SAV101 Saving Energy Final Acs 31.07.08-1

8/14/2019 SAV101 Saving Energy Final Acs 31.07.08-1

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Registration number 6298898

Saving Energy Limited

Director's report and financial statements

for the period ended 31 July 2008


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Company information

Directors Garry Coulson

Samantha Fulker

Company number 6298898

Registered office 19 Oban Court

Shotgate Industrial Park

Wickford

Essex

SS11 8YB

Accountants Peter Weldon & Co Ltd

87 Station Road

Ashington

Northumberland

NE63 8RS

Business address 19 Oban Court

Shotgate Industrial Park

Wickford

Essex

SS11 8YB


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Contents

Page

Director's report 1

Accountants' report 2

Profit and loss account 3

Balance sheet 4 - 5

Notes to the financial statements 6 - 9


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Director's report


Page 1

The director presents herthis report and the financial statements for the period ended 31 July 2008.

Incorporation and change of name

The company was incorporated on 2 July 2007 as Saving Energy Limited. The company commenced

trade on 3 August 2007.

Principal activity

The principal activity of the company is the installation of energy saving components to residential

premises.

DirectorsThe directors who served during the period is as stated below:

Garry Coulson 1 1

Samantha Fulker 1 1

This report is prepared in accordance with the special provisions of Part VII of the Companies Act

1985 relating to small companies.

This report was approved by the Board on 10 March 2009 and signed on its

behalf by

Garry Coulson

Director


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Page 2

Accountants' report on the unaudited financial statements to the director of


As described on the balance sheet you are responsible for the preparation of the financial statements for the

period ended 31 July 2008 set out on pages 3 to 9 and you consider that the company is exempt from an audit.

In accordance with your instructions we have compiled these unaudited financial statements, in order to assist

you to fulfil your statutory responsibilities, from the accounting records and information supplied to us.

Peter Weldon & Co Ltd

Chartered Accountants

87 Station Road

Ashington

Northumberland

NE63 8RS

Date: 10 March 2009


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The notes on pages 6 to 9 form an integral part of these financial statements.

Page 3

Profit and loss account


Year

ended

31/07/08

Notes

Turnover 2 1,403,794

Cost of sales )(465,546

Gross profit 938,248

Administrative expenses )(679,665

Other operating income 1,761

Operating profit 3 260,344

Other interest receivable and

similar income 197

Interest payable and similar charges )(6,005

Profit on ordinary

activities before taxation 254,536

Tax on profit on ordinary activities 5 )(45,114

Profit for the period 209,422

Reserve Movements )(58,000

Retained profit carried forward 151,422


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Page 4

Balance sheet

as at 31 July 2008

31/07/08

Notes

Fixed assets

Tangible assets 7 77,089

Current assets

Stocks 12,000

Debtors 8 436,108

Cash at bank and in hand 30,193

478,301

Creditors: amounts fallingdue within one year 9 )(317,755

Net current assets 160,546

Total assets less current

liabilities 237,635

Creditors: amounts falling due

after more than one year 10 )(86,211

Net assets 151,424

Capital and reserves

Called up share capital 11 2

Profit and loss account 151,422

Shareholders' funds 151,424

The director's statements required by Section 249B(4) are shown on the following page which forms part of

this Balance Sheet.


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Page 5

Balance sheet (continued)

Director's statements required by Section 249B(4)


In approving these financial statements as director of the company I hereby confirm:

(a) that for the period stated above the company was entitled to the exemption conferred by Section 249A(1)

of the Companies Act 1985 ;

(b) that no notice has been deposited at the registered office of the company pursuant to Section 249B(2)

requesting that an audit be conducted for the period ended 31 July 2008 and

(c) that I acknowledge my responsibilities for:

(1) ensuring that the company keeps accounting records which comply with Section 221, and

(2) preparing financial statements which give a true and fair view of the state of affairs of the company as at

the end of the financial period and of its profit or loss for the period then ended in accordance with the

requirements of Section 226 and which otherwise comply with the provisions of the Companies Act relating to

financial statements, so far as applicable to the company.

These financial statements have been prepared in accordance with the special provisions of Part VII of the

Companies Act 1985 relating to small companies and in accordance with the Financial Reporting Standard for

Smaller Entities (effective January 2007).

