COMPANY REGISTRATION NUMBER:
14517822
Net Zero Industry Wales Limited |
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Company Limited by Guarantee |
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Filleted Financial Statements |
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Net Zero Industry Wales Limited |
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Company Limited by Guarantee |
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Period from 1 December 2022 to 31 March 2024
Officers and professional advisers |
1 |
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Statement of financial position |
2 |
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Notes to the financial statements |
3 |
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Net Zero Industry Wales Limited |
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Company Limited by Guarantee |
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Statement of Financial Position |
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31 March 2024
Current assets
Debtors |
6 |
168,401 |
|
Cash at bank and in hand |
190,747 |
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--------- |
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359,148 |
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Creditors: amounts falling due within one year |
7 |
334,030 |
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--------- |
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Net current assets |
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25,118 |
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-------- |
Total assets less current liabilities |
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25,118 |
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-------- |
Net assets |
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25,118 |
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-------- |
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Capital and reserves
Profit and loss account |
8 |
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25,118 |
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-------- |
Members funds |
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25,118 |
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-------- |
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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 directors acknowledge their 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
22 October 2024
, and are signed on behalf of the board by:
Company registration number:
14517822
Net Zero Industry Wales Limited |
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Company Limited by Guarantee |
|
Notes to the Financial Statements |
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Period from 1 December 2022 to 31 March 2024
1.
General information
The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is Waterton Centre, Waterton Industrial Estate, Bridgend, CF31 3WT, Wales.
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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company relies heavily on funding from the Welsh Government for its income. The Welsh Government has agreed to continue providing funds until 31 March 2025 but, at the date of the audit report, has not committed to providing further funding after this date. The directors are confident an agreement can be made but should this source of income cease, it would have significant implications for the scale of operations of the company. The directors have prepared the financial statements on a going concern basis assuming the funds from the Welsh Government will continue to be forthcoming in the future. The company is monitoring results on a frequent basis. At the time of approving the financial statements, based on the information that is currently known, the directors have taken steps to manage the company's cashflow requirements appropriately and have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and therefore continue to adopt the going concern basis.
Revenue recognition
The turnover shown in the profit and loss account represents amounts receivable during the year and relates to the principal activity which was that of an independent organisation providing guidance and support to Welsh industries on the transition to delivering net zero. Core funding represents amounts received in connection with Welsh Government grants and are recognised on an accruals basis. Membership income is recognised over the period that the membership benefits are provided to the member. Project income is recognised based on the stage of completion at the reporting period and is measured on fulfilling the performance obligations. Event income is recognised when the significant risks and rewards of the event have been transferred to the customer, typically upon the delivery of the event. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Income 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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Company limited by guarantee
The company has no share capital as it is limited by guarantee.
Every member of the company undertakes to contribute to the assets of the company, in the event of a winding up, such an amount as may be required not exceeding £1.
5.
Employee numbers
The average number of persons employed by the company during the period amounted to
1
.
6.
Debtors
|
31 Mar 24 |
|
£ |
Trade debtors |
57,136 |
Prepayments and accrued income |
104,985 |
Other debtors |
6,280 |
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--------- |
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168,401 |
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--------- |
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7.
Creditors:
amounts falling due within one year
|
31 Mar 24 |
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£ |
Trade creditors |
110,434 |
Accruals and deferred income |
211,466 |
Social security and other taxes |
12,130 |
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--------- |
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334,030 |
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--------- |
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8.
Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
9.
Summary audit opinion
The auditor's report dated
25 October 2024
was
unqualified
.
The senior statutory auditor was
James Tucker ACA FCCA
, for and on behalf of
Xeinadin Audit Limited
.
10.
Related party transactions
Sector Development Wales Partnership Limited is a connected company of
Net Zero Industry Wales Limited
. Net Zero Industry Wales Limited
receives core funding from Sector Development Wales Partnership Limited. During the period, Net Zero Industry Wales Limited
received funding of £190,000 from Sector Development Wales Partnership Limited for core funding and £24,000 for a cluster plan study and made purchases from Sector Development Wales Partnership Limited of £127.
11.
Controlling party
In the opinion of the directors, there is no ultimate controlling party.
12.
Incorporation
The company was incorporated on 1 December 2022 and commenced trading from 31 March 2023. Therefore, there are no comparative figures.