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Registration number: 09898669

Caron Renewables Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Caron Renewables Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 7

 

Caron Renewables Ltd

Company Information

Directors

Mr I A L Lewis

Mr W L Lewis

Registered office

Llys Deri
Parc Pensarn
Carmarthen
SA31 2NF

 

Caron Renewables Ltd

(Registration number: 09898669)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

983,379

1,066,718

Current assets

 

Debtors

6

164,981

147,972

Cash at bank and in hand

 

75

58,522

 

165,056

206,494

Creditors: Amounts falling due within one year

7

(459,591)

(481,843)

Net current liabilities

 

(294,535)

(275,349)

Total assets less current liabilities

 

688,844

791,369

Creditors: Amounts falling due after more than one year

7

(655,163)

(756,203)

Net assets

 

33,681

35,166

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

33,581

35,066

Total equity

 

33,681

35,166

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 18 October 2024 and signed on its behalf by:
 

.........................................
Mr I A L Lewis
Director

   
     
 

Caron Renewables Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Llys Deri
Parc Pensarn
Carmarthen
SA31 2NF

The principal place of business is:
Penybont
Tregaron
Ceredigion
SY25 6LG

These financial statements were authorised for issue by the Board on 18 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis despite the fact that the liabilities exceed assets. The directors have given an understanding to support the company financially and to meet its debts as they fall due.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Caron Renewables Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

10% reducing balance

CHP unit

Straight line over 18 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Caron Renewables Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Loss/profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

83,338

83,757

5

Tangible assets

CHP unit
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2023

1,400,000

75,917

1,475,917

At 31 March 2024

1,400,000

75,917

1,475,917

Depreciation

At 1 April 2023

388,889

20,310

409,199

Charge for the year

77,778

5,561

83,339

At 31 March 2024

466,667

25,871

492,538

Carrying amount

At 31 March 2024

933,333

50,046

983,379

At 31 March 2023

1,011,111

55,607

1,066,718

6

Debtors

2024
£

2023
£

Trade debtors

111,000

111,000

Other debtors

53,981

36,972

164,981

147,972

 

Caron Renewables Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

9

101,040

99,747

Trade creditors

 

2,328

24,888

Taxation and social security

 

-

30,804

Other related parties

 

356,223

326,404

 

459,591

481,843

Due after one year

 

Loans and borrowings

9

655,163

756,203

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

655,163

756,203

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

         

9

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

655,163

756,203

2024
£

2023
£

Current loans and borrowings

Bank borrowings

101,040

99,747

 

Caron Renewables Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

10

Related party transactions

Transactions with directors

2024

At 1 April 2023
£

Other payments made to company by director
£

At 31 March 2024
£

Mr I A L Lewis

Interest free loan with no fixed repayment terms

(163,202)

(14,909)

(178,111)

       
     

Mr W L Lewis

Interest free loan with no fixed repayment terms

(163,202)

(14,909)

(178,111)

       
     

 

2023

At 1 April 2022
£

Other payments made to company by director
£

At 31 March 2023
£

Mr I A L Lewis

Interest free loan with no fixed repayment terms

(162,032)

(1,170)

(163,202)

       
     

Mr W L Lewis

Interest free loan with no fixed repayment terms

(162,032)

(1,170)

(163,202)