Draft 24/8/18
Registered number 31107R
Brighton Energy Limited Report and Accounts 31 March 2018
Draft 24/8/18
Brighton Energy Limited Report and accounts Contents
Page Society information
1
Directors' report
2
Accountants' report
3
Revenue account
4
Balance sheet
5
Statement of changes in equity
6
Notes to the accounts
7
Draft 24/8/18
Brighton Energy Limited Society Information
Directors Mr W Cottrell Ms S Paskins Mr T Walker Mr D Tow Mr P Davies Secretary Mr D Tow Registered office Flat 7 47 Montpelier Road Brighton East Sussex BN1 3BA Registered number 31107R
1
Draft 24/8/18
Brighton Energy Limited Registered number: Directors' Report
31107R
The directors present their report and accounts for the year ended 31 March 2018.
Principal activities The Society's principal activity during the year continued to be the production of community owned renewable energy. Directors The following persons served as directors during the year: Mr W Cottrell Ms S Paskins Mr T Walker Mr D Tow Mr P Davies Directors' responsibilities The directors are responsible for preparing the report and accounts in accordance with applicable law and regulations. The law governing Registered Societies requires the directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the society as at the balance sheet date and of its income and expenditure for the year then ended. In preparing these accounts, the directors are required to: â—? select suitable accounting policies and then apply them consistently; â—? make judgements and estimates that are reasonable and prudent; â—? prepare the accounts on the going concern basis unless it is inappropriate to presume that the
society will continue in business. The directors are responsible for keeping proper books of account such as are necessary to give a true and fair view of the society's state of affairs and to explain its financial transactions. The directors must also establish and maintain a satisfactory system of control of its books of account, its cash holdings and all its receipts and remittances, and hence are also responsible for safeguarding the assets and taking reasonable steps for the prevention and detection of fraud and other irregularities. Reporting Criteria This report has been prepared in accordance with the Co-operative and Community Benefit Societies Act 2014. This report was approved by the board on _________________ and signed on its behalf.
Director's signature
Director's name
2
Draft 24/8/18
Brighton Energy Limited Revenue Account for the year ended 31 March 2018 Notes
2018 ÂŁ
2017 ÂŁ
Turnover
194,115
135,204
Cost of sales
(26,249)
(10,451)
Gross profit
167,866
124,753
(123,378) 13,300
(87,192) 2,160 39,721
Operating expenses Other operating income Operating surplus
2
57,788
Interest receivable Interest payable
3
6 -
204 (427)
Surplus before taxation
57,794
39,498
Tax on surplus
11,634
(3,450)
Surplus for the financial year
69,428
36,048
3
Draft 24/8/18
Brighton Energy Limited Balance Sheet as at 31 March 2018 Notes
2018 ÂŁ
2017 ÂŁ
4
1,609,784
1,351,551
Fixed assets Tangible assets Current assets Debtors Cash at bank and in hand
Creditors: amounts falling due within one year
5
80,737 218,268 299,005
56,111 129,446 185,557
6
(106,738)
(23,680)
Net current assets Total assets less current liabilities
Provisions for liabilities
192,267
161,877
1,802,051
1,513,428
(11,833)
(23,467)
Net assets
1,790,218
1,489,961
Capital and reserves Called up share capital Other Reserves Retained Surplus
1,741,051 49,167
1,461,801 (9,477) 37,637
Shareholders' funds
1,790,218
1,489,961
The directors are satisfied that the Society is entitled to exemption from the requirement to obtain an audit under section 84 of the Co-operative and Community Benefit Societies Act 2014. The members have not required the Society to obtain an audit in accordance with the Act. The directors acknowledge their responsibilities for complying with the requirements of the Cooperative and Community Benefit Societies Act 2014 with respect to accounting records and the preparation of accounts. The accounts have been prepared in accordance with the provisions in the Co-operative and Community Benefit Societies Act 2014.
Approved by the board on _____________
____________________ Director's signature
____________________ Director's signature
____________________ Secretary's signature
____________________ Director's name
____________________ Director's name
____________________ Secretary's name
4
Draft 24/8/18
Brighton Energy Limited Statement of Changes in Equity for the year ended 31 March 2018
At 1 April 2016
Share capital
Other reserves
Revenue account
Total
£
£
£
£
1,253,901
(7,666)
35,322
1,281,557
36,048
36,048
(33,733)
(33,733) 206,089
Surplus for the financial year Share Interest Shares issued
207,900
(1,811)
At 31 March 2017
1,461,801
(9,477)
37,637
1,489,961
At 1 April 2017
1,461,801
(9,477)
37,637
1,489,961
69,428
69,428
(57,898)
(57,898) 283,150 (3,900) 9,477
Surplus for the financial year Share Interest Shares issued Shares redeemed Written off to Revenue Account At 31 March 2018
283,150 (3,900) 9,477 1,741,051
5
-
49,167
1,790,218
Draft 24/8/18
Brighton Energy Limited Notes to the Accounts for the year ended 31 March 2018 1
Accounting policies The principal accounting policies adopted in the preparation of the financial statements are set out below. These have remained unchanged from the previous year and have been consistently applied within the accounts. General information Brighton Energy Limited is a registered society incorporated in England within the United Kingdom. The address of the registered office is given on Page 1 of these financial statements. Brighton Energy Limited meets the definition of a public benefit entity under FRS102. Basis of preparation These statements have been prepared under FRS 102 Section1A - small entities and there were no material departures from that standard. The financial statements have been prepared under the historical cost convention. Turnover Turnover represents Feed In Tariff and other electricity generating income, net of value added tax where applicable, derived from the generation of electricity from renewable energy installations.
