REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
AMEGNI RENEWABLES LIMITED |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
( |
) | ( |
) |
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. |
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 |
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 |
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 |
Additions | 910,198 |
At 31 March 2024 | 4,181,045 |
NET BOOK VALUE |
At 31 March 2024 | 4,181,045 |
At 31 March 2023 (Restated) | 3,270,847 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
(Restated) |
£ | £ |
VAT |
Prepayments |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
(Restated) |
£ | £ |
Trade creditors |
Other creditors |
Accruals and deferred income |
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. |