Year Ended
Registration number:
Ethical Energy Developments Ltd
Contents
Balance Sheet |
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Notes to the Financial Statements |
Ethical Energy Developments Ltd
Balance Sheet
31 July 2020
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2019 |
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Fixed assets |
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Tangible assets |
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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 liabilities |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Provisions for liabilities |
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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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Profit and loss account |
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Total equity |
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Ethical Energy Developments Ltd
Balance Sheet
31 July 2020
For the financial year ending 31 July 2020 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Company Registration Number: 08164283
Ethical Energy Developments Ltd
Notes to the Financial Statements
Year Ended 31 July 2020
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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 value added tax, returns, rebates and discounts and after eliminating sales within the company.
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
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.
Ethical Energy Developments Ltd
Notes to the Financial Statements
Year Ended 31 July 2020
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the balance sheet 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.
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 |
Plant and machinery |
8% reducing balance |
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
Ethical Energy Developments Ltd
Notes to the Financial Statements
Year Ended 31 July 2020
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Other property, plant and equipment |
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Cost or valuation |
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At 1 August 2019 |
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At 31 July 2020 |
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Depreciation |
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At 1 August 2019 |
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Charge for the year |
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At 31 July 2020 |
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Carrying amount |
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At 31 July 2020 |
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At 31 July 2019 |
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Debtors |
2020 |
2019 |
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Trade debtors |
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Other debtors |
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Prepayments and accrued income |
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Ethical Energy Developments Ltd
Notes to the Financial Statements
Year Ended 31 July 2020
Creditors |
Creditors: amounts falling due within one year
Note |
2020 |
2019 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Other creditors |
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Accrued expenses |
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Creditors: amounts falling due after more than one year
Note |
2020 |
2019 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
2020 |
2019 |
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Loans and borrowings due after one year |
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Bank borrowings |
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2020 |
2019 |
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Current loans and borrowings |
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Bank borrowings |
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The bank has a fixed and floating charge over the company assets. The directors have given a personal guarantee over the loan amount.
Deferred taxation |
Provisions for liabilities includes £3,356 (2019 - £3,917) related to deferred tax caused by timing differences between accounting profit and taxable profit. Included in the statement of income and retained earnings is taxation of (£561) (2019 - £1,507) related to movements in deferred tax.
Ethical Energy Developments Ltd
Notes to the Financial Statements
Year Ended 31 July 2020
Share capital |
Allotted, called up and fully paid shares
2020 |
2019 |
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No. |
£ |
No. |
£ |
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3.00 |
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3 |
On 7 November 2019, there was a sub-division of shares. This changed the nominal value of the shares in issue from £1 per ordinary share to £0.10 per ordinary share, resulting in the total number of shares issued increasing from 3 to 30 shares.
Related party transactions |
Loans from related parties
2020 |
Entities with joint control or significant influence |
At start of period |
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Advanced |
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At end of period |
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2019 |
Entities with joint control or significant influence |
Other related parties |
At start of period |
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Repaid |
( |
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At end of period |
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- |
Terms of loans from related parties