REGISTERED NUMBER: |
Boston Renewables Limited |
Unaudited Financial Statements for the Year Ended 31st December 2023 |
REGISTERED NUMBER: |
Boston Renewables Limited |
Unaudited Financial Statements for the Year Ended 31st December 2023 |
Boston Renewables Limited (Registered number: 07468469) |
Contents of the Financial Statements |
for the year ended 31st December 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Boston Renewables Limited |
Company Information |
for the year ended 31st December 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Regent's Court |
Princess Street |
Hull |
East Yorkshire |
HU2 8BA |
Boston Renewables Limited (Registered number: 07468469) |
Balance Sheet |
31st December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their 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. |
Boston Renewables Limited (Registered number: 07468469) |
Balance Sheet - continued |
31st December 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Boston Renewables Limited (Registered number: 07468469) |
Notes to the Financial Statements |
for the year ended 31st December 2023 |
1. | STATUTORY INFORMATION |
Boston Renewables Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these financial statements. |
Going concern |
The directors, having assessed the situation and developed expectations for the foreseeable future, have no reason to believe that a material uncertainty exists that may cast significant doubt about the ability of the company to continue as a going concern. Therefore these accounts have been prepared on the going concern basis. |
Turnover |
Turnover represents net invoiced sales of renewable energy systems, excluding value added tax. |
Turnover is recognised when the renewable energy systems have been installed for projects that do not span over a year end. For projects that span over a year end, turnover is recognised by reference to the stage of completion as measured by the proportion that costs incurred to date bear to the estimated total costs. |
Tangible fixed assets |
Tangible fixed assets are stated at cost less accumulated depreciation. |
The company assesses at each reporting date whether tangible fixed assets (including those leased under a finance lease) are impaired. |
Depreciation is charged to the profit and loss account over the estimated useful lives of each part of an item of tangible fixed assets, as follows: |
- | Motor Vehicles | 25% Straight Line |
Depreciation methods, useful lives and residual values are reviewed, if there is an indication, of a significant change since last annual reporting date in the pattern by which the company expects to consume an asset's future economic benefits. |
Stocks |
Owing to the length of time taken to complete certain contracts which result in work in progress at the year end, the company has ascertained turnover in a manner appropriate to the state of completion of the contracts. Where the outcome of a project can be assessed with reasonable certainty before its conclusion, the attributable profit has been calculated on a prudent basis and included in the accounts. Where the outcome of a long term contract cannot be assessed with reasonable certainty before the conclusion of the contract, no profit is reflected in the profit and loss account. Long term contracts included in stocks are stated at total costs incurred, net of amounts transferred to the profit and loss account in respect of work carried out to date, less foreseeable losses and applicable payments on account. |
The amount by which recorded turnover is in excess of payments on account is included in debtors on amounts recoverable on long term contracts. Payments in excess of recorded turnover and long term contract balances are included in creditors as payments on account. |
Boston Renewables Limited (Registered number: 07468469) |
Notes to the Financial Statements - continued |
for the year ended 31st December 2023 |
2. | ACCOUNTING POLICIES - continued |
Basic financial instruments |
Trade and other debtors/creditors |
Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
Foreign currencies |
Transactions in foreign currencies are translated into the Company's functional currency at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are retranslated to the functional currency at the foreign exchange rate ruling at that date. |
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. |
Expenses |
Operating lease |
Payments (excluding costs for services and insurance) made under operating leases are recognised in the profit and loss account on a straight-line basis over the term of the lease unless the payments to the lessor are structured to increase in line with expected general inflation; in which case the payments related to the structured increases are recognised as incurred. Lease incentives received are recognised in profit and loss over the term of the lease as an integral part of the total lease expense. |
Interest receivable and interest payable |
Interest income and interest payable are recognised in profit and loss as they accrue, using the effective interest method. Foreign currency gains and losses are reported on a net basis. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Boston Renewables Limited (Registered number: 07468469) |
Notes to the Financial Statements - continued |
for the year ended 31st December 2023 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
Additions |
At 31st December 2023 |
DEPRECIATION |
Charge for year |
At 31st December 2023 |
NET BOOK VALUE |
At 31st December 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary shares | £1 | 120 | 120 |
9. | RELATED PARTY DISCLOSURES |
Expenditure with Bostonair Group Limited totalled £325,670 during the year. This expenditure related to management and overhead recharges. |
Boston Renewables Limited (Registered number: 07468469) |
Notes to the Financial Statements - continued |
for the year ended 31st December 2023 |
10. | POST BALANCE SHEET EVENTS |
In February 2024 the Ordinary share capital was re-designated into A, B and C shares. 435 D Ordinary shares with a nominal value of £0.01 were also issued at this time. |
11. | ULTIMATE CONTROLLING PARTY |
The company's ultimate parent company was Bostonair Group Limited until the 30th November 2023 when it was disposed of to Salar Ventures Limited. |