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Registration number: 13393264

Noriker Power Ireland Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

 

Noriker Power Ireland Ltd

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 6

 

Noriker Power Ireland Ltd

(Registration number: 13393264)
Statement of Financial Position as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Investments

4

740

566

Current assets

 

Debtors

5

760,026

479,950

Cash at bank and in hand

 

31,973

786

 

791,999

480,736

Creditors: Amounts falling due within one year

6

(866,719)

(532,022)

Net current liabilities

 

(74,720)

(51,286)

Net liabilities

 

(73,980)

(50,720)

Capital and reserves

 

Called up share capital

7

1

1

Profit and loss account

(73,981)

(50,721)

Shareholders' deficit

 

(73,980)

(50,720)

For the financial year ending 31 July 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 Statement of Comprehensive Income.

Approved and authorised by the Board on 8 March 2024 and signed on its behalf by:
 


Dr Marc Jason Thomas
Director

 

Noriker Power Ireland Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
4th Floor
The Quadrangle
Imperial Square
Cheltenham
Gloucestershire
GL50 1PZ

Principal activity

The principal activity of the company is the trade of the provision of management and technical services relating to the production and sale of electricity.

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 except that as disclosed in the accounting policies certain items are shown at fair value.

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

Going concern

The financial statements have been prepared on a going concern basis.

 

Noriker Power Ireland Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

2

Accounting policies (continued)

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.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Noriker Power Ireland Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

4

Investments

2023
£

2022
£

Investments in subsidiaries

740

566

Subsidiaries

£

Cost or valuation

At 1 August 2022

566

Additions

174

At 31 July 2023

740

Provision

Carrying amount

At 31 July 2023

740

At 31 July 2022

566

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Island Stability Services Limited

Ireland

Ordinary shares and preference shares

65%

65%

Ballysumaghan Flexpower Ltd

Ireland

Ordinary shares

100%

0%

Prospect Flexpower Ltd

Ireland

Ordinary shares

100%

0%

There are also a number of dormant subsidiaries but these will only be activated once there is a viable project to be allocated to them.

 

Noriker Power Ireland Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

5

Debtors

Note

2023
£

2022
£

Amounts owed by group undertakings and undertakings in which the company has a participating interest

9

117,462

22,875

Other debtors

 

642,564

457,075

 

760,026

479,950

Details of non-current trade and other debtors

£631,761 (2022 -£455,758) of Other debtors is classified as non current.

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

29,172

-

Amounts owed to group undertakings and undertakings in which the company has a participating interest

9

835,623

530,272

Accruals and deferred income

 

1,750

1,750

Other creditors

 

174

-

 

866,719

532,022

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £0.0001 each

10,000

1.00

10,000

1.00

         

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

Noriker Power Ireland Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

9

Related party transactions

Transactions with group companies

The company has taken advantage of the exemption provided by FRS 102 s33.1A whereby disclosures need not be given of transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is a wholly owned subsidiary.

Transactions with ultimate parent undertaking

At the balance sheet date the company owed its ultimate parent undertaking, Rainiko Limited, £310,022 (2022: £290,351). There are no fixed repayment terms but interest is charged on the outstanding balance.

Tranactions with subsidiary undertakings

At the balance sheet date the company was owed £116,913 (2022: £22,875) by Island Stability Services Limited. This includes £55,525 (2022: £19,545) of accrued unpaid dividends on the cumulative preference shares owned.