Stor Power Utilities Ltd - Period Ending 2020-05-31
Stor Power Utilities Ltd - Period Ending 2020-05-31
Year Ended
Registration number:
Stor Power Utilities Ltd
Contents
Company Information |
|
Balance Sheet |
|
Notes to the Unaudited Financial Statements |
Stor Power Utilities Ltd
Company Information
Directors |
Mr J L Antoniou Mrs K J Lock Mrs S Marvin |
Registered office |
|
Accountants |
|
Stor Power Utilities Ltd
Balance Sheet
31 May 2020
Note |
2020 |
2019 |
|
Fixed assets |
|||
Tangible assets |
|
- |
|
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Net liabilities |
( |
( |
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
( |
( |
|
Total equity |
( |
( |
Stor Power Utilities Ltd
Balance Sheet
31 May 2020
For the financial year ending 31 May 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
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
......................................... |
Company Registration Number: 11554317
Stor Power Utilities Ltd
Notes to the Unaudited Financial Statements
Year Ended 31 May 2020
General information |
The company is a private company limited by share capital, incorporated in England & 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.
Disclosure of long or short period
Going concern
The directors, having made all necessary enquiries and given due consideration to the current operational and financial conditions and future outlook, are satisfied that the company will continue to meet its liabilities as they fall due and that the going concern basis of preparation remains appropriate for the foreseeable future being no less that 12 months from the date of approval of these accounts. This is dependent on the continued financial support of the company's parent company.
Stor Power Utilities Ltd
Notes to the Unaudited Financial Statements
Year Ended 31 May 2020
Key sources of estimation uncertainty
The directors do not consider that significant estimates or judgements have been made during the preparation of the financial statements impacting the results and position reported.
The directors do, however, recognise the significant and potentially prolonged uncertainty that exists in the global economy as a result of the Covid-19 pandemic. Whilst the directors believe that the company is well prepared to deal with the potential impacts from both an operational and financial perspective, they recognise that there can be no certainty in this respect.
In the opinion of the directors, there are no key sources of estimation uncertainty as at 31 May 2020.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
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.
Government grants
Grants received are accounted for using the accrual model. The Coronavirus Job Retention Scheme grant is credited to the profit and loss account on a straight line basis over the relevant period in which the related costs are also included. The Small Business Grant Fund is for the purpose of giving immediate financial support to the entity, with no future related costs, therefore it is recognised as income in the period in which it was received.
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 |
Office equipment |
12.5% straight line |
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Stor Power Utilities Ltd
Notes to the Unaudited Financial Statements
Year Ended 31 May 2020
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• 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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Furniture, fittings and equipment |
Total |
|
Cost or valuation |
||
Additions |
|
|
At 31 May 2020 |
|
|
Depreciation |
||
Charge for the year |
|
|
At 31 May 2020 |
|
|
Carrying amount |
||
At 31 May 2020 |
|
|
Stor Power Utilities Ltd
Notes to the Unaudited Financial Statements
Year Ended 31 May 2020
Debtors |
2020 |
2019 |
|
Trade debtors |
|
- |
Amounts due from group undertakings |
|
|
Other debtors |
|
|
Prepayments |
|
|
|
|
Creditors |
Creditors: amounts falling due within one year
2020 |
2019 |
|
Due within one year |
||
Trade creditors |
|
|
Amounts due to group undertakings |
|
|
Social security and other taxes |
|
|
Outstanding defined contribution pension costs |
|
|
Accrued expenses |
|
|
|
|
Share capital |
Allotted, called up and fully paid shares
2020 |
2019 |
|||
No. |
£ |
No. |
£ |
|
|
|
100.00 |
|
100 |
|
|
11.10 |
- |
- |
|
|
|
|
On 25 September 2019 100 £1 Ordinary shares in the company were subdivided into 1000 £0.10 Ordinary shares. The Ordinary shares were then renamed to A Ordinary shares on the same day.
On 25 September 2019 53 £0.10 B Ordinary shares were allotted for an aggregate value of £5.30.
A further 58 £0.10 B Ordinary shares were allotted for an aggregate value of £5.80 on 3 February 2020.
Stor Power Utilities Ltd
Notes to the Unaudited Financial Statements
Year Ended 31 May 2020
New shares allotted
During the year |
Parent and ultimate parent undertaking |
The company's immediate parent is
These financial statements are available upon request from Companies House.
Non adjusting events after the financial period |
|