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COMPANY REGISTRATION NUMBER: 8961106
P H Bioenergy Limited
Filleted Unaudited Financial Statements
For the year ended
31 December 2021
P H Bioenergy Limited
Statement of Financial Position
31 December 2021
2021
2020
Note
£
£
£
Fixed assets
Tangible assets
4
925,407
953,450
Current assets
Stocks
8,760
8,150
Debtors
5
72,022
103,506
Cash at bank and in hand
131,745
90,254
---------
---------
212,527
201,910
Creditors: amounts falling due within one year
6
151,650
207,892
---------
---------
Net current assets/(liabilities)
60,877
( 5,982)
---------
---------
Total assets less current liabilities
986,284
947,468
Creditors: amounts falling due after more than one year
7
402,787
494,187
Provisions
Taxation including deferred tax
170,014
119,276
---------
---------
Net assets
413,483
334,005
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
413,383
333,905
---------
---------
Shareholders funds
413,483
334,005
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
P H Bioenergy Limited
Statement of Financial Position (continued)
31 December 2021
These financial statements were approved by the board of directors and authorised for issue on 11 August 2022 , and are signed on behalf of the board by:
Mr R Chorlton
Director
Company registration number: 8961106
P H Bioenergy Limited
Notes to the Financial Statements
Year ended 31 December 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Valley House, Morkery Lane, Castle Blytham, Grantham, NG33 4RS.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
At the year end the company had net current assets of £60,877 (2020: net current liabilities £5,982). The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The actual outcome may diverge from these estimates if other assumptions are made, or other conditions arise. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: (i) Depreciation charges The annual depreciation charge for tangible assets is sensitive to changes in the useful economic lives and residual values of the assets. These are reviewed periodically by the director to ensure that they reflect both external and internal factors.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
AD Plant
-
2% straight line
Plant and machinery
-
15% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
4. Tangible assets
AD Plant
Plant and machinery
Total
£
£
£
Cost
At 1 January 2021 and 31 December 2021
1,017,581
98,519
1,116,100
------------
--------
------------
Depreciation
At 1 January 2021
115,407
47,243
162,650
Charge for the year
20,352
7,691
28,043
------------
--------
------------
At 31 December 2021
135,759
54,934
190,693
------------
--------
------------
Carrying amount
At 31 December 2021
881,822
43,585
925,407
------------
--------
------------
At 31 December 2020
902,174
51,276
953,450
------------
--------
------------
5. Debtors
2021
2020
£
£
Trade debtors
68,351
96,048
Other debtors
3,671
7,458
--------
---------
72,022
103,506
--------
---------
6. Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
100,697
151,141
Trade creditors
45,879
47,805
Social security and other taxes
2,761
Other creditors
5,074
6,185
---------
---------
151,650
207,892
---------
---------
The bank loans and overdraft are secured on the assets of the company.
7. Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
402,787
494,187
---------
---------
The bank loans and overdraft are secured on the assets of the company.
8. Director's advances, credits and guarantees
At the year end R W G Chorlton owed the company £2,458 (2020: £7,458). No interest has been charged on this balance.