Company registration number NI010197 (Northern Ireland)
ENERGYSTORE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
ENERGYSTORE LIMITED
COMPANY INFORMATION
Directors
Mr C H McCandless
Mr R J McCandless
Secretary
Mr S C Calow
Company number
NI010197
Registered office
21-23 Shore Road
Holywood
Down
BT18 9HX
Auditor
Harbinson Mulholland
6th Floor East Tower
Lanyon Plaza
8 Lanyon Place
Belfast
Co. Antrim
BT1 3LP
Bankers
Danske Bank
Donegall Square West
Belfast
Co. Antrim
Northern Ireland
BT1 6JS
Solicitors
Arthur Cox
Victoria House
15-17 Gloucester Street
Belfast
BT1 4LS
ENERGYSTORE LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Income statement
8
Statement of comprehensive income
9
Statement of financial position
10 - 11
Statement of changes in equity
12
Notes to the financial statements
13 - 28
ENERGYSTORE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

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

Principal activities

The principal activity of the company continued to be that of manufacturing and installing EPS bead for cavity wall insulation together with the manufacture of Energystore TLA, a high performance insulated floor and roof solution. The company also manages insulation schemes on behalf of the Northern Ireland Sustainable Energy Programme.

Review of the business

The company grew revenue across each market. The company continued to benefit from it's long term strategies and commitment to innovation. Following the successful acquisition of Warmfill Limited and Warmwall Limited in 2022, the trade and assets of these companies were sucessfully incorporated into the trade of Energystore Limited. Margins achieved during the year decreased as a consequence of higher raw material costs but since the year end these have recovered.

Future Developments

The directors intend to continue to manage the growth of the company through innovation, cost control and strategic acquisition.

Principal risks and uncertainties

The directors consider the principal risks and uncertainties faced by the company are as follows:

 

Competition Risk : The directors manage competition risk through close attention to customer service levels and service innovation.

 

Financial Risk : the company has budgetary and financial reporting procedures supported by appropriate key performance indicators to manage credit, liquidity and other financial risk.

 

Economic Risk : Economic factors, particularly the continuing uncertainty of the UK exiting the European Union and the Northern Ireland Protocol, may impact upon the company and in particular the supply and cost of goods imported from both the European Union and Great Britain.

Key performance indicators

Key performance indicators used by management during the period were;

 

2024     2023

£'000    £'000

Gross profit      6,551     3,840

Operating profit      2,536     1,691

Profit before tax 2,389     655

Management and personnel

The company places considerable value on the involvement of its employees. The continued commitment and dedication of all its employees is appreciated by the directors.

ENERGYSTORE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Financial risk management

The company has various financial assets and liabilities such as trade debtors and trade creditors arising directly from its operations and is exposed to a variety of financial risks which includes liquidity risk, interest rate risk, credit risk, price risk and foreign exchange risk.

 

Liquidity Risk : The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.

 

Interest Rate Risk : The company is exposed to interest rate risk on its fixed borrowings and cash flow interest rate risk on floating rate deposits, bank overdrafts and loans. The company uses a mix of fixed and variable rate debt so as to reduce its exposure to changes in interest rates.

 

Credit Risk : All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary. Business conducted with customers on credit terms is minimal.

 

Price Risk : The company is exposed to commodity price risk as a result of operations. The company seeks to minimise this risk by actively monitoring price trends and actively seeks out appropriate buying opportunities.

 

Foreign Exchange Risk : The company undertakes some transactions in Euros. No hedging takes place.

 

On behalf of the board

Mr C H McCandless
Director
17 January 2025
ENERGYSTORE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -

The directors present their annual report and financial statements for the year ended 31 March 2024.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £700,000. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr C H McCandless
Mr R J McCandless
Mr W J McCandless
(Resigned 29 February 2024)
Mr S C Calow
(Resigned 24 February 2024)
Statement of directors' responsibilities

The directors are responsible for preparing the annual report 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:

 

 

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 of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

ENERGYSTORE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
On behalf of the board
Mr C H McCandless
Director
17 January 2025
ENERGYSTORE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ENERGYSTORE LIMITED
- 5 -

Qualified opinion on the financial statements

We have audited the financial statements of Energystore Limited (the 'company') for the year ended 31 March 2024 which comprise the income statement, the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including 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, except for the effects of the matter described in the Basis for Qualified Opinion paragraph, the financial statements:

Basis for qualified opinion

We were appointed as auditors of the company after the year end and therefore were not able to observe the counting of the opening or closing stock or satisfy ourselves regarding stock quantity by alternative means. Any potential misstatement of either of these figures would also have an impact on the company's cost of sales.

 

In addition, were any adjustment to the stock balance to be required, the strategic report would also need to be amended.

