A “significant funding injection” has resulted in the accounts for challenger supplier Tonik Energy being listed as “overdue” on the Companies House website.
Tonik has revealed it received a £10.3 million investment from Tokyo-based trading company Mitsui & Co in February this year and as a result its accounts became overdue on 20 March.
Chris Russell, managing director at Tonik, told Utility Week: “Given the size of the investment and proximity to the accounts filing date, this has delayed the signing and filing of the financial statements.
“We have been in regular dialogue with Companies House, who were aware the filing would be delayed. We are working closely with our auditors, PwC, to finalise these and now expect the accounts to be filed by the end of April.
“Tonik Energy is a well-funded business with an experienced leadership team, and the directors are confident that the five-year plan will continue to be met.”
Overdue accounts or extending an accounting period can be an indication suppliers are in trouble as recently demonstrated by the demise of Economy Energy.
An industry source previously told Utility Week there was a “concerning trend” of suppliers who are late filing their accounts, or who reduce their accounting year end by one day to buy an extra three months to file their accounts.
The source added: “In our experience this can be linked to disagreements with auditors over the state of the accounts – or the accounts not being in a fit state to file.”
Recently Solarplicity was revealed to have its accounts listed as overdue on Companies House, with the company saying they were awaiting sign off from auditors.
In February, Ofgem banned the supplier from taking on new customers and warned it to improve its customer service. Last month, Solarplicity denied rumours it was about to enter the supplier of last resort process but did confirm it had let 27 of its meter installers go, partly due to the regulator’s provisional order.
Meanwhile last year it was revealed that Extra Energy, another company which has since ceased trading, made a £26.7 million post-tax loss in 2016, according to its accounts which were filed to Companies House late.
The Birmingham-based energy supplier said part of the reason for the loss was a 10 per cent increase in its customer-base, which grew from 404,000 to 441,000 during the period.