Registered number: 12856337
HEMSWELL POWER SOLUTIONS LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2023
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HEMSWELL POWER SOLUTIONS LIMITED
REGISTERED NUMBER: 12856337
BALANCE SHEET
AS AT 31 DECEMBER 2023
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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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.
The notes on pages 3 to 6 form part of these financial statements.
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HEMSWELL POWER SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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
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Basis of preparation of financial statements
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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:
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.
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.
Interest income is recognised in profit or loss using the effective interest method.
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.
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HEMSWELL POWER SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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.
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Associates and joint ventures
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Associates and joint ventures are held at cost less impairment
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.
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Cash and cash equivalents
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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.
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.
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.
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The average monthly number of employees, including directors, during the year was 0 (2022 - 0).
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HEMSWELL POWER SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Investments in associates
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The following was an associate of the Company:
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Hemswell Clean Tech Green Power Limited
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The Control Tower, Hemswell Business Park, Hemswell Cliff, Gainsborough, Lincolnshire, United Kingdom, DN21 5TJ
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Amounts owed by joint ventures and associated undertakings
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Prepayments and accrued income
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Cash and cash equivalents
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HEMSWELL POWER SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Creditors: Amounts falling due within one year
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Amounts owed to associates
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Amounts owed to joint ventures and associate undertakings
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Other taxation and social security
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Accruals and deferred income
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Related party transactions
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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).
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It is the directors' opinion that there is no ultimate controlling party.
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