Company Registration No. 10186928 (England and Wales)
GNEISS ENERGY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
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 2020
31 March 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
116,421
118,356
Investments
4
12,704
1
129,125
118,357
Current assets
Debtors
5
518,090
886,373
Cash at bank and in hand
73,328
159,171
591,418
1,045,544
Creditors: amounts falling due within one year
6
(699,260)
(313,785)
Net current (liabilities)/assets
(107,842)
731,759
Total assets less current liabilities
21,283
850,116
Provisions for liabilities
(20,672)
(19,992)
Net assets
611
830,124
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
609
830,122
Total equity
611
830,124
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 Year ended 31 March 2020 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 Year 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 2020
31 March 2020
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 11 August 2020 and are signed on its behalf by:
J FITZPATRICK
Mr J Fitzpatrick
Director
Company Registration No. 10186928
GNEISS ENERGY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
- 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
29 Farm Street, London, W1 5RL.
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
Going concern
A
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
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
.
1.4
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
10 years straight line
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
.
GNEISS ENERGY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 4 -
1.5
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.
1.6
Cash at bank and in hand
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.
1.7
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.
1.8
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.
1.9
Retirement benefits
The company contributes to 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.
GNEISS ENERGY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 5 -
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 Year was 11 (2019 - 8
).
3
Tangible fixed assets
Land and buildings
Office Equipment
Total
£
£
£
Cost
At 1 April 2019
38,374
124,574
162,948
Additions
8,038
50,128
58,166
Disposals
(11,455)
(1,170)
(12,625)
At 31 March 2020
34,957
173,532
208,489
Depreciation and impairment
At 1 April 2019
-
44,592
44,592
Depreciation charged in the Year
5,060
42,465
47,525
Eliminated in respect of disposals
-
(49)
(49)
At 31 March 2020
5,060
87,008
92,068
Carrying amount
At 31 March 2020
29,897
86,524
116,421
At 31 March 2019
38,374
79,982
118,356
4
Fixed asset investments
2020
2019
£
£
Investments
12,704
1
This is investments in subsidiary companies Gneiss Energy Capital Limited and Lonburgh Capital LLP.
GNEISS ENERGY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
4
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 April 2019
1
Additions
5,000
Share of profit
7,703
At 31 March 2020
12,704
Carrying amount
At 31 March 2020
12,704
At 31 March 2019
1
5
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
23,249
108,000
Other debtors
72,339
749,200
Prepayments and accrued income
422,502
29,173
518,090
886,373
6
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
31,247
117,506
Corporation tax
142,306
133,329
Other taxation and social security
49,007
45,249
Other creditors
434,641
1,511
Accruals and deferred income
42,059
16,190
699,260
313,785
7
Provisions for liabilities
2020
2019
£
£
Deferred tax liabilities
20,672
19,992
GNEISS ENERGY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 7 -
8
Related party transactions
Control
During the current period, the company was controlled by the directors.
Transactions
During the period, advances of £
460,076
were made to the directors and credits of £
1,333,641
were
received, resulting in a balance due
to
the
directors
by
the company of
£239,924 (2019 - £633,641 due to the company).