REGISTERED NUMBER: |
REPORT OF THE DIRECTORS AND |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
SECOND GENERATION SAWMILLS LIMITED |
REGISTERED NUMBER: |
REPORT OF THE DIRECTORS AND |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
SECOND GENERATION SAWMILLS LIMITED |
SECOND GENERATION SAWMILLS LIMITED (REGISTERED NUMBER: 09119000) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Statement of Income and Retained Earnings | 3 |
Statement of Financial Position | 4 |
Notes to the Financial Statements | 6 |
SECOND GENERATION SAWMILLS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Directors: |
Registered office: |
Registered number: |
SECOND GENERATION SAWMILLS LIMITED (REGISTERED NUMBER: 09119000) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
The directors present their report with the financial statements of the company for the year ended 31 December 2023. |
Principal activity |
The principal activity of the company in the year under review was that of the development and generation of electricity using solar technology on a solar farm located in Devon, South West England. |
Directors |
Other changes in directors holding office are as follows: |
Going concern |
The directors have a reasonable expectation that the company has adequate resources to be in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the annual report and accounts. |
Small company exemption |
In preparing this report, the Directors have taken advantage of the small companies exemptions provided by section 414B of the Companies Act 2006 not to provide a Strategic Report. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
On behalf of the board: |
SECOND GENERATION SAWMILLS LIMITED (REGISTERED NUMBER: 09119000) |
STATEMENT OF INCOME AND RETAINED EARNINGS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ |
Turnover |
Cost of sales | ( |
) | ( |
) |
Gross profit |
Administrative expenses | ( |
) | ( |
) |
Operating profit | 4 |
Interest payable and similar expenses | ( |
) | ( |
) |
Loss before taxation | ( |
) | ( |
) |
Tax on loss | 5 |
Loss for the financial year | ( |
) | ( |
) |
Retained earnings at beginning of year | ( |
) | ( |
) |
Retained earnings at end of year | ( |
) | ( |
) |
SECOND GENERATION SAWMILLS LIMITED (REGISTERED NUMBER: 09119000) |
STATEMENT OF FINANCIAL POSITION |
31 DECEMBER 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ |
Fixed assets |
Tangible assets | 6 |
Current assets |
Debtors | 7 |
Cash at bank |
Creditors |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
Net liabilities | ( |
) | ( |
) |
Capital and reserves |
Called up share capital | 10 |
Retained earnings | 11 | ( |
) | ( |
) |
Shareholders' funds | ( |
) | ( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
SECOND GENERATION SAWMILLS LIMITED (REGISTERED NUMBER: 09119000) |
STATEMENT OF FINANCIAL POSITION - continued |
31 DECEMBER 2023 |
The financial statements were approved by the Board of Directors and authorised for issue on |
SECOND GENERATION SAWMILLS LIMITED (REGISTERED NUMBER: 09119000) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | Statutory information |
Second Generation Sawmills Limited is a |
2. | Accounting policies |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Financial instruments |
Financial instruments recognised on the balance sheet include trade and other receivables, cash and cash equivalents, accounts payable and other financial liabilities. |
Initial recognition and measurement |
Financial assets and financial liabilities are recognised on the balance sheet when the company becomes party to the contractual provisions of the instrument. Financial instruments are initially recorded at fair value plus, in the case of a financial asset or financial liability not at fair value through profit or loss, directly attributable transaction costs. Subsequent measurement and impairment for each classification is specified in the sections below. |
All normal way purchases and sales of financial assets are recognised on the trade date i.e. the date that the company commits to purchase or sell the financial assets. |
De-recognition of financial assets and liabilities |
A financial asset, or apportion of a financial asset, is derecognised where: |
- The rights to receive cash flows from the asset have expired; |
- The company retains the right to receive the cash flow from the asset, but has assumed an obligation to pay them in full without material delay to a third party under "pass-through" arrangement, or |
- The company has transferred the rights to receive cash flows from the asset and either: |
(i) has transferred substantially all the risks and rewards of ownership of the asset or |
(ii) has neither transferred nor retained substantially all the risks and rewards of ownership of the asset but has transferred control of the asset. |
A financial liability is de-recognised when the obligation under the liability is discharged, cancelled or has expired. |
