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Registration number: 12272420

CMF Renewables Ltd

Unaudited Financial Statements

for the Year Ended 31 October 2023

 

CMF Renewables Ltd

Contents

Company Information

1

Directors' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

 

CMF Renewables Ltd

Company Information

Directors

Mrs Elizabeth Susan Hamilton

Mr Ian Robert Hamilton

Mr John Macdonald Mulheron

Registered office

1 The Cam Centre
Wilbury Way
Hitchin
Herts
SG4 0TW

 

CMF Renewables Ltd

Directors' Report for the Year Ended 31 October 2023

The directors present their report and the financial statements for the year ended 31 October 2023.

Directors of the company

The directors who held office during the year were as follows:

Mrs Elizabeth Susan Hamilton

Mr Ian Robert Hamilton

Mr John Macdonald Mulheron

Principal activity

The principal activity of the company is that of funding renewable and clean energy for companies.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the Board on 14 November 2023 and signed on its behalf by:

.........................................
Mr Ian Robert Hamilton
Director

 

CMF Renewables Ltd

(Registration number: 12272420)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,239

411

Current assets

 

Debtors

5

387

48

Cash at bank and in hand

 

52,947

66,333

 

53,334

66,381

Creditors: Amounts falling due within one year

6

(10,364)

(15,105)

Net current assets

 

42,970

51,276

Total assets less current liabilities

 

44,209

51,687

Provisions for liabilities

(235)

(124)

Net assets

 

43,974

51,563

Capital and reserves

 

Called up share capital

100

100

Retained earnings

43,874

51,463

Shareholders' funds

 

43,974

51,563

For the financial year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 14 November 2023 and signed on its behalf by:
 

 

CMF Renewables Ltd

(Registration number: 12272420)
Balance Sheet as at 31 October 2023

.........................................
Mr Ian Robert Hamilton
Director

 

CMF Renewables Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in Engaland and Wales..

The address of its registered office is:
1 The Cam Centre
Wilbury Way
Hitchin
Herts
SG4 0TW

These financial statements were authorised for issue by the Board on 14 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

CMF Renewables Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

25% Straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price.

Trade debtors are reviewed for bad debts on an annual basis. Any adjustment is made accordingly
through the profit and loss account.

 

CMF Renewables Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

 

CMF Renewables Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 November 2022

428

428

Additions

1,059

1,059

At 31 October 2023

1,487

1,487

Depreciation

At 1 November 2022

17

17

Charge for the year

231

231

At 31 October 2023

248

248

Carrying amount

At 31 October 2023

1,239

1,239

At 31 October 2022

411

411

5

Debtors

Current

2023
£

2022
£

Prepayments

387

48

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

8,527

13,951

Accruals and deferred income

1,827

720

Other creditors

10

434

10,364

15,105

 

CMF Renewables Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares A of £1 each

20

20

20

20

Ordinary Shares B of £1 each

80

80

80

80

 

100

100

100

100

Rights, preferences and restrictions

Ordinary share A have the following rights, preferences and restrictions:
One vote per share, dividend paid to the holder of one or more classes to the exclusion of the other class, in each case at the same time or different rate. Each share is rank equally on winding up.

Ordinary share B have the following rights, preferences and restrictions:
One vote per share, dividend paid to the holder of one or more classes to the exclusion of the other class, in each case at the same time or different rate. Each share is rank equally on winding up.

8

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £531 (2022 - £669) per ordinary A share

 

42,490

 

53,500

         
 

CMF Renewables Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

9

Related party transactions

Transactions with directors

2023

At 1 November 2022
£

Advances to director
£

Repayments by director
£

At 31 October 2023
£

Mr Ian Robert Hamilton

Mr Ian Hamilton

(434)

57,764

(57,341)

(10)

         
       

 

2022

At 1 November 2021
£

Advances to director
£

Repayments by director
£

At 31 October 2022
£

Mr Ian Robert Hamilton

Mr Ian Hamilton

46,317

61,498

(108,248)

(434)

         
       

 

The loan is provided interest free and is repayable on demand.

10

Ultimate controlling party

The ultimate controlling party is Mr Ian Hamilton, by virtue of his majority shareholding.