Registration number:
Home Energy Trading Limited
for the Year Ended 30 September 2019
Home Energy Trading Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Home Energy Trading Limited
Company Information
Director |
Kevin Stoker |
Registered Number: |
10364306 |
Registered office |
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Accountants |
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Home Energy Trading Limited
(Registration number: 10364306)
Balance Sheet as at 30 September 2019
Note |
2019 |
2018 |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Profit and loss account |
(313,801) |
(38,845) |
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Total equity |
(313,701) |
(38,745) |
For the financial year ending 30 September 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
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The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Director
Home Energy Trading Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2019
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Home Energy Trading Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2019
Going concern
At the year end the company had net current liabilities and net liabilities of £313,701 and retained losses of £313,801.
As a wholly owned subsidiary, the company is dependent upon its holding company, Home Energy Limited (“HEL”) for financial support.
Since the year end the HEL group as a whole has continued to be loss-making. Note 10 sets out actions taken to reduce the cost base and the group’s exposure to electricity and gas price volatility.
Also since the year end, HEL has been in discussions with third parties regarding potential investments into the group and / or the sale of interests in the company. While these discussions have been impacted and protracted by COVID they are ongoing as at the date of signing the accounts. HEL considers that a positive outcome to those discussions would allow the group and the company to continue as a going concern for the foreseeable future.
As at the date of signing the accounts, HEL is not aware of any material reason why there would not be a positive outcome to the ongoing discussions. Hence, the director has drawn up these accounts on a going concern basis.
However, should the discussions not lead to a positive outcome and should other parties not be willing or able to complete an acceptable transaction, then the director would have to consider whether adequate actions could be taken to secure the future of the group.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be
recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Home Energy Trading Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2019
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Home Energy Trading Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2019
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Taxation |
Home Energy Trading Limited has tax losses of £313,801 (2018: nil). These would give rise to a potential deferred tax asset of £59,622. However, the deferred tax asset has not be recognised in the accounts due to the current uncertainty that the losses will be utilised in the foreseeable future.
Debtors |
2019 |
2018 |
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Prepayments |
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Other debtors |
13,496 |
6,100 |
VAT Control account |
492 |
140 |
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The amounts included in Other debtors and Other creditors relate to balances on the supply of gas and electricity to customers. These figures are provided by a specialist third party. While these figures are accruate at the time of producing the accounts there can be volatility in these numbers for 18months after the balance sheet date. The balances are treated cumulatively and so any variation will be corrected in subsequent periods.
Creditors |
Creditors: amounts falling due within one year
Note |
2019 |
2018 |
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Due within one year |
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Trade creditors |
17,454 |
6,200 |
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Amounts owed to associates |
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Accruals and deferred income |
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Other creditors |
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- |
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Amounts owed to associates represents amounts owed to the parent company. The parent company has agreed not to demand repayment of these amounts other than from free cashflow.
Home Energy Trading Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2019
Share capital |
Allotted, called up and fully paid shares
2019 |
2018 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
Home Energy Trading Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2019
Related party transactions |
Summary of transactions with parent
Loans from related parties
2019 |
Parent |
Total |
At start of period |
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Advanced |
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Repaid |
( |
( |
At end of period |
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2018 |
Parent |
Total |
Advanced |
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Parent and ultimate parent undertaking |
The company's immediate parent is
The most senior parent entity producing publicly available financial statements is
Non adjusting events after the financial period |
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