REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 30 June 2024 |
for |
Alternative Energy Developments PLC |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 30 June 2024 |
for |
Alternative Energy Developments PLC |
Alternative Energy Developments PLC (Registered number: 07139425) |
Contents of the Financial Statements |
for the year ended 30 June 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 4 |
Statement of Income and Retained Earnings | 7 |
Statement of Financial Position | 8 |
Statement of Cash Flows | 9 |
Notes to the Statement of Cash Flows | 10 |
Notes to the Financial Statements | 11 |
Alternative Energy Developments PLC |
Company Information |
for the year ended 30 June 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors and |
Chartered Accountants |
Cawley House |
149-155 Canal Street |
Nottingham |
Nottinghamshire |
NG1 7HR |
Alternative Energy Developments PLC (Registered number: 07139425) |
Strategic Report |
for the year ended 30 June 2024 |
The directors present their strategic report for the year ended 30 June 2024. |
REVIEW OF BUSINESS |
The Business continued to operate its existing portfolios of biomass heating systems supplying heat to customers. The Business turned a profit in the year ended 30th June 2024 thanks to the decreasing cost of wood pellets. |
PRINCIPAL RISKS AND UNCERTAINTIES |
Principal risks around the business are the stability of the long term heat offtake customers, their continued demand for heat and the price of biomass fuel. Minimum offtake contracts mitigate this risk, along with the RHI income supporting the business model, which is guaranteed and indexed for the 20 year life of each system by the UK government. During the year there have been no changes to our customers' positions and the biomass fuel price has decreased compared to those seen in the previous year. |
ANALYSIS OF DEVELOPMENT AND PERFORMANCE DURING THE YEAR |
During the year, the portfolio of biomass systems remained stable with the kWh heat generation similar in line with the previous year. The company has seen the benefit from reduced wood fuel prices over the previous year which had seen a sharp rise in market prices as a result of the Russian-Ukrainian war. This reduction in wood prices has helped the entity turn a profit. |
The results for the year take into account the front-end loading of interest under FRS102 which is in fact repaid on a straight line basis, so there will be future benefits to this in later years. |
ON BEHALF OF THE BOARD: |
Alternative Energy Developments PLC (Registered number: 07139425) |
Report of the Directors |
for the year ended 30 June 2024 |
The directors present their report with the financial statements of the company for the year ended 30 June 2024. |
DIVIDENDS |
No dividends will be distributed for the year ended 30 June 2024. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the 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 financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
- | prepare the 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 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. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, Clayton & Brewill, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Alternative Energy Developments PLC |
Opinion |
We have audited the financial statements of Alternative Energy Developments PLC (the 'company') for the year ended 30 June 2024 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 30 June 2024 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Alternative Energy Developments PLC |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
- Enquiry of management and those charged with governance around actual and potential litigation and claims; |
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; |
- Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias; |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Alternative Energy Developments PLC |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors 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 members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Statutory Auditors and |
Chartered Accountants |
Cawley House |
149-155 Canal Street |
Nottingham |
Nottinghamshire |
NG1 7HR |
Alternative Energy Developments PLC (Registered number: 07139425) |
Statement of Income and |
Retained Earnings |
for the year ended 30 June 2024 |
Period |
27.2.22 |
Year ended | to |
30.6.24 | 30.6.23 |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT/(LOSS) | ( |
) |
Administrative expenses |
(57,123 | ) | (143,281 | ) |
Other operating income | 4 |
OPERATING PROFIT | 6 |
Interest payable and similar expenses | 7 |
PROFIT/(LOSS) BEFORE TAXATION | ( |
) |
Tax on profit/(loss) | 8 | ( |
) |
PROFIT/(LOSS) FOR THE FINANCIAL YEAR |
( |
) |
Retained earnings at beginning of year |
RETAINED EARNINGS AT END OF YEAR |
Alternative Energy Developments PLC (Registered number: 07139425) |
Statement of Financial Position |
30 June 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
Tangible assets | 10 |
CURRENT ASSETS |
Stocks | 11 |
Debtors: amounts falling due within one year |
12 |
Debtors: amounts falling due after more than one year |
12 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 13 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
14 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 16 |
