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Registered number: 09027917









AFS EFFICIENT ENERGY UK LIMITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

 

 
AFS EFFICIENT ENERGY UK LIMITED
 

COMPANY INFORMATION


Directors
D Serrano Perez (resigned 19 June 2023)
C Martinez De Bartolome Izquierdo (resigned 19 June 2023)
D Liste Alba (appointed 19 June 2023, resigned 5 December 2024)
Acciona Administración Energía, S.L. (appointed 19 June 2023)
D Francisco Javier Montes Jimenez (appointed 5 December 2024)




Registered number
09027917



Registered office
24 Old Bond Street

London

W1S 4AP




Independent auditors
Price Bailey LLP
Chartered Accountants & Statutory Auditors

24 Old Bond Street

London

W1S 4AP





 
AFS EFFICIENT ENERGY UK LIMITED
 

CONTENTS



Page
Directors' Report
 
1 - 2
Independent Auditors' Report
 
3 - 6
Profit and Loss Account
 
7
Balance Sheet
 
8
Statement of Changes in Equity
 
9
Notes to the Financial Statements
 
10 - 15


 
AFS EFFICIENT ENERGY UK LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2024

The directors present their report and the financial statements for the year ended 31 May 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Directors' Report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Principal activity

The principal activities of the company are the development and provision of energy efficient technologies to production plant facilities.

Directors

The directors who served during the year were:

D Serrano Perez (resigned 19 June 2023)
C Martinez De Bartolome Izquierdo (resigned 19 June 2023)
D Liste Alba (appointed 19 June 2023, resigned 5 December 2024)
Acciona Administración Energía, S.L. (appointed 19 June 2023)


Page 1

 
AFS EFFICIENT ENERGY UK LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024


Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

The auditorsPrice Bailey LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





D Francisco Javier Montes Jimenez
Director

Date: 20 May 2025

Page 2

 
AFS EFFICIENT ENERGY UK LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AFS EFFICIENT ENERGY UK LIMITED
 

Opinion


We have audited the financial statements of AFS Efficient Energy UK Limited (the 'Company') for the year ended 31 May 2024, which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 31 May 2024 and of its profit for the year then ended;
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 United Kingdom, including the Financial Reporting Council'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 other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Page 3

 
AFS EFFICIENT ENERGY UK LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AFS EFFICIENT ENERGY UK LIMITED (CONTINUED)


Opinion 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' Report has been prepared in accordance with applicable legal requirements.


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 Directors' Report.


We have nothing to report in respect of the following matters in relation to which 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; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 1, 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 is 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.


Page 4

 
AFS EFFICIENT ENERGY UK LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AFS EFFICIENT ENERGY UK LIMITED (CONTINUED)


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 an Auditors' Report 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.


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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We did not identify specific laws or regulations that would cause non compliance with legislation to be a key risk
area for the Company. We therefore deemed this area as low risk, and so performed the following standard
procedures only:
• Enquiry of management around actual and potential litigation and claims, and any known instances of                                                                       non compliance;
• Performing audit work over the risk of management override of controls, including testing of journal entries  and other adjustments for appropriateness, evaluating the business rationale of significant transactions    outside the normal course of business and reviewing accounting estimates for bias; and
• Reviewing our work throughout the audit file for evidence of non compliance.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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 Auditors' Report.


Page 5

 
AFS EFFICIENT ENERGY UK LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AFS EFFICIENT ENERGY UK LIMITED (CONTINUED)


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 2006Our 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 an Auditors' Report 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.





Darren Amott (Senior Statutory Auditor)
for and on behalf of
Price Bailey LLP
Chartered Accountants
Statutory Auditors
24 Old Bond Street
London
W1S 4AP

 
Date: 
20 May 2025
Page 6

 
AFS EFFICIENT ENERGY UK LIMITED
 

PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MAY 2024

2024
2023
£
£

  

Turnover
  
67,940
-

Gross profit
  
67,940
-

Administrative expenses
  
(12,628)
(16,132)

Operating profit/(loss)
  
55,312
(16,132)

Interest payable and similar expenses
  
(41)
-

Profit/(loss) before tax
  
55,271
(16,132)

Tax on profit/(loss)
  
(8,071)
-

Profit/(loss) for the financial year
  
47,200
(16,132)

There are no items of other comprehensive income for 2024 or 2023 other than the profit/(loss) for the yearAs a result, no separate Statement of Comprehensive Income has been presented.

