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REGISTERED NUMBER: 07468469 (England and Wales)






















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: M N Parkes
A W Sumner
J G Hudson





REGISTERED OFFICE: Norwood House
Norwood
Beverley
East Yorkshire
HU17 9ET





REGISTERED NUMBER: 07468469 (England and Wales)





ACCOUNTANTS: Smailes Goldie
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 55,762 -

CURRENT ASSETS
Stocks 6,401 2,655
Debtors 5 137,993 359,271
Cash at bank 259,069 256,018
403,463 617,944
CREDITORS
Amounts falling due within one year 6 246,757 469,012
NET CURRENT ASSETS 156,706 148,932
TOTAL ASSETS LESS CURRENT
LIABILITIES

212,468

148,932

CREDITORS
Amounts falling due after more than one
year

7

-

24,166
NET ASSETS 212,468 124,766

CAPITAL AND RESERVES
Called up share capital 8 120 120
Retained earnings 212,348 124,646
SHAREHOLDERS' FUNDS 212,468 124,766

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2023 in accordance with Section 476 of the Companies Act 2006.

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


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12th July 2024 and were signed on its behalf by:





A W Sumner - Director


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 private company, limited by shares , registered in England and Wales. 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.

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 5 (2022 - 4 ) .

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 60,159
At 31st December 2023 60,159
DEPRECIATION
Charge for year 4,397
At 31st December 2023 4,397
NET BOOK VALUE
At 31st December 2023 55,762

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 36,394 212,263
Other debtors 101,599 147,008
137,993 359,271

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 24,167 10,000
Trade creditors 69,765 94,336
Taxation and social security 40,356 82,399
Other creditors 112,469 282,277
246,757 469,012

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 24,166

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
120 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.