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Registration number: 04688350

Alfa Energy Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 31 December 2023

 

Alfa Energy Limited

Contents

Company Information

1

Strategic Report

2 to 3

Directors' Report

4 to 6

Independent Auditor's Report

7 to 10

Consolidated Profit and Loss Account

11

Consolidated Statement of Comprehensive Income

12

Consolidated Balance Sheet

13

Balance Sheet

14

Consolidated Statement of Changes in Equity

15

Consolidated Statement of Cash Flows

16

Notes to the Financial Statements

17 to 30

 

Alfa Energy Limited

Company Information

Directors

Mr Elvin Ahmovic

Ms Evangeline Kroener Andersen

Mr John Andrew Murphy

Registered office

Savoy House
Savoy Circus
London
W3 7DA

Auditors

Wem & Co
Chartered Accountants & Statutory Auditors
Savoy House
Savoy Circus
London
W3 7DA

 

Alfa Energy Limited

Strategic Report for the Year Ended 31 December 2023

The directors present their strategic report for the year ended 31 December 2023.

Principal activity

The principal activity of the group is providing clients with energy and sustainability consultancy services, supported by proprietary software solutions.

Fair review of the business

Following the acquisition of Alfa Energy Ltd by Edison Energy LLC in the last quarter of 2022, 2023 represented a time of transition for the company.

The increased market volatility and escalating whole sales prices experienced in the prior years has stabilised through 2023, leading to steady revenue growth, an increase of 13% on the prior year.

Following the acquisition by Edison Energy LLC, integration activities carried on into 2023 to bring together the strengths of both companies to support customers with their ever challenging energy requirements. Alfa Energy continues to win new business and grow its already broad customer portfolio.

During the year, the company paid dividends of £nil (2022: £320,000).

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Alfa Energy Limited

Strategic Report for the Year Ended 31 December 2023 (continued)

Principal risks and uncertainties

Retention of key personnel
The company regularly benchmarks salaries and uses a mix of commission and bonus payments to attract and retain key management and staff based on performance.

Risk relating to the cost of energy
The group advises clients procuring energy based upon the prices offered by energy suppliers. When there is higher volatility in the supply price of energy, the group's clients may delay renewal decision until they see stability in prices that enables them to commit to medium and longer term contracts. This would cause a reduction to the group's revenue from commission-based sales.

Liquidity risks
The group maintains sufficient liquidity in order to ensure continuity of business.

Currency risk
The group makes purchases in foreign currency and closely monitors exchange rate movements so that appropriate action can be taken in the event of a major fluctuation in the currency market.

Security risk
The group places significant reliance on the networks and IT systems within the business. The day-to-day running of the business is reliant on the CRM system and other customer facing technology and any extended downtime would impact the group's ability to operate. The group builds security and resilience into the networks and systems to mitigate the risk from attack or system failures and has developed a robust business continuity plan.

Legislation and regulatory
Previously, energy procurement was an unregulated market. In October 2022, regulations to govern relationships between energy suppliers, brokers and micro clients came into force.

Approved by the Board on 16 January 2025 and signed on its behalf by:

Mr Elvin Ahmovic
Director

   
     
 

Alfa Energy Limited

Directors' Report for the Year Ended 31 December 2023

The directors present their report and the for the year ended 31 December 2023.

Directors of the group

The directors who held office during the year were as follows:

Mr Elvin Ahmovic

Mr Oded Josef Rhone (Resigned 31 July 2023)

Ms Evangeline Kroener Andersen

Mr John Andrew Murphy (appointed 3 November 2023)

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Alfa Energy Limited

Directors' Report for the Year Ended 31 December 2023 (continued)

Methodology
A location-based calculation of CO2 equivalent emissions was made using energy data collected from utility energy suppliers. Energy and emissions from owned transport were modelled using fuel report data and mileage data.

A market-based calculation was based on a renewable electricity contract for the London office and location based factors for Sarajevo & Frankfurt.

The total disclosed energy is calculated on a gross calorific value basis with exception of business mileage energy which is calculated on a net calorific value basis.

