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Registration number: 08711077


Effortless Energy Ltd

Directors' Report and Unaudited Financial Statements

for the Year Ended 30 September 2017

Howsons
Chartered Accountants
Winton House
Stoke Road
Stoke on Trent
Staffordshire
ST4 2RW

 

Effortless Energy Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Financial Statements

5 to 9

 

Effortless Energy Ltd

Company Information

Directors

Mr A Burns

Mrs M Burns

Registered office

Chatterley Whitfield Enterprise Centre
Chatterley Whitfield
Biddulph Road
Stoke on Trent
Staffordshire
ST6 8UW

Accountants

Howsons
Chartered Accountants
Winton House
Stoke Road
Stoke on Trent
Staffordshire
ST4 2RW

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Effortless Energy Ltd
for the Year Ended 30 September 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Effortless Energy Ltd for the year ended 30 September 2017 as set out on pages 3 to 9 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 in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Effortless Energy Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Effortless Energy Ltd and state those matters that we have agreed to state to the Board of Directors of Effortless Energy Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Effortless Energy Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Effortless Energy Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Effortless Energy Ltd. You consider that Effortless Energy 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 accounts of Effortless Energy 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 accounts.

......................................

Howsons
Chartered Accountants
Winton House
Stoke Road
Stoke on Trent
Staffordshire
ST4 2RW

21 December 2017

 

Effortless Energy Ltd

(Registration number: 08711077)
Balance Sheet as at 30 September 2017

Note

2017
£

2016
£

Fixed assets

 

Tangible assets

5

1,644

1,478

Current assets

 

Debtors

6

74,391

39,307

Cash at bank and in hand

 

54,732

37,917

 

129,123

77,224

Creditors: Amounts falling due within one year

7

(80,408)

(49,236)

Net current assets

 

48,715

27,988

Total assets less current liabilities

 

50,359

29,466

Creditors: Amounts falling due after more than one year

7

(30,000)

(30,000)

Net assets/(liabilities)

 

20,359

(534)

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

20,358

(535)

Total equity

 

20,359

(534)

For the financial year ending 30 September 2017 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of Financial Reporting Standard 102 (FRS 102) Section 1A - small entities.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Effortless Energy Ltd

(Registration number: 08711077)
Balance Sheet as at 30 September 2017

Approved and authorised by the Board on 21 December 2017 and signed on its behalf by:
 

.........................................

Mr A Burns

Director

.........................................

Mrs M Burns

Director

 

Effortless Energy Ltd

Notes to the Financial Statements for the Year Ended 30 September 2017

1

General information

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
Chatterley Whitfield Enterprise Centre
Chatterley Whitfield
Biddulph Road
Stoke on Trent
Staffordshire
ST6 8UW

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The company's presentational currency is pound sterling (£). The accounts are rounded to the nearest whole pound.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

20% Straight Line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Effortless Energy Ltd

Notes to the Financial Statements for the Year Ended 30 September 2017

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Effortless Energy Ltd

Notes to the Financial Statements for the Year Ended 30 September 2017

Financial instruments

Classification
Basic financial assets, including trade and other debtors, cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Such assets are subsequently carried at amortised cost using the effective interest method.
Basic financial liabilities, including trade and other trade creditors, bank and other loans, 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 receipts discounted at a market rate of interest.

 Recognition and measurement
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit and loss.

 Impairment
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised in the profit or loss.

Financial assets are derecognised when a) the contractual rights to the cash flows from the asset expire or are settled, or b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2016 - 1).

 

Effortless Energy Ltd

Notes to the Financial Statements for the Year Ended 30 September 2017

4

Profit before tax

Arrived at after charging/(crediting)

2017
£

2016
£

Depreciation expense

695

522

Bad debts written off

96,387

-

During the year a bad debt of £96,387 was written off. This is included within administration expenses.

5

Tangible assets

Office equipment

Total
£

Cost or valuation

At 1 October 2016

2,613

2,613

Additions

861

861

At 30 September 2017

3,474

3,474

Depreciation

At 1 October 2016

1,135

1,135

Charge for the year

695

695

At 30 September 2017

1,830

1,830

Carrying amount

At 30 September 2017

1,644

1,644

At 30 September 2016

1,478

1,478

6

Debtors

2017
£

2016
£

Trade debtors

40,076

12,151

Other debtors

34,315

27,156

Total current trade and other debtors

74,391

39,307

 

Effortless Energy Ltd

Notes to the Financial Statements for the Year Ended 30 September 2017

7

Creditors

2017
£

2016
£

Due within one year

Trade creditors

13,550

9,637

Taxation and social security

99

-

Other creditors

43,117

3,310

Directors' loan account

23,642

36,289

80,408

49,236

Due after one year

Directors' loan account

30,000

30,000

8

Transition to FRS 102

This is the first year that the company presented its financial statements under Financial Reporting Standard 102 (FRS 102). The last financial statements under the previous UK GAAP were for the year ended 30 September 2016. The date of transition was 1 October 2016.

There have been no changes to the previously reported profit and loss or equity due to the transition to FRS 102.