Seneca Global Energy Limited Filleted accounts for Companies House (small and micro)

SENECA GLOBAL ENERGY LIMITED - Company Information

6 false false false false false false false false false true false false false false false false No description of principal activity 2019-07-01 Sage Accounts Production Advanced 2020 - FRS102_2019 602,912 352,715 250,197 352,715 250,197 602,912 1,548,925 1 1,548,924 1 1 1,548,924 1,548,924 843 843 xbrli:pure xbrli:shares iso4217:GBP 07897445 2019-07-01 2020-06-30 07897445 2020-06-30 07897445 2019-06-30 07897445 2018-07-01 2019-06-30 07897445 2019-06-30 07897445 core:PlantMachinery 2019-07-01 2020-06-30 07897445 bus:OrdinaryShareClass1 2019-07-01 2020-06-30 07897445 bus:Director3 2019-07-01 2020-06-30 07897445 core:LandBuildings 2019-06-30 07897445 core:PlantMachinery 2019-06-30 07897445 core:LandBuildings 2020-06-30 07897445 core:PlantMachinery 2020-06-30 07897445 core:WithinOneYear 2020-06-30 07897445 core:WithinOneYear 2019-06-30 07897445 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2019-07-01 2020-06-30 07897445 core:LandBuildings 2019-07-01 2020-06-30 07897445 core:ShareCapital 2020-06-30 07897445 core:ShareCapital 2019-06-30 07897445 core:RetainedEarningsAccumulatedLosses 2020-06-30 07897445 core:RetainedEarningsAccumulatedLosses 2019-06-30 07897445 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2020-06-30 07897445 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2019-06-30 07897445 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2019-06-30 07897445 core:CostValuation core:Non-currentFinancialInstruments 2019-06-30 07897445 core:DisposalsRepaymentsInvestments core:Non-currentFinancialInstruments 2020-06-30 07897445 core:CostValuation core:Non-currentFinancialInstruments 2020-06-30 07897445 core:Non-currentFinancialInstruments core:ProvisionsForImpairmentInvestments 2019-06-30 07897445 core:DisposalsDecreaseInProvisionsForImpairmentInvestments core:Non-currentFinancialInstruments 2020-06-30 07897445 core:Non-currentFinancialInstruments 2020-06-30 07897445 core:Non-currentFinancialInstruments 2019-06-30 07897445 core:AcceleratedTaxDepreciationDeferredTax 2019-06-30 07897445 core:LandBuildings 2019-06-30 07897445 core:PlantMachinery 2019-06-30 07897445 core:DeferredTaxation 2019-06-30 07897445 core:DeferredTaxation 2019-07-01 2020-06-30 07897445 bus:SmallEntities 2019-07-01 2020-06-30 07897445 bus:AuditExemptWithAccountantsReport 2019-07-01 2020-06-30 07897445 bus:FullAccounts 2019-07-01 2020-06-30 07897445 bus:SmallCompaniesRegimeForAccounts 2019-07-01 2020-06-30 07897445 bus:PrivateLimitedCompanyLtd 2019-07-01 2020-06-30 07897445 bus:OrdinaryShareClass1 2020-06-30 07897445 bus:OrdinaryShareClass1 2019-06-30 07897445 core:OfficeEquipment 2019-07-01 2020-06-30 07897445 core:OfficeEquipment 2019-06-30 07897445 core:OfficeEquipment 2020-06-30

COMPANY REGISTRATION NUMBER: 07897445

Seneca Global Energy Limited

Filleted Unaudited Financial Statements

30 June 2020

Seneca Global Energy Limited

Balance Sheet

30 June 2020

	2020		2019
Note	£	£	£

Fixed assets

Intangible assets	5	250,197	602,912
Tangible assets	6	835,672	1,018,893
Investments	7	1,548,924	1,548,924
		------------	------------
		2,634,793	3,170,729

Current assets

Debtors	8	7,131,894	6,838,204
Cash at bank and in hand		734,044	443,475
		------------	------------
		7,865,938	7,281,679

Creditors: amounts falling due within one year	9	2,790,915		4,015,434
		------------		------------
Net current assets			5,075,023	3,266,245
			------------	------------
Total assets less current liabilities			7,709,816	6,436,974

Provisions

Taxation including deferred tax	10	–	843
		------------	------------
Net assets		7,709,816	6,436,131
		------------	------------

Capital and reserves

Called up share capital	13	2	2
Profit and loss account		7,709,814	6,436,129
		------------	------------
Shareholders funds		7,709,816	6,436,131
		------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.

For the year ending 30 June 2020 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 .

