|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TONIK ENERGY LIMITED |
|
REPORT OF THE DIRECTORS AND |
|
UNAUDITED FINANCIAL STATEMENTS |
|
FOR THE PERIOD 7 OCTOBER 2015 TO 31 MARCH 2017 |
|
|
|
|
|
|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TONIK ENERGY LIMITED |
|
REPORT OF THE DIRECTORS AND |
|
UNAUDITED FINANCIAL STATEMENTS |
|
FOR THE PERIOD 7 OCTOBER 2015 TO 31 MARCH 2017 |
|
|
|
|
|
TONIK ENERGY LIMITED (REGISTERED NUMBER: 09812673) |
|
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 7 OCTOBER 2015 TO 31 MARCH 2017 |
|
|
|
|
|
|
|
|
|
|
Page |
|
Company Information | 1 |
|
Report of the Directors | 2 |
|
Statement of Financial Position | 4 |
|
Notes to the Financial Statements | 5 |
|
Chartered Certified Accountants' Report | 7 |
TONIK ENERGY LIMITED |
|
COMPANY INFORMATION |
FOR THE PERIOD 7 OCTOBER 2015 TO 31 MARCH 2017 |
|
|
|
|
|
|
|
DIRECTORS: |
|
|
|
|
|
|
|
|
|
SECRETARY: |
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
ACCOUNTANTS: |
|
Chartered Certified Accountants |
Marston House |
5 Elmdon Lane |
Marston Green |
Solihull |
West Midlands |
B37 7DL |
TONIK ENERGY LIMITED (REGISTERED NUMBER: 09812673) |
|
REPORT OF THE DIRECTORS |
FOR THE PERIOD 7 OCTOBER 2015 TO 31 MARCH 2017 |
|
|
The directors present their report with the financial statements of the company for the period 7 October 2015 to 31 March 2017. |
|
INCORPORATION |
The company was incorporated on 7 October 2015 . |
|
REVIEW OF BUSINESS |
Tonik Energy Limited is a subsidiary of Retig Limited, a privately owned and funded business. The founders and |
investors share a clear view on the purpose of Tonik: to help our customers reduce their energy use and hence save |
money and make a wider contribution. Tonik Energy Limited first began trading in August 2016 having been through the |
gas and electricity industry entry processes in the first seven months of 2016. During the period between August 2016 |
and March 2017 key operational and technical processes and systems were proven as part of a pilot phase before scaling |
to over 5,000 customers by the end of March 2017. A significant amount of investment has been made to ensure systems |
and processes are fit for purpose for planned growth, whilst ensuring customer service standards remain industry |
leading. We have also invested in trialling product solutions that can help our customers' to reduce their energy bills. |
Initial feedback from customers during this period has been very positive, with strong customer review scores being |
achieved. Tonik Energy Limited prides itself on being a forward thinking and customer centric organisation, and |
customer uptake and satisfaction has reflected that during this period. Whilst the energy sector continues to be a highly |
politicised environment with new competitors coming into the market frequently, we firmly believe that the purpose of |
the business gives customers a positive choice in a crowded market, and that the organisation and infrastructure |
established will continue to deliver sustainable growth. |
|
DIRECTORS |
The directors who have held office during the period from 26 September 2015 to the date of this report are as follows: |
|
J I M Hayward - appointed 1 August 2016 |
S J Perkins - appointed 1 August 2016 |
J A Slade - appointed 7 October 2015 - resigned 1 August 2016 |
C J Russell - appointed 1 August 2016 |
D A Leiper - appointed 26 May 2017 |
|
D A Leiper was appointed as a director after 31 March 2017 but prior to the date of this report. |
|
TONIK ENERGY LIMITED (REGISTERED NUMBER: 09812673) |
|
REPORT OF THE DIRECTORS |
FOR THE PERIOD 7 OCTOBER 2015 TO 31 MARCH 2017 |
|
PRINCIPAL RISKS AND UNCERTAINTIES |
Risks and uncertainties are identified, reviewed, managed by the in-house management team regularly and at the board. |
There are numerous risks, both internal and external that need constant assessment and attention. Principally these |
include the following. |
|
Operational risks |
Operational issues and risks have caused energy suppliers significant issues historically. Tonik Energy Limited reviews |
key operational performance metrics and customer demand to identify early any potential issues or risks, and works |
closely with third party service providers to manage any ecosystem threats. Ensuring sufficient resources are in place to |
sustain both growth and strong customer service is a focus of the management team on a weekly basis, with controls and |
processes in place to manage ongoing. |
|
Technology and infrastructure risks |
A significant proportion of our critical infrastructure is securely hosted by large third party cloud service providers. This |
provides a high degree of flexibility, scalability, security and resilience. Steps have been taken to limit the amount of |
sensitive data that we hold to further reduce the impact of any cyber attacks. |
|
Regulatory risks |
The energy sector continues to be the focus of significant political, environment and regulatory focus. The management |
team and board are experienced in managing regulatory pressures and targets, and engage pro-actively where possible |
and appropriate. The management team also take external advice on regulatory and compliance matters. |
|
Market and commercial risks |
There are multiple risks in the commercial area. Market risk is managed with our counterparty through regular review |
and in accordance with an agreed hedging strategy. During the majority of this period we were below the trading |
threshold however began buying forward as soon as the thresholds were crossed. The intention is to ensure that we |
hedge our sold contracts forward on the market and back off market risk in that way. Competitor risk is partially |
mitigated through our strong performance to date, lean operational performance and differentiating propositions. |
|
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small |
companies. |
|
APPROVED BY THE BOARD AND SIGNED ON ITS BEHALF: |
|
|
|
|
|
|
|
|
|
TONIK ENERGY LIMITED (REGISTERED NUMBER: 09812673) |
|
STATEMENT OF FINANCIAL POSITION |
31 MARCH 2017 |
|
Notes | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 3 |
|
|
CURRENT ASSETS |
Debtors | 4 |
|
Cash at bank |
|
|
CREDITORS |
Amounts falling due within one year | 5 |
|
NET CURRENT LIABILITIES | ( |
) |
TOTAL ASSETS LESS CURRENT
LIABILITIES |
( |
) |
|
CAPITAL AND RESERVES |
Called up share capital |
|
