Company registration number 04089754 (England and Wales)
ENERGY FINANCING TEAM LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
ENERGY FINANCING TEAM LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
ENERGY FINANCING TEAM LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
€
€
€
€
Current assets
Debtors
3
125,627,237
110,802,821
Cash at bank and in hand
29,254
125,656,491
110,802,821
Creditors: amounts falling due within one year
4
(124,839,846)
(109,984,953)
Net current assets
816,645
817,868
Capital and reserves
Called up share capital
5
691,645
691,645
Capital redemption reserve
94,010
94,010
Profit and loss reserves
6
30,990
32,213
Total equity
816,645
817,868
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 30 June 2025 and are signed on its behalf by:
Mr I Jennings
Director
Company registration number 04089754 (England and Wales)
ENERGY FINANCING TEAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information
Energy Financing Team Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5th Floor, 37 High Holborn, London, WC1V 6AA.
1.1
Reporting period
The shortened its accounting period in the prior period to realign its statutory reporting with its management reporting to a December period end. Therefore, the periods are not comparable with a 12 month reporting period following a 9 month reporting period.
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.
Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.
When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.
1.3
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.
1.4
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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
ENERGY FINANCING TEAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
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, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
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 and subsequently measured at amortised cost using the effective interest method.
1.5
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.
1.6
Foreign exchange
Assets and liabilities in foreign currencies are translated into Euros at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into Euros at the rate ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
Debtors
2024
2023
Amounts falling due within one year:
€
€
Amounts owed by group undertakings
125,627,237
110,802,821
Amounts owed by group undertakings include loans of €109,984,953 for which interest is receivable at a fixed rate of 3.5% per annum and a loan of €817,868 which is interest free.
ENERGY FINANCING TEAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
4
Creditors: amounts falling due within one year
2024
2023
€
€
Amounts owed to group undertakings
124,839,846
109,984,953
Amounts owed to group undertakings are loans where interest is payable at a fixed rate of 3.5% per annum.
5
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
€
€
Issued and fully paid
Ordinary shares of £1 each
494,820
494,820
691,645
691,645
6
Profit and loss reserves
2024
2023
€
€
At the beginning of the year
32,213
32,213
Adjusted balance
32,213
32,213
Loss for the year
(1,223)
At the end of the year
30,990
32,213
7
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 is unqualified and includes the following:
Opinion
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its loss 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.
Senior Statutory Auditor:
Arvind Shah
Statutory Auditor:
Elliotts Shah
Date of audit report:
30 June 2025
ENERGY FINANCING TEAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
8
Parent company
The immediate parent company is EFT Investments Limited, a company registered in England and Wales, which is a wholly-owned subsidiary of the ultimate parent company, EFT Holdings AG, (incorporated in Liechtenstein).
The ultimate controller is Milos Hamovic, through the controlling shareholding held via LB Holdings
Establishment (Foundation incorporated in Liechtenstein) in which he has a 100% interest.
The following are the parents of the largest and smallest groups in which this company's results are consolidated:
Largest group
EFT Holdings AG (Liechtenstein)
Smallest group
EFT Holdings AG (Liechtenstein)