Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31falsefalsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-01-05false.40 14573978 2023-01-04 14573978 2023-01-05 2024-03-31 14573978 2022-02-01 2023-01-04 14573978 2024-03-31 14573978 c:Director1 2023-01-05 2024-03-31 14573978 c:Director3 2023-01-05 2024-03-31 14573978 d:ComputerSoftware 2024-03-31 14573978 d:CurrentFinancialInstruments 2024-03-31 14573978 d:Non-currentFinancialInstruments 2024-03-31 14573978 d:Non-currentFinancialInstruments 3 2024-03-31 14573978 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 14573978 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 14573978 d:RetainedEarningsAccumulatedLosses 2024-03-31 14573978 c:FRS102 2023-01-05 2024-03-31 14573978 c:AuditExempt-NoAccountantsReport 2023-01-05 2024-03-31 14573978 c:FullAccounts 2023-01-05 2024-03-31 14573978 c:CompanyLimitedByGuarantee 2023-01-05 2024-03-31 14573978 d:ComputerSoftware d:ExternallyAcquiredIntangibleAssets 2023-01-05 2024-03-31 14573978 2 2023-01-05 2024-03-31 14573978 d:ComputerSoftware d:OwnedIntangibleAssets 2023-01-05 2024-03-31 14573978 f:PoundSterling 2023-01-05 2024-03-31 iso4217:GBP xbrli:pure
Registered number: 14573978









NORFOLK ENVIRONMENTAL CREDITS LIMITED
(A Company Limited by Guarantee)

UNAUDITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD 5 JANUARY 2023 TO 31 MARCH 2024

 
NORFOLK ENVIRONMENTAL CREDITS LIMITED
 
(A Company Limited by Guarantee)
REGISTERED NUMBER: 14573978

BALANCE SHEET
AS AT 31 MARCH 2024

2024
Note
£

Fixed assets
  

Intangible assets
 4 
5,170

  
5,170

Current assets
  

Stocks
  
978,153

Debtors: amounts falling due within one year
 5 
1,241,314

Cash at bank and in hand
  
316,583

  
2,536,050

Creditors: amounts falling due within one year
 6 
(1,924,302)

Net current assets
  
 
 
611,748

Total assets less current liabilities
  
616,918

Creditors: amounts falling due after more than one year
 7 
(1,186,117)

  

Net (liabilities)/assets
  
(569,199)


Capital and reserves
  

Profit and loss account
  
(569,199)

  
(569,199)


Page 1

 
NORFOLK ENVIRONMENTAL CREDITS LIMITED
 
(A Company Limited by Guarantee)
REGISTERED NUMBER: 14573978

BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question 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 financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 12 September 2024.




P Courtier
D E Lorimer
Director
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
NORFOLK ENVIRONMENTAL CREDITS LIMITED

(A Company Limited by Guarantee)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

1.


General information

Norfolk Environmental Credits Limited is a private company limited by guarantee, incorporated in England and Wales, with a company registration number of 14573978. The address of the registered office is The Horizon Centre Broadland Business Park, Peachman Way, Norwich, NR7 0WF. The period these financial statements cover is from the 5th January 2023 until 31st March 2024.
Norfolk Environmental Credits Ltd is an innovative joint venture company between Breckland Council, Broadland District Council, North Norfolk District Council and South Norfolk Council. The company has been established to provide housing developers across Norfolk with access to environmental mitigation schemes to support and enable the delivery of sustainable housing development, unlocking the building of new homes without weakening environmental protections. 
 
Nutrient mitigation schemes are secured in accordance with the legal and technical requirements of Natural England and Local Planning Authorities. Norfolk Environmental Credits provides housing developers with a simple and streamlined mechanism to offset the nutrient loadings arising from new development, helping to protect our rivers and waterways for future generations. 
 
Norfolk Environmental Credits has entered into contractual agreements with a range of third parties to secure environmental mitigation through a balanced portfolio of solutions. These contracts will be up to 30 years in duration for Bio-diversity Net Gain and up to 80 years in duration for Nutrient Neutrality, to satisfy the relevant legislative framework. All schemes will require monitoring and potential enforcement throughout that time. Norfolk Environmental Credits is not a direct provider of mitigation solutions itself and therefore the company is not seeking to acquire land or capital assets. Income received from the sale of environmental credits is recycled to deliver further mitigation schemes and strengthen the company’s portfolio.
The financial statements are rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

The directors are continually assessing the impact of the current economic climate. They have not encountered any significant adverse impacts as a result. The company will continue with the support of the members and therefore the directors deem it appropriate to prepare the accounts on a going concern basis.

Page 3

 
NORFOLK ENVIRONMENTAL CREDITS LIMITED

(A Company Limited by Guarantee)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

The sales contracts include a service for a period of either 6 or 80 years for the ongoing monitoring required for the sale of nutrient neutrality credits, this revenue is recognised over the period to which the contracts relate. 

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Page 4

 
NORFOLK ENVIRONMENTAL CREDITS LIMITED

(A Company Limited by Guarantee)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.8

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

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.

Page 5

 
NORFOLK ENVIRONMENTAL CREDITS LIMITED

(A Company Limited by Guarantee)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.12

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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.


3.


Employees




The average monthly number of employees, including directors, during the period was 4.

Page 6

 
NORFOLK ENVIRONMENTAL CREDITS LIMITED

(A Company Limited by Guarantee)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

4.


Intangible assets



Website

£



Cost


Additions
7,755



At 31 March 2024

7,755



Amortisation


Charge for the period on owned assets
2,585



At 31 March 2024

2,585



Net book value



At 31 March 2024
5,170




5.


Debtors

2024
£


Trade debtors
1,240,080

Prepayments and accrued income
1,234

1,241,314



6.


Creditors: Amounts falling due within one year

2024
£

Other loans
1,707,543

Trade creditors
53,122

Other taxation and social security
1,710

Other creditors
95,531

Accruals and deferred income
66,396

1,924,302


Page 7

 
NORFOLK ENVIRONMENTAL CREDITS LIMITED

(A Company Limited by Guarantee)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

7.


Creditors: Amounts falling due after more than one year

2024
£

Trade creditors due between 2 and 5 years
144,000

Trade creditors due after 5 years
180,000

Deferred income
862,117

1,186,117






8.


Company status

The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1.00 towards the assets of the company in the event of liquidation.


Page 8