Registration number:
Guild Energy Ltd
for the Year Ended 31 March 2024
Guild Energy Ltd
Contents
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Company Information |
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Directors' Report |
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Balance Sheet |
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Notes to the Financial Statements |
Guild Energy Ltd
Company Information
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Directors |
Mr Thomas Adam Flack Mr Syed Mohammed Asif Hayder Rizvi |
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Registered office |
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Auditors |
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Guild Energy Ltd
Directors' Report for the Year Ended 31 March 2024
The directors present their report and the financial statements for the year ended 31 March 2024.
Directors of the company
The directors who held office during the year were as follows:
Principal activity
The principal activity of the company is that of utilities consultants
Going concern
The company was significantly impacted upon by reduced commissions as a result of COVID although it has since partly recovered.
However in this year it was necessary to make provision against the bulk of the Income Accrual.
The company entered into a Company Voluntary Arrangement (CVA) in 2021 to assist with the short term cash flow issues it experienced. The CVA has now been successfully concluded and the company has exited the CVA.
The directors believe that Guild Energy Ltd can continue trading without subsidy from the parent or the wider organisation.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Reappointment of auditors
The auditors Beckett Rawcliffe Limited are deemed to be reappointed under section 487(2) of the Companies Act 2006.
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved by the
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Guild Energy Ltd
(Registration number: 09759862)
Balance Sheet as at 31 March 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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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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Provisions for liabilities |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
100,000 |
100,000 |
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Retained earnings |
(2,783,843) |
(2,019,935) |
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Shareholders' deficit |
(2,683,843) |
(1,919,935) |
Approved and authorised by the
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Guild Energy Ltd
Notes to the Financial Statements for the Year Ended 31 March 2024
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General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
England
The presentation currency of the financial statements is pounds sterling (£).
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements have been prepared on a going concern basis. The company continues to enjoy the full support of its fellow group members.
Guild Energy Ltd
Notes to the Financial Statements for the Year Ended 31 March 2024
Audit report
Whilst the companies approach to the write off is prudent we have been unable to gather sufficient evidence in respect of the income asset and provision, due to the ongoing nature of the reconciliation work, in order to express an opinion on this aspect of the financial statements.
The name of the Senior Statutory Auditor who signed the audit report on
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Key sources of estimation uncertainty
Income Accrual - This amount has been sujected to a substantial write off to Exceptional Cost of Sales during the year.. The carrying amount is £1,101,896 (2023 -£1,925,802).
Revenue recognition
Revenue Recognition Policy - Previously 50% of the contract commission was recognised on the energy supply contract going live, with the remainder recognised over the life of the contract with assumptions made around consumption profiles. There has now been a change of policy and this practice has been discontinued with the asset written off in the prior year ended 31st March 2020.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Plant and Machinery |
10% straight line |
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Information Technology |
20% straight line |
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Fixtures and Fittings |
20% straight line |
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
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Asset class |
Amortisation method and rate |
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Development Costs |
Straight Line over four years |
Guild Energy Ltd
Notes to the Financial Statements for the Year Ended 31 March 2024
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks relate to work in progress which in turn related to commissions paid to employees on full contract value in stages but paid in full at the point the contract starts. This is spread over the average life of the contracts within the company's order book.
Note this is a change of policy over prior years which resulted in a write off of stock put through prior year accounts in accordance with FRS102.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Provisions
Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Guild Energy Ltd
Notes to the Financial Statements for the Year Ended 31 March 2024
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Guild Energy Ltd
Notes to the Financial Statements for the Year Ended 31 March 2024
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Intangible assets |
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Internally generated software development costs |
Total |
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Cost or valuation |
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At 1 April 2023 |
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At 31 March 2024 |
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Amortisation |
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At 1 April 2023 |
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At 31 March 2024 |
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Carrying amount |
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At 31 March 2024 |
- |
- |
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Tangible assets |
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Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 April 2023 |
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Additions |
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At 31 March 2024 |
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Depreciation |
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At 1 April 2023 |
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Charge for the year |
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At 31 March 2024 |
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Carrying amount |
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At 31 March 2024 |
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At 31 March 2023 |
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Stocks |
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2024 |
2023 |
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Work in progress |
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Guild Energy Ltd
Notes to the Financial Statements for the Year Ended 31 March 2024
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Debtors |
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Current |
2024 |
2023 |
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Trade debtors |
( |
( |
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Prepayments |
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Other debtors |
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Guild Energy Ltd
Notes to the Financial Statements for the Year Ended 31 March 2024
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Creditors |
Creditors: amounts falling due within one year
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Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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- |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
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Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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Other financial liabilities |
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Share capital |
Allotted, called up and fully paid shares
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2024 |
2023 |
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No. |
£ |
No. |
£ |
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100,000 |
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100,000 |
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Loans and borrowings |
Non-current loans and borrowings
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2024 |
2023 |
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Bank borrowings |
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Current loans and borrowings
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2024 |
2023 |
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Bank overdrafts |
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- |
Guild Energy Ltd
Notes to the Financial Statements for the Year Ended 31 March 2024
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Related party transactions |
Summary of transactions with parent
Summary of transactions with all entities with joint control or significant interest
Recharge for finance team
Expenditure with and payables to related parties
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2024 |
Entities with joint control or significant influence |
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Rendering of services |
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2023 |
Entities with joint control or significant influence |
Other related parties |
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Rendering of services |
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- |
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Settlement of liabilities |
- |
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Loans to related parties
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2023 |
Other related parties |
Total |
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At start of period |
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Repaid |
( |
( |
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At end of period |
- |
- |
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Loans from related parties
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2024 |
Parent |
Entities with joint control or significant influence |
Total |
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At start of period |
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- |
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Advanced |
- |
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Repaid |
( |
- |
( |
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At end of period |
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Guild Energy Ltd
Notes to the Financial Statements for the Year Ended 31 March 2024
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2023 |
Parent |
Entities with joint control or significant influence |
Total |
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At start of period |
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Advanced |
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- |
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Repaid |
- |
( |
( |
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At end of period |
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- |
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Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is
The ultimate controlling party is