The methodology is consistent with the 2023 edition of the UK Government GHG Conversion Factors for Company Reporting
(https://www.gov.uk/government/collections/government-conversion-factors-for-company-reporting). Sarajevo and Frankfurt emission factors for electricity were based on EcoInvent 3.9.1.

Defra natural gas emission factors were used for Sarajevo & Frankfurt.

A location-based method reflects the average emissions intensity of grids on which energy consumption occurs and a market-based method reflects emissions from electricity that companies have selected.


Narrative of energy efficiency action over the financial year 2023
The Environmental Management System (EMS) at our London office is certified to ISO 14001. The EMS includes a range of programmes that relate to waste, purchasing, energy efficiency, and emissions reductions. Alfa Energy purchased electricity with zero CO2e emissions throughout 2023 in London, which reduced our market-based emissions by 9.59 tonnes CO2e.
 

Future developments

The group's pipeline of opportunities has grown and having continued to invest in the development of its people, sustainability services and software solutions, the group is in a very strong position to respond to opportunities as they arise.

Research and development

The company has developed bespoke software over several years. Research and Development is primarily focussed on expanding core functionality across products with a focus on clients for revenue protection and the management of data.

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

 

Alfa Energy Limited

Directors' Report for the Year Ended 31 December 2023 (continued)

Approved by the Board on 16 January 2025 and signed on its behalf by:

.........................................
Mr Elvin Ahmovic
Director

   
     
 

Alfa Energy Limited

Independent Auditor's Report to the Members of Alfa Energy Limited

Opinion

We have audited the financial statements of Alfa Energy Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, 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 group's and the parent company's affairs as at 31 December 2023 and of the group's loss 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 auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 director's 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 group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinion on other matter prescribed by the Companies Act 2006

 

Alfa Energy Limited

Independent Auditor's Report to the Members of Alfa Energy Limited (continued)

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our 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 and the Directors' Report.

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

the parent company 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 , set out on page , 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 is 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 group’s and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor 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 an auditor’s report 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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

 

Alfa Energy Limited

Independent Auditor's Report to the Members of Alfa Energy Limited (continued)

Identify and assessing potential risks related to irregularities

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

To identify risks of material misstatement due to fraud, we assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide opportunity to commit fraud. In this risk assessment, we considered and carried out the following:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

• Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation (i.e., gives a true and fair view).

• We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
 

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 an auditor’s report 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.

 

Alfa Energy Limited

Independent Auditor's Report to the Members of Alfa Energy Limited (continued)

......................................
Shanoor R Miah BSc FCA (Senior Statutory Auditor)
For and on behalf of Wem & Co, Statutory Auditor

Savoy House
Savoy Circus
London
W3 7DA

16 January 2025

 

Alfa Energy Limited

Consolidated Profit and Loss Account for the Year Ended 31 December 2023

Note

31.12.23
£

31.12.22
£

Turnover

3

14,203,902

12,604,362

Cost of sales

 

(3,233,733)

(3,256,320)

Gross profit

 

10,970,169

9,348,042

Administrative expenses

 

(11,360,519)

(9,175,390)

Other operating income

-

1,898

Operating (loss)/profit

4

(390,350)

174,550

Other interest receivable and similar income

1

157

Interest payable and similar expenses

(82)

(11,176)

   

(81)

(11,019)

(Loss)/profit before tax

 

(390,431)

163,531

Tax on (loss)/profit

8

(42,285)

100,474

(Loss)/profit for the financial year

 

(432,716)

264,005

Profit/(loss) attributable to:

 

Owners of the company

 

(432,716)

264,005

The group has no recognised gains or losses for the year other than the results above.

