Free Green Energy Corporation Limited Filleted Accounts Cover
Free Green Energy Corporation Limited
Company No. 07359678
Information for Filing with The Registrar
31 March 2024
Free Green Energy Corporation Limited Balance Sheet Registrar
at
31 March 2024
Company No.
07359678
Notes
2024
2023
£
£
Fixed assets
Tangible assets
4
1,390,7021,536,868
Investments
5
11
1,390,7031,536,869
Current assets
Debtors
6
134,457177,795
Cash at bank and in hand
87,833113,679
222,290291,474
Creditors: Amount falling due within one year
7
(23,758)
(14,854)
Net current assets
198,532276,620
Total assets less current liabilities
1,589,2351,813,489
Provisions for liabilities
Deferred taxation
(265,015)
(250,590)
Net assets
1,324,2201,562,899
Capital and reserves
Called up share capital
37,27337,273
Profit and loss account
9
1,286,9471,525,626
Total equity
1,324,2201,562,899
These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
For the year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.
Approved by the board on 17 September 2024 and signed on its behalf by:
M.K. Sheridan
Director
17 September 2024
Free Green Energy Corporation Limited Notes to the Accounts Registrar
for the year ended 31 March 2024
1
General information
Free Green Energy Corporation Limited is a private company limited by shares and incorporated in England and Wales.
Its registered number is: 07359678
Its registered office is:
Central House
20 Central Avenue
St Andrews Business Park
Norwich
NR7 0HR
The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
2
Accounting policies
Turnover
Turnover is measured at the fair value of the consideration received or receivable exclusive of VAT.
Tangible fixed assets and depreciation
Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

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.
Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:
Plant and machinery
5-10% straight line
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Investments
Unlisted investments (except those held as subsidiaries, associates or joint ventures) are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, any changes in fair value are recognised in profit and loss.
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.
Trade and other creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
3
Employees
2024
2023
Number
Number
The average monthly number of employees (including directors) during the year was:
22
4
Tangible fixed assets
Plant and machinery
Total
£
£
Cost or revaluation
At 1 April 2023
3,046,1423,046,142
Additions
23,14723,147
Disposals
(39,750)
(39,750)
At 31 March 2024
3,029,5393,029,539
Depreciation
At 1 April 2023
1,509,2741,509,274
Charge for the year
169,313169,313
Disposals
(39,750)
(39,750)
At 31 March 2024
1,638,8371,638,837
Net book values
At 31 March 2024
1,390,7021,390,702
At 31 March 2023
1,536,868
1,536,868
5
Investments
Investment in Subsidiaries
Total
£
£
Cost or valuation
At 1 April 2023
1
1
At 31 March 2024
1
1
Provisions/Impairment
Net book values
At 31 March 2024
1
1
At 31 March 2023
1
1
6
Debtors
2024
2023
£
£
Trade debtors
14,29811,370
Amounts owed by group undertakings
62,095107,063
VAT recoverable
5261,316
Prepayments and accrued income
57,53858,046
134,457177,795
7
Creditors:
amounts falling due within one year
2024
2023
£
£
Trade creditors
10,82112,331
Amounts owed to group undertakings
8,364
-
Accruals and deferred income
4,5732,523
23,75814,854
8
Share Capital
The company has in issue 3,727,360 £0.01 Ordinary shares, all of which are fully paid up at par.
9
Reserves
Profit and loss account - includes all current and prior period retained profits and losses.
10
Contingent Assets/Liabilities
A joint charge was issued over the assets of the group as of 20 December 2018 by Close Leasing Limited as chargors in respect of a loan received by Free Green Electricity Corporation Limited. At the balance sheet date, £2,726,197 was still owed with the final repayment due by 31 December 2027.
11
Dividends
2024
2023
£
£
Dividends for the period:
Dividends paid in the period
372,500
305,000
372,500
305,000
Dividends by type:
Equity dividends
372,500305,000
372,500
305,000
12
Related party disclosures
Transactions with related parties
Parent Company
The name of the parent of the smallest group for which consolidated financial statements are drawn up of which this entity is a member:
Free Green Electricity Corporation Limited
The parent's registered office address is:
Oakways
Tubbs Lane
Highclere
Newbury, Berks
RG20 9PQ
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