 

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's 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 qualified 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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.

 

As described in the basis for qualified opinion section of our report, we were unable to obtain sufficient appropriate audit evidence concerning the opening and closing stock. We have concluded that were the other information refers to the stock balance or related balances, it may be materially misstated for the same reason.

ENERGYSTORE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ENERGYSTORE LIMITED (CONTINUED)
- 6 -

Opinions on other matters prescribed by the Companies Act 2006

Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

Except for the matter described in the basis for qualified opinion section of our report, in 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 directors' report.

 

Arising solely from the limitation of scope of our work relating to stock referred to above:

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 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.

Auditor's 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.

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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

ENERGYSTORE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ENERGYSTORE LIMITED (CONTINUED)
- 7 -

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

Other matters

The financial statements for the year ended 31 March 2023 were unaudited.

The purpose of our audit work and to whom we owe our responsibilities

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.

Darren McDowell
Senior Statutory Auditor
For and on behalf of Harbinson Mulholland
17 January 2025
Chartered Accountants
Statutory Auditors
6th Floor East Tower
Lanyon Plaza
8 Lanyon Place
Belfast
Co. Antrim
BT1 3LP
ENERGYSTORE LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
2024
2023
as restated
Notes
£
£
Turnover
3
21,064,938
19,090,913
Cost of sales
(14,513,440)
(15,250,997)
Gross profit
6,551,498
3,839,916
Administrative expenses
(3,331,021)
(2,347,719)
Other operating income
8,305
54,978
Exceptional item
4
(693,186)
-
0
Operating profit
5
2,535,596
1,547,175
Interest receivable and similar income
8
78
-
0
Interest payable and similar expenses
9
(148,287)
(188,101)
Amounts written off investments
10
-
(703,655)
Profit before taxation
2,387,387
655,419
Tax on profit
11
(647,217)
105,023
Profit for the financial year
1,740,170
760,442

The income statement has been prepared on the basis that all operations are continuing operations.

ENERGYSTORE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
2024
2023
as restated
£
£
Profit for the year
1,740,170
760,442
Other comprehensive income
-
-
Total comprehensive income for the year
1,740,170
760,442
ENERGYSTORE LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2024
31 March 2024
- 10 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Goodwill
13
1,378,460
1,540,794
Other intangible assets
13
32,284
53,806
Total intangible assets
1,410,744
1,594,600
Tangible assets
14
2,755,202
1,839,366
Investments
15
1,275,841
5
5,441,787
3,433,971
Current assets
Stocks
17
1,639,193
1,735,214
Debtors
18
6,151,474
5,733,445
Cash at bank and in hand
30,556
10,534
7,821,223
7,479,193
Creditors: amounts falling due within one year
19
(4,359,750)
(3,064,046)
Net current assets
3,461,473
4,415,147
Total assets less current liabilities
8,903,260
7,849,118
Creditors: amounts falling due after more than one year
20
(519,093)
(960,766)
Provisions for liabilities
Deferred tax liability
23
461,894
91,031
(461,894)
(91,031)
Net assets
7,922,273
6,797,321
Capital and reserves
Called up share capital
25
10,000
10,000
Revaluation reserve
84,782
-
0
Profit and loss reserves
7,827,491
6,787,321
Total equity
7,922,273
6,797,321
ENERGYSTORE LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 11 -

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 17 January 2025 and are signed on its behalf by:
Mr C H McCandless
Director
Company registration number NI010197 (Northern Ireland)
ENERGYSTORE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
As restated for the period ended 31 March 2023:
Balance at 1 April 2022
10,000
-
0
6,026,879
6,036,879
Year ended 31 March 2023:
Profit and total comprehensive income
-
-
760,442
760,442
Balance at 31 March 2023
10,000
-
0
6,787,321
6,797,321
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
1,740,170
1,740,170
Dividends
12
-
-
(700,000)
(700,000)
Other movements
-
84,782
-
84,782
Balance at 31 March 2024
10,000
84,782
7,827,491
7,922,273
ENERGYSTORE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
1
Accounting policies
Company information

Energystore Limited is a private company limited by shares incorporated in Northern Ireland. The registered office is 21-23 Shore Road, Holywood, Down, BT18 9HX.

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.

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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Bacar Group Limited. These consolidated financial statements are available from its registered office.

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. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and 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.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

ENERGYSTORE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 14 -

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is ten years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.6
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Patents & licences
33% straight line
1.7
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:

Freehold land and buildings
3.25% straight line
Plant and equipment
7-20% 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.

ENERGYSTORE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 15 -
1.8
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.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.9
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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.

1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

ENERGYSTORE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 16 -
1.11
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.

1.12
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 statement of financial position 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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

ENERGYSTORE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 17 -
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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.13
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.

1.14
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 income statement 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.