Seneca Global Energy Limited

Balance Sheet (continued)

30 June 2020

These financial statements were approved by the board of directors and authorised for issue on 12 February 2021 , and are signed on behalf of the board by:

M Betts

Director

Company registration number: 07897445

Seneca Global Energy Limited

Notes to the Financial Statements

Year ended 30 June 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Maritime House, Harbour Walk, Hartlepool, Cleveland, TS24 0UX.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Intangible assets

Renewable energy site development costs are recognised at cost. Amortisation will commence upon the start of the commercial application of the renewable energy project to which the specific development costs relate, and will continue for its useful life.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Development costs	-	Will be depreciated when the sites become operational

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	25% straight line
Fixtures, fittings an equipment	-	20% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Provisions

Provisions are uncertain in timing or amount, and are recognised when there is a present obligation as a result of a past event and the outflow of economic benefit is probable and can be estimated reliably. Judgement is involved in determining whether an obligation exists, and in estimating the probability, timing and amount of any outflows. Provisions for legal proceedings and regulatory matters typically require a higher degree of judgement than other types of provisions. When matters of dispute are at an early stage, accounting judgements can be difficult because of the high degree of uncertainty associated with determining whether a present obligation exists as a result of a past event, estimating the probability of outflows and making estimates of the amount of any outflows that may arise. Management evaluate on an ongoing basis whether provisions should be recognised as well as their estimated amounts as matters progress through many stages of development, revising previous judgements and estimates as appropriate. At more advanced stages, it is typically possible to make judgements and estimates around a better-defined set of possible outcomes however, such judgements can be very difficult and the amount of any provision can be very sensitive to the assumptions used. There could be a wide range of possible outcomes for any pending legal proceedings, investigations or enquiries. As a result, it is often not practicable to quantify a range of possible outcomes for individual matters. Quantifying ranges of potential outcomes for these types of provisions is also not practicable because of the diverse nature and circumstances of such matters and the wide range of uncertainties involved.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 6 (2019: 6 ).

5. Intangible assets

	Development costs
	£
Cost
At 1 July 2019	602,912
Additions	–
Disposals	( 352,715)
	---------
At 30 June 2020	250,197
	---------
Amortisation
Charge for the year	–
Disposals	( 352,715)
Impairment losses	352,715
	---------
At 30 June 2020	–
	---------
Carrying amount
At 30 June 2020	250,197
	---------
At 30 June 2019	602,912
	---------

Development costs for potential renewable energy sites are recognised at cost. Amortisation will commence upon the start of commercial application of the specific renewable energy site to which the development cost relates. During the year, the development costs of one of the sites have been impaired to nil upon review. The remaining sites are still being developed.

6. Tangible assets

	Land and buildings	Plant and machinery	Equipment	Total
	£	£	£	£
Cost
At 1 July 2019	990,175	153,162	3,573	1,146,910
Disposals	( 154,503)	–	–	( 154,503)
	---------	---------	-------	------------
At 30 June 2020	835,672	153,162	3,573	992,407
	---------	---------	-------	------------
Depreciation
At 1 July 2019	–	124,444	3,573	128,017
Charge for the year	–	28,718	–	28,718
	---------	---------	-------	------------
At 30 June 2020	–	153,162	3,573	156,735
	---------	---------	-------	------------
Carrying amount
At 30 June 2020	835,672	–	–	835,672
	---------	---------	-------	------------
At 30 June 2019	990,175	28,718	–	1,018,893
	---------	---------	-------	------------

Freehold land is not depreciated.

7. Investments

	Shares in group undertakings
	£
Cost
At 1 July 2019	1,548,925
Disposals	( 1)
	------------
At 30 June 2020	1,548,924
	------------
Impairment
At 1 July 2019	1
Disposals	( 1)
	------------
At 30 June 2020	–
	------------

Carrying amount
At 30 June 2020	1,548,924
	------------
At 30 June 2019	1,548,924
	------------

8. Debtors

	2020	2019
	£	£
Trade debtors	105,663	30,172
Amounts owed by group undertakings	6,487,842	6,626,062
Other debtors	538,389	181,970
	------------	------------
	7,131,894	6,838,204
	------------	------------

9. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	84,745	58,253
Amounts owed to group undertakings	2,580,138	3,880,138
Social security and other taxes	102,125	51,001
Pension	825	729
Other creditors	23,082	25,313
	------------	------------
	2,790,915	4,015,434
	------------	------------

10. Provisions

	Deferred tax (note 11)
	£
At 1 July 2019	843
Unused amounts reversed	( 843)
	----
At 30 June 2020	–
	----

11. Deferred tax

The deferred tax included in the balance sheet is as follows:

	2020	2019
	£	£
Included in provisions (note 10)	–	843
	----	----

The deferred tax account consists of the tax effect of timing differences in respect of:

	2020	2019
	£	£
Accelerated capital allowances	–	843
	----	----

12. Financial instruments

The company has not used any non-basic financial instruments in the year.

13. Called up share capital

Issued, called up and fully paid

	2020		2019
	No.	£	No.	£
Ordinary shares of £ 1 each	2	2	2	2
	----	----	----	----

14. Directors' advances, credits and guarantees

There were no directors advances, credits or guarantees in the year.

15. Related party transactions

Transactions with related parties are undertaken under normal commercial terms.