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REGISTERED NUMBER: 06132280 (England and Wales)
















Unaudited Financial Statements for the Year Ended 31 March 2023

for

Farm Renewables Limited

Farm Renewables Limited (Registered number: 06132280)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


Farm Renewables Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: P G Knell
M G McAllister
N J McAllister
N F McAllister
R Doe





SECRETARY: P G Knell





REGISTERED OFFICE: The Long Barn
Fornham Business Court
Fornham St. Martin
Bury St Edmunds
IP31 1SL





REGISTERED NUMBER: 06132280 (England and Wales)





ACCOUNTANTS: Hardcastle Burton LLP
Lake House
Market Hill
Royston
Hertfordshire
SG8 9JN

Farm Renewables Limited (Registered number: 06132280)

Abridged Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 888 1,184
Investments 6 21 21
909 1,205

CURRENT ASSETS
Debtors 178,800 203,702
Cash at bank 359 32,898
179,159 236,600
CREDITORS
Amounts falling due within one year 94,787 108,372
NET CURRENT ASSETS 84,372 128,228
TOTAL ASSETS LESS CURRENT
LIABILITIES

85,281

129,433

CREDITORS
Amounts falling due after more than one
year

521,242

517,992
NET LIABILITIES (435,961 ) (388,559 )

CAPITAL AND RESERVES
Called up share capital 7 4,000 4,000
Share premium 158,574 158,574
Retained earnings (598,535 ) (551,133 )
SHAREHOLDERS' FUNDS (435,961 ) (388,559 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Farm Renewables Limited (Registered number: 06132280)

Abridged Balance Sheet - continued
31 March 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 October 2023 and were signed on its behalf by:





M G McAllister - Director


Farm Renewables Limited (Registered number: 06132280)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Farm Renewables Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The company's principal place of business is Hillcrest House, Bury Road, Lavenham, Suffolk, CO10 9QG.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

At the year end the company reported net current assets of £84,372 (2022: £128,228) but net liabilities of £435,961 (2022: £388,559). The directors have confirmed financial support from the shareholders of the company. It is for this reason that at the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from project development assignments is recognised in the profit and loss account in proportion to the stage of completion of the transaction at the balance sheet date. Revenue is not recognised if there are significant uncertainties regarding recovery of the consideration due.

Long term contracts

The amount of profit attributable to the stage of completion of a long term contract is recognised when the outcome of the contract can be foreseen with reasonable certainty. Turnover for such contracts is stated at cost appropriate to their stage of completion plus attributable profit, less amounts recognised in previous years. Provision is made for losses as soon as they are foreseen.

Contract work in progress is stated at costs incurred, less those transferred to the profit and loss account, after deducting foreseeable losses and payments on account not matched with turnover.

Amounts recoverable on contracts are included in debtors and represent turnover recognised in excess of payments on account.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised over its estimated useful life of four years.

Farm Renewables Limited (Registered number: 06132280)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings - 25% reducing balance

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors and loans that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Farm Renewables Limited (Registered number: 06132280)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre- tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - 7 ).

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2022
and 31 March 2023 4,090
AMORTISATION
At 1 April 2022
and 31 March 2023 4,090
NET BOOK VALUE

At 31 March 2023 -
At 31 March 2022 -

Farm Renewables Limited (Registered number: 06132280)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2022
and 31 March 2023 4,499
DEPRECIATION
At 1 April 2022 3,315
Charge for year 296
At 31 March 2023 3,611
NET BOOK VALUE
At 31 March 2023 888
At 31 March 2022 1,184

6. FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:
Totals
£   
COST
At 1 April 2022 21
Additions 21
Disposals (21 )
At 31 March 2023 21
NET BOOK VALUE
At 31 March 2023 21
At 31 March 2022 21

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.23 31.3.22
value: £    £   
1,526 Ordinary £1 A Shares 1 1,526 1,526
1,400 Ordinary £1 B Shares 1 1,400 1,400
1,074 Ordinary £1 F Shares 1 1,074 1,074
4,000 4,000

Farm Renewables Limited (Registered number: 06132280)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

7. CALLED UP SHARE CAPITAL - continued

Each share issued is entitled to one vote. Before a valuation event the holders of A Ordinary shares are entitled to 65% of any dividend, other distribution or capital on winding up of the company. Once an agreed valuation event has taken place the F shareholders are collectively entitled to 65% of any dividend, other distribution or capital on winding up.

The shareholders of B Ordinary shares are entitled to 35% of any dividend, other distribution or capital on winding up.

8. RELATED PARTY DISCLOSURES

Included in other loans are loans to related parties. No interest is charged with respect to these loans and these are not due for repayment within 12 months of the balance sheet date.

9. ULTIMATE CONTROLLING PARTY

The controlling party is M G McAllister.