REGISTERED NUMBER: |
STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 JUNE 2024 |
FOR |
FISCHER ENERGY PLC |
REGISTERED NUMBER: |
STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 JUNE 2024 |
FOR |
FISCHER ENERGY PLC |
FISCHER ENERGY PLC (REGISTERED NUMBER: 10281446) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 JUNE 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Statement of Comprehensive Income | 9 |
Balance Sheet | 10 |
Statement of Changes in Equity | 11 |
Cash Flow Statement | 12 |
Notes to the Cash Flow Statement | 13 |
Notes to the Financial Statements | 14 |
FISCHER ENERGY PLC |
COMPANY INFORMATION |
FOR THE YEAR ENDED 28 JUNE 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
and Statutory Auditors |
Granville Hall |
Granville Road |
Leicester |
LE1 7RU |
FISCHER ENERGY PLC (REGISTERED NUMBER: 10281446) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 28 JUNE 2024 |
The directors present their strategic report for the year ended 28 June 2024. |
Fischer Energy Plc holds the trading name for Fischer Energy. |
Fischer Energy is here to bring positive change for customers who value fairness, honesty and loyalty. We offer a simple ‘One Fair Tariff’, to all our customers. Fischer Energy is ‘Powering The Future’ by delivering the fairest and most competitive price we can. |
Fischer already has a fantastic relationship with the British public in energy saving heating through our sister company, Fischer Future Heat. We appreciate the frustrations many people can face when aiming for the best deal to power and heat your home. We are in a unique position to provide a complete service that ensures an efficient way to heat your home, powered by an energy supplier that delivers fair and honest service at a competitive rate. |
We are a friendly family-run company and we‘re passionate about delivering for you and not-third-party shareholders. Unlike the majority of energy suppliers, we don’t owe investors returns which gives us the freedom to keep prices fair for you. |
We care about our environment and the electricity we supply is 100% renewable. We also don’t charge premiums for going green. |
Web site address www.fischerenergy.co.uk |
REVIEW OF BUSINESS |
During the period to 28 June 2024, Fischer Energy Plc was a non trading company. |
FINANCIAL KEY PERFORMANCE INDICATORS |
We consider that, as Fischer Energy Plc has not traded in the period to 28 June 2024, there are no key financial performance indicators to report on. |
NON FINANCIAL KEY PERFORMANCE INDICATORS |
We consider that, as Fischer Energy Plc has not traded in the period to 28 June 2024, there are no key non financial performance indicators to report on. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The business environment in which the company operates is a challenging and highly competitive one. However, since Fischer Energy Plc is not trading and merely holds the name, the risks to the company are considered to be minimal. |
FUTURE ACTIVITIES |
The company will continue in its current capacity as a non trading company. |
ON BEHALF OF THE BOARD: |
FISCHER ENERGY PLC (REGISTERED NUMBER: 10281446) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 28 JUNE 2024 |
The directors present their report with the financial statements of the company for the year ended 28 June 2024. |
DIVIDENDS |
No dividends will be distributed for the year ended 28 June 2024. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 29 June 2023 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
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 AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
FISCHER ENERGY PLC (REGISTERED NUMBER: 10281446) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 28 JUNE 2024 |
AUDITORS |
The auditors, Mark J Rees LLP Chartered Accountants, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
FISCHER ENERGY PLC |
Opinion |
We have audited the financial statements of Fischer Energy Plc (the 'company') for the year ended 28 June 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of 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 the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 28 June 2024; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
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 Auditors' 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 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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. |
In connection with our audit of the financial statements, 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 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. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
FISCHER ENERGY PLC |
Matters on which we are required to report by exception |
In the 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 Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
FISCHER ENERGY PLC |
Auditors' 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 a Report of the Auditors 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: |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities outlined above, to detect material misstatements in respect of irregularities, including fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISA's (UK). |
We obtained an understanding of the legal and regulatory frameworks applicable to the company and industry in which it operates through our general commercial experience. We determined that the following laws and regulations were most significant: FRS 102, Companies Act 2006 and the relevant tax compliance regulations in the UK. In addition, we concluded that there are certain laws and regulations that may have an effect in the determination of the amounts and disclosures in the financial statements such as health and safety and employee related matters. |
We enquired of management concerning the company's policies and procedures relating to: |
- the identification and compliance with laws and regulations |
- the detection and response to the risks of fraud |
- the internal controls inherent within the company to mitigate fraud risk and non-compliance to laws and regulations. |