Revaluation reserve | 17 |
Retained earnings | 17 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Alternative Energy Developments PLC (Registered number: 07139425) |
Statement of Cash Flows |
for the year ended 30 June 2024 |
Period |
27.2.22 |
Year ended | to |
30.6.24 | 30.6.23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) | ( |
) |
Tax paid |
Net cash from operating activities |
Cash flows from investing activities |
Sale of tangible fixed assets |
Net cash from investing activities |
Cash flows from financing activities |
Loan repayments in year | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Increase in cash and cash equivalents |
Cash and cash equivalents at beginning of year |
2 |
46,147 |
Cash and cash equivalents at end of year |
2 |
129,106 |
113,723 |
Alternative Energy Developments PLC (Registered number: 07139425) |
Notes to the Statement of Cash Flows |
for the year ended 30 June 2024 |
1. | RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
Period |
27.2.22 |
Year ended | to |
30.6.24 | 30.6.23 |
£ | £ |
Profit/(loss) before taxation | ( |
) |
Depreciation charges |
Profit on disposal of fixed assets | ( |
) |
Finance costs | 36,717 | 52,190 |
98,891 | 60,752 |
(Increase)/decrease in stocks | ( |
) |
(Increase)/decrease in trade and other debtors | ( |
) |
Increase/(decrease) in trade and other creditors | ( |
) |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Year ended 30 June 2024 |
30.6.24 | 1.7.23 |
£ | £ |
Cash and cash equivalents | 129,106 | 113,723 |
Period ended 30 June 2023 |
30.6.23 | 27.2.22 |
£ | £ |
Cash and cash equivalents | 113,723 | 46,147 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.7.23 | Cash flow | At 30.6.24 |
£ | £ | £ |
Net cash |
Cash at bank | 113,723 | 15,383 | 129,106 |
113,723 | 129,106 |
Debt |
Debts falling due within 1 year | (75,460 | ) | (2,331 | ) | (77,791 | ) |
Debts falling due after 1 year | (573,429 | ) | 40,593 | (532,836 | ) |
(648,889 | ) | 38,262 | (610,627 | ) |
Total | (535,166 | ) | 53,645 | (481,521 | ) |
Alternative Energy Developments PLC (Registered number: 07139425) |
Notes to the Financial Statements |
for the year ended 30 June 2024 |
1. | STATUTORY INFORMATION |
Alternative Energy Developments PLC is a public company, registered in England and Wales.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 |
Significant judgements and estimates |
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. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
It is calculated on an accruals basis. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Plant and machinery | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate. |
Alternative Energy Developments PLC (Registered number: 07139425) |
Notes to the Financial Statements - continued |
for the year ended 30 June 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price, including transaction costs. Financial assets classified as debtors within one year are not amortised and are therefore measured at transaction price plus transaction costs. Assets receivable after more than one year are subsequently carried at amortised cost using the effective interest rate method unless the arrangement constitutes a financing transaction. In this latter case, the transaction is measured at the present value of future receipts discounted at a market rate of interest. |
We derecongise financial assets are in three scenarios. Firstly, when the contractual rights to the cash flows from the assets expire or are settled. Secondly, when all the risks and rewards of the ownership of the asset substantially transfer to another party. Thirdly, when control of the asset transfers to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. |
Basic financial liabilities, including trade and other payables, bank loans and intercompany loans, are initially recognised at transaction price. If the arrangement constitutes a financing transaction, the debt instrument is measured at the present value of future receipts discounted at a market rate of interest. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probably that some or all of the facility will be drawn down. In this case, the fees is deferred until the draw-down occurs. To the extent that there is no evidence that it is probably that some or all of the facility will be drawn down, th fee is capitalised as a prepayment for liquidity services and amortised over the period of the facility to which it relates. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. We classify trade creditors are current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
The company does not apply hedge accounting for interest rate and foreign exchange derivatives. |
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or has expired. |
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Taxation |
Taxation for the year comprises current and deferred tax. 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 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 statement of financial position date. |
Alternative Energy Developments PLC (Registered number: 07139425) |
Notes to the Financial Statements - continued |
for the year ended 30 June 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 statement of financial position 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 year 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. |
