Company registration number 05836498 (England and Wales)
ENVIROPOWER LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
ENVIROPOWER LTD
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 7
ENVIROPOWER LTD
STATEMENT OF FINANCIAL POSITION
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
4
7,869,431
7,479,393
Current assets
Inventories
455,129
397,020
Trade and other receivables
5
1,523,040
1,924,091
Cash and cash equivalents
115,436
301,450
2,093,605
2,622,561
Current liabilities
6
(884,453)
(1,252,832)
Net current assets
1,209,152
1,369,729
Total assets less current liabilities
9,078,583
8,849,122
Non-current liabilities
7
(720,895)
(1,086,902)
Provisions for liabilities
8
(962,300)
(806,800)
Net assets
7,395,388
6,955,420
Equity
Called up share capital
9
100
100
Retained earnings
7,395,288
6,955,320
Total equity
7,395,388
6,955,420

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 30 January 2025 and are signed on its behalf by:
Mr G D Blurton
Director
Company registration number 05836498 (England and Wales)
ENVIROPOWER LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
1
Accounting policies
Company information

Enviropower Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Units 1-2, 37 Chartwell Road, Lancing Business Park, Lancing, West Sussex, BN15 8TU.

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 £1.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that thetrue group has adequate resources to continue in operational existence for the foreseeable future. The directors have considered relevant information, including the group’s principal risks and uncertainties, the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment.  Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.

1.3
Revenue

Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of electricity is recognised at the date of exporting the electricity to the grid.

1.4
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings freehold
Land is not depreciated; improvements are 2% straight line
Plant and machinery
50%, 33%, 20% or 5% straight line
Motor vehicles
15% diminishing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Inventories

Inventories held for consumption are measured at cost, adjusted where applicable for any loss of service potential, on a first in first out basis.

ENVIROPOWER LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 3 -

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories over its estimated selling price less costs to complete and sell, is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
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.

Basic financial assets

Basic financial assets, which include trade and other receivables 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.

Basic financial liabilities

Basic financial liabilities, including trade and other payables and bank loans 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.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
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.

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.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

1.11
Retirement benefits

The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.

ENVIROPOWER LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.12
Leases

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

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Rates of depreciation and residual value of tangible fixed assets

Tangible fixed assets are depreciated over their useful lives taking into account the residual values where appropriate. The rates of depreciation used and residual values are assessed annually by management and may vary depending on a number of factors. In re-assessing asset lives factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was 20 (2023 - 19).

ENVIROPOWER LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
4
Property, plant and equipment
Land and buildings freehold
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 October 2023
3,570,774
11,947,582
72,905
15,591,261
Additions
-
0
1,081,546
-
0
1,081,546
Disposals
-
0
(4,666)
-
0
(4,666)
At 30 September 2024
3,570,774
13,024,462
72,905
16,668,141
Depreciation and impairment
At 1 October 2023
487,843
7,609,322
14,703
8,111,868
Depreciation charged in the year
34,992
647,778
8,736
691,506
Eliminated in respect of disposals
-
0
(4,664)
-
0
(4,664)
At 30 September 2024
522,835
8,252,436
23,439
8,798,710
Carrying amount
At 30 September 2024
3,047,939
4,772,026
49,466
7,869,431
At 30 September 2023
3,082,931
4,338,260
58,202
7,479,393
5
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Trade receivables
214,917
513,549
Amounts owed by group undertakings
199,684
470,350
Other receivables
1,053,339
940,192
1,467,940
1,924,091
Deferred tax asset
55,100
-
0
1,523,040
1,924,091
6
Current liabilities
2024
2023
£
£
Bank loans
156,126
156,126
Trade payables
259,015
184,839
Taxation and social security
80,812
368,950
Other payables
388,500
542,917
884,453
1,252,832
ENVIROPOWER LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
6
Current liabilities
(Continued)
- 6 -

Bank loans, included within current and non-current liabilities, are secured by a first legal charge over the freehold land and property, a debenture over all assets of the company, a guarantee of £1.2m from its parent company, and a guarantee of £30,000 from a director. Interest on the bank loan is charged at the Bank of England base rate plus 2.38%.

 

The hire purchase obligations totalling £130,837 (2023 - £370,428) included within other payables, in current and non-current liabilities, are secured on the applicable assets.

 

The loan totalling £196,177 (2023 - £402,428) included within other payables, in current liabilities, is secured by a fixed charge on the company's property, plant and equipment, except those assets held under hire purchase, and interest is charged on this loan at LIBOR plus 3.42%.

7
Non-current liabilities
2024
2023
£
£
Bank loans and overdrafts
704,642
756,251
Other payables
16,253
330,651
720,895
1,086,902
8
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
962,300
806,800
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
10
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Alex Chidwick FCCA
Statutory Auditor:
Sumer Audit
Date of audit report:
30 January 2025
Sumer Audit is the trading name of Sumer Auditco Limited
ENVIROPOWER LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 7 -
11
Related party transactions

During the year the company had the following transactions with related parties, all of whom are related parties by virtue of having either common directors or shareholders, and all transactions were entered into on a commercial arms length basis.

 

The company made sales of £nil (2023 - £6,000) and made purchases of £1,793 (2023 - £nil) from Rabbit and Dowling Plant Hire Ltd.

 

The company made payments of £150,000 (2023 - £290,000) and had receipts of £150,000 (2023 - £260,000) with HELG Commercial Properties Ltd, a company under common control, in respect of the settlement of liabilities and balances with other parties.

12
Directors' transactions

At the statement of financial position date an amount of £1,158 (2023 - £363) was owed to a director. No interest is charged on this loan.

13
Parent company

The financial statements of the company are consolidated in the financial statements of the ultimate parent company, Rabbit Waste Management Limited. These consolidated financial statements are available from Companies House; the parent company's registered office is: Amelia House, Crescent Road, Worthing, West Sussex, BN11 1LR.

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