Company Registration No. NI639416 (Northern Ireland)
KILMOYLE AD LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
KILMOYLE AD LIMITED
CONTENTS
Page
Director's report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 11
KILMOYLE AD LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -
The director presents his annual report and financial statements for the year ended 31 March 2024.
Principal activities
The principal activity of the company continued to be the production of energy from waste products.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
James Blair
James Collis
(Resigned 25 June 2024)
Joseph Jervis
(Resigned 25 June 2024)
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
James Blair
Director
22 July 2024
KILMOYLE AD LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
2,419,278
2,584,629
Current assets
Debtors
6
270,453
233,560
Cash at bank and in hand
338,998
320,296
609,451
553,856
Creditors: amounts falling due within one year
7
(771,170)
(712,989)
Net current liabilities
(161,719)
(159,133)
Total assets less current liabilities
2,257,559
2,425,496
Creditors: amounts falling due after more than one year
8
(5,728,112)
(5,153,112)
Net liabilities
(3,470,553)
(2,727,616)
Capital and reserves
Called up share capital
10
10
10
Profit and loss reserves
11
(3,470,563)
(2,727,626)
Total equity
(3,470,553)
(2,727,616)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial 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 director acknowledges his 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.
KILMOYLE AD LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 22 July 2024 and are signed on its behalf by:
James Blair
Director
Company Registration No. NI639416
KILMOYLE AD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information
Kilmoyle AD Limited is a private company limited by shares incorporated in Northern Ireland. The registered office is 9 Kilmoyle Road, Ballymoney, Northern Ireland, BT53 6NR.
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
Going concern
Net liabilities at the year-end amounted to £3,474,953 and net current liabilities amounted to £166,118. Income of £1,240,785 was generated during the year. In view of the structure of the company’s financing arrangements, which are linked to shareholders loan agreements, the company will make losses in earlier years and profit in later years. The primary concern is the company's ability to meet the demands of the financing arrangement being with the loans which the shareholders of the company have issued. From review of the loan agreement and the repayment schedule, it is highlighted that there is no default on the loan if the security trustee (which is the shareholder) determines that there are insufficient funds to pay the relevant amounts. As a result of this, there is no risk of default, as there is discretion over what needs to be repaid and as such the company can agree with its funders to defer payments until they are in a cash generative position again. The projections of the company forecast a cash positive position. Based on the above, the accounts are continued to be prepared on a going concern basis.
.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
KILMOYLE AD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.4
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:
Leased plant & machinery
5% straight line
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 profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
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.
KILMOYLE AD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
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 initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
KILMOYLE AD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 7 -
1.11
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
5,000
3
Employees
The company has no employees (2023: nil)
2024
2023
Number
Number
Total
The directors received fees of £13,815 (2023: £12,541) for their services.
4
Interest payable and similar expenses
2024
2023
£
£
Interest payable on financial liabilities
585,027
532,601
KILMOYLE AD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
5
Tangible fixed assets
Leased plant & machinery
£
Cost
At 1 April 2023 and 31 March 2024
3,284,872
Depreciation and impairment
At 1 April 2023
700,243
Depreciation charged in the year
165,351
At 31 March 2024
865,594
Carrying amount
At 31 March 2024
2,419,278
At 31 March 2023
2,584,629
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
270,453
233,560
7
Creditors: amounts falling due within one year
2024
2023
£
£
Obligations under finance leases
235,000
235,000
Other borrowings
(see note 8)
235,000
235,000
Trade creditors
105,122
69,243
Taxation and social security
23,896
7,941
Other creditors
104,371
104,371
Accruals and deferred income
67,781
61,434
771,170
712,989
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Obligations under finance leases
2,814,056
2,526,556
Other borrowings
(see note 8)
100,000
100,000
Other creditors
2,814,056
2,526,556
5,728,112
5,153,112
KILMOYLE AD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
9
Loans and interest bearing borrowings
This note provides information about the contractual terms of the company's interest-bearing loans and borrowings, which are measured at amortised cost.
