Company Registration No. 06993060 (England and Wales)
GNERGY LIMITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
GNERGY LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
GNERGY LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2016
31 March 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
8,860
8,106
Current assets
Debtors
1,372,465
58,298
Cash at bank and in hand
28,626
13,693
1,401,091
71,991
Creditors: amounts falling due within one year
(1,031,768)
(75,539)
Net current assets/(liabilities)
369,323
(3,548)
Total assets less current liabilities
378,183
4,558
Creditors: amounts falling due after more than one year
(1,194,874)
(804,640)
(816,691)
(800,082)
Capital and reserves
Called up share capital
3
1
1
Profit and loss account
(816,692)
(800,083)
Shareholders' funds
(816,691)
(800,082)
For the financial Year 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 Year 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 29 July 2016
Mr T D Dewan
Mr M Gurung
Director
Secretary
Company Registration No. 06993060
GNERGY LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR 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).
Losses have been incurred in the year. The company is dependent on the support of the holding company, Gnergy Holdings Limited. At the year end funds of £1,194,874 had been provided.
On the basis of continued support the directors consider it appropriate to prepare these financial statements on a going concern basis.
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 net of VAT .
.
1.4
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
2
Fixed assets
Tangible assets
£
Cost
At 1 April 2015
16,019
Additions
6,345
At 31 March 2016
22,364
Depreciation
At 1 April 2015
7,913
Charge for the period
5,591
At 31 March 2016
13,504
Net book value
At 31 March 2016
8,860
At 31 March 2015
8,106
GNERGY LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
- 3 -
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
1 Ordinary of £1 each
1
1
4
Ultimate parent company
The company is controlled by and is a wholly owned subsidiary of Gnergy Holdings Limited.
Gnergy Holdings Limited is a subsidiary of and controlled by Gurkha Resources Limited, by virtue of holding 80% of the share capital.
The ultimate controlling party is Mr T D Dewan by virtue of holding 100% of the share capital of Gurkha Resources Limited.
Related party transactions
At the year end in creditors; amounts falling after more than one year, the amount owed to Gnergy Holdings Limited, its parent company was £1,194,874 (2015: £804,640).