Company Registration No. 08073492 (England and Wales)
GNERGY HOLDINGS LIMITED
ABBREVIATED ACCOUNTS
FOR THE PERIOD ENDED 31 MARCH 2016
GNERGY HOLDINGS LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 4
GNERGY HOLDINGS LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2016
31 March 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Intangible assets
2
420
420
Tangible assets
2
3,298
4,487
Investments
2
160,553
160,553
164,271
165,460
Current assets
Debtors
3
1,194,874
877,454
Cash at bank and in hand
124,733
45,253
1,319,607
922,707
Creditors: amounts falling due within one year
4
(1,632,051)
(1,232,071)
Net current liabilities
(312,444)
(309,364)
Total assets less current liabilities
(148,173)
(143,904)
Capital and reserves
Called up share capital
5
100
100
Profit and loss account
(148,273)
(144,004)
Shareholders' funds
(148,173)
(143,904)
For the financial Period ended 31 March 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the Period in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 27 July 2016
Mr T D Dewan
Mr M Gurung
Director
Secretary
Company Registration No. 08073492
GNERGY HOLDINGS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE PERIOD ENDED 31 MARCH 2016
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
The directors consider that the financial statements should be prepared on the basis that the company is a going concern. The company's creditors represent loans from investors which are due to be converted into share capital in the short term.
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT .
.
1.4
Trademarks
Trademarks
are valued at cost less accumulated amortisation. Amortisation is calculated to write off the cost in equal annual instalments over their estimated useful lives.
1.5
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Fixtures, fittings & equipment
25% straight line
1.6
Investments
Fixed asset investments are stated at cost less provision for diminution in value.
1.7
Group accounts
The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertaking comprise a small-sized group. The company has therefore taken advantage of the exemptions provided by section 399 of the Companies Act 2006 not to prepare group accounts.
GNERGY HOLDINGS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2016
- 3 -
2
Fixed assets
Intangible assets
Tangible assets
Investments
Total
£
£
£
£
Cost
At 1 June 2015 & at 31 March 2016
420
8,918
160,553
169,891
Depreciation
At 1 June 2015
-
4,431
-
4,431
Charge for the period
-
1,189
-
1,189
At 31 March 2016
-
5,620
-
5,620
Net book value
At 31 March 2016
420
3,298
160,553
164,271
At 31 May 2015
420
4,487
160,553
165,460
Holdings of more than 20%
The company holds more than 20% of the share capital of the following companies:
Company
Country of registration or
Shares held
incorporation
Class
%
Subsidiary undertakings
Gnergy Limited
England and Wales
Ordinary
100.00
The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows:
Capital and reserves
Profit/(loss) for the year
2016
2016
Principal activity
£
£
Gnergy Limited
Energy supplier
(816,692)
(16,609)
The results reflected are for the year ended 31/03/2016.
The directors have considered whether it is appropriate to write down the value of it's fixed asset investment and have concluded that it is not appropriate to do so given that the trading outlook for Gnergy Limited is positive.
3
Debtors
Debtors include an amount of £1,194,874 (2015 - £877,454) which is due after more than one year.
GNERGY HOLDINGS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2016
- 4 -
4
Creditors: amounts falling due within one year
Other creditors of £1,616,569 (2015: £1,216,489) represents sums received from investors which is due to be converted into share capital.
5
Share capital
2016
2015
£
£
Allotted, called up and fully paid
100 Ordinary shares of £1 each
100
100
6
Ultimate parent company
Gnergy Holdings Limited is a subsidiary of and controlled by Gurkha Resources Limited, by virtue of owning 80% of the issued ordinary share capital.
The ultimate controlling party is Mr T D Dewan by virtue of holding 100% of the issued share capital of Gurkha Resources Limited.
7
Related party relationships and transactions
At the year end included in other debtors, the amount due after more than one year from Gnergy Limited, a wholly owned subsidiary, was £1,194,874 (2015: £877,454).