Firmus Energy Case Study

Explore our Firmus Energy case study to see how we provided them essential financial and regulatory support, ensuring compliance with complex VAT regimes and delivering audited statutory accounts with precision and reliability. Discover how Firmus Energy looked to MCC for guidance in navigating the complex financial and regulatory challenges while maintaining transparency and operational efficiency.

What the Client Needed?

Firmus Energy required expert financial support to manage and streamline critical accounting processes, ensuring compliance with both national laws and regulatory requirements. Specifically, the client needed assistance in calculating VAT liabilities and preparing for VAT audits, requiring accurate classification of transactions across different VAT regimes in Great Britain and Ireland. Additionally, Firmus Energy sought a reliable approach to preparing statutory and regulatory accounts for a group of energy companies.

How we Helped them?

Forensic Accounting

MCC was responsible for calculating company VAT liabilities and any associated VAT audits. ​

This involved:​

  • preparing the necessary VAT return based on simple spreadsheet calculations and senior management oversight ​
  • maintaining appropriate records for inspection by internal and external auditors​
  • answering questions on the reliability of the classification of various transactions. ​

    • This required us to consider currency transactions and VAT regimes in both Great Britain and Ireland. ​

    On behalf of a group of energy companies, our director, PJ prepared statutory and regulatory accounts from one source (SAP) financial system. These accounts were subject to external audit and challenge. National law and the company license required the segregations to be made and the results to be published. Our director, PJ led this process and secured internal and external approval of the results.​

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    I was delighted that MCC's work was completed on time, and within budget, helping us deliver important changes and improvements, to the benefit of our stakeholders. ​ MCC's report is published on the CCC website.

    - Bea Natzler
    Team Leader at Climate Change Committee, UK

    I am delighted to recommend MCC Economics. Specifically, I worked closely with PJ, who helped us with our Nuclear and CCUS projects. PJ helped us develop new policies and answer questions from our stakeholders. ​​His support helped us deliver important changes and improvements, to the benefit of our stakeholders.

    - Gordon Hutcheson ​
    Head of Nuclear Policy at Ofgem, UK

    MCC Economics has helped us better understand the most important issues for our stakeholders, including: charges, shareholder returns, debt payments and inflation impacts.

    - Leila N. Nasr
    Section Head at Department of Energy, Abu Dhabi

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