The financial statements were approved by the Board on 10 March 2009 and signed on its

behalf by

Garry Coulson

Director


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Notes to the financial statements


Page 6

1. Accounting policies

1.1. Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with

applicable accounting standards, and in accordance with the Financial Reporting Standard for Smaller

Entities (effective January 2007).

1.2. Turnover

Turnover represents the total invoice value, excluding value added tax, of sales made during the year

and derives from the provision of goods falling within the company's ordinary activities.

1.3. Tangible fixed assets and depreciation

Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its

expected useful life, as follows:

Plant and machinery - 15% reducing balance

Fixtures, fittings

and equipment - 15% reducing balance

1.4. Leasing and hire purchase commitments

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and

depreciated over the shorter of the lease term and their useful lives. Obligations under such agreementsare included in creditors net of the finance charge allocated to future periods. The finance element of

the rental payment is charged to the profit and loss account so as to produce constant periodic rates of

charge on the net obligations outstanding in each period.

1.5. Stock

Stock is valued at the lower of cost and net realisable value.

2. Turnover

The total turnover of the company for the period has been derived from its principal activity wholly

undertaken in the UK.

Year

ended

3. Operating profit 31/07/08

Operating profit is stated after charging:

Depreciation and other amounts written off tangible assets 13,606


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.................... continued

Page 7

4. Directors' emoluments

Year

ended

31/07/08

Remuneration and other benefits 8,840

5. Tax on profit on ordinary activities

Year

ended

Analysis of charge in period 31/07/08

Current tax

UK corporation tax 45,114

6. Dividends

Dividends paid and proposed on equity shares

Year

ended

31/07/08

Paid during the year:

Equity dividends on Ordinary shares 58,000

58,000


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.................... continued

Page 8

Fixtures,

7. Tangible fixed assets Plant and fittings and

machinery equipment Total

Cost

Additions 79,221 11,474 90,695

At 31 July 2008 79,221 11,474 90,695

Depreciation

Charge for the period 11,883 1,723 13,606

At 31 July 2008 11,883 1,723 13,606

Net book value

At 31 July 2008 67,338 9,751 77,089

8. Debtors 31/07/08

Trade debtors 404,063

Other debtors 22,430

Prepayments and accrued income 9,615

436,108


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.................... continued

Page 9

9. Creditors: amounts falling due 31/07/08

within one year

Bank overdraft 8,587

Bank loan 10,640

Net obligations under finance leases

and hire purchase contracts 17,779

Trade creditors 171,237

Corporation tax 45,114

Other taxes and social security costs 36,657Directors' accounts 25,654

Other creditors 2,087

317,755

10. Creditors: amounts falling due 31/07/08

after more than one year

Bank loan 56,951

Net obligations under finance leasesand hire purchase contracts 29,260

86,211

11. Share capital 31/07/08

Authorised

1,000 Ordinary shares of 1 each 1,000

Allotted, called up and fully paid2 Ordinary shares of 1 each 2

Equity Shares

2 Ordinary shares of 1 each 2


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The following pages do not form part of the statutory accounts.


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Detailed trading profit and loss account

Year

ended31/07/08

Sales

Sales 1,403,794

1,403,794

Cost of sales

Purchases 465,224

Commissions payable 12,150

Carriage inwards 172

477,546

Closing stock )(12,000

)(465,546

Gross profit %67 938,248

Administrative expenses 679,665

)(679,665

258,583

Other operating income

Insurance claims receivable 1,761

1,761

Operating profit %19 260,344

Other income and expenses

Interest receivable

Bank deposit interest 197

197

Bank interest 154

Interest on loans repayable

in less than 5 years 4,119

HP interest and fin. lease charges 1,732

)(6,005

Net profit for the period 254,536


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Administrative expenses


Year

ended

31/07/08

Administrative expenses

Wages and salaries 414,876

Directors' remuneration 8,840

Staff training 1,132

Rent payable 23,957

Rates 5,866Insurance 8,778

Light and heat 985

Cleaning 2,454

Repairs and maintenance 18,187

Printing, postage and stationery 6,432

Advertising 1,509

Telephone 13,651

Hire of equipment 6,678

Van Hire 54,486

Motor expenses 54,399Guarantee's 6,411

Travelling and entertainment 16,850

Legal and professional 5,100

Accountancy 3,237

Bank charges 8,663

Protective clothing 2,082

General expenses 1,486

Depreciation on plant and machinery 11,883

Depreciation on fixtures & equipment 1,723

679,665

Documents

SAV101 Saving Energy Final Acs 31.07.08-1