Registered number:
SC144476
ENERGY MANAGEMENT ASSOCIATES LIMITED
UNAUDITED
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MAY 2017
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ENERGY MANAGEMENT ASSOCIATES LIMITED
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COMPANY INFORMATION
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ENERGY MANAGEMENT ASSOCIATES LIMITED
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CONTENTS
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Notes to the financial statements
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ENERGY MANAGEMENT ASSOCIATES LIMITED
REGISTERED NUMBER:
SC144476
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BALANCE SHEET
AS AT
31 MAY 2017
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Page 1
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ENERGY MANAGEMENT ASSOCIATES LIMITED
REGISTERED NUMBER:
SC144476
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BALANCE SHEET
(CONTINUED)
AS AT
31 MAY 2017
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
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.
The
financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by
:
The notes on pages 3 to 8 form part of these financial statements.
Page 2
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ENERGY MANAGEMENT ASSOCIATES LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2017
Energy Management Associates Limited is a private limited company incorporated in Scotland. The registered address is Charnwood House, Milltimber, Aberdeen, Grampian, AB13 0AL.
2.
Accounting policies
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Basis of preparation of financial statements
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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
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The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The following principal accounting policies have been applied:
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Revenue on property development is recognised in line with staged completion dates.
The directors, having made due and careful enquiry, are of the opinion that the company has adequate working capital to execute its operations over the next 12 months. The directors therefore have made an informed judgement, at the time of approving the financial statements, that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the forseeable future. As a result, the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.
Page 3
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ENERGY MANAGEMENT ASSOCIATES LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2017
2.
Accounting policies (continued)
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Stocks and work in progress
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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 outbasis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet 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.
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from group companies. 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
Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Interest income is recognised in the Statement of comprehensive income using the effective interest method.
All borrowing costs are recognised in the Statement of comprehensive income in the year in which they are incurred.
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 balance sheet date in the countries where the Company operates and generates income.
Page 4
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ENERGY MANAGEMENT ASSOCIATES LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2017
The average monthly number of employees, including the directors, during the year was 2. (2016 - 2)
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Charge for the year on owned assets
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Page 5
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ENERGY MANAGEMENT ASSOCIATES LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2017
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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The following liabilities were secured:
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Details of security provided:
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The loan is secured over the development property and bears interest at a rate of 1.5% per annum. Repayment of the loan has been deferred by mutual agreement.
The bank also holds a bond and floating charge over the assets of the company.
Page 6
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ENERGY MANAGEMENT ASSOCIATES LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2017
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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Related party transactions
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Control
During the current and previous year, the company was controlled by the directors.
Transactions
During the current year, the company repaid the directors £2,543,829 and advanced loans of £416,287 resulting in a balance at the year end of £6,044,450 due by the company to the directors (2016 - £8,171,992). Thre are no set repayment terms and no interest is payable on the directors loans.
During the current year, the company advanced loans of £5,500 to a company under common control and received amounts of £1,000 which resulted in a balance due to the company by the company under common control of £461,755 (2016 - £457,256). Interest is charged at 1% over the Bank of England base rate.
During the year, the company received a loan of £1,635,000 and made repayments of £21,600 to a company under common control resulting in amounts due by the company to the company under common control of £1,613,400 (2016 - £nil). Interest at 3% over the Bank of England base rate has been accrued.
During the year, the company repaid loans of £6,000 to a company under common control resulting in amounts due by the company to the company under common control of £435,000 (2016 - £441,000). Interest at 1% over the Bank of England base rate has been accrued.
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Page 7
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ENERGY MANAGEMENT ASSOCIATES LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2017
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First time adoption of FRS 102
The policies applied under the entity's previous accounting framework are not materially different to FRS 102 and have not impacted on equity or profit or loss.
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Page 8
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