ENERGYSTORE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 18 -
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 income statement, 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.

1.15
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.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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.

1.18
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

ENERGYSTORE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 19 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Recoverability of trade debtors

The company trades with a large and varied number of customers on credit terms. Some debts due will not be paid through the default of a small number of customers. The company uses estimates based on historical experience and current information in determining the level of debts for which an impairment charge is required. The level of impairment required is reviewed on an ongoing basis.

Impairment of stock

The company holds significant stocks at the financial year end date. The directors are of the view that an adequate charge has been made to reflect the possibility of stocks being sold at less than cost. However, this estimate is subject to inherent uncertainty.

Useful life on tangible and intangible fixed assets

The annual depreciation and amortisation charge depends primarily on the estimated lives of each type of asset and, in certain circumstances, estimates of residual values. The directors regularly review these useful lives and change them if necessary to reflect current conditions. In determining these useful lives management consider technological change, patterns of consumption, physical condition and expected economic utilisation of the assets. Changes in the useful lives can have a significant impact on the depreciation charge for the financial year.

3
Turnover

The company operates across the UK and the Republic of Ireland.

The directors of the company are of the opinion that it would be seriously prejudicial to the interests of the company to disclose details of the turnover by amount, class or market.

2024
2023
£
£
Other revenue
Interest income
78
-
Grants received
8,305
54,978
4
Exceptional item
2024
2023
£
£
Expenditure
Exceptional item - Intercompany write offs
693,186
-
ENERGYSTORE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 20 -
5
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses/(gains)
7,039
(4,952)
Research and development costs
56,917
73,794
Government grants
(8,305)
(54,978)
Fees payable to the company's auditor for the audit of the company's financial statements
12,500
5,500
Depreciation of owned tangible fixed assets
400,313
284,592
Loss on disposal of tangible fixed assets
6,921
3,117
Amortisation of intangible assets
183,856
93,299
Operating lease charges
494,742
382,080
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Sales, admin & distribution
86
81

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
3,603,388
2,916,202
Social security costs
367,374
308,360
Pension costs
97,945
79,768
4,068,707
3,304,330
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
159,868
229,249

As total directors' remuneration was less than £200,000 in the current year, the company has not disclosed remuneration to the highest paid director.

8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
78
-
0
ENERGYSTORE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 21 -
9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
141,997
182,279
Interest on finance leases and hire purchase contracts
6,290
5,822
148,287
188,101
10
Amounts written off investments
2024
2023
£
£
Fair value gains/(losses) on financial instruments
Gain on financial liabilities held at fair value through profit or loss
-
0
296,345
Other gains/(losses)
Other gains and losses
-
(1,000,000)
-
(703,655)
11
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
182,145
-
0
Adjustments in respect of prior periods
-
0
(134,829)
Total UK current tax
182,145
(134,829)
Foreign current tax on profits for the current period
94,209
94,795
Total current tax
276,354
(40,034)
Deferred tax
Origination and reversal of timing differences
370,863
(64,989)
Total tax charge/(credit)
647,217
(105,023)
ENERGYSTORE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
11
Taxation
(Continued)
- 22 -

The actual charge/(credit) for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
2,387,387
655,419
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
596,847
124,530
Tax effect of utilisation of tax losses not previously recognised
(69,334)
-
0
Unutilised tax losses carried forward
-
0
95,896
Adjustments in respect of prior years
-
0
(134,829)
Group relief
(38,237)
(21,825)
Other permanent differences
249,796
29,288
Effect of overseas tax rates
(94,209)
(42,484)
Accelerated capital allowances
(225,031)
(81,126)
R and D tax relief
(145,639)
(133,517)
Financial fair value adjustment
-
0
(56,306)
Deferred tax
370,863
(64,989)
Impact of prior year adjustment
-
0
180,339
Timing differences
2,161
-
0
Taxation charge/(credit) for the year
647,217
(105,023)
12
Dividends
2024
2023
£
£
Interim paid
700,000
-
0
ENERGYSTORE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 23 -
13
Intangible fixed assets
Goodwill
Patents & licences
Total
£
£
£
Cost
At 1 April 2023 and 31 March 2024
1,623,333
64,566
1,687,899
Amortisation and impairment
At 1 April 2023
82,539
10,760
93,299
Amortisation charged for the year
162,334
21,522
183,856
At 31 March 2024
244,873
32,282
277,155
Carrying amount
At 31 March 2024
1,378,460
32,284
1,410,744
At 31 March 2023
1,540,794
53,806
1,594,600
14
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Total
£
£
£
Cost
At 1 April 2023
225,010
2,556,583
2,781,593
Additions
52,298
1,185,990
1,238,288
Disposals
-
0
(140,092)
(140,092)
Revaluation
84,782
-
0
84,782
At 31 March 2024
362,090
3,602,481
3,964,571
Depreciation and impairment
At 1 April 2023
41,832
900,395
942,227
Depreciation charged in the year
736
399,577
400,313
Eliminated in respect of disposals
-
0
(133,171)
(133,171)
At 31 March 2024
42,568
1,166,801
1,209,369
Carrying amount
At 31 March 2024
319,522
2,435,680
2,755,202
At 31 March 2023
183,178
1,656,188
1,839,366
15
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
16
1,275,841
5
ENERGYSTORE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
15
Fixed asset investments
(Continued)
- 24 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023
5
Additions
1,275,836
At 31 March 2024
1,275,841
Carrying amount
At 31 March 2024
1,275,841
At 31 March 2023
5

