0 20 June 2024 false false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 10 10 10 xbrli:pure xbrli:shares iso4217:GBP NI662349 2023-01-01 2023-12-31 NI662349 2023-12-31 NI662349 2022-12-31 NI662349 2022-01-01 2022-12-31 NI662349 2022-12-31 NI662349 2021-12-31 NI662349 bus:Director1 2023-01-01 2023-12-31 NI662349 core:WithinOneYear 2023-12-31 NI662349 core:WithinOneYear 2022-12-31 NI662349 core:ShareCapital 2023-12-31 NI662349 core:ShareCapital 2022-12-31 NI662349 core:RetainedEarningsAccumulatedLosses 2023-12-31 NI662349 core:RetainedEarningsAccumulatedLosses 2022-12-31 NI662349 core:CostValuation core:Non-currentFinancialInstruments 2023-12-31 NI662349 core:Non-currentFinancialInstruments 2023-12-31 NI662349 core:Non-currentFinancialInstruments 2022-12-31 NI662349 bus:SmallEntities 2023-01-01 2023-12-31 NI662349 bus:Audited 2023-01-01 2023-12-31 NI662349 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 NI662349 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 NI662349 bus:FullAccounts 2023-01-01 2023-12-31 NI662349 1 2023-01-01 2023-12-31 NI662349 core:AllAssociates 2023-01-01 2023-12-31
COMPANY REGISTRATION NUMBER: NI662349
Crowley Bioenergy Limited
Filleted Financial Statements
31 December 2023
Crowley Bioenergy Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Investments
5
10
10
Current assets
Debtors
6
381
1,505,640
Cash at bank and in hand
6,465
5,087
-------
------------
6,846
1,510,727
Creditors: amounts falling due within one year
7
383,182
1,371,432
---------
------------
Net current (liabilities)/assets
( 376,336)
139,295
---------
---------
Total assets less current liabilities
( 376,326)
139,305
---------
---------
Net (liabilities)/assets
( 376,326)
139,305
---------
---------
Capital and reserves
Called up share capital
101
101
Profit and loss account
( 376,427)
139,204
---------
---------
Shareholders (deficit)/funds
( 376,326)
139,305
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
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.
These financial statements were approved by the board of directors and authorised for issue on 20 June 2024 , and are signed on behalf of the board by:
Mr S O Dubhgain
Director
Company registration number: NI662349
Crowley Bioenergy Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Lecale Cf, 50 Stranmillis Embankment, Belfast, BT9 5FL, Northern Ireland.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company has sufficient resources to continue to meet all liabilities as they fall due for the foreseeable future. Accordingly, the director continues to adopt the going concern basis of accounting in preparing the financial statements.
Consolidation
The entity has taken advantage of the exemption from preparing consolidated financial statements contained in Section 400 of the Companies Act 2006.
Corporation tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Exceptional provisions
Exceptional provisions in the amount of £511,586 have been provided at 31 December 2023 in relation to an intercompany balance owing from subsidiary Stramore AD Limited.
5. Investments
Shares in group undertakings
£
Cost
At 1 January 2023 and 31 December 2023
10
----
Impairment
At 1 January 2023 and 31 December 2023
----
Carrying amount
At 31 December 2023
10
----
At 31 December 2022
10
----
6. Debtors
2023
2022
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
1,476,972
Other debtors
381
28,668
----
------------
381
1,505,640
----
------------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
379,706
1,364,982
Other creditors
3,476
6,450
---------
------------
383,182
1,371,432
---------
------------
8. Other financial commitments
The company had no material capital commitments at the financial year ended 31 December 2023.
9. Events after the end of the reporting period
There have been no significant events affecting the company since the financial year end.
10. Summary audit opinion
The auditor's report dated 20 June 2024 was unqualified , however, the auditor drew attention to the following by way of emphasis.
In forming our opinion on the financial statements, which is not modified in relation to going concern, we have considered the adequacy of the disclosures made in note 3 to the financial statements in relation to the company's lenders and creditors. The financial statements have been prepared on a going concern basis, the validity of which depends on the continued support of its fellow group companies. The financial statements do not include any adjustments which would result if this continued support was not secured. In view of the uncertainty on the validly of the going concern basis, we consider that it should be brought to your attention.
The senior statutory auditor was Yvonne Murphy , for and on behalf of BKK .
11. Related party transactions
Transactions The company has taken advantage of the exemption from disclosing related party transactions with group companies, in accordance with Financial Reporting Standard No 102 Section 1A Appendix C, Related Party Disclosures.
12. Controlling party
The company regards Tim Crowley Holdings Limited as its parent company.