Depreciation Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives. Plant and machinery
4%/5% straight line
The method used to calculate the deprecation was changed during the year from reducing balance to straight line. This has been changed to be in line with the FiT payments which are only guaranteed for 25 or 20 years. After this period the ownership of the assets will revert to the owner of the building that the assets are located on and Brighton will not receive any consideration for the assets. Deferred Taxation Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. Grants Received Grants are identified as either relating to capital or relating to revenue. Grants relating to revenue are recognised in the revenue statement on a systematic basis over the periods in which the Society recognises the related costs for which the grant is intended to compensate. Capital-based grants are recognised in the revenue statement on a systematic basis over the useful economic life of the asset to match the associated depreciation charge.
6
Draft 24/8/18
Brighton Energy Limited Notes to the Accounts for the year ended 31 March 2018 2
Operating Surplus
2018 £
2017 £
72,461
49,350
72,461
49,350
2018 £
2017 £
-
427 -
-
427
This is stated after charging: Depreciation of tangible fixed assets
3
Interest Payable
Interest payable loans Members' share interest
4
Tangible fixed assets Plant and machinery etc
Assets under construction
Computer equipment
£
£
£
Total £
5,446 330,694 (325,525)
1,466,839 325,525 -
390 -
1,472,675 656,219 (325,525)
10,615
1,792,364
390
1,803,369
Depreciation At 1 April 2017 Charge for the year
-
120,734 72,461
390 -
121,124 72,461
At 31 March 2018
-
193,195
390
193,585
Net book value At 31 March 2018
10,615
1,599,169
-
1,609,784
At 31 March 2017
5,446
1,346,105
-
1,351,551
Cost At 1 April 2017 Additions Disposals At 31 March 2018
7
Draft 24/8/18
Brighton Energy Limited Notes to the Accounts for the year ended 31 March 2018 5
Debtors
Trade debtors Accrued Income Prepaid expenses Other debtors Rent Deposit
Amounts due after more than one year included above
6
Creditors: amounts falling due within one year
Trade creditors Accruals Other creditors
7
2018 £
2017 £
11,940 33,441 3,625 31,156 575 80,737
2,673 50,245 2,931 262 56,111
575
-
2018 £
2017 £
3,220 1,518 102,000
10,607 13,073
106,738
23,680
Related party transactions Mr W Cottrell Director Mr W Cottrell received £25,003 (2017: £18,488) as a subcontractor to Brighton Energy Limited for performing project development and administrative services. As a subcontractor he was owed £1,005 (2017: £2,370) at year end. At year end he was owed £152 (2017: £152) for business expenses he incurred personally. Mr W Cottrell holds 400 shares (2017: 400). Mr D Tow Director Mr D Tow received £25,038 (2017: £28,522) as a subcontractor to Brighton Energy Limited for performing project development and administrative services. As a subcontractor he was owed £211 (2017: £2,019) at year end. At year end he was owed a further £17 (2017: £17) for business expenses he incurred personally. Mr D Tow holds 15,400 shares (2017: 400). Mr T Walker Director Mr T Walker holds 4,000 shares (2017: 3,000) Ms S Paskins Director Ms S Paskins holds 90,000 shares (2017: 45,000). Mr P Davies Director Mr P Davies hold 2,000 shares (2017: 2,000).
8
Draft 24/8/18
Brighton Energy Limited Detailed Revenue Account for the year ended 31 March 2018
Sales Feed in tariff Electricity sales
Cost of sales GE Standing Charge Metering Maintenance Subcontractors Rent to sites FiT Admin Other direct costs
2018 ÂŁ
2017 ÂŁ
129,526 64,589
96,989 38,215
194,115
135,204
1,093 1,399 15,746 901 225 6,885
330 6,403 2,162 1,556 -
26,249
10,451
18,693 5,050 1,206 6,057 180 427 285 435 928 126 5,222 654 72,461 443 607 10,604 123,378
20,380 2,847 1,037 6 9 242 431 18 4,423 49,350 2,500 4,215 1,674 60 87,192
11,100 2,200
2,160 -
13,300
2,160
Operating expenses 'Freelance Admin costs' Office Rent Travel and meeting costs Administrative charge Telephone and fax Postage Stationery and printing Advertising & Marketing Subscriptions Bank charges Insurance Project development Depreciation Community Fund Sundry expenses Audit fees Consultancy fees Other legal and professional
Other operating income Other operating income Grant Income
9