Company registration number 12916226 (England and Wales)
FE IRVINE HOLDING LTD
Unaudited Financial Statements
For The Year Ended 31 March 2024
Pages For Filing With Registrar
FE Irvine Holding Ltd
FE IRVINE HOLDING LTD
Contents
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
FE Irvine Holding Ltd
FE IRVINE HOLDING LTD
Accountants' Report To The Board Of Directors On The Preparation Of The Unaudited Statutory Financial Statements Of FE Irvine Holding Ltd For The Year Ended 31 March 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of FE Irvine Holding Ltd for the year ended 31 March 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of FE Irvine Holding Ltd, as a body, in accordance with the terms of our engagement letter dated 4 December 2020. Our work has been undertaken solely to prepare for your approval the financial statements of FE Irvine Holding Ltd and state those matters that we have agreed to state to the board of directors of FE Irvine Holding Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than FE Irvine Holding Ltd and its board of directors as a body, for our work or for this report.
It is your duty to ensure that FE Irvine Holding Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of FE Irvine Holding Ltd. You consider that FE Irvine Holding Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of FE Irvine Holding Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Chavereys Limited
16 November 2024
Chartered Accountants
The Goods Shed
Jubilee Way
Faversham
Kent
England
ME13 8GD
FE Irvine Holding Ltd
FE IRVINE HOLDING LTD
Balance Sheet
As At 31 March 2024
31 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
4
200
200
Current assets
Debtors
6
55,406,398
49,300,282
Cash at bank and in hand
908,362
1,429,201
56,314,760
50,729,483
Creditors: amounts falling due within one year
7
(16,683,333)
(16,986,267)
Net current assets
39,631,427
33,743,216
Total assets less current liabilities
39,631,627
33,743,416
Creditors: amounts falling due after more than one year
8
(33,749,170)
(28,437,921)
Net assets
5,882,457
5,305,495
Capital and reserves
Called up share capital
100
100
Hedging reserve
8,034,631
8,089,722
Profit and loss reserves
(2,152,274)
(2,784,327)
Total equity
5,882,457
5,305,495
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
FE Irvine Holding Ltd
FE IRVINE HOLDING LTD
Balance Sheet (Continued)
As At 31 March 2024
31 March 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 16 November 2024 and are signed on its behalf by:
Mr J B Pace
Director
Company registration number 12916226 (England and Wales)
FE Irvine Holding Ltd
FE IRVINE HOLDING LTD
Notes To The Financial Statements
For The Year Ended 31 March 2024
- 4 -
1
Accounting policies
Company information
FE Irvine Holding Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Chavereys Limited, The Goods Shed, Jubilee Way, Faversham, Kent, England, ME13 8GD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
The company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.
1.2
Going concern
The company has the continuedtrue financial support of its parent company, Farm Energy Asset Holdings Limited and Lloyds Bank plc. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.
1.3
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
FE Irvine Holding Ltd
FE IRVINE HOLDING LTD
Notes To The Financial Statements (Continued)
For The Year Ended 31 March 2024
1
Accounting policies
(Continued)
- 5 -
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Hedge accounting
The company designates certain hedging instruments, including derivatives, embedded derivatives and non-derivatives, as either fair value hedges or cash flow hedges. At the inception of the hedge relationship, the company documents the relationship between the hedging instrument and the hedged item along with risk management objectives and strategy for undertaking various hedge transactions. At the inception of the hedge and on an ongoing basis, the company documents whether the hedging instrument is highly effective in offsetting changes in fair values or cash flows of the hedged item.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
FE Irvine Holding Ltd
FE IRVINE HOLDING LTD
Notes To The Financial Statements (Continued)
For The Year Ended 31 March 2024
1
Accounting policies
(Continued)
- 6 -
For derivatives that are designated and qualify as cash flow hedges, the effective portion of changes in the fair value of the hedge is recognised in other comprehensive income. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss.
Any gain or loss previously recognised in other comprehensive income is reclassified to profit or loss when the hedge relationship ends. This occurs when the hedging instrument expires or no longer meets the hedging criteria, the forecast transaction is no longer highly probable, the hedged debt instrument is derecognised, or the hedging instrument is terminated.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
4
FE Irvine Holding Ltd
FE IRVINE HOLDING LTD
Notes To The Financial Statements (Continued)
For The Year Ended 31 March 2024
- 7 -
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
200
200
5
Financial instruments
2024
2023
£
£
Carrying amount of financial assets
Instruments measured at fair value through other comprehesive income
8,034,632
8,089,722
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
47,076,060
41,154,220
Other debtors
98
56,340
47,076,158
41,210,560
Deferred tax asset
295,608
47,371,766
41,210,560
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
8,034,632
8,089,722
Total debtors
55,406,398
49,300,282
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
2,036,115
2,045,666
Trade creditors
18,382
90,741
Amounts owed to group undertakings
3,216,727
2,971,120
Taxation and social security
70,502
1,326,676
Other creditors
11,341,607
10,552,064
16,683,333
16,986,267
FE Irvine Holding Ltd
FE IRVINE HOLDING LTD
Notes To The Financial Statements (Continued)
For The Year Ended 31 March 2024
- 8 -
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
33,749,170
28,437,921
Lloyds Bank Plc have a fixed and floating charge over all the property and undertakings of the company.
9
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Assets
Assets
2024
2023
Balances:
£
£
Tax losses
295,608
-
2024
Movements in the year:
£
Liability at 1 April 2023
-
Credit to profit or loss
(295,608)
Asset at 31 March 2024
(295,608)
The deferred tax asset set out above is expected to reverse within [12 months] and relates to the utilisation of tax losses against future expected profits of the same period.
10
Related party transactions
During the year the company traded with The Farm Energy Company, a company in which the directors are directors. At the year end £11,319,299 (2022: £10,369,831) was owed to The Farm Energy Company.