 

Alfa Energy Limited

Consolidated Statement of Comprehensive Income for the Year Ended 31 December 2023

31.12.23
£

31.12.22
£

(Loss)/profit for the year

(432,716)

264,005

Total comprehensive income for the year

(432,716)

264,005

Total comprehensive income attributable to:

Owners of the company

(432,716)

264,005

 

Alfa Energy Limited

(Registration number: 04688350)
Consolidated Balance Sheet as at 31 December 2023

Note

31.12.23
£

31.12.22
£

Fixed assets

 

Intangible assets

9

3,303,658

3,778,762

Tangible assets

10

123,889

124,446

 

3,427,547

3,903,208

Current assets

 

Debtors

12

5,377,906

4,561,581

Cash at bank and in hand

 

2,644,531

2,065,735

 

8,022,437

6,627,316

Creditors: Amounts falling due within one year

14

(6,675,152)

(5,308,155)

Net current assets

 

1,347,285

1,319,161

Total assets less current liabilities

 

4,774,832

5,222,369

Provisions for liabilities

16

(11,601)

(12,283)

Net assets

 

4,763,231

5,210,086

Capital and reserves

 

Called up share capital

18

261

261

Other reserves

3,063,967

3,078,106

Retained earning

1,699,003

2,131,719

Equity attributable to owners of the company

 

4,763,231

5,210,086

Shareholders' funds

 

4,763,231

5,210,086

Approved and authorised by the Board on 16 January 2025 and signed on its behalf by:
 

.........................................
Mr Elvin Ahmovic
Director

   
     
 

Alfa Energy Limited

(Registration number: 04688350)
Balance Sheet as at 31 December 2023

Note

31.12.23
£

31.12.22
£

Fixed assets

 

Tangible assets

10

47,255

65,496

Investments

11

5,176,836

5,176,836

 

5,224,091

5,242,332

Current assets

 

Debtors

12

5,309,961

4,492,730

Cash at bank and in hand

 

2,496,263

1,935,550

 

7,806,224

6,428,280

Creditors: Amounts falling due within one year

14

(7,398,190)

(5,685,675)

Net current assets

 

408,034

742,605

Total assets less current liabilities

 

5,632,125

5,984,937

Provisions for liabilities

16

(11,601)

(12,283)

Net assets

 

5,620,524

5,972,654

Capital and reserves

 

Called up share capital

18

261

261

Other reserves

3,077,487

3,077,487

Retained earning

2,542,776

2,894,906

Shareholders' funds

 

5,620,524

5,972,654

The parent company has taken advantage of section 408 of the Companies Act 2006 and has not included its own profit and loss account in these financial statements. The parent company's loss for the year was £352,812 (2022 - profit of £661,299)

Approved and authorised by the Board on 16 January 2025 and signed on its behalf by:
 

.........................................
Mr Elvin Ahmovic
Director

   
     
 

Alfa Energy Limited

Consolidated Statement of Changes in Equity for the Year Ended 31 December 2023
Equity attributable to the parent company

Share capital
£

Other reserve
£

Foreign Currency Translation
Reserve
£

Profit and loss account
£

Total
£

At 1 January 2023

261

3,077,487

619

2,131,719

5,210,086

Loss for the year

-

-

-

(432,716)

(432,716)

Total comprehensive income

-

-

-

(432,716)

(432,716)

Foreign currency translation

-

-

(14,139)

-

(14,139)

At 31 December 2023

261

3,077,487

(13,520)

1,699,003

4,763,231

Share capital
£

Other reserve
£

Foreign Currency Translation
Reserve
£

Profit and loss account
£

Total
£

At 1 January 2022

240

3,077,487

(30,977)

2,187,714

5,234,464

Profit for the year

-

-

-

264,005

264,005

Total comprehensive income

-

-

-

264,005

264,005

Dividends

-

-

-

(320,000)

(320,000)

New share capital subscribed

21

-

-

-

21

Foreign currency translation

-

-

31,596

-

31,596

At 31 December 2022

261

3,077,487

619

2,131,719

5,210,086

 

Alfa Energy Limited

Consolidated Statement of Cash Flows for the Year Ended 31 December 2023

Note

31.12.23
£

31.12.22
£

Cash flows from operating activities

Operating profit for the year

 

(390,350)

174,550

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

4

547,475

548,529

Foreign exchange movements

 

(954)

9,150

Profit on disposal of tangible assets

 

-

(790)

 

156,171

731,439

Working capital adjustments

 

Increase in trade debtors

12

(538,942)

(253,140)

Increase/(decrease) in trade creditors

14

454,319

(1,063,353)

(Increase)/decrease in other debtors

 

(332,500)

(204,511)

Increase/(decrease) in other creditors

 

912,678

1,213,304

(Decrease)/increase in provisions

 

