0 29/02/2024 2024-02-29 false false false false true false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2023-03-01 Sage Accounts Production 23.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP NI606561 2023-03-01 2024-02-29 NI606561 2024-02-29 NI606561 2023-02-28 NI606561 2022-03-01 2023-02-28 NI606561 2023-02-28 NI606561 2022-02-28 NI606561 core:PlantMachinery 2023-03-01 2024-02-29 NI606561 bus:RegisteredOffice 2023-03-01 2024-02-29 NI606561 bus:LeadAgentIfApplicable 2023-03-01 2024-02-29 NI606561 bus:Agent2 2023-03-01 2024-02-29 NI606561 bus:Director1 2023-03-01 2024-02-29 NI606561 bus:Director2 2023-03-01 2024-02-29 NI606561 core:PlantMachinery 2023-02-28 NI606561 core:PlantMachinery 2024-02-29 NI606561 core:WithinOneYear 2024-02-29 NI606561 core:WithinOneYear 2023-02-28 NI606561 core:RetainedEarningsAccumulatedLosses 2022-03-01 2023-02-28 NI606561 core:RetainedEarningsAccumulatedLosses 2023-03-01 2024-02-29 NI606561 core:ShareCapital 2024-02-29 NI606561 core:ShareCapital 2023-02-28 NI606561 core:RetainedEarningsAccumulatedLosses 2024-02-29 NI606561 core:RetainedEarningsAccumulatedLosses 2023-02-28 NI606561 core:ShareCapital 2022-02-28 NI606561 core:RetainedEarningsAccumulatedLosses 2022-02-28 NI606561 core:PlantMachinery 2023-02-28 NI606561 bus:SmallEntities 2023-03-01 2024-02-29 NI606561 bus:Audited 2023-03-01 2024-02-29 NI606561 bus:FullAccounts 2023-03-01 2024-02-29 NI606561 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 NI606561 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29
Company registration number: NI606561
HERON POWER LTD
FILLETED AUDITED FINANCIAL STATEMENTS
29 February 2024
HERON POWER LTD
FINANCIAL STATEMENTS FOR THE PERIOD ENDED 29 FEBRUARY 2024
_________________________________________________________________________________________
Contents
Directors and other information
Directors responsibilities statement
Balance sheet
Statement of changes in equity
Notes to the Audited Financial Statements
HERON POWER LTD
FINANCIAL STATEMENTS FOR THE PERIOD ENDED 29 FEBRUARY 2024
_________________________________________________________________________________________
Directors Mr Damian Heron
Mr Damien O'Callaghan
Company number NI606561
Registered office 2 St. Patricks St
Draperstown
Magherafelt
Co. Derry
BT45 7AL
Auditors Kelly & O'Neill Ltd
15E Molesworth St
Cookstown
Tyrone
BT80 8NX
Cathal O'Neill (FCA)
Bankers Danske Bank
24-26 Ann St
Ballycastle
Antrim
BT54 6AD
HERON POWER LTD
DIRECTORS RESPONSIBILITIES
PERIOD ENDED 29 FEBRUARY 2024
_________________________________________________________________________________________
The directors are responsible for preparing the directors report and the audited financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare Audited Financial Statements for each financial period. Under that law the directors have elected to prepare the Audited Financial Statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the Audited Financial Statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these Audited Financial Statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent; and
- prepare the Audited Financial Statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the Audited Financial Statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
HERON POWER LTD
BALANCE SHEET (CONTINUED)
29 FEBRUARY 2024
_________________________________________________________________________________________
29/02/24 28/02/23
Note £ £ £ £
Fixed assets
Tangible assets 4 1,204,937 409,148
_______ _______
1,204,937 409,148
Current assets
Debtors 5 131,099 123,410
Cash at bank and in hand 468,694 238,286
_______ _______
599,793 361,696
Creditors: amounts falling due
within one year 6 ( 1,424,249) ( 467,591)
_______ _______
Net current liabilities ( 824,456) ( 105,895)
_______ _______
Total assets less current liabilities 380,481 303,253
_______ _______
Net assets 380,481 303,253
_______ _______
Capital and reserves
Called up share capital 36 36
Profit and loss account 380,445 303,217
_______ _______
Shareholders funds 380,481 303,253
_______ _______
These Audited Financial Statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the Profit & Loss Account has not been delivered.
These Audited Financial Statements were approved by the board of directors and authorised for issue on 17 June 2024 , and are signed on behalf of the board by:
Mr Damien O'Callaghan
Director
Company registration number: NI606561
HERON POWER LTD
STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE PERIOD ENDED 29 FEBRUARY 2024
_______________________________________________________________________________________
Called up share capital Profit and loss account Total
£ £ £
At 1 April 2022 36 215,053 215,089
Profit for the period 88,164 88,164
_______ _______ _______
Total comprehensive income for the period - 88,164 88,164
_______ _______ _______
At 28 February 2023 and 1 March 2023 36 303,217 303,253
Profit for the period 77,228 77,228
_______ _______ _______
Total comprehensive income for the period - 77,228 77,228
_______ _______ _______
At 29 February 2024 36 380,445 380,481
_______ _______ _______
HERON POWER LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 FEBRUARY 2024
_________________________________________________________________________________________
1. General information
The company is a private company limited by shares, registered in N. Ireland. The address of the registered office is 2 St. Patricks St, Draperstown, Magherafelt, Co. Derry, BT45 7AL.
2. Statement of compliance
These Audited Financial Statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The Audited Financial Statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The Audited Financial Statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 5% % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Tangible assets
Plant and machinery Total
£ £
Cost
At 1 March 2023 562,783 562,783
Additions 923,985 923,985
Disposals ( 218,427) ( 218,427)
_______ _______
At 29 February 2024 1,268,341 1,268,341
_______ _______
Depreciation
At 1 March 2023 153,635 153,635
Charge for the year 67,045 67,045
Disposals ( 157,276) ( 157,276)
_______ _______
At 29 February 2024 63,404 63,404
_______ _______
Carrying amount
At 29 February 2024 1,204,937 1,204,937
_______ _______
At 28 February 2023 409,148 409,148
_______ _______
5. Debtors
29/02/24 28/02/23
£ £
Trade debtors 117,440 58,337
Other debtors 13,659 65,073
_______ _______
131,099 123,410
_______ _______
6. Creditors: amounts falling due within one year
29/02/24 28/02/23
£ £
Trade creditors - 413,227
Amounts owed to group undertakings and undertakings in which the company has a participating interest 1,433,102 2,047
Corporation tax ( 16,497) 16,714
Social security and other taxes 2,352 -
Other creditors 5,292 35,603
_______ _______
1,424,249 467,591
_______ _______
7. Summary audit opinion
The auditor's report for the period dated 17 June 2024 was unqualified.
The senior statutory auditor was Cathal O'Neill (FCA) for and on behalf of Kelly & O'Neill Ltd
8. Ultimate Controlling Party
The ultimate controlling party is Heron Bros. Holdings Limited, an Isle of Man registered company.