Duriing the year the company purchased the share capital of Northern Loft Insulations Limited.

16
Subsidiaries

Details of the company's subsidiaries at 31 March 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Ecosilver Limited
Scotland
Ordinary
100.00
Heat Services Limited
Northern Ireland
Ordinary
100.00
Northern Loft Insulation Limited
Northern Ireland
Ordinary
100.00
17
Stocks
2024
2023
£
£
Raw materials and consumables
1,625,715
1,689,704
Work in progress
13,478
45,510
1,639,193
1,735,214
18
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
3,848,223
3,198,651
Corporation tax recoverable
149,889
-
0
Other debtors
1,751,792
2,167,114
Prepayments and accrued income
401,570
367,680
6,151,474
5,733,445
ENERGYSTORE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 25 -
19
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
21
1,999,921
1,784,258
Obligations under finance leases
22
21,619
81,969
Trade creditors
608,556
809,037
Amounts owed to group undertakings
280,992
-
0
Corporation tax
431,187
32,917
Other taxation and social security
106,937
79,272
Other creditors
41,173
-
0
Accruals and deferred income
869,365
276,593
4,359,750
3,064,046
20
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
21
519,093
935,014
Obligations under finance leases
22
-
0
25,752
519,093
960,766
21
Loans and overdrafts
2024
2023
£
£
Bank loans
1,018,185
2,719,272
Bank overdrafts
1,500,829
-
0
2,519,014
2,719,272
Payable within one year
1,999,921
1,784,258
Payable after one year
519,093
935,014

Danske Bank hold fixed and floating charges over the assets of the company in respect of the bank loans. An invoice discounting facility arises as a result of the assignment of trade debtors to Danske Bank on a "with recourse" basis. A cross guarantee held by the bank in favour of BACAR Group Limited and its group company members has been given by the company for all monies owing by BACAR Group Limited.

ENERGYSTORE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 26 -
22
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
21,619
81,969
In two to five years
-
0
25,752
21,619
107,721

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term remaining is less than 1 year. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

23
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
464,055
195,627
Tax losses
-
(104,596)
Timing differences
(2,161)
-
461,894
91,031
2024
Movements in the year:
£
Liability at 1 April 2023
91,031
Charge to profit or loss
370,863
Liability at 31 March 2024
461,894

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

24
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
97,945
79,768

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

ENERGYSTORE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 27 -
25
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
10,000
10,000
10,000
10,000
26
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
534,039
448,649
Between two and five years
1,121,250
1,180,195
In over five years
198,750
80,000
1,854,039
1,708,844
27
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Rent paid
2024
2023
£
£
Other related parties
30,000
21,833

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due from related parties
£
£
Other related parties
537,581
499,314
ENERGYSTORE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 28 -
28
Directors' transactions

Dividends totalling £700,000 (2023 - £0) were paid in the year in respect of shares held by the company's directors.

Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Director's current account
-
428,921
15,195
444,116
428,921
15,195
444,116
29
Prior period adjustment
Changes to the statement of financial position
As previously reported
Adjustment
As restated at 31 Mar 2023
£
£
£
Fixed assets
Goodwill
2,489,948
(949,154)
1,540,794
Capital and reserves
Profit and loss reserves
7,736,475
(949,154)
6,787,321
Changes to the income statement
As previously reported
Adjustment
As restated
Period ended 31 March 2023
£
£
£
Administrative expenses
(2,398,565)
50,846
(2,347,719)
Amounts written off investments
296,345
(1,000,000)
(703,655)
Profit for the financial period
1,709,596
(949,154)
760,442
Notes to reconciliation

Based on a report during the 22/23 financial year the cost of the investment in Warmfill Limited and Warmwall Limited was overstated by £1m and therefore the goodwill created on the hive up was overstated by this amount. This then had a further impact upon the amortisation charged during the year.

 

In addition to the adjustment noted above the company took the opportunity to correct allocations within the P&L which resulted in significant changes between sales and cost of sales.

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