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Registration number: 08061372

Fullcircle Energy Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Fullcircle Energy Limited
(Registration number: 08061372)

Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

4,299,216

3,613,841

Current assets

 

Stocks

213,450

115,222

Debtors

5

215,503

570,155

Cash at bank and in hand

 

79,405

3,036

 

508,358

688,413

Creditors: Amounts falling due within one year

6

(724,164)

(1,041,658)

Net current liabilities

 

(215,806)

(353,245)

Total assets less current liabilities

 

4,083,410

3,260,596

Creditors: Amounts falling due after more than one year

6

(1,887,108)

(1,845,643)

Provisions for liabilities

(383,524)

(189,676)

Net assets

 

1,812,778

1,225,277

Capital and reserves

 

Called up share capital

3

3

Revaluation reserve

1,077,981

1,077,981

Retained earnings

734,794

147,293

Shareholders' funds

 

1,812,778

1,225,277

 

Fullcircle Energy Limited
(Registration number: 08061372)

Balance Sheet as at 31 March 2024

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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 6 November 2024 and signed on its behalf by:
 

.........................................
Mr J C T Lochore
Director

 

Fullcircle Energy Limited
(Registration number: 08061372)

Notes to the Unaudited 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:
Allens Farm
Wivenhoe Road
Crockleford Heath
Colchester
Essex
CO7 7BN

These financial statements were authorised for issue by the Board on 6 November 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.

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.

 

Fullcircle Energy Limited
(Registration number: 08061372)

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

Government grants

Grants received during the year have been recognised using the accrual model. Grants claimed were in relation to revenue and recognised in income on a systematic basis over the period in which the entity recognises the related costs for which the grant is intended to compensate. A grant that becomes receivable as compensation for expenses already incurred or giving immediate financial support to the entity with no future related costs shall be recognised in income in the period in which it becomes receivable.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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

Land and buildings

4% straight line or 5% reducing balance

Plant and machinery

4%, 5%, 10%, 15% or 20% straight line or straight line over 7 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.

 

Fullcircle Energy Limited
(Registration number: 08061372)

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

Trade 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade 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.

 

Fullcircle Energy Limited
(Registration number: 08061372)

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

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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 3 (2023 - 3).

 

Fullcircle Energy Limited
(Registration number: 08061372)

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

4

Tangible assets

Land and buildings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2023

976,261

4,434,388

5,410,649

Additions

373,335

542,125

915,460

At 31 March 2024

1,349,596

4,976,513

6,326,109

Depreciation

At 1 April 2023

162,518

1,634,290

1,796,808

Charge for the year

35,620

194,465

230,085

At 31 March 2024

198,138

1,828,755

2,026,893

Carrying amount

At 31 March 2024

1,151,458

3,147,758

4,299,216

At 31 March 2023

813,743

2,800,098

3,613,841

Revaluation

The fair value of the company's Land and buildings was revalued on 30 November 2015. An independent valuer was not involved.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £964,146 (2023 - £626,431).

The fair value of the company's Plant and machinery was revalued on 30 November 2015. An independent valuer was not involved.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £2,553,996 (2023 - £2,170,711).

 

Fullcircle Energy Limited
(Registration number: 08061372)

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

5

Debtors

2024
£

2023
£

Trade debtors

26,258

258,224

Prepayments and accrued income

188,566

311,928

Other debtors

679

3

 

215,503

570,155

 

Fullcircle Energy Limited
(Registration number: 08061372)

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

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

453,347

352,366

Trade creditors

 

10,457

63,760

Amounts owed to group undertakings and undertakings in which the company has a participating interest

152,689

598,561

Taxation and social security

 

84,371

-

Accruals and deferred income

 

23,300

8,400

Other creditors

 

-

18,571

 

724,164

1,041,658

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

1,852,108

1,813,643

Other creditors

 

35,000

32,000

 

1,887,108

1,845,643

2024
£

2023
£

Due after more than five years

After more than five years by instalments

129,554

164,301

-

-

 

Fullcircle Energy Limited
(Registration number: 08061372)

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

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

1,215,177

1,424,191

Hire purchase contracts

636,931

389,452

1,852,108

1,813,643

Current loans and borrowings

2024
£

2023
£

Bank borrowings

208,679

205,000

Bank overdrafts

54,083

37,211

Hire purchase contracts

190,585

110,155

453,347

352,366