Registered number |
for the year ended |
Pages for filing with the Registrar |
Registered number: | |||||||
Statement of financial position | |||||||
as at |
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Notes | 2023 | 2022 | |||||
as restated | |||||||
£ | £ | ||||||
Fixed assets | |||||||
Tangible assets | 4 | ||||||
Current assets | |||||||
Debtors | 5 | ||||||
Cash at bank and in hand | |||||||
Creditors: amounts falling due within one year | 6 | ( |
( |
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Net current (liabilities)/assets | ( |
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Total assets less current liabilities | |||||||
Creditors: amounts falling due after more than one year | 7 | ( |
( |
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Provisions for liabilities | 8 | ( |
( |
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Net liabilities | ( |
( |
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Capital and reserves | |||||||
Called up share capital | |||||||
Profit and loss account | ( |
( |
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Shareholders' funds | ( |
( |
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The profit and loss account has not been delivered to the Registrar of Companies. |
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The financial statements were approved by the board of directors and authorised for issue and are signed on its behalf by: | |||||||
Graham Mackenzie | |||||||
Director | |||||||
Approved by the board on |
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Notes to the Accounts | ||||||||
for the year ended |
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1 | Accounting policies | |||||||
Accounting convention | ||||||||
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. The principal accounting policies adopted are set out below. | ||||||||
Going concern | ||||||||
The company meets its day to day working capital requirements through loans from shareholders. | ||||||||
The loan note holders have stated that they will not recall the loans to the company whilst it would damage the interests of external creditors. On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis. | ||||||||
Turnover | ||||||||
Tangible fixed assets | ||||||||
Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows: | ||||||||
Plant and machinery | straight line over a 15 year period | |||||||
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. | ||||||||
Borrowing costs related to fixed assets | ||||||||
Borrowing costs directly attributable to the construction of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use. | ||||||||
Cash at bank and in hand | ||||||||
Cash at bank and in hand 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. | ||||||||
Financial instruments | ||||||||
Financial instruments are recognised in the company's statement of financial position 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. |
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Basic financial assets | ||||||||
Basic financial liabilities | ||||||||
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. | ||||||||
Trade creditors are obligations to pay for goods or services 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. | ||||||||
Parent loan notes | ||||||||
All interest bearing loans are initially recognised at net proceeds. After initial recognition debt is increased by the financial cost in respect of the reporting period and reduced by repayment made in the period. Interest is recognised on an accruals basis. | ||||||||
Equity instruments | ||||||||
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. | ||||||||
Tax | ||||||||
The tax expense represents the sum of the tax currently payable and deferred tax. | ||||||||
Current tax | ||||||||
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. 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. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. 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. |
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Foreign exchange | ||||||||
Critical accounting 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. |
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Impairment of Fixed Assets | ||||||||
At each reporting period end, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication of impairment. If there is any such indication, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). | ||||||||
2 | Operating profit | |||||||
2023 | 2022 | |||||||
£ | £ | |||||||
Operating profit for the year is stated after charging: | ||||||||
Fees payable to the company's auditor for the audit of the company's financial statements | ||||||||
3 | Employees | |||||||
2023 | 2022 | |||||||
Average number of persons employed by the company | ||||||||
4 | Tangible fixed assets | |||||||
Plant and machinery | ||||||||
£ | ||||||||
Cost | ||||||||
At 1 January 2023 | ||||||||
At 31 December 2023 | ||||||||
Depreciation | ||||||||
At 1 January 2023 | ||||||||
Charge for the year | ||||||||
At 31 December 2023 | ||||||||
Net book value | ||||||||
At 31 December 2023 | ||||||||
At 31 December 2022 | ||||||||
Included within the carrying amount of plant and machinery is loan interest totalling £121,098 (2022: £132,632). | ||||||||
5 | Debtors | 2023 | 2022 | |||||
£ | £ | |||||||
Trade debtors | ||||||||
Other debtors | ||||||||
6 | Creditors: amounts falling due within one year | 2023 | 2022 | |||||
as restated | ||||||||
£ | £ | |||||||
Trade creditors | ||||||||
Taxation and social security costs | ||||||||
Other creditors | ||||||||
7 | Creditors: amounts falling due after one year | 2023 | 2022 | |||||
£ | £ | |||||||
Payable by instalments 1 - 5 years | ||||||||
Payable by instalments after 5 years | - | |||||||
Interest of 12% per annum is payable on a loan of £1,731,245 (2022: £2,413,009). During the year, £256,118 (2022: £288,768) was charged. £316,471 (2022: £501,764) is due within 1 year and is included within "Other creditors" in note 6. | ||||||||
8 | Deferred Taxation | |||||||
The following is the deferred tax liability recognised by the company and movements thereon: | ||||||||
2023 | 2022 | |||||||
£ | £ | |||||||
Balances: | ||||||||
Opening balance | (95,307) | (37,134) | ||||||
Movement for the year | (36,757) | (58,173) | ||||||
Closing balance | ( |
( |
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9 | Called up share capital | 2023 | 2022 | |||||
£ | £ | |||||||
Ordinary share capital Issued and fully paid | ||||||||
10,000 Ordinary shares of £1 each | ||||||||
10 | Related party transactions | |||||||
Interest of £256,117 (2022: £288,768) was charged on loans advanced by Iona Renewable Infrastructure LP. Iona Capital Limited charged financial management service fees, directors fees and recharged expenses of £47,504 (2022: £42,614). At the period end £7,775 (2022: £6,854) was due to Iona Capital Limited. Iona Capital Limited is a member of Iona EI (General Partner) 3 LLP which is the General Partner of Iona Renewable Infrastructure LP. Iona Management Services Limited ("IMS") is a company under common control of Iona Capital Limited. During the year, IMS charged maintenance fees and recharged operating costs of £395,303 (2022: £344,262). At the year end, £46,114 (2022: £26,212) was due to IMS. |
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11 | Parent Entity | |||||||
12 | Other information | |||||||
Aerospace Energy UK Limited is a private company limited by shares and incorporated in England. Its registered office is: | ||||||||
123 Pall Mall | ||||||||
London | ||||||||
SW1Y 5EA | ||||||||
13 | Restatement | |||||||
Restatement of 2022 figures relates to the separate disclosure of the deferred tax liability. This does not impact profit and loss or overall net liabilities position. | ||||||||
14 | Audit report information | |||||||
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006: | ||||||||
The audit report was signed on |