2024
2023
£
£
Creditors - falling due in less than one year
Secured loan facility from related parties
235,000
235,000
Creditors - faling due after more than one year
Secured loan facility from related parties
2,814,056
2,526,556
Minimum lease payments under finance leases are as follows:
Net obligations repayable:
within one year
235,000
235,000
between one and five years
975,000
975,000
in more than five years
1,839,056
1,551,556
3,049,056
2,761,556
The balance of payments outlined above is based upon the timing of payments as outlined within the contractual agreements. Included within secured loan facility from related parties above are amounts repayable after five years of £1,839,055. In relation to the interest-bearing loans discussed above, Foresight Fund Managers Limited, KKV (Cobalt) Limited and Greenmead AD Limited hold a fixed and floating charge over lands adjacent to 9 Kilmoyle Road, Ballymoney
Terms and debt repayment schedule
Lender
Currency
Nominal
Year of
Repayment
2024
interest rate
maturity
schedule
£
Loan from Greenmead AD
GBP
10%
2032
Quarterly capital and interest
3,049,056
Finance lease from KKV (Cobalt) Limited
GBP
10%
2032
Quarterly capital and interest
3,049,056
Loan from Greenmead AD
GBP
10%
2023
Capital due at maturity date
50,000
Loan from KKV (Cobalt) Limited
GBP
10%
2023
Capital due at maturity date
50,000
6,198,112
KILMOYLE AD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of 1p each
510
510
5
5
Ordinary B shares of 1p each
490
490
5
5
1,000
1,000
10
10
11
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
(2,727,626)
(2,295,322)
Loss for the year
(742,937)
(432,304)
At the end of the year
(3,470,563)
(2,727,626)
12
Operating lease commitments
The future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
Within one year
10,000
10,000
Between two and five years
40,000
40,000
In over five years
103,425
113,425
153,425
163,425
The initial rent on the land lease is £10,000 per annum and this is subject to annual inflationary increases based on RPI. These inflationary increases are not reflected in the table above.
13
Capital commitments
Capital commitments at the balance sheet date were £nil (2023: £nil)
14
Events after the reporting date
Subsequent to the year end, the Ordinary A share capital of the company was acquired by Kilmoyle Farm Services Limited.
15
Related party transactions
During the year the loans were held by Greenmead AD Limited and KKV (Cobalt) Limited. Interest is payable on thes loans at a rate of 10%. The outstanding balances included in the accounts are shown in note 8.
KILMOYLE AD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
15
Related party transactions
(Continued)
- 11 -
James Blair, director, received operating fees of £32,999 during the current year (2023: £29,822). Rent of £13,331 (2023: £20,906) was also paid to James Blair.
Foresight Group LLP, the investment manager of Greenmead AD Limited and KKV (Cobalt) Limited and security trustee, received fees of £13,815 in the current year (2023: £12,541)
Feedstock costs of £655,622 were paid in the current period (2023: £605,637 to Kilmoyle Farm Services Limited, a company in which James Blair (director of Kilmoyle AD Limited ) is a shareholder.
2024-03-312023-04-01false22 July 2024CCH SoftwareCCH Accounts Production 2023.300No description of principal activityJames BlairJames CollisJoseph JervisfalseNI6394162023-04-012024-03-31NI639416bus:Director12023-04-012024-03-31NI639416bus:Director22023-04-012024-03-31NI639416bus:Director32023-04-012024-03-31NI6394162024-03-31NI6394162023-03-31NI639416core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2024-03-31NI639416core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-03-31NI639416core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-31NI639416core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-31NI639416core:Non-currentFinancialInstrumentscore:AfterOneYear2024-03-31NI639416core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-31NI639416core:CurrentFinancialInstruments2024-03-31NI639416core:CurrentFinancialInstruments2023-03-31NI639416core:Non-currentFinancialInstruments2024-03-31NI639416core:Non-currentFinancialInstruments2023-03-31NI639416core:ShareCapital2024-03-31NI639416core:ShareCapital2023-03-31NI639416core:RetainedEarningsAccumulatedLosses2024-03-31NI639416core:RetainedEarningsAccumulatedLosses2023-03-31NI639416core:ShareCapitalOrdinaryShares2024-03-31NI639416core:ShareCapitalOrdinaryShares2023-03-31NI639416core:RetainedEarningsAccumulatedLosses2023-03-31NI639416core:RetainedEarningsAccumulatedLosses2022-03-31NI639416core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-04-012024-03-31NI6394162022-04-012023-03-31NI639416core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-03-31NI639416core:WithinOneYear2024-03-31NI639416core:WithinOneYear2023-03-31NI639416core:Non-currentFinancialInstruments12024-03-31NI639416core:Non-currentFinancialInstruments12023-03-31NI639416core:BetweenTwoFiveYears2024-03-31NI639416core:BetweenTwoFiveYears2023-03-31NI639416core:MoreThanFiveYears2024-03-31NI639416core:MoreThanFiveYears2023-03-31NI639416bus:PrivateLimitedCompanyLtd2023-04-012024-03-31NI639416bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-31NI639416bus:FRS1022023-04-012024-03-31NI639416bus:AuditExemptWithAccountantsReport2023-04-012024-03-31NI639416bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP