Company Registration No. 10186928 (England and Wales)
GNEISS ENERGY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2019
PAGES FOR FILING WITH REGISTRAR
GNEISS ENERGY LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
GNEISS ENERGY LTD
BALANCE SHEET
AS AT
31 MARCH 2019
31 March 2019
- 1 -
2019
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
118,356
41,293
Investments
4
1
-
118,357
41,293
Current assets
Debtors
5
886,373
406,162
Cash at bank and in hand
159,171
273,936
1,045,544
680,098
Creditors: amounts falling due within one year
6
(313,785)
(286,247)
Net current assets
731,759
393,851
Total assets less current liabilities
850,116
435,144
Provisions for liabilities
(19,992)
(7,020)
Net assets
830,124
428,124
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
830,122
428,122
Total equity
830,124
428,124
In accordance with section 444 of the Companies Act 2006 all
of
the members of the company have consented to the
preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (S.I. 2008/409)(b).
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial Period ended 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the Period in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
GNEISS ENERGY LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2019
31 March 2019
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 7 August 2019 and are signed on its behalf by:
MR J FITZPATRICK
Mr J Fitzpatrick
Director
Company Registration No. 10186928
GNEISS ENERGY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2019
- 3 -
1
Accounting policies
Company information
Gneiss Energy Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
69 Old Broad Street, London, EC2M 1QS.
1.1
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 have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that
it is probable will be
recover
ed
.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings
Freehold land and buildings are not depreciated
Office Equipment
3 years straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Fixed asset investments
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
GNEISS ENERGY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2019
1
Accounting policies
(Continued)
- 4 -
1.5
Cash at bank and in hand
Cash at bank and in hand
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.
1.6
Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade debtors and creditors. These are measured at amortised cost and are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. 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.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
The company operates an employee share ownership plan (ESOP) trust and has de facto control of the shares held by the trust and bears their benefits and risks. The
company
records assets and liabilities of the trust as its own. Consideration paid by the ESOP scheme for shares of the
company
is deducted from equity. Finance costs and administrative expenses incurred by the
company
in relation to the ESOP are recognised on an accruals basis.
GNEISS ENERGY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2019
1
Accounting policies
(Continued)
- 5 -
1.9
Retirement benefits
The company operates a defined contribution plan for it's employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.
1.10
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.11
Interest income is recognised in the Statement of comprehensive income using the effective interest method
.
1.12
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid.
2
Employees
The average monthly number of persons (including directors) employed by the company during the Period was 8 (2017 - 2).
3
Tangible fixed assets
Land and buildings
Office Equipment
Total
£
£
£
Cost
At 1 November 2017
-
54,334
54,334
Additions
38,374
70,240
108,614
At 31 March 2019
38,374
124,574
162,948
Depreciation and impairment
At 1 November 2017
-
13,041
13,041
Depreciation charged in the Period
-
31,551
31,551
At 31 March 2019
-
44,592
44,592
Carrying amount
At 31 March 2019
38,374
79,982
118,356
At 31 October 2017
-
41,293
41,293
GNEISS ENERGY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2019
- 6 -
4
Fixed asset investments
2019
2017
£
£
Investments
1
-
This is an investment in the subsidiary company Gneiss Energy Capital Limited.
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 November 2017
-
Additions
1
At 31 March 2019
1
Carrying amount
At 31 March 2019
1
At 31 October 2017
-
5
Debtors
2019
2017
Amounts falling due within one year:
£
£
Trade debtors
108,000
102,190
Other debtors
749,200
288,330
Prepayments and accrued income
29,173
15,642
886,373
406,162
6
Creditors: amounts falling due within one year
2019
2017
£
£
Trade creditors
117,506
25,524
Corporation tax
133,329
247,822
Other taxation and social security
45,249
-
Other creditors
1,511
1,451
Accruals and deferred income
16,190
11,450
313,785
286,247
GNEISS ENERGY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2019
- 7 -
7
Provisions for liabilities
2019
2017
£
£
Deferred tax liabilities
19,992
7,020
9
Related party transactions
Control
During the current period, the company was controlled by the directors.
Transactions
During the period, advances of £
540,000
were made to the directors and credits of £
144,445
were
received. Interest of £
15,752
has been charged by the company, resulting in a balance due by the
directors to the company of £
633,641 (2017 - £222,335).