Company Registration No. 08073492 (England and Wales)
GNERGY HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
PAGES FOR FILING WITH REGISTRAR
GNERGY HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
GNERGY HOLDINGS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2019
31 March 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Intangible assets
2
420
420
Investments
3
-
160,553
420
160,973
Current assets
Debtors falling due after more than one year
4
-
2,892,268
Debtors falling due within one year
4
-
784
Cash at bank and in hand
2,987
19,511
2,987
2,912,563
Creditors: amounts falling due within one year
5
(438,141)
(403,835)
Net current (liabilities)/assets
(435,154)
2,508,728
Total assets less current liabilities
(434,734)
2,669,701
Capital and reserves
Called up share capital
6
2,826,399
2,826,399
Profit and loss reserves
(3,261,133)
(156,698)
Total equity
(434,734)
2,669,701
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
GNERGY HOLDINGS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2019
31 March 2019
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 28 July 2020 and are signed on its behalf by:
Mr T D Dewan
Director
Company Registration No. 08073492
GNERGY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
- 3 -
1
Accounting policies
Company information
Gnergy Holdings Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
119 Wren Way, FARNBOROUGH, GU14 8TA.
The company does not trade and at the balance sheet date it was a dormant holding company. Prior to the subsidiary company going into liquidation, administration costs were funded by the subsidiary. An administrator was appointed for the subsidiary company on 27 March 2020. There have been no costs incurred by Gnergy Holdings Limited since this date.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated accounts
, on the basis that the group of which this is the parent qualifies as a small group
. The financial statements present information about the company as an individual entity and not about its group
.
1.2
Going concern
At the balance sheet date, the company had net current liabilities and net liabilities.
true
The company is supported by loans from the external investors totalling £435,891. The director has confirmed that the external investors will not seek repayment of the loans until the company is in a position to make such repayments.
Since the liquidation process of the subsidiary company commenced, the company has not incurred any costs.
Following the liquidation of the subsidiary company the company will essentially be dormant.
A
t the time of approving the
director, has
a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Intangible fixed assets other than goodwill
Intangible assets
represents trademarks. Trademarks
are recognised at cost and are
not amortised.
1.4
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
GNERGY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
1
Accounting policies
(Continued)
- 4 -
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
represents
cash in hand
.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs
.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including are
recognised at transaction price
. Financial liabilities classified as payable within one year are not amortised.
GNERGY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
1
Accounting policies
(Continued)
- 5 -
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Intangible fixed assets
Trademark
£
Cost
At 1 April 2018 and 31 March 2019
420
Amortisation and impairment
At 1 April 2018 and 31 March 2019
-
Carrying amount
At 31 March 2019
420
At 31 March 2018
420
3
Fixed asset investments
2019
2018
£
£
Investments
-
160,553
Fixed asset investments not carried at market value
In prior years fixed asset investment was stated at cost on the basis that the director believed that the subsidiary will grow and losses in the early start up year will be restored in the future. The investment in the subsidiary company, Gnergy Limited, has been written off in full in these financial statements on the basis that the subsidiary company is in the process of being liquidated and, in the opinion of the director, the investment no longer has any value.
GNERGY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
3
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 April 2018 & 31 March 2019
160,553
Impairment
At 1 April 2018
-
Impairment losses
160,553
At 31 March 2019
160,553
Carrying amount
At 31 March 2019
-
At 31 March 2018
160,553
GNERGY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 7 -
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Other debtors
-
784
2019
2018
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
-
2,892,268
Total debtors
-
2,893,052
The loan of £2,937,943 owed by the subsidiary company, Gnergy Limited, has been written off to the profit and loss account as explained below.
The amount receivable from the liquidation process will be dependent on the funds received for the disposal of certain rights held by the subsidiary company, the recovery of the amounts owed to the subsidiary company and settlement of creditor balances at the agreed rate.
The funds received for the disposal of the rights held by the subsidiary company will be dependent on finding a suitable investor.
At the date of approving these financial statements, it is uncertain how much, if any, of the balance is recoverable. The balance has therefore been provided for in full as, in the opinion of the director, the balance is no longer recoverable.
5
Creditors: amounts falling due within one year
2019
2018
£
£
Other creditors
438,141
403,835
6
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
28,263,990 Ordinary shares of 10p each
2,826,399
2,826,399