We enquired of management, whether they were aware of any instance of non-compliance with laws and regulations or whether they had any knowledge of actual, suspected or alleged fraud. |
We communicated relevant laws and regulations and potential areas of fraud to all audit team members including the potential for fraud in revenue recognition through the manipulation of costs incurred on contracts. We remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. |
We have determined that the principal risk areas where material irregularities could occur were related to posting manual journal entries to manipulate financial performance and significant one-off or unusual transactions. |
Our audit procedures were designed to respond in particular to these identified risks (including non compliance with laws and regulations and fraud). |
Our audit procedures included but were not limited to: |
- A review of laws and regulations the company is subject to, followed by compliance checks and discussion with management to ensure no instances of non compliance. |
- Identifying and testing journal entries, on a sample basis, to review for potential management bias or manipulation of revenue recognition. |
We did not identify any matters during the course of our work that indicated non-compliance with laws and regulations or relating to fraud. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
FISCHER ENERGY PLC |
Use of our report |
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 a Report of the Auditors 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. |
for and on behalf of |
and Statutory Auditors |
Granville Hall |
Granville Road |
Leicester |
LE1 7RU |
FISCHER ENERGY PLC (REGISTERED NUMBER: 10281446) |
STATEMENT OF COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 28 JUNE 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER |
OPERATING PROFIT and |
PROFIT BEFORE TAXATION |
Tax on profit | 6 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
FISCHER ENERGY PLC (REGISTERED NUMBER: 10281446) |
BALANCE SHEET |
28 JUNE 2024 |
2024 | 2023 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 7 |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings | 10 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
FISCHER ENERGY PLC (REGISTERED NUMBER: 10281446) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 28 JUNE 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 29 June 2022 | ( |
) |
Changes in equity |
Balance at 28 June 2023 | ( |
) |
Changes in equity |
Balance at 28 June 2024 | ( |
) |
FISCHER ENERGY PLC (REGISTERED NUMBER: 10281446) |
CASH FLOW STATEMENT |
FOR THE YEAR ENDED 28 JUNE 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Increase in cash and cash equivalents |
Cash and cash equivalents at beginning of year |
- |
Cash and cash equivalents at end of year | - | - |
FISCHER ENERGY PLC (REGISTERED NUMBER: 10281446) |
NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 28 JUNE 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation |
Cash generated from operations |
FISCHER ENERGY PLC (REGISTERED NUMBER: 10281446) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 JUNE 2024 |
1. | STATEMENT OF COMPLIANCE |
The principal activity of Fischer Energy Plc is to protect the Fischer Energy trading name. |
The company is a Public Limited Company (registered number 10281446), which is incorporated and domiciled in the UK. The address of the registered office is Granville Hall, Granville Road, Leicester, United Kingdom, LE1 7RU. |
2. | STATUTORY INFORMATION |
Fischer Energy Plc is a private company , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. |
The presentation currency of the financial statements is the Pound Sterling (£). |
3. | STATEMENT OF COMPLIANCE |
4. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirement of paragraph 33.7. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Significant judgements and estimates |
There were no areas in which the preparation of the financial statements required management to make significant judgements or estimates. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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. |
FISCHER ENERGY PLC (REGISTERED NUMBER: 10281446) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 JUNE 2024 |
4. | ACCOUNTING POLICIES - continued |
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. |
Debtors |
Short term trade debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
Creditors |
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
Going concern |
The financial statements have been prepared on the going concern basis. As at 28 June 2024 there are negative reserves amounting to £18,733. Continuation to trade depends on the continual support of the group. Should the company be unable to continue to trade, adjustment would have to be made to reduce the value of the assets to their recoverable amounts and to provide for any further liabilities which may arise. |
5. | EMPLOYEES AND DIRECTORS |
There were no staff costs for the year ended 28 June 2024 nor for the year ended 28 June 2023. |
The average number of employees during the year was NIL (2023 - NIL). |
2024 | 2023 |
£ | £ |
Directors' remuneration |
6. | TAXATION |
Analysis of the tax charge |
No liability to UK corporation tax arose for the year ended 28 June 2024 nor for the year ended 28 June 2023. |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Amounts owed by group undertakings |
Other debtors |
FISCHER ENERGY PLC (REGISTERED NUMBER: 10281446) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 JUNE 2024 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Amounts owed to group undertakings |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | 1 | 12,500 | 12,500 |
Allotted and issued: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | 1 | 37,500 | 37,500 |
10. | RESERVES |
Retained |
earnings |
£ |
At 29 June 2023 | ( |
) |
Profit for the year |
At 28 June 2024 | ( |
) |
11. | ULTIMATE PARENT COMPANY |
The directors regard Bastian Plc as being the company's ultimate parent company. |
The registered address of Bastian Plc is Granville Hall, Graville Road, Leicester, Leicestershire, LE1 7RU and the group accounts can be found at Companies House, Crown Way, Cardiff, CF14 3UZ. |