-

(232,045)

Cash generated from operations

 

651,726

191,694

Income taxes paid

 

-

(41,022)

Net cash flow from operating activities

 

651,726

150,672

Cash flows from investing activities

 

Interest received

1

157

Acquisitions of tangible assets

(72,931)

(57,043)

Net cash flows from investing activities

 

(72,930)

(56,886)

Cash flows from financing activities

 

Proceeds from issue of ordinary shares, net of issue costs

 

-

21

Repayment of other borrowing

 

-

(1,175,656)

Dividends paid

-

(320,000)

Loan repayment received

 

-

25,624

Net cash flows from financing activities

 

-

(1,470,011)

Net increase/(decrease) in cash and cash equivalents

 

578,796

(1,376,225)

Cash and cash equivalents at 1 January

 

2,065,735

3,441,960

Cash and cash equivalents at 31 December

 

2,644,531

2,065,735

 

Alfa Energy Limited

Notes to the Financial Statements for the Year Ended 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:
Savoy House
Savoy Circus
London
W3 7DA
England

These financial statements were authorised for issue by the Board on 16 January 2025.

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 financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These 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.

The presentational currency is Pound Sterling (£).

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 December 2023.

No Profit and Loss Account is presented for the company as permitted by section 408 of the Companies Act 2006. The company made a loss after tax for the financial year of £352,128 (2022 - profit of £661,301).

 

Alfa Energy Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued, and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

Judgements
The preparation of these financial statements conforms with United Kingdom Generally Accepted Accounting Practice and requires management to make estimates and judgements that affect the reported amounts of assets and liabilities at the year-end date and the reported amounts of revenues and expenses during the reporting period. The areas where most judgement is required, and which include key sources of estimation of uncertainty are highlighted below:

Impairment of assets

Equipment is reviewed for impairment where events or changes in circumstances indicate that the carrying amount may not be recoverable. When a review for impairment is conducted, the recoverable amount of an asset is determined based on value in use calculations driven by assumptions and estimates surrounding future performance.

Estimates relating to revenue, accrued income and provisions

The value of a commission-based sale is based on estimates of consumption over the length of the contract. The company does not recognise the full potential value when entering each contract but estimates how much each one should be written down for factors such as usage variance, cancellations and other factors. These estimates are based on historic data and trends.
 

 

Alfa Energy Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Revenue recognition

Revenue is derived from commission-based sales and direct fee agreements.

For commission-based sales, the company negotiates rates with energy suppliers on behalf of clients and generates revenue as commission from the energy suppliers. Clients are segmented based on the characteristics of the services provided and revenue recognition takes into account the level of ongoing services provided in each segment. The revenue is recognised at the fair value of the consideration received or receivable at the point that the services have been rendered and costs incurred, with provisions considered for a tolerance based on known business trends.

Direct fee contracts are treated as a provision of service over the length of the agreement, matching revenue and costs.

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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

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

 

Alfa Energy Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Asset class

Depreciation method and rate

Office Equipment

25% straight line

Plant and machinery

25% reducing balance and 25% straight line

Fixtures and fittings

25% reducing balance

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.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

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

Asset class

Amortisation method and rate

Goodwill

Over 10 years

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 for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.
 

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 group 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.
 

 

Alfa Energy Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Provisions

Provisions are recognised when the group has an obligation at the reporting date as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

Dividends

Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions to meet any shortfall that may arise due to poor fund returns.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due.

3

Turnover

The analysis of the group's Turnover for the year from continuing operations is as follows:

31.12.23
£

31.12.22
£

Rendering of services

14,203,902

12,604,362

 

Alfa Energy Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

4

Operating (loss)/profit

Arrived at after charging/(crediting)

31.12.23
£

31.12.22
£

Depreciation expense

72,371

73,425

Amortisation expense

475,104

475,104

Foreign exchange losses/(gains)

954

(9,148)

Operating lease expense - property

352,051

352,027

Profit on disposal of property, plant and equipment

-

(790)

5

Staff costs

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

31.12.23
No.

31.12.22
No.

Operational

166

134

Sales and marketing

35

27

Administration and support

55

42

256

203

6

Directors' remuneration

The directors' remuneration for the year was as follows:

