Control Energy Costs Limited
Unaudited Financial Statements
For the year ended 31 December 2024
Pages for filing with Registrar
Company Registration No. 01549615 (England and Wales)
Control Energy Costs Limited
Company Information
Directors
P.J. Ager
C.T. Ellis
D.L. Oman
Company number
01549615
Registered office
Kingsgate
62 High Street
Redhill
Surrey
RH1 1SH
Accountants
Moore Kingston Smith LLP
Betchworth House
57-65 Station Road
Redhill
Surrey
RH1 1DL
Bankers
Natwest Bank plc
39 Station Road
Redhill
Surrey
RH1 1QN
Control Energy Costs Limited
Balance Sheet
As at 31 December 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
7
307,394
215,167
Tangible assets
8
103,899
107,898
411,293
323,065
Current assets
Debtors
9
922,148
517,960
Cash at bank and in hand
110,494
75,310
1,032,642
593,270
Creditors: amounts falling due within one year
10
(740,192)
(547,170)
Net current assets
292,450
46,100
Total assets less current liabilities
703,743
369,165
Creditors: amounts falling due after more than one year
11
(123,673)
(114,323)
Provisions for liabilities
12
(93,904)
(73,585)
Net assets
486,166
181,257
Capital and reserves
Called up share capital
13
1,500
1,500
Profit and loss reserves
484,666
179,757
Total equity
486,166
181,257
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 December 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.
Control Energy Costs Limited
Balance Sheet (Continued)
As at 31 December 2024
Page 2
The financial statements were approved by the board of directors and authorised for issue on 25 February 2025 and are signed on its behalf by:
P.J. Ager
Director
Company Registration No. 01549615
Control Energy Costs Limited
Notes to the Financial Statements
For the year ended 31 December 2024
Page 3
1
Accounting policies
Company information
Control Energy Costs Limited is a private company limited by shares incorporated in England and Wales. The registered office is Kingsgate, 62 High Street, Redhill, Surrey, RH1 1SH.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of 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 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 principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for services net of VAT.
1.3
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:
Software
15% Straight line
The directors believe that the amortisation period chosen is the best estimate of the useful life of the asset.
1.4
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:
Leasehold improvements
5% Straight Line
Office equipment
15% Straight Line
Fixtures and fittings
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.
Control Energy Costs Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 4
1.5
Cash at bank and in hand
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.
1.6
Financial instruments
The company only has financial instruments classified as basic and measured at amortised cost. The company has no financial instruments that classified as 'other' or financial instruments measured at fair value.
1.7
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.
1.8
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.
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.
1.9
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.
Control Energy Costs Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 5
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to expenditure 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 lease asset are consumed.
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.
Interest rate on interest free loan
Under FRS 102, long term loans that are at a below market rate of interest are required to be measured at amortised cost by discounting the initial repayment amount at the date of inception of the loan using a market rate of interest. This has required the directors to estimate the market rate of interest at which they would be able to borrow.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
37
32
Control Energy Costs Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 6
4
Directors' remuneration
2024
2023
£
£
Remuneration paid to directors
336,578
309,328
5
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
244,133
164,802
Deferred tax
Origination and reversal of timing differences
20,319
45,287
Total tax charge
264,452
210,089
6
Dividends
2024
2023
£
£
Interim paid
350,000
570,000
7
Intangible fixed assets
Other
£
Cost
At 1 January 2024
681,796
Additions
145,827
At 31 December 2024
827,623
Amortisation and impairment
At 1 January 2024
466,629
Amortisation charged for the year
53,600
At 31 December 2024
520,229
Carrying amount
At 31 December 2024
307,394
At 31 December 2023
215,167
Control Energy Costs Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 7
8
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2024
53,055
119,299
172,354
Additions
3,625
12,806
16,431
At 31 December 2024
56,680
132,105
188,785
Depreciation and impairment
At 1 January 2024
13,643
50,813
64,456
Depreciation charged in the year
2,735
17,695
20,430
At 31 December 2024
16,378
68,508
84,886
Carrying amount
At 31 December 2024
40,302
63,597
103,899
At 31 December 2023
39,412
68,486
107,898
9
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
266,609
272,965
Amounts owed by group undertakings
4,592
4,592
Other debtors
2,240
964
Prepayments and accrued income
648,707
239,439
922,148
517,960
10
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
177,112
76,596
Corporation tax
244,133
164,802
Other taxation and social security
223,109
221,346
Other creditors
22,665
19,887
Accruals and deferred income
73,173
64,539
740,192
547,170
Control Energy Costs Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 8
11
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
123,673
114,323
12
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated Capital Allowances
93,904
73,585
2024
Movements in the year:
£
Liability at 1 January 2024
73,585
Charge to profit or loss
20,319
Liability at 31 December 2024
93,904
13
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
'A' Ordinary Shares of £1 each
1,000
1,000
1,000
1,000
'B' Ordinary Shares of £1 each
500
500
500
500
1,500
1,500
1,500
1,500
Both the 'A' Ordinary Shares and the 'B' Ordinary Shares have equal rights to dividends and the right to further participation in profits.
On winding up, all classes of share rank in equal priority in respect to dividends, capital and to participation in the assets.
Both classes enjoy equal voting rights.
Control Energy Costs Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 9
14
Financial commitments, guarantees and contingent liabilities
The company has provided security under a guarantee for loan notes of £228,166 (2023: £326,180) issued by AEO Associates Limited, the parent company. The loan notes are interest free and secured by a debenture charge over the assets of Control Energy Costs Holdings Limited and Control Energy Costs Limited.
The company also acts as guarantor for a debt of £1,127,230 (2023: £1,316,297) payable by AEO Associates Limited, the ultimate parent company. The balance is interest free and secured by a debenture charge over the assets of Control Energy Costs Limited.
15
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
Within one year
108,749
70,212
Between two and five years
304,587
410,736
413,336
480,948
16
Related party transactions
At 31 December 2024, the company was owed £4,592 (2023: £4,592) by AEO Associates Limited, the company's ultimate controlling company.
During the year, dividends of £350,000 (2023: £570,000) were paid to Control Energy Costs Holdings Limited, the company's immediate parent company.
17
Parent company
The immediate parent company is Control Energy Costs Holdings Limited, a company registered in England and Wales. The ultimate controlling company is AEO Associates Limited, a company registered in England and Wales, by virtue of its shareholding in Control Energy Costs Holding Limited.
No one party controls the group.
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