Tomato Energy (Electric Only Supplier) - Too Good To Be True ?

lohr500

matt_drummer said:

Senapt Limited has never needed to file audited accounts and never has by the looks of it. None of the filed accounts were audited.

There is no requirement to file accounts when you plan to have the company struck off.

It doesn't need to file audited accounts in any case unless something has changed, it is not big enough or the type of company that requires an audit.

Are these 2023 reports something else? They were independently audited by Deloitte's 

https://find-and-update.company-information.service.gov.uk/company/10508789/filing-history/MzQ3NTk0ODIzOGFkaXF6a2N4/document?format=pdf&download=0

masonic

matt_drummer said:

Senapt Limited has never needed to file audited accounts and never has by the looks of it. None of the filed accounts were audited.

There is no requirement to file accounts when you plan to have the company struck off.

It doesn't need to file audited accounts in any case unless something has changed, it is not big enough or the type of company that requires an audit.

In 2023 they had a turnover of £66m and 72 employees. According to https://www.gov.uk/audit-exemptions-for-private-limited-companies that puts them above the audit exemption limit.

Is it likely they'd have shrunk as Tomato grew in 2024 and 2025?

matt_drummer

lohr500 said:

matt_drummer said:

Senapt Limited has never needed to file audited accounts and never has by the looks of it. None of the filed accounts were audited.

There is no requirement to file accounts when you plan to have the company struck off.

It doesn't need to file audited accounts in any case unless something has changed, it is not big enough or the type of company that requires an audit.

Are these 2023 reports something else? They were independently audited by Deloitte's 

https://find-and-update.company-information.service.gov.uk/company/10508789/filing-history/MzQ3NTk0ODIzOGFkaXF6a2N4/document?format=pdf&download=0

I missed those, sorry.

In my defence, I am at work.

They are the only ones that were audited tough, it was never big enough before.

They still don't need to file accounts.

Fines only come when you actually file the accounts.

Accounts or financial information may be required by HMRC but it doesn't look like any further accounts will be submitted as the company will not survive.

masonic

matt_drummer said:

Accounts or financial information may be required by HMRC but it doesn't look like any further accounts will be submitted as the company will not survive.

Perhaps that is the "not good" to which MWT was referring.

I think you are probably right that this signifies the parent company is also throwing in the towel.

MWT

masonic said:

matt_drummer said:

Accounts or financial information may be required by HMRC but it doesn't look like any further accounts will be submitted as the company will not survive.

Perhaps that is the "not good" to which MWT was referring.

I think you are probably right that this signifies the parent company is also throwing in the towel.

Exactly, just for clarity:

In August this year Senapt Limited filed their audited group accounts, covering about 9 companies if I recall correctly.

We will see the reasons given by the auditors in due course, but it seems likely they should have been needed for 2024 filings at least, but we will see soon enough...

matt_drummer

MWT said:

masonic said:

matt_drummer said:

Accounts or financial information may be required by HMRC but it doesn't look like any further accounts will be submitted as the company will not survive.

Perhaps that is the "not good" to which MWT was referring.

I think you are probably right that this signifies the parent company is also throwing in the towel.

Exactly, just for clarity:

In August this year Senapt Limited filed their audited group accounts, covering about 9 companies if I recall correctly.

We will see the reasons given by the auditors in due course, but it seems likely they should have been needed for 2024 filings at least, but we will see soon enough...

They do not need to submit accounts if `they are done'

They don't even need to if they are not.

Why spend money producing accounts you don't need?

It's over, which I think you know.

There will be no reasons for the resignation. It's just a form giving their name and the date they cease to act.

It's not like resigning from a job and setting out what you are unhappy about.

They just no longer act for their client.

They were doomed from the start.

Many factors sealed their fate but the 'icing on the cake' are the compensation payments.

Customers not happy with cheap energy but feel the need to punish them too.

Every man for himself as usual.

masonic

Yes, it was all the customers' fault. I'm sure it had nothing to do with this: https://www.ofgem.gov.uk/publications/tomato-energy-limited-failure-maintain-liquidity

matt_drummer

masonic said:

Yes, it was all the customers' fault. I'm sure it had nothing to do with this: https://www.ofgem.gov.uk/publications/tomato-energy-limited-failure-maintain-liquidity

It's a combination of many factors.

Paying `fines' won't have helped.

It seems pretty clear from this thread that it was doomed to failure from the start.

Yet people joined to milk it for all they could get fully expecting it to be short lived.

Not everybody but many did.

And many others avoided it knowing that it couldn't last.

Money, money , money, me, me, me!

The root of all evil!

crumpet_man

matt_drummer said:

masonic said:

Yes, it was all the customers' fault. I'm sure it had nothing to do with this: https://www.ofgem.gov.uk/publications/tomato-energy-limited-failure-maintain-liquidity

It's a combination of many factors.

Paying `fines' won't have helped.

It seems pretty clear from this thread that it was doomed to failure from the start.

Yet people joined to milk it for all they could get fully expecting it to be short lived.

Not everybody but many did.

And many others avoided it knowing that it couldn't last.

Money, money , money, me, me, me!

The root of all evil!

That's why the directors of Tomato Energy started the company!

Newbie_John

Well, I do feel like Tomato was destined to fail, it was just a life support for Senapt. 

And what has actually Tomato done that is new, better? Every company has a similar EV/Heat Pump tarrif similar to Lifestyle, their Smile was a "bad" copy of Agile. Tomato just had everything much much cheaper.

I'm not sure what would happen if they haven't onboarded smart meters they couldn't read? Increase prices to cover loses? Sell to a rich investor? Was it a pyramid scheme? Or they had no idea - just wanted keep it going for as long as possible knowing Senapt gets paid more and more? 

They knew from September 2024 they can't read all meters but still carried on taking all customers.. until OFGEM banned them in April 2025. Every other company has a policy that you Frist move to standard rate and if reads are OK you're free to move to smart tarriffs.