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REGISTERED NUMBER: 05754766 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

AMEGNI RENEWABLES LIMITED

AMEGNI RENEWABLES LIMITED (REGISTERED NUMBER: 05754766)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 March 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


AMEGNI RENEWABLES LIMITED

COMPANY INFORMATION
for the year ended 31 March 2024







DIRECTORS: J G Thomas
S E Thomas





REGISTERED OFFICE: Bron Haul
Carno
Caersws
Powys
SY17 5JY





REGISTERED NUMBER: 05754766 (England and Wales)





ACCOUNTANTS: Magma Audit LLP
Magma House
16 Davy Court
Castle Mound Way
Rugby
CV23 0UZ

AMEGNI RENEWABLES LIMITED (REGISTERED NUMBER: 05754766)

BALANCE SHEET
31 March 2024

2024 2023
(Restated)
Notes £    £   
FIXED ASSETS
Tangible assets 4 4,181,045 3,270,847

CURRENT ASSETS
Debtors 5 20,294 13,103
Cash at bank 707,357 220,429
727,651 233,532
CREDITORS
Amounts falling due within one year 6 (5,105,000 ) (3,684,348 )
NET CURRENT LIABILITIES (4,377,349 ) (3,450,816 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(196,304

)

(179,969

)

CAPITAL AND RESERVES
Called up share capital 200 200
Retained earnings (196,504 ) (180,169 )
(196,304 ) (179,969 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

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.

The 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 October 2024 and were signed on its behalf by:





S E Thomas - Director


AMEGNI RENEWABLES LIMITED (REGISTERED NUMBER: 05754766)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2024


1. STATUTORY INFORMATION

Amegni Renewables Limited is a limited company, registered in England and Wales. Its registered office address is Bron Haul, Carno, Caersws, Powys, SY17 5JY and the registered number is 05754766.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in Sterling (£) and rounded to the nearest £1.

Going concern
At the year end, the company has net current liabilities of £4,377,349 (2023: £3,450,816) and net liabilities of £196,304 (2023: £179,969). The directors have prepared the financial statements on the going concern basis as they have confirmed that they will continue to support the company for at least the next 12 months.

Tangible fixed assets
Expenditure on construction of tangible fixed assets is included in assets under construction within the Balance Sheet, at cost, until the asset is brought into use at which point it is transferred to the appropriate fixed asset category and depreciated over its expected useful economic life. Such costs include all costs directly attributable to bringing the tangible fixed asset into working condition for the intended use.

Finance costs, including interest, that are directly attributable to the construction of the assets are capitalised as part of the cost of the asset, whilst the asset is in the course of construction.

No depreciation is charged on assets under construction.

Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Taxation
The tax expense for the year comprises current and deferred tax.

Tax is recognised in profit or loss except that a change 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

AMEGNI RENEWABLES LIMITED (REGISTERED NUMBER: 05754766)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. TANGIBLE FIXED ASSETS

Asset
under
construction
£
COST
At 1 April 2023 (Restated)3,270,847
Additions910,198
At 31 March 20244,181,045
NET BOOK VALUE
At 31 March 20244,181,045
At 31 March 2023 (Restated) 3,270,847

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
(Restated)
£    £   
VAT 20,294 12,771
Prepayments - 332
20,294 13,103

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
(Restated)
£    £   
Trade creditors 113,480 98,189
Other creditors 4,967,418 3,577,644
Accruals and deferred income 24,102 8,515
5,105,000 3,684,348

7. RELATED PARTY DISCLOSURES

During the year, the company purchased development services of £72,000 (£72,000) in respect of consultancy services provided by a related company. At 31 March 2024, £21,600 (2023: £22,107) was due to this company.

At the year end, the company owed £4,723,169 (2023: £1,594,259) to a company under common control, which is disclosed in other creditors. The loan is interest free and repayable at the earlier of (i) on demand from the lender, and (ii) 31 August 2029.

At the year end, the company owed £244,249 (2023: £174,761) to a shareholder, which is disclosed in other creditors. The loan is interest free and repayable at the earlier of (i) on demand from the lender, and (ii) 31 August 2029.

AMEGNI RENEWABLES LIMITED (REGISTERED NUMBER: 05754766)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024


8. PRIOR YEAR ADJUSTMENT

A prior year adjustment, relating to the accounting treatment of the construction of a windfarm, has been recognised in the comparative balances to correct a previous error. The adjustment aligns with the intention always held being to develop an asset for the purpose of generating electricity for sale and not to resell the asset.

A prior year adjustment relating to the reclassification of loans due under one year aligns the true position of amounts being repayable on demand.

The impact on the balance sheet is as follows:

Original Adjustment Restated
£ £ £

Tangible fixed assets - 3,270,847 3,270,847
Stocks 3,270,847 (3,270,847 ) -
Creditors over 1 year (3,577,644 ) 3,577,644 -
Creditors under 1 year (106,704 ) (3,577,644 ) (3,684,348 )

There has been no impact on the comparative profit and loss account.