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Logo On Report
Registered Number: 13656501
England and Wales

 

 

 


Unaudited Financial Statements

for the year ended 30 September 2024

for

ONNU LTD

Directors Giles Welch
Sarah Welch
Registered Number 13656501
Registered Office 3 Brickfields Business Park
Old Stowmarket Road, Woolpit
Bury St Edmunds
Suffolk
IP30 9QS
Accountants Quove Accounting Ltd
3 Brickfields Business Park
Old Stowmarket Road
Woolpit
Bury St Edmunds
IP30 9QS
1
Director's report and financial statements
The directors present their annual report and the financial statements for the year ended 30 September 2024.
Principal activities
The principal activity of the company during the financial year was of the deployment of expertise in the fields of biomass energy, biochar and carbon markets to identify beneficial locations for pyrolysis plants, secure funding, arrange installation and launch operating companies.
Directors
The directors who served the company throughout the year were as follows:
Giles Welch
Sarah Welch
Statement of directors' responsibilities
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations and in accordance with United Kingdom Generally Accepted Accounting Practice.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to :-
- select suitable accounting policies and then apply them consistently
- make judgements and accounting estimates that are reasonable and prudent
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.


The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the companys transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom, governing the preparation and dissemination of financial statements, may differ from legislation in other jurisdictions

This report was approved by the board and signed on its behalf by:


----------------------------------
Giles Welch
Director

Date approved: 01 October 2024
2
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 151,376    99,825 
151,376    99,825 
Current assets      
Debtors 4 1,257,214    224,298 
Cash at bank and in hand 4,727    53,155 
1,261,941    277,453 
Creditors: amount falling due within one year 5 (1,008,504)   (94,853)
Net current assets 253,437    182,600 
 
Total assets less current liabilities 404,813    282,425 
Creditors: amount falling due after more than one year 6 (1,600,529)   (858,629)
Net assets (1,195,716)   (576,204)
 

Capital and reserves
     
Called up share capital 128    128 
Share premium account 7 499,972    499,972 
Fair Value Reserves 8 50,560   
Profit and loss account (1,746,376)   (1,076,304)
Shareholders' funds (1,195,716)   (576,204)
 


For the year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 01 October 2024 and were signed on its behalf by:


-------------------------------
Giles Welch
Director
3
  Equity share capital   Equity share premium   Retained Earnings   Total
£ £ £ £
At 01 October 2022 100  (454,417) (454,317)
Profit for the year (621,887) (621,887)
Total comprehensive income for the year (621,887) (621,887)
Shares issued 28  28 
Equity share premium - new issue 499,972  499,972 
Total investments by and distributions to owners 28  499,972  500,000 
At 30 September 2023 128  499,972  (1,076,304) (576,204)
At 01 October 2023 128  499,972  (1,076,304) (576,204)
Profit for the year (670,072) (670,072)
Total comprehensive income for the year (670,072) (670,072)
Total investments by and distributions to owners
At 30 September 2024 128  499,972  (1,746,376) (1,246,276)
4
General Information
Onnu Ltd is a private company, limited by shares, registered in England and Wales, registration number 13656501, registration address 3 Brickfields Business Park, Old Stowmarket Road, Woolpit, Bury St Edmunds, Suffolk, IP30 9QS.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern basis
The directors believe that the company has a very good chance of generating high levels of sales in the future and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the income statement on a straight line basis.
Research and development expenditure
Research and development expenditure is charged to the income statement in the period in which it is incurred.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using 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.
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.
Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment.
Where assets have been acquired at a discount a fair value revaluation has taken place, credit arising has been taken to a fair value reserve.
Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Motor Vehicles 5 Reducing Balance
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives.
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.

Average number of employees

Average number of employees during the year was 7 (2023 : 4).
3.

Tangible fixed assets

Cost or valuation Plant and Machinery   Motor Vehicles   Total
  £   £   £
At 01 October 2023 9,823    115,910    125,733 
Additions 24,084      24,084 
Disposals    
Revaluations 50,560      50,560 
At 30 September 2024 84,467    115,910    200,377 
Depreciation
At 01 October 2023 2,726    23,182    25,908 
Charge for year 5,790    17,303    23,093 
On disposals    
At 30 September 2024 8,516    40,485    49,001 
Net book values
Closing balance as at 30 September 2024 75,951    75,425    151,376 
Opening balance as at 01 October 2023 7,097    92,728    99,825 

The net book value of Motor Vehicles includes £ 75,425 (2023 £92,728) in respect of assets leased under finance leases or hire purchase contracts.

4.

Debtors: amounts falling due within one year

2024
£
  2023
£
Trade Debtors 1,132,214   
Prepayments & Accrued Income 125,000    125,000 
Other Debtors   78,725 
VAT   20,573 
1,257,214    224,298 

5.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade Creditors 1,163    58,598 
PAYE & Social Security 36,566    17,681 
Accrued Expenses 945,460    2,000 
Other Creditors 2,964    1,687 
Obligations under HP/Financial Leases 15,919    14,887 
VAT 6,432   
1,008,504    94,853 

6.

Creditors: amount falling due after more than one year

2024
£
  2023
£
Obligations Under HP/Financial Leases 58,504    74,423 
Directors' Loan Accounts 1,542,025    784,206 
1,600,529    858,629 

7.

Share premium account

2024
£
  2023
£
Equity Share Premium b/fwd 499,972   
Equity Share Premium - New Issue   499,972 
499,972    499,972 

8.

Fair Value Reserves

2024
£
  2023
£
Fair Value Reserve 50,560   
50,560   

9.

Related parties

During the year the company entered into the following transactions with related parties:
Transaction value - income/(expenses) Balance owed by/(owed to)
2024
£
 2023
£
 2024
£
 2023
£
Giles Welch(54,539)(1,542,025)(784,211)

A loan existed from the director. In the year interest has been accrued at a rate of 12.5% on balances in excess of £750,000
5