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Company No: 07715533 (England and Wales)

BLOOM RENEWABLES LTD

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

BLOOM RENEWABLES LTD

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

BLOOM RENEWABLES LTD

BALANCE SHEET

As at 31 December 2023
BLOOM RENEWABLES LTD

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 126,151 28,400
126,151 28,400
Current assets
Stocks 4 17,678 9,068
Debtors 5 248,452 134,393
Cash at bank and in hand 191,281 184,031
457,411 327,492
Creditors: amounts falling due within one year 6 ( 415,421) ( 217,649)
Net current assets 41,990 109,843
Total assets less current liabilities 168,141 138,243
Creditors: amounts falling due after more than one year 7 ( 27,242) 0
Net assets 140,899 138,243
Capital and reserves
Called-up share capital 8 2 2
Profit and loss account 140,897 138,241
Total shareholder's funds 140,899 138,243

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Bloom Renewables Ltd (registered number: 07715533) were approved and authorised for issue by the Director on 26 September 2024. They were signed on its behalf by:

Mr M Bloomfield
Director
BLOOM RENEWABLES LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
BLOOM RENEWABLES LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Bloom Renewables Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 1 Shinners Bridge Workshops, Webbers Yard Industrial Estate, Dartington, TQ9 6JY, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

Turnover is stated net of VAT and trade discounts.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Leasehold improvements not depreciated
Plant and machinery 5 years straight line
Vehicles 5 years straight line
Office equipment 5 years straight line
Computer equipment 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 8 2

3. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Office equipment Computer equipment Total
£ £ £ £ £ £
Cost
At 01 January 2023 0 1,770 28,900 1,633 993 33,296
Additions 43,758 4,973 41,294 3,632 13,591 107,248
Disposals 0 ( 1,110) 0 0 0 ( 1,110)
At 31 December 2023 43,758 5,633 70,194 5,265 14,584 139,434
Accumulated depreciation
At 01 January 2023 0 460 3,980 0 456 4,896
Charge for the financial year 0 685 5,780 786 1,315 8,566
Disposals 0 ( 179) 0 0 0 ( 179)
At 31 December 2023 0 966 9,760 786 1,771 13,283
Net book value
At 31 December 2023 43,758 4,667 60,434 4,479 12,813 126,151
At 31 December 2022 0 1,310 24,920 1,633 537 28,400

4. Stocks

2023 2022
£ £
Stocks 17,678 9,068

5. Debtors

2023 2022
£ £
Trade debtors 163,290 82,007
Corporation tax 14,771 0
Other debtors 70,391 52,386
248,452 134,393

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 63,185 30,500
Taxation and social security 10,441 32,918
Obligations under finance leases and hire purchase contracts 6,811 0
Other creditors 334,984 154,231
415,421 217,649

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Obligations under finance leases and hire purchase contracts 27,242 0

Security is given on the hire purchase liability by a charge held over the asset under Hire Purchase.

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2

9. Financial commitments

Other financial commitments

2023 2022
£ £
Commitments in relation to rental agreements 102,000 0

10. Related party transactions

Transactions with the entity's director

2023 2022
£ £
Balance brought forward (95) (576)
Add: Advances made during the year 79,735 30,937
Less: Repayments made during the year (36,877) (30,456)
Balance carried forward 42,763 (95)

Interest has been charged at HMRC's official rate of interest, on any balance outstanding during the year in excess of £10,000.