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Registered number: 12856337










HEMSWELL POWER SOLUTIONS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
HEMSWELL POWER SOLUTIONS LIMITED
REGISTERED NUMBER: 12856337

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 4 
1
1

  
1
1

Current assets
  

Debtors: amounts falling due within one year
 5 
780,915
1,263,476

Cash at bank and in hand
 6 
793,213
173,327

  
1,574,128
1,436,803

Creditors: amounts falling due within one year
 7 
(692,434)
(927,922)

Net current assets
  
 
 
881,694
 
 
508,881

Total assets less current liabilities
  
881,695
508,882

  

Net assets
  
881,695
508,882


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
881,595
508,782

  
881,695
508,882


Page 1

 
HEMSWELL POWER SOLUTIONS LIMITED
REGISTERED NUMBER: 12856337
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 4 March 2025.




CE Stoyell
Director

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
HEMSWELL POWER SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Hemswell Power Solutions Limited (Company no: 12856337) is a private company limited by shares, which is incorporated and registered in England and Wales. The company's registered office is The Control Tower Hemswell Cliff Industrial Estate, Hemswell Cliff, Gainsborough, Lincolnshire, United Kingdom, DN21 5TJ. The principal activity of the company is that of the sale of electricity. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 £.

The following principal accounting policies have been applied:

  
2.2

Reporting period

The prior period figures related to the period from 3 September 2021 to 31 December 2022. The year end was adjusted so that the year end coincides with that of its parent companies. Therefore the comparative amounts in the financial statements (including the related notes) are not entirely comparable. 

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of electricity
Revenue from the sale of electricity is recognised in the period in which the supply takes place.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
HEMSWELL POWER SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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


 
2.7

Associates and joint ventures

Associates and joint ventures are held at cost less impairment

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

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 in value.

 
2.10

Creditors

Short-term creditors 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.

 
2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 0 (2022 - 0).

Page 4

 
HEMSWELL POWER SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Fixed asset investments





Investments in associates

£



Cost or valuation


At 1 January 2023
1



At 31 December 2023
1





Associate


The following was an associate of the Company:


Name

Registered office

Class of shares

Holding

Hemswell Clean Tech Green Power Limited
The Control Tower, Hemswell Business Park, Hemswell Cliff, Gainsborough, Lincolnshire, United Kingdom, DN21 5TJ
Ordinary
33%


5.


Debtors

2023
2022
£
£


Trade debtors
551,822
235,992

Amounts owed by joint ventures and associated undertakings
-
815,050

Prepayments and accrued income
229,093
212,434

780,915
1,263,476



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
793,213
173,327

793,213
173,327


Page 5

 
HEMSWELL POWER SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
67,375
-

Amounts owed to associates
1
1

Amounts owed to joint ventures and associate undertakings
156,984
406,998

Corporation tax
114,498
196,822

Other taxation and social security
18,740
6,763

Other creditors
40,000
40,000

Accruals and deferred income
294,836
277,338

692,434
927,922



8.


Related party transactions

During the year, the company made related party transactions and had balances outstanding with entities who had common key management personnel who were deemed able to exercise significant influence over both entities.
The company made purchases of £1,668,526 (2022 - £1,933,969) from these related parties during the year. At the year-end, the amount outstanding payable to these related parties was £396,985 (2022 - £647,012). At the year-end, the amount outstanding receivable from these related parties was £4,085 (2022 - £815,100).


9.


Controlling party

It is the directors' opinion that there is no ultimate controlling party.

Page 6