31.12.23
£

31.12.22
£

Remuneration including social security

110,535

297,610

Contributions paid to money purchase schemes

750

23,223

111,285

320,833

At the year end, the number of directors who were receiving benefits was as follows:

31.12.23
No.

31.12.22
No.

Accruing benefits under money purchase pension scheme

1

1

 

Alfa Energy Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

7

Auditors' remuneration

31.12.23
£

31.12.22
£

Audit of these financial statements

27,000

19,550

Other fees to auditors

All other non-audit services

14,150

10,000


 

8

Taxation

Tax charged/(credited) in the consolidated profit and loss account

31.12.23
£

31.12.22
£

Current taxation

Group Corporation Tax

42,967

(55,153)

Deferred taxation

Arising from origination and reversal of timing differences

(682)

(45,321)

Tax expense/(receipt) in the income statement

42,285

(100,474)

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2022 - the same as the standard rate of corporation tax in the UK) of 25% (2022 - 19%).

The differences are reconciled below:

31.12.23
£

31.12.22
£

(Loss)/profit before tax

(390,431)

163,531

Corporation tax at standard rate

(9,405)

31,071

Tax increase from effect of capital allowances and depreciation

133,999

98,769

Tax decrease from other short-term timing differences

(682)

(794)

Effect of expense not deductible in determining taxable profit (tax loss)

5,154

7,156

Tax decrease from effect of exercise of employee share options

-

(229,993)

Tax decrease arising from overseas tax suffered/expensed

(77,067)

(8,978)

Tax (decrease)/increase from other tax effects

(9,714)

2,295

Total tax charge/(credit)

42,285

(100,474)

 

Alfa Energy Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

9

Intangible assets

Group

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

4,801,040

4,801,040

At 31 December 2023

4,801,040

4,801,040

Amortisation

At 1 January 2023

1,022,278

1,022,278

Amortisation charge

475,104

475,104

At 31 December 2023

1,497,382

1,497,382

Carrying amount

At 31 December 2023

3,303,658

3,303,658

At 31 December 2022

3,778,762

3,778,762

Company

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

50,000

50,000

At 31 December 2023

50,000

50,000

Amortisation

At 1 January 2023

50,000

50,000

At 31 December 2023

50,000

50,000

Carrying amount

At 31 December 2023

-

-

 

Alfa Energy Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

10

Tangible assets

Group

Plant and machinery
£

Total
£

Cost or valuation

At 1 January 2023

727,992

727,992

Revaluations

(7,988)

(7,988)

Additions

72,931

72,931

At 31 December 2023

792,935

792,935

Depreciation

At 1 January 2023

603,547

603,547

Charge for the year

72,267

72,267

Revaluation

(6,768)

(6,768)

At 31 December 2023

669,046

669,046

Carrying amount

At 31 December 2023

123,889

123,889

At 31 December 2022

124,446

124,446

Company

Plant and machinery
£

Total
£

Cost or valuation

At 1 January 2023

451,849

451,849

Additions

11,480

11,480

At 31 December 2023

463,329

463,329

Depreciation

At 1 January 2023

386,352

386,352

Charge for the year

29,722

29,722

At 31 December 2023

416,074

416,074

Carrying amount

At 31 December 2023

47,255

47,255

At 31 December 2022

65,496

65,496

 

Alfa Energy Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

11

Investments

Company

31.12.23
£

31.12.22
£

Investments in subsidiaries

5,176,836

5,176,836

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

2022

Subsidiary undertakings

Code Line Solutions d.o.o.

Sarajevo, Danijela Ozme No. 3, BiH

Bosnia

2,000 ordinary shares

100%

100%

Energy Trading Company d.o.o.

Sarajevo, Danijela Ozme No. 3. BiH

Bosnia

2,000 ordinary shares

100%

100%

Alfaenergie Beratung und Vermittlung GmbH

Friedrich-Ebert-Anlage 35-37, 60327 Frankfurt am Main

Germany

25,000 ordinary shares

100%

100%

Subsidiary undertakings

Code Line Solutions d.o.o.

The principal activity of Code Line Solutions d.o.o. is provision of software solutions.