Trade and other receivables |
Trade and other receivables reflected on the balance sheet are net of an allowance for uncollectible amounts. |
SECOND GENERATION SAWMILLS LIMITED (REGISTERED NUMBER: 09119000) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | Accounting policies - continued |
Financial liabilities |
Loans and accounts payables are classified as financial liabilities and are subsequently measured at amortised cost. Gains and losses are recognised in income when the financial liabilities are derecognised or impaired as well as through the amortisation process. |
Finance costs and gains or losses relating to financial liabilities are included in the income statement. 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 features meeting the definition of financial liability then such capital is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. |
Leases |
Leases in which a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to the statement of profit or loss and other comprehensive income on a straight-line basis over the period of the lease. |
Impairment of financial assets |
The company's financial assets are reviewed at each reporting date or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable, to determine whether or not there is any indication of impairment. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Equity |
Equity comprises the following |
- "Share capital" represents the nominal value of ordinary equity shares. |
- "Retained deficit" include all current results as disclosed in the income statement. |
SECOND GENERATION SAWMILLS LIMITED (REGISTERED NUMBER: 09119000) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | Accounting policies - continued |
Capital risk management |
The company's objectives when managing capital are to safeguard the company's ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. |
In order to maintain or adjust the capital structure, the company may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt. |
Total capital is calculated as 'equity' as shown in the balance sheet plus net debt. The loan balances represent inter-company loans. |
Going concern |
The Directors have a reasonable expectation that the company has adequate resources to be in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the annual report and accounts. |
3. | Employees and directors |
The average number of employees during the year was NIL (2022 - NIL). |
31.12.23 | 31.12.22 |
£ | £ |
Directors' remuneration |
4. | Operating profit |
The operating profit is stated after charging: |
31.12.23 | 31.12.22 |
£ | £ |
Depreciation - owned assets | 298,800 | 298,800 |
Interest Payable to Group Undertakings | 624,679 | 624,679 |
5. | Taxation |
Analysis of the tax credit |
The tax credit on the loss for the year was as follows: |
31.12.23 | 31.12.22 |
£ | £ |
Current tax: |
UK corporation tax | ( |
) | ( |
) |
Tax on loss | ( |
) | ( |
) |
SECOND GENERATION SAWMILLS LIMITED (REGISTERED NUMBER: 09119000) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
6. | Tangible fixed assets |
Plant and |
machinery |
etc |
£ |
Cost |
At 1 January 2023 |
and 31 December 2023 |
Depreciation |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
Net book value |
At 31 December 2023 |
At 31 December 2022 |
7. | Debtors |
31.12.23 | 31.12.22 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Amounts falling due after more than one year: |
Share Capital Not Paid |
Aggregate amounts |
8. | Creditors: amounts falling due within one year |
31.12.23 | 31.12.22 |
£ | £ |
Trade creditors |
VAT |
Other creditors |
9. | Creditors: amounts falling due after more than one year |
31.12.23 | 31.12.22 |
£ | £ |
Owed to group undertakings |
At the year end the company has a long term intercompany loan of £6,246,790 with interest |
payable at a rate of 10% per annum. |
SECOND GENERATION SAWMILLS LIMITED (REGISTERED NUMBER: 09119000) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
10. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.23 | 31.12.22 |
value: | £ | £ |
Ordinary | 1 | 726,959 | 726,959 |
11. | Reserves |
Retained |
earnings |
£ |
At 1 January 2023 | ( |
) |
Deficit for the year | ( |
) |
At 31 December 2023 | ( |
) |
12. | Other financial commitments |
At the year end the company had annual commitments under non-cancellable operating leases as set out below: |
Financial Liabilities | 1 year | 2 to 5 years | After 5 years |
Operating Leases | 85,584 | 364,274 | 1,329,565 |
13. | Ultimate controlling party |
The ultimate controlling party is |
14. | Related parties transactions |
At the year end the company had a long term loan with Second Generation Portfolio 1 Ltd of £6,246,790. Interest payable is calculated at a flat rate of 10% p.a. and amounted to £624,679 during the year, of which £329,677 was outstanding at the end of the year. |