IRIS Accounts Production v24.2.0.383 NI610923 director 1.2.23 31.1.24 31.1.24 0 0 false true false false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhNI6109232023-01-31NI6109232024-01-31NI6109232023-02-012024-01-31NI6109232022-01-31NI6109232022-02-012023-01-31NI6109232023-01-31NI610923ns15:NorthernIreland2023-02-012024-01-31NI610923ns14:PoundSterling2023-02-012024-01-31NI610923ns10:Director12023-02-012024-01-31NI610923ns10:PrivateLimitedCompanyLtd2023-02-012024-01-31NI610923ns10:SmallEntities2023-02-012024-01-31NI610923ns10:AuditExempt-NoAccountantsReport2023-02-012024-01-31NI610923ns10:SmallCompaniesRegimeForDirectorsReport2023-02-012024-01-31NI610923ns10:SmallCompaniesRegimeForAccounts2023-02-012024-01-31NI610923ns10:FullAccounts2023-02-012024-01-31NI61092312023-02-012024-01-31NI610923ns10:OrdinaryShareClass12023-02-012024-01-31NI610923ns10:RegisteredOffice2023-02-012024-01-31NI610923ns5:CurrentFinancialInstruments2024-01-31NI610923ns5:CurrentFinancialInstruments2023-01-31NI610923ns5:Non-currentFinancialInstruments2024-01-31NI610923ns5:Non-currentFinancialInstruments2023-01-31NI610923ns5:ShareCapital2024-01-31NI610923ns5:ShareCapital2023-01-31NI610923ns5:RetainedEarningsAccumulatedLosses2024-01-31NI610923ns5:RetainedEarningsAccumulatedLosses2023-01-31NI610923ns5:IntangibleAssetsOtherThanGoodwill2023-02-012024-01-31NI610923ns5:PatentsTrademarksLicencesConcessionsSimilar2023-02-012024-01-31NI610923ns5:PatentsTrademarksLicencesConcessionsSimilar2023-01-31NI610923ns5:PatentsTrademarksLicencesConcessionsSimilar2024-01-31NI610923ns5:PatentsTrademarksLicencesConcessionsSimilar2023-01-31NI610923ns5:LandBuildingsns5:ShortLeaseholdAssets2023-01-31NI610923ns5:PlantMachinery2023-01-31NI610923ns5:FurnitureFittings2023-01-31NI610923ns5:MotorVehicles2023-01-31NI610923ns5:LandBuildingsns5:ShortLeaseholdAssets2023-02-012024-01-31NI610923ns5:PlantMachinery2023-02-012024-01-31NI610923ns5:FurnitureFittings2023-02-012024-01-31NI610923ns5:MotorVehicles2023-02-012024-01-31NI610923ns5:LandBuildingsns5:ShortLeaseholdAssets2024-01-31NI610923ns5:PlantMachinery2024-01-31NI610923ns5:FurnitureFittings2024-01-31NI610923ns5:MotorVehicles2024-01-31NI610923ns5:LandBuildingsns5:ShortLeaseholdAssets2023-01-31NI610923ns5:PlantMachinery2023-01-31NI610923ns5:FurnitureFittings2023-01-31NI610923ns5:MotorVehicles2023-01-31NI610923ns5:WithinOneYearns5:CurrentFinancialInstruments2024-01-31NI610923ns5:WithinOneYearns5:CurrentFinancialInstruments2023-01-31NI610923ns10:OrdinaryShareClass12024-01-31
REGISTERED NUMBER: NI610923 (Northern Ireland)















RMC RENEWABLE ENERGY LTD

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024






RMC RENEWABLE ENERGY LTD (REGISTERED NUMBER: NI610923)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 January 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


RMC RENEWABLE ENERGY LTD

COMPANY INFORMATION
for the year ended 31 January 2024







DIRECTOR: G McCullough





REGISTERED OFFICE: 55 Monlough Road
Ballygowan
NEWTOWNARDS
BT23 6NP





REGISTERED NUMBER: NI610923 (Northern Ireland)





ACCOUNTANTS: Jones
Chartered Accountants
4 Comber Street
Saintfield
BALLYNAHINCH
BT24 7AZ

RMC RENEWABLE ENERGY LTD (REGISTERED NUMBER: NI610923)

BALANCE SHEET
31 January 2024

2024 2023
Notes £ £
FIXED ASSETS
Intangible assets 4 - 398
Tangible assets 5 151,436 164,722
151,436 165,120

CURRENT ASSETS
Stocks 6 2,250 700
Debtors 7 41,097 40,907
Cash at bank 6,140 130
49,487 41,737
CREDITORS
Amounts falling due within one year 8 (22,624 ) (19,943 )
NET CURRENT ASSETS 26,863 21,794
TOTAL ASSETS LESS CURRENT
LIABILITIES

178,299

186,914

CREDITORS
Amounts falling due after more than one
year

9

(25,833

)

(27,833

)

PROVISIONS FOR LIABILITIES (28,152 ) (30,606 )
NET ASSETS 124,314 128,475

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 124,214 128,375
SHAREHOLDERS' FUNDS 124,314 128,475

RMC RENEWABLE ENERGY LTD (REGISTERED NUMBER: NI610923)

BALANCE SHEET - continued
31 January 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 6 September 2024 and were signed by:





G McCullough - Director


RMC RENEWABLE ENERGY LTD (REGISTERED NUMBER: NI610923)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 January 2024


1. STATUTORY INFORMATION

RMC Renewable Energy Ltd is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
In the application of the company's accounting policies, the director is 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.

