IRIS Accounts Production v24.3.2.46 NI608979 Board of Directors Board of Directors 1.5.23 31.3.24 31.3.24 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhNI6089792023-04-30NI6089792024-03-31NI6089792023-05-012024-03-31NI6089792022-04-30NI6089792022-05-012023-04-30NI6089792023-04-30NI608979ns15:NorthernIreland2023-05-012024-03-31NI608979ns14:PoundSterling2023-05-012024-03-31NI608979ns10:Director12023-05-012024-03-31NI608979ns10:Director22023-05-012024-03-31NI608979ns10:PrivateLimitedCompanyLtd2023-05-012024-03-31NI608979ns10:SmallEntities2023-05-012024-03-31NI608979ns10:AuditExemptWithAccountantsReport2023-05-012024-03-31NI608979ns10:SmallCompaniesRegimeForDirectorsReport2023-05-012024-03-31NI608979ns10:SmallCompaniesRegimeForAccounts2023-05-012024-03-31NI608979ns10:FullAccounts2023-05-012024-03-31NI608979ns10:RegisteredOffice2023-05-012024-03-31NI608979ns5:CurrentFinancialInstruments2024-03-31NI608979ns5:CurrentFinancialInstruments2023-04-30NI608979ns5:Non-currentFinancialInstruments2024-03-31NI608979ns5:Non-currentFinancialInstruments2023-04-30NI608979ns5:ShareCapital2024-03-31NI608979ns5:ShareCapital2023-04-30NI608979ns5:RetainedEarningsAccumulatedLosses2024-03-31NI608979ns5:RetainedEarningsAccumulatedLosses2023-04-30NI608979ns5:LongLeaseholdAssetsns5:LandBuildings2023-04-30NI608979ns5:PlantMachinery2023-04-30NI608979ns5:LongLeaseholdAssetsns5:LandBuildings2023-05-012024-03-31NI608979ns5:PlantMachinery2023-05-012024-03-31NI608979ns5:LongLeaseholdAssetsns5:LandBuildings2024-03-31NI608979ns5:PlantMachinery2024-03-31NI608979ns5:LongLeaseholdAssetsns5:LandBuildings2023-04-30NI608979ns5:PlantMachinery2023-04-30NI608979ns5:WithinOneYearns5:CurrentFinancialInstruments2024-03-31NI608979ns5:WithinOneYearns5:CurrentFinancialInstruments2023-04-30NI608979ns5:Secured2024-03-31NI608979ns5:Secured2023-04-30
REGISTERED NUMBER: NI608979 (Northern Ireland)













IB ENERGY LTD

FINANCIAL STATEMENTS

FOR THE PERIOD

1 MAY 2023 TO 31 MARCH 2024






IB ENERGY LTD (REGISTERED NUMBER: NI608979)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 MAY 2023 TO 31 MARCH 2024




Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


IB ENERGY LTD

COMPANY INFORMATION
FOR THE PERIOD 1 MAY 2023 TO 31 MARCH 2024







DIRECTORS: Ian Bradley
Wendy Bradley



REGISTERED OFFICE: 9 Derrynaseer Road
DROMORE
Co. Tyrone
BT78 3EL



REGISTERED NUMBER: NI608979 (Northern Ireland)



ACCOUNTANTS: McAleer Jackson Ltd
Chartered Accountants & Chartered Tax Advisers
Church House
24 Dublin Road
OMAGH
Co. Tyrone
BT78 1HE



BANKERS: AIB
18-20 Scotch Street
Dungannon
Tyrone
BT70 1AZ

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
IB ENERGY LTD

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.


In accordance with our terms of engagement and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company for the period ended 31 March 2024 which comprise the Income Statement, Balance Sheet and the related notes from the accounting records and information and explanations you have given to us.

This report is made to the company's Board of Directors, as a body, in accordance with the terms of our engagement. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the company's Board of Directors that we have done so, and state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's Board of Directors, as a body, for our work or for this report.

We have carried out this engagement in accordance with guidance issued by the Institute of Chartered Accountants in Ireland and have complied with the ethical guidance laid down by the Institute relating to members undertaking the compilation of financial statements.

