Registration number:
Energy Commercial Consultants Limited
for the
Year Ended 30 April 2017
Energy Commercial Consultants Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Energy Commercial Consultants Limited
Company Information
Directors |
Mr J H Black Mrs S P Black |
Company secretary |
Mrs S P Black |
Registered office |
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Bankers |
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Accountants |
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Page 1 |
Energy Commercial Consultants Limited
(Registration number: SC163994)
Balance Sheet as at 30 April 2017
Note |
2017 |
2016 |
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Fixed assets |
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Tangible assets |
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Investment property |
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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 current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Other reserves |
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Profit and loss account |
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Total equity |
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For the financial year ending 30 April 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
The directors acknowledge 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
.........................................
Mr J H Black
Director
Page 2 |
Energy Commercial Consultants Limited
Notes to the Financial Statements for the Year Ended 30 April 2017
General information |
The company is a private company limited by share capital, incorporated in Scotland.
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.
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
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
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 taxable income.
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.
Page 3 |
Energy Commercial Consultants Limited
Notes to the Financial Statements for the Year Ended 30 April 2017 (continued)
2 |
Accounting policies (continued) |
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Page 4 |
Energy Commercial Consultants Limited
Notes to the Financial Statements for the Year Ended 30 April 2017 (continued)
2 |
Accounting policies (continued) |
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Land and buildings |
not depreciated |
Fixtures and fittings |
20% on cost |
Computer equipment |
33% on cost |
Motor vehicles |
25% on reducing balance |
Office equipment |
20% on reducing balance |
Investment property
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.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
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.
Page 5 |
Energy Commercial Consultants Limited
Notes to the Financial Statements for the Year Ended 30 April 2017 (continued)
2 |
Accounting policies (continued) |
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Page 6 |
Energy Commercial Consultants Limited
Notes to the Financial Statements for the Year Ended 30 April 2017 (continued)
Tangible assets |
Office equipment |
Motor vehicles |
Fixtures and fittings |
Total |
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Cost or valuation |
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At 1 May 2016 |
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Additions |
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- |
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Disposals |
- |
( |
- |
( |
At 30 April 2017 |
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- |
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Depreciation |
||||
At 1 May 2016 |
|
|
|
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Charge for the year |
|
- |
|
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Eliminated on disposal |
- |
( |
- |
( |
At 30 April 2017 |
|
- |
|
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Carrying amount |
||||
At 30 April 2017 |
|
- |
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At 30 April 2016 |
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|
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Investment properties |
2017 |
|
At 1 May 2016 |
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Fair value adjustments |
|
At 30 April 2017 |
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There has been no valuation of investment property by an independent valuer.
Page 7 |
Energy Commercial Consultants Limited
Notes to the Financial Statements for the Year Ended 30 April 2017 (continued)
Debtors |
2017 |
2016 |
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Trade debtors |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2017 |
2016 |
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Due within one year |
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Taxation and social security |
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Other creditors |
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Share capital |
Allotted, called up and fully paid shares
2017 |
2016 |
|||
No. |
£ |
No. |
£ |
|
|
|
100 |
|
100 |
Page 8 |
Energy Commercial Consultants Limited
Notes to the Financial Statements for the Year Ended 30 April 2017 (continued)
Related party transactions |
Transactions with directors |
2017 |
At 1 May 2016 |
Advances to directors |
At 30 April 2017 |
Mr J H Black |
|||
Interest free advance repayable on demand |
(5,628) |
|
( |
Mrs S P Black |
|||
Interest free advance repayable on demand |
(5,629) |
|
( |
2016 |
At 1 May 2015 |
Advances to directors |
At 30 April 2016 |
Mr J H Black |
|||
Interest free advance repayable on demand |
(6,059) |
|
( |
Mrs S P Black |
|||
Interest free advance repayable on demand |
(6,059) |
|
( |
Summary of transactions with other related parties
The company is registered in Scotland and Mr J H Black is a director.
Income and receivables from related parties
2017 |
Other related parties |
Receipt of services |
|
Amounts receivable from related party |
|
2016 |
Other related parties |
Receipt of services |
|
Amounts receivable from related party |
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Page 9 |
Energy Commercial Consultants Limited
Notes to the Financial Statements for the Year Ended 30 April 2017 (continued)
Transition to FRS 102 |
Freehold Property has been reclassified as Investment Properties and remeasured to market value, as valued by the directors, at date of transition.
Balance Sheet at 1 May 2015
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Fixed assets |
||||
Tangible assets |
942,940 |
(884,615) |
- |
58,325 |
Investment property |
- |
884,615 |
340,385 |
1,225,000 |
942,940 |
- |
340,385 |
1,283,325 |
|
Current assets |
||||
Debtors |
56,785 |
- |
- |
56,785 |
Current investments |
50,000 |
- |
- |
50,000 |
Cash at bank and in hand |
376,056 |
- |
- |
376,056 |
482,841 |
- |
- |
482,841 |
|
Creditors: Amounts falling due within one year |
(105,108) |
- |
- |
(105,108) |
Net current assets |
377,733 |
- |
- |
377,733 |
Net assets |
1,320,673 |
- |
340,385 |
1,661,058 |
Capital and reserves |
||||
Called up share capital |
100 |
- |
- |
100 |
Other reserves |
- |
- |
340,385 |
340,385 |
Profit and loss account |
1,320,573 |
- |
- |
1,320,573 |
Total equity |
1,320,673 |
- |
340,385 |
1,661,058 |
Page 10 |
Energy Commercial Consultants Limited
Notes to the Financial Statements for the Year Ended 30 April 2017 (continued)
10 |
Transition to FRS 102 (continued) |
Balance Sheet at 30 April 2016
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Fixed assets |
||||
Tangible assets |
1,285,299 |
(1,241,304) |
- |
43,995 |
Investment property |
- |
1,241,304 |
386,696 |
1,628,000 |
1,285,299 |
- |
386,696 |
1,671,995 |
|
Current assets |
||||
Debtors |
43,262 |
- |
- |
43,262 |
Cash at bank and in hand |
325,323 |
- |
- |
325,323 |
368,585 |
- |
- |
368,585 |
|
Creditors: Amounts falling due within one year |
(158,863) |
- |
- |
(158,863) |
Net current assets |
209,722 |
- |
- |
209,722 |
Net assets |
1,495,021 |
- |
386,696 |
1,881,717 |
Capital and reserves |
||||
Called up share capital |
100 |
- |
- |
100 |
Other reserves |
- |
- |
386,696 |
386,696 |
Profit and loss account |
1,494,921 |
- |
- |
1,494,921 |
Total equity |
1,495,021 |
- |
386,696 |
1,881,717 |
Page 11 |