Company registration number 15730432 (England and Wales)
IGEM FUTURE ENERGY NETWORKS LTD
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
IGEM FUTURE ENERGY NETWORKS LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
IGEM FUTURE ENERGY NETWORKS LTD
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 1 -
2024
Notes
£
£
Current assets
Debtors
3
454,703
Cash at bank and in hand
1,644,973
2,099,676
Creditors: amounts falling due within one year
4
(2,026,063)
Net current assets
73,613
Capital and reserves
Called up share capital
5
100
Profit and loss reserves
73,513
Total equity
73,613

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 12 March 2025 and are signed on its behalf by:
J W Earl
Director
Company registration number 15730432 (England and Wales)
IGEM FUTURE ENERGY NETWORKS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information

IGEM Future Energy Networks Ltd is a private company limited by shares incorporated in England and Wales. The registered office is IGEM House, 26 & 28 High Street, Kegworth, Derbyshire, DE74 2DA.

1.1
Reporting period

The company was incorporated on 20 May 2024 and commenced trading on 1 August 2024. These financial statements represents 5 months of trading.

1.2
Accounting convention

These financial statements have been prepared in accordance with 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 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 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.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for subscription income and project work 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 services is recognised when the project work has been delivered.

1.4
Cash and cash equivalents

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.

1.5
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.

 

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.

IGEM FUTURE ENERGY NETWORKS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price.

1.6
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.

1.7
Taxation

The tax expense represents the sum of the tax currently payable.

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.

1.8
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.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

IGEM FUTURE ENERGY NETWORKS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 4 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2024
Number
Total
9
3
Debtors
2024
Amounts falling due within one year:
£
Trade debtors
397,598
Other debtors
57,105
454,703
4
Creditors: amounts falling due within one year
2024
£
Trade creditors
217,906
Corporation tax
24,505
Other taxation and social security
266,338
Other creditors
1,517,314
2,026,063
5
Called up share capital
2024
2024
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of £1 each
100
100

On 20 May 2024, the company allotted 100 Ordinary shares of £1 each at par value.

IGEM FUTURE ENERGY NETWORKS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 5 -
6
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:
Chris McKain
Statutory Auditor:
UHY Hacker Young
Date of audit report:
13 March 2025
7
Operating lease commitments

In January 2025, the company signed a 24-month operating lease for office space which represents a commitment of £66,480 per annum.

8
Related party transactions

The company has taken advantage of the exemption available under section 1AC.35 of FRS 102, from disclosing transactions entered into between two or more wholly owned members of the group.

9
Parent company

The ultimate parent undertaking is The Institution of Gas Engineers and Managers, a charity incorporated by Royal Charter in Great Britain.

 

The largest and smallest group in which the results of the company are consolidated is that headed by the ultimate parent undertaking.

 

Consolidated accounts are available from www.gov.uk/government/organisations/charity-commission.

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