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Registered number: 08053350
GENERAL ELECTRICITY HOLDINGS LTD
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2023
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GENERAL ELECTRICITY HOLDINGS LTD
REGISTERED NUMBER:08053350
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STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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GENERAL ELECTRICITY HOLDINGS LTD
REGISTERED NUMBER:08053350
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STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023
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 have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 4 to 9 form part of these financial statements.
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GENERAL ELECTRICITY HOLDINGS LTD
REGISTERED NUMBER:08053350
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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Comprehensive income for the year
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Loss for the year - (restated)
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Total comprehensive income for the year
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At 1 January 2023 (as previously stated)
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Prior year adjustment - correction of error
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At 1 January 2023 (as restated)
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Comprehensive income for the year
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Total comprehensive income for the year
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The notes on pages 4 to 9 form part of these financial statements.
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GENERAL ELECTRICITY HOLDINGS LTD
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
General Electricity Holdings Ltd (the "Company") is a holding company.
The Company is a private company limited by shares and is incorporated in England and Wales.
The Registered Office address is 35 Ballards Lane, London, N3 1XW.
The principal place of business is 4th Floor, 20 Primrose Street, London, Broad Gate Tower, EC2A 2EW
2.Accounting policies
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Basis of preparation of financial statements
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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:
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Exemption from preparing consolidated financial statements
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The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.
The financial statements have been prepared on the going concern basis which assumes that the Company will continue to trade for the foreseeable future, being a period of at least twelve months from the date of approval of these financial statements, and will be able to meet its debts as they fall due.
The Company made a loss for the year ended 31 December 2024 of £1,041,339 and as at 31 December 2024, it had net current liabilities of £10,618,012 and net liabilities of £14,617,992.
During the year certain shareholders have provided additional funding. The directors are confident that this support will continue for at least 12 months from the date of signature of these accounts and,
in conjunction with ongoing cash generated, believe that this will be sufficient to cover all ongoing
costs.
The directors have reviewed forecasts for the next 12 months and are confident that the company will be able to meet its liabilities as they fall due.
Based on all of the above, the directors believe that the Company has adequate resources to continue in operational existence for the foreseeable future and that it is appropriate to continue to use the going concern basis for the preparation of these financial statements.
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GENERAL ELECTRICITY HOLDINGS LTD
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is Sterling.
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 the Statement of Comprehensive Income except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of Comprehensive Income within 'other operating income'.
Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.
Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in the Statement of Comprehensive Income in the year in which they are incurred.
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GENERAL ELECTRICITY HOLDINGS LTD
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Where share options are awarded to employees, the fair value of the options at the date of grant is charged to the Statement of Comprehensive Income over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
There is no charge in the current or prior year as all options granted previously have fully vested or lapsed and there have been no new grants in the period under review nor the prior period.
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
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Cash and cash equivalents
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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.
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The average monthly number of employees, including directors, during the year was 1 (2022 - 3).
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Directors' remuneration for the period was £963,968 (2020: £309,784).
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The highest paid director received remuneration of £NIL (2022 - £NIL).
The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2020 - £NIL).
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GENERAL ELECTRICITY HOLDINGS LTD
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Investments in subsidiary companies
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Amounts owed by group undertakings
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Amounts owed from group undertakings are unsecured, interest free and repayable upon demand.
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GENERAL ELECTRICITY HOLDINGS LTD
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Accruals and deferred income
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Included within other loans is a revolving credit facility with the ultimate parent entity. The loan is unsecured, due within one year and accrues interest at the BOE rate plus 3%.
Also included within other loans is a revolving credit facility with another group undertaking. The facility is unsecured, due within one year and accrues interest at SONIA plus 2.33%.
Amounts owed to group undertakings are unsecured, interest free and repayable upon demand.
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Creditors: Amounts falling due after more than one year
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Share capital treated as debt
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Shares classified as equity
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Allotted, called up and fully paid
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GENERAL ELECTRICITY HOLDINGS LTD
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
9.Share capital (continued)
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11,249,618 (2022 - 11,249,618) Ordinary shares of £1 each
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There is a single class of Ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital.
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Shares classified as debt
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Allotted, called up and fully paid
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285,537 (2022 - 285,537) Preference B shares of £1 each
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3,714,463 (2022 - 3,714,463) Premium paid on Preference B shares of £1 each
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The comparative information within these financial statements has been restated to correct a prior period error. This has increased accruals within creditors: amounts falling due within one year, interest payable and the loss for the year ended 31 December 2022 by £152,457. This has also increased net liabilities previously repeated at 31 December 2022 by £152,457.
As at the year-end, there are potential liabilities arising from historic loan conversions. The quantum of the liability has not yet been calculated and it is therefore not currently possible to reliably estimate the amount.
The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.
The audit report was signed on 18 June 2025 by David Landau FCA (Senior Statutory Auditor) (Senior Statutory Auditor) on behalf of BKL Audit LLP.
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