Company registration number 9313508 (England and Wales)
BEACON RENEWABLES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
BEACON RENEWABLES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
BEACON RENEWABLES LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
415,394
461,122
Investments
300,000
100,000
715,394
561,122
Current assets
Debtors
5
106,323
121,559
Cash at bank and in hand
320,622
392,384
426,945
513,943
Creditors: amounts falling due within one year
6
(82,919)
(107,507)
Net current assets
344,026
406,436
Total assets less current liabilities
1,059,420
967,558
Provisions for liabilities
8
(80,105)
(86,898)
Net assets
979,315
880,660
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
979,215
880,560
Total equity
979,315
880,660
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
BEACON RENEWABLES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2023
30 November 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 30 August 2024 and are signed on its behalf by:
Mr C S M Parsons
Miss J J Parsons
Director
Director
Mr R J R Parsons
Director
Company Registration No. 9313508
BEACON RENEWABLES LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2023
30 November 2023
- 3 -
1
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
2
Accounting policies
Company information
Beacon Renewables Limited is a private company limited by shares incorporated in England and Wales. The registered office is Higher Carley, Lifton, Devon, United Kingdom, PL16 0EB.
2.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
2.2
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.
2.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
5% on Cost
Plant and equipment
10% Reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
2.4
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
BEACON RENEWABLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
2
Accounting policies
(Continued)
- 4 -
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
2.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current 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 expense that are taxable or deductible in other years and 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 substantively enacted by the reporting end date.
Deferred tax
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 nor the accounting profit.
2.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
3
BEACON RENEWABLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 5 -
4
Tangible fixed assets
Tenants Improvements
Plant and equipment
Total
£
£
£
Cost
At 1 December 2022 and 30 November 2023
29,688
967,252
996,940
Depreciation and impairment
At 1 December 2022
11,009
524,809
535,818
Depreciation charged in the year
1,484
44,244
45,728
At 30 November 2023
12,493
569,053
581,546
Carrying amount
At 30 November 2023
17,195
398,199
415,394
At 30 November 2022
18,679
442,443
461,122
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
90,853
103,988
Other debtors
15,470
17,571
106,323
121,559
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
46,953
Trade creditors
3,479
3,157
Taxation and social security
74,817
52,774
Other creditors
4,623
4,623
82,919
107,507
7
Loans and overdrafts
2023
2022
£
£
Bank loans
46,953
Payable within one year
46,953
BEACON RENEWABLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
7
Loans and overdrafts
(Continued)
- 6 -
The long-term loans are secured by fixed and floating charge over the assets of the company dated 26/02/2015. They also have a personal guarantee from the directors totalling £810,000 which is supported by a 1st legal charge over 106 acres of land at the Beacon, South Petherwin, Launceston
8
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
80,105
86,898