Registered number
NI608908
MPG Energy Ltd
Report and Unaudited Accounts
31 December 2023
MPG Energy Ltd
Company Information
Directors
Adrian Martin
Eamonn Martin
Accountants
Tyrone Accountancy Services
8-10 Church Street
Omagh
Co. Tyrone
BT78 1DG
Bankers
Bank of Ireland
Campsie
Omagh
Co. Tyrone
BT79 0AE
Registered office
141 Camlough Road
Carrickmore
Co. Tyrone
BT79 9BS
Registered number
NI608908
MPG Energy Ltd
Registered number: NI608908
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 342,490 150,511
Current assets
Stocks 10,721 3,396
Debtors 4 303,044 507,398
Cash at bank and in hand 88,585 97,851
402,350 608,645
Creditors: amounts falling due within one year 5 (107,755) (207,534)
Net current assets 294,595 401,111
Total assets less current liabilities 637,085 551,622
Provisions for liabilities 8 (12,313) (20,057)
Net assets 624,772 531,565
Capital and reserves
Called up, issued and fully paid share capital 1,500 1,500
Profit and loss account 623,272 530,065
Shareholders' funds 9 624,772 531,565
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime.
The profit and loss account has not been delivered to the Registrar of Companies under section 444 of the Companies Act 2006.
The notes on pages 6 to 10 form an integral part of the accounts.
Adrian Martin Eamonn Martin
Director Director
Approved by the board on 13 September 2024 Approved by the board on 13 September 2024
MPG Energy Ltd
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
The financial statements are presented in UK Sterling pounds (£)
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the generation of electricity and trading of Renewable Obligation Certificates (ROC's). Accrued income is recognised in reference to the date of electricity generation.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery - 25% Reducing Balance
Office equipment - 25% Reducing Balance
Wind turbines - 5% Straight Line
Land and buildings are not depreciated
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Financial instruments
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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classes as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 4 4
3 Tangible fixed assets
Land and buildings Plant and machinery Office Equipment Wind Turbine Total
£ £ £ £ £
Cost
At 1 January 2023 21,870 54,015 539 229,487 305,911
Additions - - - 392,908 392,908
Disposals - - (294,871) (294,871)
At 31 December 2023 21,870 54,015 539 327,524 403,948
Depreciation
At 1 January 2023 - 40,563 462 114,375 155,400
Charge for the year - 3,363 19 16,378 19,760
On disposals - - (113,702) (113,702)
At 31 December 2023 - 43,926 481 17,051 61,458
Net book value
At 31 December 2023 21,870 10,089 58 310,473 342,490
At 31 December 2022 21,870 13,452 77 115,112 150,511
4 Debtors 2023 2022
£ £
Trade debtors 10,147 10,245
Other debtors 292,897 497,153
303,044 507,398
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 250 367
Trade creditors 35,589 58,854
Taxes and social security costs 57,797 24,315
Other creditors 14,119 123,998
107,755 207,534
6 Related party transactions
At the balance sheet date the company had the following balances with related parties:
2023 2022
£ £
MPG Wind Ltd 180,403 145,998
MPG Wind Services Ltd 5,812 4,137
Redwind Energy Limited 123 123
RF Wind Ltd 15,000 15,000
201,338 165,258
Messrs Eamonn and Adrian Martin are directors and persons with significant control in the above companies.

At the balance sheet date the above balances have been reflected in debtors.

The balances are interest free and repayable on demand.

Bank of Ireland hold security in the form of a Debenture over the assets, undertakings and liabilities of MPG Energy Ltd in relation to debt finance owed by MPG Wind Ltd.
7 Directors' advances, credits and guarantees
During the year the directors advanced nil, and the company repaid £6,698 leaving a balance owed to the directors at the year end of £12,618.
The balances are interest free and repayable on demand.
8 Provision for liabilities
Deferred Taxation
£
At 1 January 2023 20,057
Charged to the profit and loss (7,744)
At 31 December 2023 12,313
The provision for deferred taxation is made up as follows:
2023 2022
£ £
Accelerated capital allowances 7,744 (2,728)
7,744 (2,728)
9 Statement of changes in equity
Shareholders funds represents cumulative profits or losses, net of dividends paid and deferred tax adjustments.
10 Other information
MPG Energy Ltd is a private company limited by shares and incorporated in Northern Ireland. Its registered office is:
141 Camlough Road
Carrickmore
Co. Tyrone
BT79 9BS
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