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Registered number: 09403656
BRIGHT LIGHT ENERGY LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2020
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BRIGHT LIGHT ENERGY LIMITED
REGISTERED NUMBER: 09403656
BALANCE SHEET
AS AT 31 DECEMBER 2020
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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BRIGHT LIGHT ENERGY LIMITED
REGISTERED NUMBER: 09403656
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2020
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 3 to 9 form part of these financial statements.
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BRIGHT LIGHT ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
Bright Light Energy Limited, registered number 09403656, is a private company limited by shares, and is incorporated in England, United Kingdom. The address of the registered office is Eccleshall Biomass Raleigh Hall Industrial Estate, Eccleshall, Stafford, England, ST21 6JL.
2.ACCOUNTING POLICIES
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BASIS OF PREPARATION OF FINANCIAL STATEMENTS
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
The financial statements have been prepared on a going concern basis which assumes that the company will continue in operation for the foreseeable future, being a period of at least twelve months from the date of approval of the financial statements.
The Company has been able to continue trading throughout the COVID-19 pandemic and lockdown restrictions implemented after the balance sheet date. Although there are no employees, the Directors have been able to work remotely to fulfill their responsibilities with little impact on the running of the Company.
Despite the loss made in the year, the cash balance and net current assets of the Company remains strong and the Directors are comfortable that the Company will continue to be able to meet creditors as they fall due.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:
Turnover represents energy supplied during the year. This includes estimates of the energy supplied between the last invoice raised and the year end. Energy supplied to customers and not yet invoiced is included within accrued income.
Interest income is recognised in profit or loss using the effective interest method.
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BRIGHT LIGHT ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
2.ACCOUNTING POLICIES (CONTINUED)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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CASH AND CASH EQUIVALENTS
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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BRIGHT LIGHT ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
2.ACCOUNTING POLICIES (CONTINUED)
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
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FOREIGN CURRENCY TRANSLATION
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
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BRIGHT LIGHT ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
2.ACCOUNTING POLICIES (CONTINUED)
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
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JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY
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Judgements in applying the above accounting policies are detailed in the individual policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The Directors make estimates and assumptions concerning the future based on their knowledge of the business and the environment it operates in. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results.
The most significant estimate within the financial statements relates to the Directors estimation in respect of the recoverability of trade debtors, other debtors and accrued income. Other debtors of £530,000, trade debtors of £174,917 and accrued income of £155,330 are considered by the Directors to be recoverable. The amounts are primarily due from one customer and the Directors have assessed the balances, concluding that the amounts are recoverable based on expected further investment into the customer's balance sheet.
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The average monthly number of employees during the year was 0 (2019 - 0).
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BRIGHT LIGHT ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
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Charge for the year on owned assets
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BRIGHT LIGHT ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
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Due after more than one year
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Prepayments and accrued income
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CASH AND CASH EQUIVALENTS
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CREDITORS: Amounts falling due within one year
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Accruals and deferred income
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BRIGHT LIGHT ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
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Allotted, called up and fully paid
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2,623,948 (2019 - 2,623,948) Ordinary shares of £0.01 each
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RELATED PARTY TRANSACTIONS
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The Company incurred expenditure totalling £86,661 (2019: £86,570) from a company that provided key management personnel services to Bright Light Energy Limited during the year. At the year end, a balance of £Nil (2019: £Nil) was due in relation to these costs.
The Company incurred expenditure totalling £11,700 (2019: £Nil) from a Company that is controlled by a Director. At the year end, a balance of £Nil (2019: £Nil) was due in relation to these costs.
The Company were recharged costs of £705,524 from a Company in which a Director has a significant influence, a proportion of these costs have been capitalised. In addition, the Company received income from this entity of £546,160 which is included within turnover, other income and investment income.
At the year end the Company owed to this entity £46,289 which is included within trade creditors and was owed £850,297, included within other debtors, trade debtors and accrued income. The entity was not considered to be a related party in the previous year.
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