The notes on pages 10 to 15 form part of these financial statements.

Page 7

 
AFS EFFICIENT ENERGY UK LIMITED
REGISTERED NUMBER: 09027917

BALANCE SHEET
AS AT 31 MAY 2024

2024
2023
Note
£
£

  

Current assets
  

Debtors within one year
 5 
16,472
2,105

Cash at bank and in hand
 6 
399,669
354,031

  
416,141
356,136

Creditors: amounts falling due within one year
 7 
(22,055)
(9,250)

Net current assets
  
 
 
394,086
 
 
346,886

Total assets less current liabilities
  
394,086
346,886

  

Net assets
  
394,086
346,886


Capital and reserves
  

Called up share capital 
 8 
100
100

Profit and loss account
  
393,986
346,786

  
394,086
346,886


The financial statements have been prepared 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 financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 May 2025.




D Francisco Javier Montes Jimenez
Director

The notes on pages 10 to 15 form part of these financial statements.

Page 8

 
AFS EFFICIENT ENERGY UK LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 June 2023
100
346,786
346,886


Comprehensive income for the year

Profit for the year
-
47,200
47,200
Total comprehensive income for the year
-
47,200
47,200


At 31 May 2024
100
393,986
394,086



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 June 2022
100
362,918
363,018


Comprehensive income for the year

Loss for the year
-
(16,132)
(16,132)
Total comprehensive income for the year
-
(16,132)
(16,132)


At 31 May 2023
100
346,786
346,886


The notes on pages 10 to 15 form part of these financial statements.

Page 9

 
AFS EFFICIENT ENERGY UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

AFS Efficient Energy UK Limited (09027917) is a company limited by shares incorporated in England within the United Kingdom. The address of the registered office is given in the company information at the front of these financial statements.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The company has completed invoicing its active contracts and is now actively tendering for new projects.  The company has net assets of £394,086 of which £399,669 is cash at bank, which can facilitate this strategy.
Based on the above factors the directors are of the opinion that the Going Concern basis is appropriate and the financial statements are prepared on this basis.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP, rounded to the nearest pound.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

Page 10

 
AFS EFFICIENT ENERGY UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Revenue recognition is based on the stage of completion of the project. Further details on the deemed stage of completion can be found in note 2.10.
Revenue is calculated and recognised based on the discounted present value of the expected future invoicing for each project, based on the stage of completion. A corresponding debtor is also recognised at the same point.
The unwinding of the discount is recognised as interest income at the same point as the monthly invoices are raised.

  
2.5

Taxation

Tax is recognised in the Profit and Loss Account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.6

Debtors

Short-term 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.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Creditors

Short-term 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.

Page 11

 
AFS EFFICIENT ENERGY UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

  
2.9

Financial instruments

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

  
2.10

Long-term contracts

Profit on long-term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, by recording turnover and related costs as contract activity progresses. Revenue is calculated as that proportion of total contract value which costs incurred to date bear to total expected costs for that contract. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for losses on all contracts in the year in which they are first foreseen.


3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Directors
2
2


4.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
8,071
-


Page 12

 
AFS EFFICIENT ENERGY UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
 
4.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit/(loss) on ordinary activities before tax
55,271
(16,132)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
13,818
(3,065)

Effects of:


Unrelieved tax losses carried forward
-
3,065

Utilisation of tax losses brought forward
(5,747)
-

Total tax charge for the year
8,071
-


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 13

 
AFS EFFICIENT ENERGY UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

5.


Debtors

2024
2023
£
£


Trade debtors
16,332
26

Amounts owed by group undertakings
140
-

Tax owed by HMRC
-
2,079

16,472
2,105



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
399,669
354,031



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
3,534
-

Corporation tax
8,071
-

VAT payable
700
-

Accruals and deferred income
9,750
9,250

22,055
9,250



8.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100



9.


Related party transactions

The company has taken advantage of the exemption from the requirement to disclose transactions with wholly owned group companies.

Page 14

 
AFS EFFICIENT ENERGY UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

10.


Controlling party

The ultimate controlling party is Acciona Esco, S.L., a company incorporated in Spain.


Page 15