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Registration number: 09759862

Guild Energy Ltd

Filleted Financial Statements

for the Year Ended 31 March 2024

 

Guild Energy Ltd

Contents

Company Information

1

Directors' Report

2

Balance Sheet

3

Notes to the Financial Statements

4 to 12

 

Guild Energy Ltd

Company Information

Directors

Mr Thomas Adam Flack

Mr Syed Mohammed Asif Hayder Rizvi

Registered office

4 Croft Court
Whitehills Business Park
Blackpool
Lancashire
FY4 5PR

Auditors

Beckett Rawcliffe Limited
Chartered Accountants & Registered AuditorsUnit 17, Beckett House
Sovereign Court
Wyrefields
Poulton Le Fylde
Lancashire
FY6 8JX

 

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:

Mr Thomas Adam Flack

Mr Syed Mohammed Asif Hayder Rizvi

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 Board on 25 June 2025 and signed on its behalf by:

.........................................
Mr Thomas Adam Flack
Director

   
     
 

Guild Energy Ltd

(Registration number: 09759862)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

6,010

6,579

Current assets

 

Stocks

6

188,431

139,972

Debtors

7

1,085,997

1,919,258

Cash at bank and in hand

 

200

692

 

1,274,628

2,059,922

Creditors: Amounts falling due within one year

8

(849,280)

(873,342)

Net current assets

 

425,348

1,186,580

Total assets less current liabilities

 

431,358

1,193,159

Creditors: Amounts falling due after more than one year

8

(2,102,704)

(2,368,634)

Provisions for liabilities

(1,012,497)

(744,460)

Net liabilities

 

(2,683,843)

(1,919,935)

Capital and reserves

 

Called up share capital

9

100,000

100,000

Retained earnings

(2,783,843)

(2,019,935)

Shareholders' deficit

 

(2,683,843)

(1,919,935)

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account and Directors' Report.

Approved and authorised by the Board on 25 June 2025 and signed on its behalf by:
 

.........................................
Mr Thomas Adam Flack
Director

   
     
 

Guild Energy Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
4 Croft Court
Whitehills Business Park
Blackpool
Lancashire
FY4 5PR
England

The presentation currency of the financial statements is pounds sterling (£).

These financial statements were authorised for issue by the Board on 25 June 2025.

2

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

The Independent Auditor's Report was qualified. The income accrual which relates to commissions due from custmers and the provisions against the income accrual have been subject to an ongoing reconiliation project by the company which is at present incomplete and still requires a significant amount of work. A large write off has been made as a result of the companies order book not taking sufficient account of the impact of COVID.

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 25 June 2025 was David Harben BSc FCA, who signed for and on behalf of Beckett Rawcliffe Limited.

.........................................

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:

Asset class

Depreciation method and rate

Plant and Machinery

10% straight line

Information Technology

20% straight line

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:

Asset class

Amortisation method and rate

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2023 - 13).

 

Guild Energy Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

4

Intangible assets

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 April 2023

9,076

9,076

At 31 March 2024

9,076

9,076

Amortisation

At 1 April 2023

9,076

9,076

At 31 March 2024

9,076

9,076

Carrying amount

At 31 March 2024

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

98,805

98,805

Additions

1,290

1,290

At 31 March 2024

100,095

100,095

Depreciation

At 1 April 2023

92,226

92,226

Charge for the year

1,859

1,859

At 31 March 2024

94,085

94,085

Carrying amount

At 31 March 2024

6,010

6,010

At 31 March 2023

6,579

6,579

6

Stocks

2024
£

2023
£

Work in progress

188,431

139,972

 

Guild Energy Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

7

Debtors

Current

2024
£

2023
£

Trade debtors

(19,421)

(11,312)

Prepayments

3,522

4,768

Other debtors

1,101,896

1,925,802

 

1,085,997

1,919,258

 

Guild Energy Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

30,704

-

Trade creditors

 

210,144

3,255

Taxation and social security

 

496,291

751,387

Accruals and deferred income

 

57,004

43,818

Other creditors

 

55,137

74,882

 

849,280

873,342

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

19,619

30,268

Other financial liabilities

 

2,083,085

2,338,366

 

2,102,704

2,368,634

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100,000

100,000

100,000

100,000

       

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

19,619

30,268

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

30,704

-

 

Guild Energy Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

11

Related party transactions

Summary of transactions with parent

Inter Company Loan Accounts with R Energy Group Ltd

Summary of transactions with all entities with joint control or significant interest

Inter Company Loan Account - LG Energy Group Ltd
Commissions charged for introduction of new clients
Recharge for finance team

Expenditure with and payables to related parties

2024

Entities with joint control or significant influence
£

Rendering of services

112,708

2023

Entities with joint control or significant influence
£

Other related parties
£

Rendering of services

114,276

-

Settlement of liabilities

-

39,570

114,276

39,570

Loans to related parties

2023

Other related parties
£

Total
£

At start of period

11,000

11,000

Repaid

(11,000)

(11,000)

At end of period

-

-

Loans from related parties

2024

Parent
£

Entities with joint control or significant influence
£

Total
£

At start of period

2,338,366

-

2,338,366

Advanced

-

1,347,050

1,347,050

Repaid

(1,602,330)

-

(1,602,330)

At end of period

736,036

1,347,050

2,083,086

 

Guild Energy Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

2023

Parent
£

Entities with joint control or significant influence
£

Total
£

At start of period

496,570

2,218,855

2,715,425

Advanced

1,841,796

-

1,841,796

Repaid

-

(2,218,855)

(2,218,855)

At end of period

2,338,366

-

2,338,366

12

Parent and ultimate parent undertaking

The company's immediate parent is Greengengroup.co.uk Ltd, incorporated in England & Wales.

 The ultimate parent is R Energy Ltd, incorporated in England & Wales.

 The ultimate controlling party is VJ Rigby, L Rigby and the Estate of WS Rigby.