HAFOD RENEWABLE ENERGY LTD

Company Registration Number:
07361156 (England and Wales)

Unaudited abridged accounts for the year ended 04 May 2023

Period of accounts

Start date: 01 September 2022

End date: 04 May 2023

HAFOD RENEWABLE ENERGY LTD

Contents of the Financial Statements

for the Period Ended 04 May 2023

Balance sheet
Notes

HAFOD RENEWABLE ENERGY LTD

Balance sheet

As at 04 May 2023


Notes

8 months to 4 May 2023

2022


£

£
Fixed assets
Tangible assets: 3 168,125 184,022
Total fixed assets: 168,125 184,022
Current assets
Stocks: 394,339 567,963
Debtors:   859,458 756,409
Cash at bank and in hand: 2,834,412 2,127,156
Total current assets: 4,088,209 3,451,528
Creditors: amounts falling due within one year: 4 (997,581) (1,243,194)
Net current assets (liabilities): 3,090,628 2,208,334
Total assets less current liabilities: 3,258,753 2,392,356
Creditors: amounts falling due after more than one year: 5 (12,323) (17,257)
Provision for liabilities: (39,611) (33,007)
Total net assets (liabilities): 3,206,819 2,342,092
Capital and reserves
Called up share capital: 110 110
Profit and loss account: 3,206,709 2,341,982
Shareholders funds: 3,206,819 2,342,092

The notes form part of these financial statements

HAFOD RENEWABLE ENERGY LTD

Balance sheet statements

For the year ending 4 May 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 11 March 2024
and signed on behalf of the board by:

Name: E Brotherton
Status: Director

The notes form part of these financial statements

HAFOD RENEWABLE ENERGY LTD

Notes to the Financial Statements

for the Period Ended 04 May 2023

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover represents the amount derived from ordinary activities, and stated after trade discounts, other sales taxes and value added tax, except in respect of service contracts where turnover is recognised when the company obtains the right to consideration. In respect of the latter, turnover represents a proportion of total expected contract revenue compared to actual costs incurred to the balance sheet date, calculated to represent the forecast margin expected on completion of the contract. The resultant provisions for unbilled income or income billed in advance are included in notes 7 and 8 respectively, as accrued income and accrued expenses.

Tangible fixed assets and depreciation policy

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. The company assesses at each reporting date whether tangible fixed assets are impaired. The cost of tangible fixed assets is their purchase cost together with any incidental expenses of acquisition. Depreciation is calculated so as to write off the cost of tangible fixed assets less their estimated residual values on the below basis over the estimated useful economic lives of the assets concerned. Plant and machinery 33% on cost, 25% per cent on reducing balance, 15% per cent on cost and 15% per cent on reducing balance or, if held under finance lease, over the lease term, whichever is shorter.

Valuation and information policy

Stocks are valued at the lower of cost and net realisable value. Cost comprises purchase price plus transport and handling costs less trade discounts and subsidies. Provision is made, where necessary, for slow moving, obsolete and defective stocks.

Other accounting policies

Employee Benefits - Pensions The company operates defined contribution schemes for directors and employees. Contributions are charged to the Profit and Loss Account in the period during which services are rendered by employees.Expenses - Interest receivable and Interest payable Interest payable and similar charges include interest payable and finance lease interest recognised in profit or loss using the effective interest method. Other interest receivable and similar income include interest receivable on funds invested. Interest income and interest payable are recognised in profit or loss as they accrue.TaxationTax on the profit or loss for the period comprises current and deferred tax. Tax is recognised directly in profit or loss except to the extent it relates to items recognised directly in equity.Current tax is the expected tax payable or receivable on the taxable income or loss for the period, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years.Deferred tax is provided on timing differences which arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. Deferred tax is not recognised on permanent differences arising because certain types of income or expense are non-taxable or are disallowable for tax or because certain tax charges or allowances are greater or smaller than the corresponding income or expense. Deferred tax is measured at the tax rate that is expected to apply to the reversal of the related difference, using tax rates enacted or substantively enacted at the balance sheet date. Deferred tax balances are not discounted.Unrelieved tax losses and other deferred tax assets are recognised only to the extent that is it probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.Basic financial instruments - Trade and other debtors / creditorsTrade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of instrument for a similar debt instrument.Hire purchase and leasing commitmentsAssets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those heldunder hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leasesare depreciated over their estimated useful lives or the lease term, whichever is the shorter.The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

HAFOD RENEWABLE ENERGY LTD

Notes to the Financial Statements

for the Period Ended 04 May 2023

2. Employees

8 months to 4 May 2023 2022
Average number of employees during the period 16 16

HAFOD RENEWABLE ENERGY LTD

Notes to the Financial Statements

for the Period Ended 04 May 2023

3. Tangible Assets

Total
Cost £
At 01 September 2022 373,873
Additions 67,532
Disposals (76,783)
At 04 May 2023 364,622
Depreciation
At 01 September 2022 189,851
Charge for year 35,836
On disposals (29,190)
At 04 May 2023 196,497
Net book value
At 04 May 2023 168,125
At 31 August 2022 184,022

HAFOD RENEWABLE ENERGY LTD

Notes to the Financial Statements

for the Period Ended 04 May 2023

4. Creditors: amounts falling due within one year note

The total amount of creditors for which security has been given amounted to £nil (2022: £nil).

HAFOD RENEWABLE ENERGY LTD

Notes to the Financial Statements

for the Period Ended 04 May 2023

5. Creditors: amounts falling due after more than one year note

The total amount of creditors for which security has been given amounted to £nil (2022: £nil).