Company registration number 05047317 (England and Wales)
TALYBONT-ON-USK ENERGY
Unaudited Financial Statements
for the Year Ended 31 December 2023
TALYBONT-ON-USK ENERGY
Contents
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 6
TALYBONT-ON-USK ENERGY
Balance Sheet
As at 31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
4
351
187
Cash at bank and in hand
22,873
4,330
23,224
4,517
Creditors: amounts falling due within one year
5
(3,284)
(606)
Net current assets
19,940
3,911
Reserves
Income and expenditure account
19,940
3,911
Members' funds
19,940
3,911
TALYBONT-ON-USK ENERGY
Balance Sheet
As at 31 December 2023
- 3 -
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true
For the financial year ended 31 December 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.
The financial statements were approved by the board of directors and authorised for issue on 14 September 2024 and are signed on its behalf by:
Ms B A Anglezarke
Director
Company Registration No. 05047317
TALYBONT-ON-USK ENERGY
Notes to the Financial Statements
For the Year Ended 31 December 2023
- 4 -
1
Accounting policies
Company information
Talybont-On-Usk Energy is a private company limited by guarantee incorporated in England and Wales. The registered office is 2 Griffin Terrace, Talyllyn, Brecon, Powys, LD3 7TD.
1.1
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.
1.2
Turnover
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises Turnover when:
The amount of Turnover can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
1.3
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:
Plant and equipment
10% on cost
Computers
10% on cost
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 surplus or deficit.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
TALYBONT-ON-USK ENERGY
Notes to the Financial Statements
For the Year Ended 31 December 2023
1
Accounting policies
- 5 -
1.5
Financial instruments
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 assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price.
Classification of financial liabilities
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
Basic financial liabilities, including creditors and bank loans are recognised at transaction price.
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 at transaction price.
1.6
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
TALYBONT-ON-USK ENERGY
Notes to the Financial Statements
For the Year Ended 31 December 2023
- 6 -
3
Tangible fixed assets
Plant and equipment
Computers
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
101,903
768
102,671
Depreciation and impairment
At 1 January 2023 and 31 December 2023
101,903
768
102,671
Carrying amount
At 31 December 2023
At 31 December 2022
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
93
Prepayments and accrued income
351
94
351
187
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
62
36
Taxation and social security
2,589
Accruals and deferred income
633
570
3,284
606
6
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.