Registered number 31107R
Brighton Energy Limited Report and Accounts 31 March 2019
Brighton Energy Limited Report and accounts Contents
Page Society information
1
Directors' report
2
Revenue account
3
Balance sheet
4
Statement of changes in equity
5
Notes to the accounts
6
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 Accountants Third Sector Accountancy Limited Holyoake House Hanover Street Manchester M60 0AS Registered office Flat 7 47 Montpelier Road Brighton East Sussex BN1 3BA Registered number 31107R
1
Brighton Energy Limited Registered number: Directors' Report
31107R
The directors present their report and accounts for the year ended 31 March 2019.
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 financial statements on the going concern basis unless it is inappropriate to
presume that the co-operative 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
Brighton Energy Limited Revenue Account for the year ended 31 March 2019 Notes
2019 ÂŁ
2018 ÂŁ
Turnover
258,347
194,115
Cost of sales
(14,144)
(26,249)
Gross profit
244,203
167,866
(148,171) 1,540
(123,378) 13,300
97,572
57,788
29
6
97,601
57,794
(3,932)
11,634
93,669
69,428
Operating expenses Other operating income Operating surplus
3
Interest receivable Surplus before taxation Tax on surplus
4
Surplus for the financial year
3
Brighton Energy Limited Balance Sheet as at 31 March 2019 Notes
2019 ÂŁ
2018 ÂŁ
5
1,871,863
1,609,784
Fixed assets Tangible assets Current assets Debtors Cash at bank and in hand
Creditors: amounts falling due within one year
6
106,685 309,152 415,837
80,737 218,268 299,005
7
(134,627)
(106,738)
Net current assets Total assets less current liabilities
281,210
192,267
2,153,073
1,802,051
Creditors: amounts falling due after more than one year
9
(11,875)
Provisions for liabilities
8
(15,765)
(11,833)
Net assets
2,125,433
1,790,218
Capital and reserves Called up share capital Retained Surplus
2,056,420 69,013
1,741,051 49,167
Shareholders' funds
2,125,433
1,790,218
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
Brighton Energy Limited Statement of Changes in Equity for the year ended 31 March 2019
At 1 April 2017
Share capital
Other reserves
Revenue account
Total
£
£
£
£
1,461,801
(9,477)
37,637
1,489,961
69,428
69,428
(57,898)
(57,898) 283,150 (3,900)
Surplus for the financial year Share Interest Shares issued Shares redeemed Written off to Revenue Account
283,150 (3,900) 9,477
At 31 March 2018
1,741,051
-
49,167
1,790,218
At 1 April 2018
1,741,051
-
49,167
1,790,218
93,669
93,669
(73,823)
(73,823) 417,872 (102,503)
Surplus for the financial year Share Interest Shares issued Shares redeemed At 31 March 2019
417,872 (102,503) 2,056,420
5
-
69,013
2,125,433
Brighton Energy Limited Notes to the Accounts for the year ended 31 March 2019 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
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. 2
Employees The average monthly number of persons (including directors) employed by the society during the year was 2 (2017 - 0).
6
Brighton Energy Limited Notes to the Accounts for the year ended 31 March 2019 3
Operating Surplus
2019 £
2018 £
86,832 23,969
72,461 -
110,801
72,461
2019 £
2018 £
3,932 3,932
(11,634) (11,634)
This is stated after charging: Depreciation of tangible fixed assets Directors remuneration
4
Tax on Surplus The tax on the surplus after interest is as follows: UK Deferred Taxation
5
Tangible fixed assets Plant and machinery etc
Assets under construction
£
£
£
Total £
10,615 348,911 (323,014)
1,792,364 323,014 -
390 -
1,803,369 671,925 (323,014)
36,512
2,115,378
390
2,152,280
Depreciation At 1 April 2018 Charge for the year
-
193,195 86,832
390 -
193,585 86,832
At 31 March 2019
-
280,027
390
280,417
Net book value At 31 March 2019
36,512
1,835,351
-
1,871,863
At 31 March 2018
10,615
1,599,169
-
1,609,784
2019 £
2018 £
1,646 41,643 4,284 58,537 575 106,685
11,940 33,441 3,625 31,156 575 80,737
575
575
Cost At 1 April 2018 Additions Disposals At 31 March 2019
6
Computer equipment
Debtors
Trade debtors Accrued Income Prepaid expenses Other debtors Rent Deposit
Amounts due after more than one year included above
7
Brighton Energy Limited Notes to the Accounts for the year ended 31 March 2019 7
Creditors: amounts falling due within one year
Trade creditors Accruals Other creditors
8
Provision for Liabilities Deferred Taxation Brought forward Charged in the year Carried forward
9
Creditors: amounts falling due after one year
Loans
2019 £
2018 £
69,696 9,581 55,350
3,220 1,518 102,000
134,627
106,738
2019 £
2018 £
11,833 3,932 15,765
23,467 (11,634) 11,833
2019 £
2018 £
11,875
-
During the year the society received a short term loan from Sue Paskins for £11,875. Sue Paskins is also a director of the society. There is no interest on this loan and the term is 5 years from the drawdown date.
8
Brighton Energy Limited Detailed Revenue Account for the year ended 31 March 2019
Sales Feed in tariff Electricity sales Embedded Benefits
Cost of sales GE Standing Charge Metering Maintenance Rent to sites FiT Admin Other direct costs
2019 ÂŁ
2018 ÂŁ
152,163 99,542 6,642
129,526 64,589 -
258,347
194,115
1,737 9,346 2,211 850 -
1,093 1,399 15,746 901 225 6,885
14,144
26,249
23,969 1,837 900 6,600 1,601 9,959 374 369 415 765 54 4,844 1,943 86,832 6,000 1,109 600 148,171
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
1,540 -
11,100 2,200
1,540
13,300
Operating expenses Wages and salaries Employer's NI '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 operating income Other operating income Grant Income
9