Enertis UK Limited
Financial Statements
For the year ended 31 December 2023
Pages for Filing with Registrar
Company Registration No. 09966925 (England and Wales)
Enertis UK Limited
Company Information
Directors
G O Quecedo
(Appointed 30 March 2023)
S G Munoz
(Appointed 30 March 2023)
Company number
09966925
Registered office
6th Floor
9 Appold Street
London
United Kingdom
EC2A 2AP
Auditor
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
Enertis UK Limited
Contents
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
Enertis UK Limited
Balance Sheet
As at 31 December 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
13,170
15,103
Current assets
Debtors
4
711,276
306,908
Cash at bank and in hand
91,794
65,877
803,070
372,785
Creditors: amounts falling due within one year
5
(536,916)
(414,640)
Net current assets/(liabilities)
266,154
(41,855)
Net assets/(liabilities)
279,324
(26,752)
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
279,224
(26,852)
Total equity
279,324
(26,752)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 12 May 2025 and are signed on its behalf by:
S G Munoz
Director
Company Registration No. 09966925
Enertis UK Limited
Statement of Changes in Equity
For the year ended 31 December 2023
Page 2
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2022
100
(19,560)
(19,460)
Year ended 31 December 2022:
Loss and total comprehensive income for the year
-
(7,292)
(7,292)
Balance at 31 December 2022
100
(26,852)
(26,752)
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
306,076
306,076
Balance at 31 December 2023
100
279,224
279,324
Enertis UK Limited
Notes to the Financial Statements
For the year ended 31 December 2023
Page 3
1
Accounting policies
Company information
Enertis UK Limited is a private company limited by shares incorporated and domiciled in England and Wales. The registered office is 6th Floor, 9 Appold Street, London, United Kingdom, EC2A 2AP.
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 pound.
The financial statements have been prepared under the historical cost convention. 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:
Section 4 ‘Statement of Financial Position’ – Reconciliation of the opening and closing number of shares;
Section 7 ‘Statement of Cash Flows’ – Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ – Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 33 ‘Related Party Disclosures’ – Compensation for key management personnel.
The information is included in the consolidated financial statements of Enertis Solar S.L.U, a company incorporated in Spain, as at 31 December 2023 and these financial statements may be obtained from Enertis Solar S.L.U, Calle Campezo 1, Edificio 3, Parque Empresarial de Las Mercedes, 28022 Madrid, Spain.
1.2
Going concern
The company has net assets £279,224 (2022: liabilities £26,852) at the year end and made a net profit of £306,076 (2022; loss of £7,292). The company has prepared its financial statements on a going concern basis as the parent company have expressed its continued support for the 12 months following the approval of these financial statements.
At 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.
Enertis UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 4
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
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 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 are recoverable.
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:
Computer equipment
33% 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.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible 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.
1.6
Cash and cash equivalents
Cash and cash equivalents include deposits held at call with banks.
1.7
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. The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other, or basic financial instruments measured at fair value.
Enertis UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 5
1.8
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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.9
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.
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.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the year.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 4 (2022 - 3).
Enertis UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 6
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023
19,765
Additions
682
At 31 December 2023
20,447
Depreciation and impairment
At 1 January 2023
4,662
Depreciation charged in the year
2,615
At 31 December 2023
7,277
Carrying amount
At 31 December 2023
13,170
At 31 December 2022
15,103
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
371,682
220,682
Amounts owed by group undertakings
108,741
9,178
Other debtors
9,315
9,242
Prepayments and accrued income
221,538
67,806
711,276
306,908
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
37,694
30,173
Amounts owed to group undertakings
129,971
279,854
Corporation tax
80,572
Other taxation and social security
15,997
10,088
Accruals and deferred income
272,682
94,525
536,916
414,640
Enertis UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 7
6
Called up share capital
2023
2022
£
£
Issued and fully paid
100 Ordinary shares of £1 each
100
100
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Rebecca Shields
Statutory Auditor:
Moore Kingston Smith LLP
8
Related party transactions
The Company has taken advantage of the exemption available in accordance with FRS 102 Section 33.1A Related Party disclosures not to disclose transactions entered into between two or more members of a group, as the Company is a wholly owned subsidiary undertaking of the Group to which it is a party to the transactions.
9
Parent company
The immediate parent undertaking is Enertis Solar S.L.U, a company incorporated in Spain. The ultimate controlling party is Applus Services, S.A.
The largest group of undertakings which prepares consolidated financial statements including the company is Enertis Solar S.L. These financial statements may be obtained from Enertis Solar S.L.U, Calle Campezo 1, Edificio 3, Parque Empresarial de Las Mercedes, 28022 Madrid, Spain.