REGISTERED NUMBER: |
Report of the Directors and |
Unaudited Financial Statements |
for the Year Ended 30 April 2024 |
for |
Envirotech Energy Solutions Limited |
REGISTERED NUMBER: |
Report of the Directors and |
Unaudited Financial Statements |
for the Year Ended 30 April 2024 |
for |
Envirotech Energy Solutions Limited |
Envirotech Energy Solutions Limited (Registered number: 10738135) |
Contents of the Financial Statements |
for the Year Ended 30 April 2024 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Chartered Certified Accountants' Report | 3 |
Balance Sheet | 4 |
Notes to the Financial Statements | 5 | to | 8 |
Envirotech Energy Solutions Limited |
Company Information |
for the Year Ended 30 April 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
5 West Court |
Enterprise Road |
Maidstone |
Kent |
ME15 6JD |
Envirotech Energy Solutions Limited (Registered number: 10738135) |
Report of the Directors |
for the Year Ended 30 April 2024 |
The directors present their report with the financial statements of the company for the year ended 30 April 2024. |
REVIEW OF BUSINESS |
As we reflect on the fiscal year ending 30 April 2024, we continue to make positive, if not frustratingly slow, progress. |
We continue to make positive steps in our mission to help the transition to net zero and achieve planning permission for our 200MW storage project in Bolney, Mid Sussex. Unfortunately, due to circumstances out of our control, we continue to face delays with our planning decision, however, we do feel that we have met all requirements and will get a positive result when our application finally gets its planning decision date. |
The company remains financially stable and during the year disposed of its investment in MODO Energy providing a boost to the working capital of the company. |
The liquidation process for Envirotech Energy Management Limited (EEM) is still ongoing but is going smoothly and is close to completion. |
Regarding our project at Well End, we are working closely with the DNO (SSE) to finalise the technical aspects and ensure the project is ready to build. |
Whilst the speed of progress hasn't been as we had hoped, we remain committed to our mission and positive about the company's future and its successes in the next fiscal year. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 May 2023 to the date of this report. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
Chartered Certified Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Envirotech Energy Solutions Limited |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Envirotech Energy Solutions Limited for the year ended 30 April 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook. |
This report is made solely to the Board of Directors of Envirotech Energy Solutions Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Envirotech Energy Solutions Limited and state those matters that we have agreed to state to the Board of Directors of Envirotech Energy Solutions Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at |
https://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/tf-163-jan-24.pdf. |
To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Envirotech Energy Solutions Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Envirotech Energy Solutions Limited. You consider that Envirotech Energy Solutions Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of Envirotech Energy Solutions Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
Chartered Certified Accountants |
5 West Court |
Enterprise Road |
Maidstone |
Kent |
ME15 6JD |
Envirotech Energy Solutions Limited (Registered number: 10738135) |
Balance Sheet |
30 April 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Stocks | 6 |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Retained earnings | ( |
) | ( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Envirotech Energy Solutions Limited (Registered number: 10738135) |
Notes to the Financial Statements |
for the Year Ended 30 April 2024 |
1. | STATUTORY INFORMATION |
Envirotech Energy Solutions Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Tangible fixed assets |
Plant and machinery | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Other Investments |
Investments in unlisted shares are measured at cost less impairment. |
Stocks |
Work in progress represents costs incurred on ongoing projects and is valued at the lower of cost and net realisable value. |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments. |
Basic financial assets |
Basic financial assets, which include trade and other receivables 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. |
Basic financial liabilities |
Basic financial liabilities, including trade and other payables, 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 payables 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Envirotech Energy Solutions Limited (Registered number: 10738135) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
£ |
COST |
At 1 May 2023 |
and 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
Envirotech Energy Solutions Limited (Registered number: 10738135) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group | Other |
undertakings | investments | Totals |
£ | £ | £ |
COST |
At 1 May 2023 | 169,345 |
Disposals | ( |
) | ( |
) | (169,340 | ) |
At 30 April 2024 | 5 |
NET BOOK VALUE |
At 30 April 2024 | 5 |
At 30 April 2023 | 169,345 |
6. | STOCKS |
2024 | 2023 |
£ | £ |
Work-in-progress |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Other loans |
10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
Included in other creditors are amounts of £1,135 (2023: £4,854) owed to M Hayman, £1,206 (2023: £4,950) owed to C Hill and £2,040 (2023: £NIL) owed to G Throneycroft in respect of their directors loan accounts. These loans are unsecured, interest free and repayable on demand. |
Envirotech Energy Solutions Limited (Registered number: 10738135) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
11. | RELATED PARTY DISCLOSURES |
During the year ended 30 April 2023, the company loaned £213,392 to Envirotech Energy Management Limited, a subsidiary company. On 26 June 2023, the company appointed a liquidator and as such the loan totalling £651,448 was been written off as irrecoverable. The loan was unsecured, interest free and repayable on demand. |
During the year the company incurred costs of £ |
12. | ULTIMATE CONTROLLING PARTY |