You have acknowledged on the Balance Sheet as at 31 March 2024 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the period.

We have not been instructed to carry out an audit of the financial statements. 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 financial statements.






McAleer Jackson Ltd
Chartered Accountants & Chartered Tax Advisers
Church House
24 Dublin Road
OMAGH
Co. Tyrone
BT78 1HE


28 January 2025

IB ENERGY LTD (REGISTERED NUMBER: NI608979)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,507,484 2,462,948

CURRENT ASSETS
Stocks 566,473 468,886
Debtors 5 352,784 468,428
Cash at bank 279,796 104,141
1,199,053 1,041,455
CREDITORS
Amounts falling due within one year 6 576,901 587,703
NET CURRENT ASSETS 622,152 453,752
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,129,636

2,916,700

CREDITORS
Amounts falling due after more than one
year

7

(1,149,028

)

(1,430,000

)

PROVISIONS FOR LIABILITIES (67,390 ) (45,723 )
NET ASSETS 1,913,218 1,440,977

CAPITAL AND RESERVES
Called up share capital 10 10
Retained earnings 1,913,208 1,440,967
SHAREHOLDERS' FUNDS 1,913,218 1,440,977

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

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.

IB ENERGY LTD (REGISTERED NUMBER: NI608979)

BALANCE SHEET - continued
31 MARCH 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 January 2025 and were signed on its behalf by:




Ian Bradley - Director



Wendy Bradley - Director


IB ENERGY LTD (REGISTERED NUMBER: NI608979)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 MAY 2023 TO 31 MARCH 2024

1. STATUTORY INFORMATION

IB Energy Ltd is a private company, limited by shares, registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling which is the functional currency of the company.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land & buildings - 20 years straight line
Plant & machinery - 8 to 20 years straight line

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provisions for impairment.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.


IB ENERGY LTD (REGISTERED NUMBER: NI608979)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 MAY 2023 TO 31 MARCH 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transactional price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 2 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Land & Plant &
buildings machinery Totals
£    £    £   
COST
At 1 May 2023 2,093,280 1,969,638 4,062,918
Additions - 115,591 115,591
At 31 March 2024 2,093,280 2,085,229 4,178,509
DEPRECIATION
At 1 May 2023 43,875 1,556,095 1,599,970
Charge for period 4,005 67,050 71,055
At 31 March 2024 47,880 1,623,145 1,671,025
NET BOOK VALUE
At 31 March 2024 2,045,400 462,084 2,507,484
At 30 April 2023 2,049,405 413,543 2,462,948

IB ENERGY LTD (REGISTERED NUMBER: NI608979)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 MAY 2023 TO 31 MARCH 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 328,335 433,296
Other debtors 24,449 35,132
352,784 468,428

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 327,519 347,031
Trade creditors 13,276 10,710
Taxation and social security 224,626 207,909
Other creditors 11,480 22,053
576,901 587,703

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Bank loans 1,075,449 1,251,722
Other creditors 73,579 178,278
1,149,028 1,430,000

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Directors loan 73,579 178,278

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 1,402,968 1,579,241

The bank loan is secured by:-
- a legal charge over leasehold and freehold interest of land owned by the company;
- an all monies debenture over the company's assets;
- a personal guarantee from the directors which is supported by lands owned personally by
the directors;
- assignment over AD plant insurance policy and power purchase agreement;
- assignment over life cover policy on life of a director.

IB ENERGY LTD (REGISTERED NUMBER: NI608979)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 MAY 2023 TO 31 MARCH 2024

9. RELATED PARTY DISCLOSURES

At the year end, the company had a loan of £73,579 (£2023 - £178,278) from a member of key management personnel. No repayment date has been set for this and no interest is to be charged on the loan. At the balance sheet date, the loan was still outstanding and is presented within creditors: amounts falling due after more than one year.

Ian Bradley

A director in the company.

The director has given a joint personal guarantee for the sum of £1.645 million in favour of the bank for the obligations of the company.


Wendy Bradley

A director in the company.

The director has given a joint personal guarantee for the sum of £1.645 million in favour of the bank for the obligations of the company.