Company Registration No. 13158810 (England and Wales)
Onsen Energy Limited
Unaudited accounts
for the year ended 30 June 2024
Onsen Energy Limited
Unaudited accounts
Contents
Onsen Energy Limited
Company Information
for the year ended 30 June 2024
Directors
BERRY, Gareth James
IRISH, Ian Alexander Robert
Company Number
13158810 (England and Wales)
Registered Office
Longfrey Cottage
Dorking Road
Chilworth
Guildford
Surrey
GU4 8RH
England
Onsen Energy Limited
Statement of financial position
as at 30 June 2024
Tangible assets
600,656
632,415
Cash at bank and in hand
57,931
161,654
Creditors: amounts falling due within one year
(198,467)
(76,248)
Net current assets
272,579
123,780
Total assets less current liabilities
873,235
756,195
Creditors: amounts falling due after more than one year
(609,194)
(659,736)
Called up share capital
100
100
Profit and loss account
263,941
96,359
Shareholders' funds
264,041
96,459
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 24 February 2025 and were signed on its behalf by
BERRY, Gareth James
Director
Company Registration No. 13158810
Onsen Energy Limited
Notes to the Accounts
for the year ended 30 June 2024
Onsen Energy Limited is a private company, limited by shares, registered in England and Wales, registration number 13158810. The registered office is Longfrey Cottage, Dorking Road, Chilworth, Guildford, Surrey, GU4 8RH, England.
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Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
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.
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.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Onsen Energy Limited
Notes to the Accounts
for the year ended 30 June 2024
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
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.
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Tangible fixed assets
Plant & machinery
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 July 2023
673,122
48,660
1,464
723,246
Additions
18,317
24,000
2,999
45,316
At 30 June 2024
691,439
72,660
4,463
768,562
At 1 July 2023
69,176
21,289
366
90,831
Charge for the year
69,083
7,342
650
77,075
At 30 June 2024
138,259
28,631
1,016
167,906
At 30 June 2024
553,180
44,029
3,447
600,656
At 30 June 2023
603,946
27,371
1,098
632,415
Onsen Energy Limited
Notes to the Accounts
for the year ended 30 June 2024
Amounts falling due within one year
Trade debtors
401,275
38,302
Accrued income and prepayments
11,840
-
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Creditors: amounts falling due within one year
2024
2023
Obligations under finance leases and hire purchase contracts
50,075
114,095
Trade creditors
82,645
13,280
Taxes and social security
-
2,457
Loans from directors
9,786
(1,214)
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Creditors: amounts falling due after more than one year
2024
2023
Obligations under finance leases and hire purchase contracts
150,129
200,205
Amounts owed to group undertakings and other participating interests
459,065
459,531
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Transactions with related parties
During the financial year, the company entered into the following transactions with related parties, which are required to be disclosed under Section 33 of FRS 102, as they were carried out with entities or persons who have a significant influence or control over the company:
Dividends Paid to Directors:
Dividends were paid to directors amounting to £55,000. These payments relate to their shareholdings in the company and were made on the same terms as those available to all other shareholders.
Outstanding Creditor – Onsen Energy Group Ltd:
As of the reporting date, there is an outstanding creditor of £459,065.44 payable to Onsen Energy Group Ltd, a company controlled by the same shareholders as Onsen Energy Ltd. The transactions with Onsen Energy Group Ltd were carried out on an arm's length basis under normal commercial terms.
These transactions are considered to be related party transactions as the directors and shareholders have significant control over both companies. All related party transactions have been conducted in the normal course of business.
The directors confirm that these transactions do not pose any conflict of interest and were executed under fair and reasonable terms.
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Average number of employees
During the year the average number of employees was 4 (2023: 3).