Retained earnings | ( |
) |
( |
) |
|
|
|
|
|
The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
|
|
|
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
|
The financial statements were approved and authorised for issue by the Board of Directors on
signed on its behalf by: |
|
|
|
|
|
|
|
TONIK ENERGY LIMITED (REGISTERED NUMBER: 09812673) |
|
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 7 OCTOBER 2015 TO 31 MARCH 2017 |
|
|
1. | STATUTORY INFORMATION |
|
Tonik Energy Limited is a
|
registered number and registered office address can be found on the Company Information page. |
|
The presentation currency of the financial statements is the Pound Sterling (£). |
|
|
2. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
These financial statements have been prepared in compliance with the provisions of Section 1A "Small Entities" |
of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of |
Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost |
convention and on a going concern basis. |
|
Revenue recognition |
Revenue from the supply of gas and electricity is a function of end user consumption (according to meter read |
data) and tariff rates (specified by the contract terms) net of supplies that are not billable. Revenue is recognised |
net of sales discounts, VAT and other sales-related taxes. |
|
In accordance with industry practice revenue is recorded on the basis of estimated annual consumption |
information supplied by the energy industry. The estimated annual consumption is based on a range of factors |
including industry information, meter readings and coefficients that account for usage of particular periods in the |
year. Revenue (both current period and future estimation) is subsequently amended based on realised customer |
billings as more precise data becomes available on actual consumption through to the period of final settlement. |
|
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and |
revenue can be reasonably estimated for the supply of gas and electricity based on estimated industry data flows |
for the period. |
|
Property, plant and equipment |
Property, plant and equipment are stated at cost less accumulated depreciation and impairment losses. |
Depreciation is provided when assets become available for use in the manner intended by management at rates |
calculated to write off the cost of the asset over its expected useful economic life as follows: |
|
Plant and machinery | 25% straight line |
Computer equipment | 33% straight line |
|
Deferred taxation |
Deferred tax assets and liabilities are in general recognised where the carry amount of an asset or liability in the |
statement of financial position differs from its tax base. |
|
Recognition of deferred tax assets is restricted to those instances where it is probable that taxable profit will be |
available against which the difference can be utilised. The amount of the asset or liability is determined using tax |
rates that have been enacted or substantively enacted by the balance sheet date and are expected to apply when |
the deferred tax liabilities or assets are settled or recovered. Deferred tax balances are not discounted. Deferred |
tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets |
and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority. |
|
In addition, deferred taxes are recognised on tax deductible tax loss carry forwards to the extent that a future |
reversal leading to a reduction of tax expense is expected with high probability. |
TONIK ENERGY LIMITED (REGISTERED NUMBER: 09812673) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 7 OCTOBER 2015 TO 31 MARCH 2017 |
|
|
2. | ACCOUNTING POLICIES - continued |
|
Going concern |
At 31 March 2017 the statement of financial position showed net liabilities exceeding total assets. However, the |
accounts have been prepared under the going concern basis, on the assumption that continued support will be |
forthcoming from the parent company, shareholders and the creditors. |
|
3. | PROPERTY, PLANT AND EQUIPMENT |
Plant and |
machinery |
£ |
COST |
Additions |
|
At 31 March 2017 |
|
DEPRECIATION |
Charge for period |
|
At 31 March 2017 |
|
NET BOOK VALUE |
At 31 March 2017 |
|
|
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Credit cover | 222,076 |
Deferred tax asset |
|
Prepayments |
|
|
|
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Trade payables |
|
Amounts owed to group undertakings |
|
Social security and other taxes |
|
Other creditors |
|
|
|
6. | CONTROLLING PARTY |
|
The company is a wholly owned subsidiary of Retig Limited. Retig Limited's Registered Office and principal |
place of business is Fourth Floor, Lombard House, 145 Great Charles Street, Birmingham, B3 3LP. |
CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
TONIK ENERGY LIMITED |
|
|
The following reproduces the text of the report prepared for the directors and members in respect of the |
company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is |
only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and |
certain other primary statements and the Report of the Directors are not required to be filed with the Registrar |
of Companies. |
|
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the |
financial statements of Tonik Energy Limited for the period ended 31 March 2017 which comprise the Income |
Statement, Statement of Financial Position and the related notes from the company's accounting records and from |
information and explanations you have given us. |
|
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook. |
|
This report is made solely to the Board of Directors of Tonik Energy Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Tonik Energy Limited and state those matters that we have agreed to state to the Board of Directors of Tonik Energy Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report. |
|
It is your duty to ensure that Tonik Energy Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Tonik Energy Limited. You consider that Tonik Energy Limited is exempt from the statutory audit requirement for the period. |
|
We have not been instructed to carry out an audit or a review of the financial statements of Tonik Energy Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
|
|
|
|
|
|
|
Chartered Certified Accountants |
Marston House |
5 Elmdon Lane |
Marston Green |
Solihull |
West Midlands |
B37 7DL |
|
|
|