REGISTERED NUMBER: |
Springwell Renewables Ltd |
Unaudited Financial Statements |
for the Period 1 July 2023 to 31 March 2024 |
REGISTERED NUMBER: |
Springwell Renewables Ltd |
Unaudited Financial Statements |
for the Period 1 July 2023 to 31 March 2024 |
Springwell Renewables Ltd (Registered number: NI619270) |
Contents of the Financial Statements |
for the Period 1 July 2023 to 31 March 2024 |
Page |
Company information | 1 |
Statement of financial position | 2 | to | 3 |
Notes to the financial statements | 4 | to | 6 |
Springwell Renewables Ltd |
Company Information |
for the Period 1 July 2023 to 31 March 2024 |
Directors: |
Registered office: |
Registered number: |
Accountants: |
Chartered Accountants |
Armagh Business Centre |
2 Loughgall Road |
Armagh |
BT61 7NH |
Springwell Renewables Ltd (Registered number: NI619270) |
Statement of Financial Position |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ |
Fixed assets |
Property, plant and equipment | 4 |
Current assets |
Receivables | 5 |
Cash at bank |
Payables |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities |
Payables |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
Provisions for liabilities | 8 | ( |
) | ( |
) |
Accruals and deferred income | 9 | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital | 10 |
Retained earnings |
Shareholders' funds |
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. |
Springwell Renewables Ltd (Registered number: NI619270) |
Statement of Financial Position - continued |
31 March 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Springwell Renewables Ltd (Registered number: NI619270) |
Notes to the Financial Statements |
for the Period 1 July 2023 to 31 March 2024 |
1. | Statutory information |
Springwell Renewables Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Accounting policies |
Basis of preparing the financial statements |
Critical accounting judgements and key sources of estimation uncertainty |
In the director's opinion there are no accounting policies which require estimations or uncertainties included within the financial statements. |
Revenue |
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Property, plant and equipment |
Plant and machinery | - |
AD Plant | - |
Wind Turbine | - |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities. |
Receivables |
Short term receivables are measured at transaction price, less any impairment. |
Cash and cash equivalents |
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are 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 of value. |
Springwell Renewables Ltd (Registered number: NI619270) |
Notes to the Financial Statements - continued |
for the Period 1 July 2023 to 31 March 2024 |
2. | Accounting policies - continued |
Payables |
Short term payables are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
3. | Employees and directors |
The average number of employees during the period was |
4. | Property, plant and equipment |
Plant and | Wind |
machinery | AD Plant | Turbine | Totals |
£ | £ | £ | £ |
Cost |
At 1 July 2023 |
Additions |
At 31 March 2024 |
Depreciation |
At 1 July 2023 |
Charge for period |
At 31 March 2024 |
Net book value |
At 31 March 2024 |
At 30 June 2023 |
5. | Receivables: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Trade receivables |
Other debtors |
6. | Payables: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other payables |
7. | Creditors: amounts falling due after more than one year |
2024 | 2023 |
£ | £ |
Bank loans |
Hire purchase contracts |
Springwell Renewables Ltd (Registered number: NI619270) |
Notes to the Financial Statements - continued |
for the Period 1 July 2023 to 31 March 2024 |
8. | Provisions for liabilities |
2024 | 2023 |
£ | £ |
Deferred tax | 554,582 | 559,650 |
Deferred tax |
£ |
Balance at 1 July 2023 |
Credit to Statement of income and retained earnings during period | ( |
) |
Balance at 31 March 2024 |
9. | Accruals and deferred income |
Deferred income |
£ |
Balance at 1 July 2022 | 65,063 |
Credit to Income statement during year | (6,506 | ) |
Balance at 30 June 2023 | 58,557 |
10. | Called up share capital |
Allotted and issued: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Share capital | 1 | 5 | 5 |
11. | Directors' advances, credits and guarantees |
Included within the other payables is an amount of £229,168 (2023: £654,760) owing to the directors. The loan is interest free and repayable on demand. |