Africa Growth And Energy Solutions UK Ltd
|
Registered number: |
09320731
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Statement of financial position |
as at 30 November 2021
|
|
Notes |
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|
2021 |
|
|
2020 |
£ |
£ |
Fixed assets |
Investments |
3 |
|
|
20,880 |
|
|
20,880 |
|
Current assets |
Debtors |
4 |
|
640,697 |
|
|
411,780 |
Cash at bank and in hand |
|
|
30,207 |
|
|
11,580 |
|
|
|
670,904 |
|
|
423,360 |
|
Creditors: amounts falling due within one year |
5 |
|
(704,920) |
|
|
(659,077) |
|
Net current liabilities |
|
|
|
(34,016) |
|
|
(235,717) |
|
Total assets less current liabilities |
|
|
|
(13,136) |
|
|
(214,837) |
|
Creditors: amounts falling due after more than one year |
6 |
|
|
(31,274) |
|
|
(30,917) |
|
|
|
Net liabilities |
|
|
|
(44,410) |
|
|
(245,754) |
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|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
50,000 |
|
|
50,000 |
Profit and loss account |
|
|
|
(94,410) |
|
|
(295,754) |
|
Shareholders' funds |
|
|
|
(44,410) |
|
|
(245,754) |
|
|
|
|
|
|
|
|
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
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The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
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The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
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|
|
|
|
Royston McDermott Dawkins |
Director |
Approved by the board on 29 November 2022
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|
Africa Growth And Energy Solutions UK Ltd
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Notes to the financial statements |
for the year ended 30 November 2021
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|
1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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|
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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|
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Investments |
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Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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|
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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|
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
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Government grants |
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Government grants are recognised where there is reasonable assurance that the grant will be received, and all attached conditions will be complied with. When the grant relates to an expense item, it is recognised as income on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed. During the period, the company benefited from receipts from the UK government under Bounce Back Loan Scheme (BBLS) of £35,000 with a maturity date of May 2030. |
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|
2 |
Employees |
2021 |
|
2020 |
Number |
Number |
|
|
Average number of persons employed by the company |
3 |
|
4 |
|
|
|
|
|
|
|
|
|
|
3 |
Investments |
|
Other |
investments |
£ |
|
Cost |
|
At 1 December 2020 |
20,880 |
|
|
At 30 November 2021 |
20,880 |
|
|
|
Company |
Shares held |
Country |
Equity |
|
|
Class |
% |
|
Solar Era Holdings SL Limited |
Ordinary |
Sierra Leone |
100 |
|
AGES Agriculture Ltd |
Ordinary |
United Kingdom |
100 |
|
AGES Cameroon Ltd |
Ordinary |
United Kingdom |
70 |
|
Solar Era Nigeria Ltd |
Ordinary |
United Kingdom |
100 |
|
Kwara Energy Project Ltd |
Ordinary |
Nigeria |
97 |
|
|
4 |
Debtors |
2021 |
|
2020 |
£ |
£ |
|
|
Other debtors and accrued income |
640,697 |
|
411,780 |
|
|
|
|
|
|
|
|
|
|
5 |
Creditors: amounts falling due within one year |
2021 |
|
2020 |
£ |
£ |
|
|
Bank loans and overdrafts |
4,180 |
|
4,092 |
|
Trade creditors |
141,312 |
|
207,797 |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
- |
|
15,278 |
|
Other creditors |
559,428 |
|
431,910 |
|
|
|
|
|
|
704,920 |
|
659,077 |
|
|
|
|
|
|
|
|
|
|
6 |
Creditors: amounts falling due after one year |
2021 |
|
2020 |
£ |
£ |
|
|
Bank loans |
31,274 |
|
30,917 |
|
|
|
|
|
|
|
|
|
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During the year, the company availed short term loan under Bounce Back Loan Scheme from Lloyds Bank for £35,000 @ fixed rate of 2.5% and repayable by May 2030. |
|
7 |
Related party transactions |
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In accordance with the exemption available in Section 33 of FRS 102; the company has not disclosed transactions with its 100% parent company and fellow subsidiary companies within the Africa Growth And Energy Solutions UK Ltd group. The company has availed of an exemption available in Section 1.12 of FRS 102 from the requirement to disclose details of the remuneration of 'Key Management Personnel'.
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8 |
Controlling party |
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There is no single controlling party.
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9 |
Other information |
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Africa Growth And Energy Solutions UK Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
|
75 Westow Hill |
|
Crystal Palace |
|
London |
|
SE19 1TX |