Critical judgements

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:

Recoverability of debtors

Estimates are made in respect of the recoverable value of trade and other debtors. When assessing the level of provisions required, factors including current trading experience, historical experience and the aging profile of debtors are considered.

Revenue recognition
Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the balance sheet date, turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the balance sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Entitlements are being amortised evenly over their estimated useful life of three years.

RMC RENEWABLE ENERGY LTD (REGISTERED NUMBER: NI610923)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 January 2024


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The cost of tangible fixed assets includes directly attributable incremental costs incurred in their acquisition and installation.

No depreciation is charged on freehold land. For all other assets depreciation is charged to write off their cost or valuation over their estimated useful lives. The methods adopted and rates used are as follows:

Short leasehold property- 10% straight line
Plant and machinery- 4% straight line
Fixtures and equipment- 15% - 33 1/3% straight line
Farm equipment - 25% reducing balance


At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit (CGU) to which the asset belongs.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

RMC RENEWABLE ENERGY LTD (REGISTERED NUMBER: NI610923)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 January 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ 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.

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

Other financial assets
Other financial assets including trade debtors arising from goods sold to customers on short-term credit, are initially measured at the undiscounted amount of cash receivable from that debtor, which is normally the invoice price. If payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate, this constitutes a financing transaction, and the financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Subsequently, other financial assets are measured at amortised cost less impairment, where there is objective evidence of impairment.

Loans and borrowings
All loans made by the company are initially recorded at the amount of cash advanced plus transaction costs incurred, unless the arrangement constitutes, in effect, a financing transaction, in which case it is measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument. Subsequently loans made by the company are stated at amortised cost using the effective interest rate method less impairment, where there is objective evidence of impairment.

All borrowings by the company, with the exception of loans from persons who are within a director's group of close family members when that group contains at least one shareholder in the company, are initially recorded at the amount of cash received less separately incurred transaction costs, unless the arrangement constitutes, in effect, a financing transaction, in which case it is measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument. Subsequently, borrowings are stated at amortised cost using the effective interest rate method.

Loans from persons who are within a director's group of close family members, when that group contains at least one shareholder in the company, are initially measured at transaction price and not discounted on subsequent measurement.

The computation of amortised cost includes any issue costs, transaction costs and fees, and any discount or premium on settlement, and the effect of this is to amortise these amounts over the expected borrowing period. Loans with no stated interest rate and repayable within one year or on demand are not amortised. Loans and borrowings are classified as current assets or liabilities unless the borrower has an unconditional right to defer settlement of the liability for at least twelve months after the financial year end date.

Other financial liabilities
Other financial liabilities, including trade creditors arising from goods purchased from suppliers on short-term credit, are initially measured at the undiscounted amount owed to the creditor, which is normally the invoice price. Liabilities that are settled within one year are not discounted. If payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate, this constitutes a financing transaction, and the financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Subsequently, other financial liabilities are measured at amortised cost.



RMC RENEWABLE ENERGY LTD (REGISTERED NUMBER: NI610923)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 January 2024


2. ACCOUNTING POLICIES - continued
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
Dividends payable to the company's equity shareholders are recognised as a liability of the company when approved by the company's shareholders.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the
period of the lease.


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

RMC RENEWABLE ENERGY LTD (REGISTERED NUMBER: NI610923)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 January 2024


4. INTANGIBLE FIXED ASSETS
Entitlements
£
COST
At 1 February 2023
and 31 January 2024 1,193
AMORTISATION
At 1 February 2023 795
Amortisation for year 398
At 31 January 2024 1,193
NET BOOK VALUE
At 31 January 2024 -
At 31 January 2023 398

5. TANGIBLE FIXED ASSETS
Short
leasehold Plant and Fixtures & Farm
property machinery equipment equipment Totals
£ £ £ £ £
COST
At 1 February 2023 2,734 210,039 1,866 25,000 239,639
Additions - - 680 - 680
At 31 January 2024 2,734 210,039 2,546 25,000 240,319
DEPRECIATION
At 1 February 2023 616 68,297 795 5,209 74,917
Charge for year 273 8,402 343 4,948 13,966
At 31 January 2024 889 76,699 1,138 10,157 88,883
NET BOOK VALUE
At 31 January 2024 1,845 133,340 1,408 14,843 151,436
At 31 January 2023 2,118 141,742 1,071 19,791 164,722

6. STOCKS
2024 2023
£ £
Stocks 2,250 700

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 37,689 38,031
Other debtors 3,408 2,876
41,097 40,907

RMC RENEWABLE ENERGY LTD (REGISTERED NUMBER: NI610923)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 January 2024


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade creditors 1,167 1,257
Taxation and social security 15,313 12,888
Other creditors 6,144 5,798
22,624 19,943

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£ £
Other creditors 25,833 27,833

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
100 Ordinary £1 100 100

11. CAPITAL COMMITMENTS
2024 2023
£ £
Contracted but not provided for in the
financial statements - -

12. OTHER FINANCIAL COMMITMENTS

Total future minimum lease payments under non-cancellable operating leases
relating to the rental of land are as follows

2024

2023
£   £   

- within one year1,9751,975
- within one and five years4002,275
- after five years800900
3,1755,150

13. RELATED PARTY DISCLOSURES

Included within other creditors at note 10 are monies owed to the director, Mr G McCullough totalling
£2236 (2023 - £1940).The advance is unsecured, interest free and repayable on demand.