REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNAUDITED FINANCIAL STATEMENTS |
|
FOR THE YEAR ENDED 31 DECEMBER 2020 |
|
FOR |
|
SNEAK ENERGY LIMITED |
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNAUDITED FINANCIAL STATEMENTS |
|
FOR THE YEAR ENDED 31 DECEMBER 2020 |
|
FOR |
|
SNEAK ENERGY LIMITED |
SNEAK ENERGY LIMITED (REGISTERED NUMBER: 10187480) |
|
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
|
|
|
|
|
|
|
|
|
|
Page |
|
Balance Sheet | 1 |
|
Notes to the Financial Statements | 3 |
|
SNEAK ENERGY LIMITED (REGISTERED NUMBER: 10187480) |
|
|
BALANCE SHEET |
31 DECEMBER 2020 |
|
2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
|
|
Tangible assets | 5 |
|
|
Investments | 6 |
|
|
|
|
|
CURRENT ASSETS |
Stocks |
|
|
Debtors | 7 |
|
|
Cash at bank |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 8 |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
|
( |
) |
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
( |
) |
|
CAPITAL AND RESERVES |
Called up share capital |
|
|
Retained earnings |
|
( |
) |
SHAREHOLDERS' FUNDS |
|
( |
) |
|
|
|
|
|
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. |
SNEAK ENERGY LIMITED (REGISTERED NUMBER: 10187480) |
|
|
BALANCE SHEET - continued |
31 DECEMBER 2020 |
|
|
|
|
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
|
The financial statements were approved by the Board of Directors and authorised for issue on
|
|
|
|
|
|
|
|
|
|
|
SNEAK ENERGY LIMITED (REGISTERED NUMBER: 10187480) |
|
|
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
|
|
1. | STATUTORY INFORMATION |
|
Sneak Energy Ltd is a private company limited by shares and incorporated in England and Wales under the Companies Act 2006. The address of the registered office is given on the Company Information page and the nature of the Company's operations and its principal activity is set out in the Directors' Report. |
|
2. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. |
|
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies. |
|
The directors consider there to be no key judgements or estimates in preparing these financial statements. |
|
The following principal accounting policies have been applied: |
|
Provisions for liabilities |
|
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. |
|
Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. |
|
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position. |
|
Intangible assets |
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
|
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. |
|
The estimated useful lives range as follows: |
|
Computer software - 10 years |
|
Tangible fixed assets |
|
Plant and machinery etc | - |
|
|
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
SNEAK ENERGY LIMITED (REGISTERED NUMBER: 10187480) |
|
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
|
|
2. | ACCOUNTING POLICIES - continued |
|
Stocks |
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. |
|
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss. |
|
Financial instruments |
Financial liabilities and equity are classified according to the substance of the financial instrument's contractual obligations, rather than its legal form. |
|
The Company's cash at bank and in hand and trade and other debtors and its trade and other creditors and bank overdrafts are measured initially at the transaction price, including transaction costs, and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. |
|
Taxation |
The tax expense for the period comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. |
|
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income. |
|
Deferred tax |
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position date, except that: |
|
1. The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and |
|
2. Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. |
|
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred-tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date. |
|
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
|
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
SNEAK ENERGY LIMITED (REGISTERED NUMBER: 10187480) |
|
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
|
|
2. | ACCOUNTING POLICIES - continued |
|
Debtors and creditors |
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
|
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
|
Cash and cash equivalents |
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
|
Going concern |
The directors have a reasonable expectation that the Company has adequate resources to continue in existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements. |
|
3. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was
|
|
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 January 2020 |
|
Additions |
|
At 31 December 2020 |
|
AMORTISATION |
At 1 January 2020 |
|
Charge for year |
|
At 31 December 2020 |
|
NET BOOK VALUE |
At 31 December 2020 |
|
At 31 December 2019 |
|
SNEAK ENERGY LIMITED (REGISTERED NUMBER: 10187480) |
|
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
|
|
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 January 2020 |
|
Additions |
|
At 31 December 2020 |
|
DEPRECIATION |
At 1 January 2020 |
|
Charge for year |
|
At 31 December 2020 |
|
NET BOOK VALUE |
At 31 December 2020 |
|
At 31 December 2019 |
|
|
6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
Additions |
|
At 31 December 2020 |
|
NET BOOK VALUE |
At 31 December 2020 |
|
|
7. | DEBTORS |
2020 | 2019 |
£ | £ |
Amounts falling due within one year: |
Amounts owed by associates |
|
|
Other debtors |
|
|
|
|
SNEAK ENERGY LIMITED (REGISTERED NUMBER: 10187480) |
|
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
|
|
7. | DEBTORS - continued |
2020 | 2019 |
£ | £ |
Amounts falling due after more than one year: |
Amounts owed by associates |
|
|
|
Aggregate amounts |
|
|
|
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade creditors |
|
|
Amounts owed to associates |
|
|
Taxation and social security |
|
|
Other creditors |
|
|
|
|
|
9. | DEFERRED TAX |
£ |
Balance at 1 January 2020 | ( |
) |
Provided during year |
|
Balance at 31 December 2020 | ( |
) |
|
10. | RELATED PARTY DISCLOSURES |
|
Included within creditors due within one year at the year end are amounts owed to 80 20 Ventures Limited, a company under common control, of £257,667 (2019 - £249,304). |
|
Included within debtors at the year end are amounts due from Third Living Limited, a company under common control, of £7,474 (2019 - £9,500). |
|
Included within debtors at the year end are amounts due from Sneak US Incorporated, a wholly owned subsidiary, of £602,545 (2019 - £nil). |
|
Included within creditors due within one year at the year end are amounts owed to the directors of £86,064 (2019 - £766,968). |
|
11. | CONTROLLING PARTY |
|
The Company is controlled by the two shareholders. |
|
12. | PENSION COMMITMENTS |
|
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date, unpaid employer contributions of £951 (2019: £779) were due to the fund. They are included in other creditors. |