7 Energy Limited Company Accounts


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COMPANY REGISTRATION NUMBER: 07228481
7 Energy Limited
Filleted Unaudited Financial Statements
31 December 2016
7 Energy Limited
Financial Statements
Year ended 31st December 2016
Contents
Page
Statement of Financial Position
1
Notes to the Financial Statements
3
7 Energy Limited
Statement of Financial Position
31 December 2016
2016
2015
Note
£
£
£
£
Fixed Assets
Tangible assets
5
18,670
24,515
Current Assets
Stocks
21,061
9,129
Debtors
6
20,090
70,408
Cash at bank and in hand
1,010
33,059
---------
----------
42,161
112,596
Creditors: amounts falling due within one year
7
75,151
74,010
---------
----------
Net Current (Liabilities)/Assets
( 32,990)
38,586
---------
---------
Total Assets Less Current Liabilities
( 14,320)
63,101
Creditors: amounts falling due after more than one year
8
7,583
12,191
---------
---------
Net (Liabilities)/Assets
( 21,903)
50,910
---------
---------
Capital and Reserves
Called up share capital
9
100
100
Profit and loss account
( 22,003)
50,810
---------
---------
Members (Deficit)/Funds
( 21,903)
50,910
---------
---------
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 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 statement of income and retained earnings has not been delivered.
For the year ending 31st December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
7 Energy Limited
Statement of Financial Position (continued)
31 December 2016
These financial statements were approved by the board of directors and authorised for issue on 7 December 2017 , and are signed on behalf of the board by:
Mr M J Dowley
Director
Company registration number: 07228481
7 Energy Limited
Notes to the Financial Statements
Year ended 31st December 2016
1. General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Emstrey House (North), Shrewsbury Business Park, Shrewsbury, Shropshire, SY2 6LG.
2. Statement of Compliance
These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, '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 presented in sterling which is the functional currency of the company and rounded to the nearest £.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1st January 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 11.
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 for goods supplied and services rendered, net of discounts and Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
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:
Fixtures and fittings
-
15% straight line
Motor vehicles
-
15% straight line
Equipment
-
33% straight line
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance Leases and Hire Purchase Contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial Instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes a party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, which the transaction is measured at the present value of the future receipts discounted at market rate of interest. Financial assets classified as receivable within one year are not amortised. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangement entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payments is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
4. Employee Numbers
The average number of persons employed by the company during the year amounted to 4 (2015: 4 ).
5. Tangible Assets
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1st January 2016
1,852
22,627
16,410
40,889
Additions
1,419
1,419
-------
---------
---------
---------
At 31st December 2016
1,852
22,627
17,829
42,308
-------
---------
---------
---------
Depreciation
At 1st January 2016
1,574
3,394
11,406
16,374
Charge for the year
271
3,394
3,599
7,264
-------
---------
---------
---------
At 31st December 2016
1,845
6,788
15,005
23,638
-------
---------
---------
---------
Carrying amount
At 31st December 2016
7
15,839
2,824
18,670
-------
---------
---------
---------
At 31st December 2015
278
19,233
5,004
24,515
-------
---------
---------
---------
6. Debtors
2016
2015
£
£
Trade debtors
17,214
68,476
Other debtors
2,876
1,932
---------
---------
20,090
70,408
---------
---------
7. Creditors: amounts falling due within one year
2016
2015
£
£
Trade creditors
37,383
31,389
Social security and other taxes
565
4,342
Other creditors
37,203
38,279
---------
---------
75,151
74,010
---------
---------
Included within other creditors is £5,807 (2015 - £5,807) in respect of hire purchase liabilities which are secured against the fixed assets to which they have financed.
8. Creditors: amounts falling due after more than one year
2016
2015
£
£
Other creditors
7,583
12,191
-------
---------
Included within other creditors is £7,583 (2015 - £12,191) in respect of hire purchase liabilities which are secured against the fixed assets to which they have financed.
9. Called Up Share Capital
Issued, called up and fully paid
2016
2015
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
10. Director's Advances, Credits and Guarantees
During the year the director entered into the following advances and credits with the company:
2016
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr M J Dowley
( 231)
( 23,654)
14,240
( 9,645)
----
---------
---------
-------
2015
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr M J Dowley
( 8,643)
( 14,838)
23,250
( 231)
-------
---------
---------
----
The non-interest bearing loan is repayable on demand.
11. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1st January 2015.
No transitional adjustments were required in equity or profit or loss for the year.
12. Going Concern
The financial statements have been prepared on a going concern basis which assumes the continued support of the director.