Company Registration No. 10432261 (England and Wales)
Eco Power Wood Fuels Limited
Unaudited accounts
for the year ended 30 October 2023
Eco Power Wood Fuels Limited
Statement of financial position
as at 30 October 2023
Tangible assets
4,248,723
4,356,042
Debtors
5,142,350
3,594,261
Cash at bank and in hand
5,246
23,432
Creditors: amounts falling due within one year
(4,258,586)
(4,748,772)
Net current assets/(liabilities)
1,316,355
(1,131,079)
Total assets less current liabilities
5,565,078
3,224,963
Creditors: amounts falling due after more than one year
(1,479,932)
(371,384)
Provisions for liabilities
Deferred tax
(360,000)
(390,000)
Net assets
3,725,146
2,463,579
Called up share capital
1
1
Profit and loss account
3,725,145
2,463,578
Shareholders' funds
3,725,146
2,463,579
For the year ending 30 October 2023 the company was entitled to exemption from audit 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 30 July 2024 and were signed on its behalf by
Mr D Barnard
Director
Company Registration No. 10432261
Eco Power Wood Fuels Limited
Notes to the Accounts
for the year ended 30 October 2023
Eco Power Wood Fuels Limited is a private company, limited by shares, registered in England and Wales, registration number 10432261. The registered office is BANKWOOD PROCESSING SITE BANKWOOD LANE, NEW ROSSINGTON, DONCASTER, DN11 0PS, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
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.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
2% straight line
Plant & machinery
5%-33% straight line
Motor vehicles
20% straight line
Eco Power Wood Fuels Limited
Notes to the Accounts
for the year ended 30 October 2023
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial instruments, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs are 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.
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 company after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, 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.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or service 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.
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expenses that are taxable or deductible in other years are it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantially enacted by the reporting end date.
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit not the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
Eco Power Wood Fuels Limited
Notes to the Accounts
for the year ended 30 October 2023
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the the risks and rewards of ownership to the lessee. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the asset's fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to the profit of loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases assets are consumed.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
The costs of short term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
4
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 31 October 2022
1,827,993
4,159,065
12,240
-
5,999,298
Additions
-
236,187
34,312
730
271,229
At 30 October 2023
1,827,993
4,395,252
46,552
730
6,270,527
At 31 October 2022
162,801
1,468,215
12,240
-
1,643,256
Charge for the year
33,959
337,607
6,862
120
378,548
At 30 October 2023
196,760
1,805,822
19,102
120
2,021,804
At 30 October 2023
1,631,233
2,589,430
27,450
610
4,248,723
At 30 October 2022
1,665,192
2,690,850
-
-
4,356,042
Amounts falling due within one year
Accrued income and prepayments
1,357,790
-
Other debtors
3,589,424
3,594,261
Eco Power Wood Fuels Limited
Notes to the Accounts
for the year ended 30 October 2023
6
Creditors: amounts falling due within one year
2023
2022
Trade creditors
515,992
48,367
Amounts owed to group undertakings and other participating interests
-
1,734
Taxes and social security
538,447
187,121
Other creditors
3,204,147
4,511,550
Included within other creditors due within one year is £80,905 (2022: £80,905) due under hire purchase contracts, this liability is secured on the asset to which it relates.
Included within other creditors is £505,314 (2022: £400,000) in respect of amounts borrowed from Reward Invoice Finance, secured by a fixed and floating charge on the assets owned by the company.
7
Creditors: amounts falling due after more than one year
2023
2022
Other creditors
1,479,932
371,384
Included within other creditors due after one year is £171,391 (2022: £371,384) due under hire purchase contracts, this liability is secured on the asset to which it relates.
Included within other creditors due after one year is £1,182,971 (2022: £nil) in respect of amounts borrowed from Reward Invoice Finance, secured by a fixed and floating charge on the assets owned by the company.
8
Average number of employees
During the year the average number of employees was 16 (2022: 12).