,507
8,000
503,526
361,092
Amount owed from group undertakings are repayable on demand and an interest rate of 4.25% charged.
Elmya Energy UK Limited
Notes to the Financial Statements (Continued)
For the period ended 31 March 2024
Page 7
6
Creditors: amounts falling due within one year
2024
2022
£
£
Trade creditors
4,297
42,983
Amounts owed to group undertakings
3,152,348
924,381
Taxation and social security
75,851
19,134
Other creditors
36,933
770
Accruals and deferred income
130,501
62,397
3,399,930
1,049,665
Amount owed to group undertakings are repayable on demand and an interest rate of 4% charged.
7
Called up share capital
2024
2022
2024
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Darren Jordan
Statutory Auditor:
Moore Kingston Smith LLP
9
Operating lease commitments
Lessee
In the prior year the operating lease costs wholly related to future payments on a property operating lease. This was cancelled in the current year.
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2022
£
£
7,317
Elmya Energy UK Limited
Notes to the Financial Statements (Continued)
For the period ended 31 March 2024
Page 8
10
Related party transactions
The company has taken advantage of the exemption in Financial Reporting Standard 102 Section 33.1A from the requirement to disclose transactions with group companies on the grounds that all entities which were party to such transactions are wholly owned members of the group.
During the period the company invested £63,750 in and provided shareholder loan of £2,640,238 to EVC Kilt Limited, a company which has a common director. As at the period end both investment and shareholder loan have been fully impaired.
11
Parent company
The immediate and ultimate parent undertaking is Elmya Energy SLU, a company incorporated in Spain.
Group accounts are prepared but are not publicly available.