IPOWER_ACTION_LTD - Accounts
IPOWER_ACTION_LTD - Accounts
Company Registration No. SC400697 (Scotland)
FOR THE YEAR ENDED 31 MARCH 2016
COMPANY INFORMATION
Directors
Company number
Registered office
Accountants
Business address
17 Kenilworth Road
Bridge of Allan
Stirling
FK9 4DU
Bankers
The Co-operative Bank
The Co-operative Bank PLC
P O Box 250
Skelmerdale
Lancashire
WN8 6WT
CONTENTS
Page
Directors' report
1
Accountants' report
2
Profit and loss account
3
Balance sheet
4
Notes to the financial statements
5 - 8
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2016
- 1 -
The directors present their report and financial statements for the year ended 31 March 2016.
Principal activities
The company, which is limited by guarantee, provides energy efficiency consultancy services as its primary activity. The Company has a 100% owned trading subsidiary, iPower Energy Ltd which started trading on 1 April 2012. This periods accounts include some income and expenditure delivered during the period ended 31 March 2016 as detailed in the profit and loss account.
Directors
The following directors have held office since 1 April 2015:
This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
On behalf of the board
Director
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF IPOWER ACTION LTD FOR THE YEAR ENDED 31 MARCH 2016
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of iPower Action Ltd for the year ended 31 March 2016 set out on pages 3 to 8 from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.org.uk/accountspreparationguidance.
This report is made solely to the Board of Directors of iPower Action Ltd, as a body, in accordance with the terms of our engagement letter dated 10 November 2015. Our work has been undertaken solely to prepare for your approval the financial statements of iPower Action Ltd and state those matters that we have agreed to state to the Board of Directors of iPower Action Ltd, as a body, in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at http://www.icas.org.uk/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than iPower Action Ltd and it's Board of Directors as a body, for our work or for this report.
It is your duty to ensure that iPower Action Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of iPower Action Ltd. You consider that iPower Action Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of iPower Action Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
David Marshall Associates
Chartered Accountants
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2016
- 3 -
2016
2015
Notes
£
£
Turnover
-
Administrative expenses
(507 )
(27,659 )
Operating loss
(507 )
(23,840 )
Other interest receivable and similar income
2
Loss on ordinary activities before taxation
(413 )
(23,737 )
Tax on loss on ordinary activities
5
-
-
Loss for the year
10
(413 )
(23,737 )
The profit and loss account has been prepared on the basis that all operations are continuing operations.
There are no recognised gains and losses other than those passing through the profit and loss account.
BALANCE SHEET
AS AT
31 MARCH 2016
- 4 -
2016
2015
Notes
£
£
£
£
Fixed assets
Investments
3
Current assets
Debtors
4
Cash at bank and in hand
Creditors: amounts falling due within one year
7
(12,250 )
(12,250 )
Net current liabilities
(6,508 )
(6,095 )
Total assets less current liabilities
(6,507 )
(6,094 )
Accruals and deferred income
6
(19,567 )
(19,567 )
(26,074 )
(25,661 )
Capital and reserves
Profit and loss account
10
(26,074 )
(25,661 )
Shareholders' funds
8
(26,074 )
(25,661 )
Directors' responsibilities:
-
-
Approved by the Board and authorised for issue on 28 December 2016
Director
Company Registration No. SC400697
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2016
- 5 -
1
Accounting policies
1.1
Accounting convention
The company meets its day to day working capital requirements through the continuing financial support of the Directors.
The nature of the company's business is such that there can be considerable unpredictable variation in the timing of cash inflows. The directors have prepared projected cash flow information for the period ending 9 months from the date of their approval of these financial statements.
However, the margin of facilities over requirements is not large and, inherently there can be no certainty in relation to these matters. On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis.
The nature of the company's business is such that there can be considerable unpredictable variation in the timing of cash inflows. The directors have prepared projected cash flow information for the period ending 9 months from the date of their approval of these financial statements.
However, the margin of facilities over requirements is not large and, inherently there can be no certainty in relation to these matters. On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis.
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
1.4
Investments
Fixed asset investments are stated at cost less provision for diminution in value.
1.5
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.6
Government grants
Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.
1.7
Group accounts
The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertaking comprise a small-sized group. The company has therefore taken advantage of the exemptions provided by section 399 of the Companies Act 2006 not to prepare group accounts.
2
Investment income
2016
2015
£
£
Bank interest
-
Other interest
94
103
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
- 6 -
3
Fixed asset investments
Shares in group undertakings and participating interests
£
Cost
At 1 April 2015 & at 31 March 2016
1
Net book value
At 31 March 2016
At 31 March 2015
Holdings of more than 20%
The company holds more than 20% of the share capital of the following companies:
Company
Country of registration or
Shares held
incorporation
Class
%
Subsidiary undertakings
Ordinary Shares
The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows:
Capital and reserves
Profit/(loss) for the year
2016
2016
Principal activity
£
£
38,048
23,217
4
Debtors
2016
2015
£
£
Other debtors
Included in other debtors is a staff loan of £4,961 (2015: £4,867 ). This loan incurs interest at 2% per annum.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
- 7 -
5
Taxation
2016
2015
£
£
Total current tax
-
-
Factors affecting the tax charge for the year
Loss on ordinary activities before taxation
(413 )
(23,737 )
6
Accruals and deferred income
Government grants
£
Balance at 1 April 2015 & at 31 March 2016
7
Creditors: amounts falling due within one year
2016
2015
£
£
Trade creditors
-
Amounts owed to group undertakings and undertakings in which the company has a participating interest
Other creditors
8
Reconciliation of movements in Shareholders' funds
2016
2015
£
£
Loss for the financial year
(413 )
(23,737 )
Opening Shareholders' funds
(25,661 )
(1,924 )
Closing Shareholders' funds
(26,074 )
(25,661 )
9
Control
iPower Action Ltd is ultimately controlled by the Directors, Mr J Cape, Ms D McIntosh and Mr. David Stewart.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
- 8 -
10
Statement of movements on profit and loss account
Profit
and loss
account
and loss
account
£
Balance at 1 April 2015
(25,661 )
Loss for the year
(413 )
Balance at 31 March 2016
(26,074 )
11
Related party relationships and transactions
The directors have provided loans to the Company. The loans are interest free and there are no fixed repayment terms. As at 31 March 2015 an amount of £4,201 (2015 - £3,001) was owed to Mr J Cape, and £100 (2015 - £100) was owed to Mrs D McIntosh.
iPower Action Ltd operates through a trading company, iPower Energy Ltd which is wholly owned by iPower Action Ltd. During the year iPower Energy Ltd made a loan payment of nil (2015: £4,000) to the company . As at March 2015 the company owes iPower Energy Ltd £6,239 (2015 - £2,239).
MANAGEMENT INFORMATION
FOR THE YEAR ENDED 31 MARCH 2016
SCHEDULE OF ADMINISTRATIVE EXPENSES
FOR THE YEAR ENDED 31 MARCH 2016
2016
2015
£
£
Administrative expenses
Donations
-
23,000
Conferences
-
300
Advertising/Exhibitions
-
563
Legal and prof fees - allowable
-
13
Accountancy
(1)
1,734
Subscriptions
508
2,049