Company registration number 11070562 (England and Wales)
SWB POWER LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
SWB POWER LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
SWB POWER LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
3
502,700
502,700
Current assets
Debtors falling due after more than one year
5
3,284,752
3,256,100
Debtors falling due within one year
5
4,301
1,272
Cash at bank and in hand
79,332
34,200
3,368,385
3,291,572
Creditors: amounts falling due within one year
6
(83,437)
(74,312)
Net current assets
3,284,948
3,217,260
Total assets less current liabilities
3,787,648
3,719,960
Creditors: amounts falling due after more than one year
7
(5,387,586)
(4,871,687)
Net liabilities
(1,599,938)
(1,151,727)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(1,600,038)
(1,151,827)
Total equity
(1,599,938)
(1,151,727)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
SWB POWER LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 21 January 2025 and are signed on its behalf by:
Mr Vishal Ashok Jain
Director
Company registration number 11070562 (England and Wales)
SWB POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
SWB Power Limited is a private company limited by shares incorporated in England and Wales. The registered office address is RDP Newmans LLP, 373-375 Station Rd, Harrow, HA1 2AW
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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The 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 company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
The financial statements have been prepared on a going concern basis. The validity of this assumption depends on the continuing support of the company's group creditors and affiliate companies not seeking repayment of its loan until SWB Power Limited is in a position to be able to do so.
If the company were unable to continue in existence for the foreseeable future, adjustments would be necessary to reduce the balance sheet values of assets to their recoverable amounts, to reclassify fixed assets and long term liabilities as current assets and current liabilities respectively, and to provide for further liabilities which might arise.
1.3
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.4
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.
SWB POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.5
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.
1.6
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.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
SWB POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
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 year was:
2024
2023
Number
Number
Total
3
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
502,700
502,700
4
Subsidiaries
Details of the company's subsidiaries at 31 March 2024 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
SWB Skelmersdale Limited
United Kingdom
Gas & Energy supply
Ordinary
100.00
SWB St Helens Limted
United Kingdom
Gas & Energy supply
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
SWB POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
4
Subsidiaries
(Continued)
- 6 -
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
SWB Skelmersdale Limited
287,473
(564,058)
SWB St Helens Limted
(79,497)
(553,960)
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
4,301
1,272
2024
2023
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
3,284,752
3,256,100
Total debtors
3,289,053
3,257,372
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
78,027
59,862
Other creditors
5,410
14,450
83,437
74,312
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Amounts owed to group undertakings
5,387,586
4,871,687
SWB POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
8
Related party transactions
Included within debtors falling due in more than one year are amounts of £1,520,165 (2023: £1,306,234) and £1,651,587 (2023: £1,949,866) owing from its wholly owned subsidiaries SWB St Helens Limited and SWB Skelmersdale Limited respectively. During the year an amount of £400,000 (2023: £nil) owing from SWB Skelmersdale Ltd was deemed as no longer owing and was written off. During the year interest of £52,709 (2023: £43,655) and £86,436 (2023: £86,436) was receivable from SWB St Helens Limited and SWB Skelmersdale Limited respectively.
Included within creditors falling due in more than one year is an amount of £5,312,081 (2023: £4,871,687) owing to Transtel Utilities FZCO, a company registered in Dubai and the immediate parent company of Transtel Utilities Limited. Transtel Utilities Limited is a shareholder in SWB Power Limited. During the year interest of £158,419 (2023: £164,234) was payable to Transtel Utilities FZCO.
Included within other creditors is an amount of £75,505 (2023: £nil) owing to Sterling & Wilson International FZE, a company registered in Dubai, which has common directors.
9
Parent company
The ultimate parent company is Delsys FZCO, a company registered in Dubai, UAE.