Energy Trading Company d.o.o.

The principal activity of Energy Trading Company d.o.o. is the provision of energy consulting services.

Alfaenergie Beratung und Vermittlung GmbH

The principal activity of Alfaenergie Beratung und Vermittlung GmbH is provision of energy consulting services.

 

Alfa Energy Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

12

Debtors

   

Group

Company

Note

31.12.23
£

31.12.22
£

31.12.23
£

31.12.22
£

Trade debtors

 

1,798,530

1,259,588

1,796,218

1,257,328

Amounts owed by related parties

20

850,880

149,788

850,880

149,788

Other debtors

 

83,232

48,632

(76)

71

Prepayments and accrued income

 

2,503,153

2,955,119

2,502,268

2,924,094

Deferred tax assets

8

-

44,526

-

44,526

Income tax asset

8

142,111

103,928

160,671

116,923

 

5,377,906

4,561,581

5,309,961

4,492,730

13

Cash and cash equivalents

 

Group

Company

31.12.23
£

31.12.22
£

31.12.23
£

31.12.22
£

Cash on hand

186

129

19

129

Cash at bank

2,644,345

2,065,606

2,496,244

1,935,421

2,644,531

2,065,735

2,496,263

1,935,550

14

Creditors

   

Group

Company

Note

31.12.23
£

31.12.22
£

31.12.23
£

31.12.22
£

Due within one year

 

Trade creditors

 

609,105

154,786

580,234

151,781

Amounts due to related parties

20

203,800

6,379

1,062,045

527,236

Social security and other taxes

 

905,687

526,665

882,559

527,142

Pension costs

 

16,480

17,098

16,480

17,098

Other payables

 

314,257

4,751

294,021

4,241

Accruals and deferred income

 

4,625,823

4,598,476

4,562,851

4,458,177

 

6,675,152

5,308,155

7,398,190

5,685,675

 

Alfa Energy Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

15

Obligations under leases and hire purchase contracts

Group

Operating leases

The total of future minimum lease payments is as follows:

31.12.23
£

31.12.22
£

Not later than one year

247,788

289,418

Later than one year

2,050,519

2,345,808

2,298,307

2,635,226

Company

Operating leases

The total of future minimum lease payments is as follows:

31.12.23
£

31.12.22
£

Not later than one year

52,500

90,000

Later than one year

-

52,500

52,500

142,500

The amount of non-cancellable operating lease payments recognised as an expense during the year was £90,000 (2022 - £90,000)

16

Provisions for liabilities

Group

Deferred tax
£

Total
£

At 1 January 2023

12,283

12,283

Increase (decrease) in existing provisions

(682)

(682)

At 31 December 2023

11,601

11,601

 

Alfa Energy Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

16

Provisions for liabilities (continued)

Company

Deferred tax
£

Total
£

At 1 January 2023

12,283

12,283

Decrease in existing provisions

(682)

(682)

At 31 December 2023

11,601

11,601

17

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £118,116 (2022 - £119,021).

Contributions totalling £16,480 (2022 - £17,098) were payable to the scheme at the end of the year and are included in creditors.

18

Share capital

Allotted, called up and fully paid shares

31.12.23

31.12.22

No.

£

No.

£

Ordinary D share of £0.01 each

12,000

120

12,000

120

Ordinary E share of £0.01 each

12,000

120

12,000

120

Ordinary share of £0.01 each

2,098

21

2,098

21

26,098

261

26,098

261

 

Alfa Energy Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

19

Dividends

Interim dividends paid

31.12.23
£

31.12.22
£

Interim dividend of £Nil (2022 - £13.33) per each Ordinary D share

-

160,000

Interim dividend of £Nil (2022 - £13.33) per each Ordinary E share

-

160,000

-

320,000

20

Related party transactions

Company

Summary of transactions with other related parties

A management fee of £nil (2022: £25,624) was paid to a non-group company.

 

21

Parent and ultimate parent undertaking

The company's immediate parent is Edison Energy LLC, incorporated in Delaware with registered number 4165046. Edison Energy LLC acquired the company on 4 October 2022.

The ultimate parent is Edison International, incorporated in the USA.