Company Registration No. SC400697 (Scotland)
IPOWER ACTION LTD
DIRECTORS' REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2014
IPOWER ACTION LTD
COMPANY INFORMATION
Directors
Mr Jonathan Cape
Ms Dorothy McIntosh
Mr David Stewart
(Appointed 15 March 2014)
Company number
SC400697
Registered office
iPower Action Ltd
17 Kenilworth Road
Bridge of Allan
Stirling
FK9 4DU
Accountants
David Marshall Associates
CBC House
24 Canning Street
Edinburgh
EH3 8EG
Business address
iPower Action Ltd
17 Kenilworth Road
Bridge of Allan
Stirling
FK9 4DU
Bankers
The Co-Operative Bank
PO Box 48
1 Balloon Street
Manchester
M60 1GP
IPOWER ACTION LTD
CONTENTS
Page
Directors' report
1
Accountants' report
2
Profit and loss account
3
Balance sheet
4
Notes to the financial statements
5 - 7
IPOWER ACTION LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2014
- 1 -
The directors present their report and financial statements for the year ended 31 March 2014.
Principal activities
The company is structured and operated as a Social Enterprise Company. The company was incorporated on 01 June 2011 and is a company limited by guarantee.
The company, which is limited by guarantee, provids 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 2013 as detailed in the profit and loss account.
Directors
The following directors have held office since 1 April 2013:
Mr Jonathan Cape
Ms Dorothy McIntosh
Mr David Stewart
(Appointed 15 March 2014)
Statement of directors' responsibilities
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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
Ms Dorothy McIntosh
Director
14 November 2014
IPOWER ACTION LTD
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 2014
- 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 2014 set out on pages 3 to 7 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 8 November 2011. 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
14 November 2014
Chartered Accountants
CBC House
24 Canning Street
Edinburgh
EH3 8EG
IPOWER ACTION LTD
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2014
- 3 -
2014
2013
Notes
£
£
Turnover
8,615
Cost of sales
(1,800)
Gross profit
6,815
Administrative expenses
(7,497)
(1,373)
Operating loss
(682)
(1,373)
Other interest receivable and similar income
2
101
180
Loss on ordinary activities before taxation
(581)
(1,193)
Tax on loss on ordinary activities
Loss for the year
7
(581)
(1,193)
IPOWER ACTION LTD
BALANCE SHEET
AS AT
31 MARCH 2014
31 March 2014
- 4 -
2014
2013
Notes
£
£
£
£
Fixed assets
Investments
3
1
1
Current assets
Debtors
4
22,229
4,680
Cash at bank and in hand
7,393
29,622
4,680
Creditors: amounts falling due within one year
5
(8,160)
(6,023)
Net current assets/(liabilities)
21,462
(1,343)
Total assets less current liabilities
21,463
(1,342)
Accruals and deferred income
6
(23,386)
(1,923)
(1,342)
Capital and reserves
Profit and loss account
7
(1,923)
(1,342)
Shareholders' funds
(1,923)
(1,342)
For the financial year ended 31 March 2014 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.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and the Financial Reporting Standard for Smaller Entities (effective April 2008).
Approved by the Board for issue on 14 November 2014
Mr Jonathan Cape
Director
Company Registration No. SC400697
IPOWER ACTION LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2014
- 5 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
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.
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
Turnover represents amounts receivable for consultancy services provided.
1.4
Investments
Fixed asset investments are stated at cost less provision for diminution in value.
1.5
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
2014
2013
£
£
Bank interest
7
Other interest
94
180
101
180
IPOWER ACTION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2014
- 6 -
3
Fixed asset investments
Shares in group undertakings and participating interests
£
Cost
At 1 April 2013 & at 31 March 2014
1
Net book value
At 31 March 2014
1
At 31 March 2013
1
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
iPower Energy Ltd
United Kingdom
Ordinary Shares
100.00
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
2014
2014
Principal activity
£
£
iPower Energy Ltd
Consultancy in the energy efficiency sector.
(22,571)
(17,475)
4
Debtors
2014
2013
£
£
Trade debtors
16,198
Other debtors
6,031
4,680
22,229
4,680
Included in other debtors is a staff loan of £4,774. This loan incurs interest at 2% per annum.
IPOWER ACTION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2014
- 7 -
5
Creditors: amounts falling due within one year
2014
2013
£
£
Trade creditors
1,200
Amounts owed to group undertakings
2,239
1,782
Other creditors
4,721
4,241
8,160
6,023
6
Accruals and deferred income
Government grants
£
Grants received during the year
23,386
Balance at 31 March 2014
23,386
7
Statement of movements on profit and loss account
Profit
and loss
account
£
Balance at 1 April 2013
(1,342)
Loss for the year
(581)
Balance at 31 March 2014
(1,923)
8
Control
iPower Action Ltd is ultimately controlled by the Directors, Mr J Cape and Ms D McIntosh.
9
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 2014 an amount of £3,001 (2013 - £3,001) was owed to Mr J Cape, and £100 (2013 - £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 paid for £1,057 (2013 - £1,060) of the company's expenses. As at March 2014, the company is due to pay £2,239 (2013 - £1,782) to iPower Energy Ltd.
iPower Action Ltd operates through a trading company, iPower Energy Ltd which is wholly owned by iPower Action Ltd. During the year iPower Energy paid for £1,057 (2013 - £1,060) of the company's expenses. As at March 2014, the company is due to pay £2,239 (2013 - £1,782) to iPower Energy Ltd.
IPOWER ACTION LTD
MANAGEMENT INFORMATION
FOR THE YEAR ENDED 31 MARCH 2014
IPOWER ACTION LTD
SCHEDULE OF ADMINISTRATIVE EXPENSES
FOR THE YEAR ENDED 31 MARCH 2014
2014
2013
£
£
Administrative expenses
Staff training
198
-
Conferences
282
-
Advertising/Exhibitions
3,663
-
Legal and prof fees - allowable
13
14
Accountancy
2,124
1,330
Bank charges
-
28
Sundry expenses
50
1
Subscriptions
1,167
-
7,497
1,373
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