Loans and borrowings |
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value. |
Measurement of short-term debtors and creditors |
Trade debtors do not carry interest and are stated at their initial fair value reduced by appropriate allowances for estimated irrecoverable amounts. |
Trade payables on normal terms are not interest bearing and are stated at their nominal value. |
3. | TURNOVER |
Turnover comes from the principal activity of the entity which is to provide heat from biomass energy generation. Revenue is recognised when the risks and rewards pass to the customer. |
We have analysed revenue by the four active sites during the year. |
4. | OTHER OPERATING INCOME |
Period |
27.2.22 |
Year ended | to |
30.6.24 | 30.6.23 |
£ | £ |
Sundry receipts | 116,299 | 150,079 |
Profit on sale of tangible fixed assets | 826 | - |
117,125 | 150,079 |
The company received other income in relation to the non-domestic renewable heat incentive (RHI), a government environmental programme that provides financial incentives to increase the uptake of renewable heat by businesses, the public sector and non-profit organisations. In the period ended 30th of June 2024 amounts of £116,299 (2023: 150,079) were received through the scheme. |
5. | EMPLOYEES AND DIRECTORS |
There were no staff costs for the year ended 30 June 2024 nor for the period ended 30 June 2023. |
The average number of employees during the year was NIL (2023 - NIL). |
Period |
27.2.22 |
Year ended | to |
30.6.24 | 30.6.23 |
£ | £ |
Directors' remuneration |
Alternative Energy Developments PLC (Registered number: 07139425) |
Notes to the Financial Statements - continued |
for the year ended 30 June 2024 |
6. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
Period |
27.2.22 |
Year ended | to |
30.6.24 | 30.6.23 |
£ | £ |
Depreciation - owned assets |
Profit on disposal of fixed assets | ( |
) |
Development costs amortisation |
Auditors' remuneration |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
Period |
27.2.22 |
Year ended | to |
30.6.24 | 30.6.23 |
£ | £ |
Debenture interest |
8. | TAXATION |
Analysis of the tax credit |
The tax credit on the profit for the year was as follows: |
Period |
27.2.22 |
Year ended | to |
30.6.24 | 30.6.23 |
£ | £ |
Current tax: |
Prior year adjustments | - | (1,000 | ) |
Tax on profit/(loss) | ( |
) |
9. | INTANGIBLE FIXED ASSETS |
Development |
costs |
£ |
COST |
At 1 July 2023 |
and 30 June 2024 |
AMORTISATION |
At 1 July 2023 |
Amortisation for year |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
Alternative Energy Developments PLC (Registered number: 07139425) |
Notes to the Financial Statements - continued |
for the year ended 30 June 2024 |
9. | INTANGIBLE FIXED ASSETS - continued |
At at the period end the company held the following material intangible assets: |
Asset name | 2024 | 2023 |
£ | £ |
Finance costs | 58,400 | 58,400 |
The above item has been capitalised as development costs due to being finance costs in relation to debenture refinancing. There were no additional finance costs incurred in the current year. |
10. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
£ |
COST |
At 1 July 2023 |
Disposals | ( |
) |
At 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
The biomass boilers are depreciated over their estimated useful life of 20 years. The estimated useful life has been assessed as reasonable by industry experts. |
11. | STOCKS |
2024 | 2023 |
£ | £ |
Stocks |
12. | DEBTORS |
2024 | 2023 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
VAT |
Called up share capital not paid |
Prepayments and accrued income |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
Alternative Energy Developments PLC (Registered number: 07139425) |
Notes to the Financial Statements - continued |
for the year ended 30 June 2024 |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Debentures (see note 15) |
Trade creditors |
VAT | 2,116 | - |
Accruals and deferred income |
14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Debentures (see note 15) |
15. | LOANS |
An analysis of the maturity of loans is given below: |
2024 | 2023 |
£ | £ |
Amounts falling due within one year or on demand: |
Debentures | 77,791 | 75,460 |
Amounts falling due between one and two years: |
Debentures - 1-2 years |
Amounts falling due between two and five years: |
Debentures - 2-5 years |
Amounts falling due in more than five years: |
Repayable by instalments |
Debentures more | 5yrs-instalm | 344,191 | 395,613 |
Loans due after more than five years have the following repayment terms: |
Repayments remaining | Bi-annual repayment £ | Interest rate AER % |
Abundance Investment Ltd | 22 | 37,197 | 5.98 |
16. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | 1 | 49,992 | 49,992 |
Preference | 0.01 | 2 | 2 |
B Ordinary | 0.01 | 8 | 8 |
50,002 | 50,002 |
Alternative Energy Developments PLC (Registered number: 07139425) |
Notes to the Financial Statements - continued |
for the year ended 30 June 2024 |
16. | CALLED UP SHARE CAPITAL - continued |
The Ordinary shares carry full voting rights, rights to dividends and capital returns. The ordinary shares do not confer any rights of redemption. |
The B Ordinary shares have no voting rights until all of the preference shares have been converted to A Ordinary shares after which they will rank pari passu with the A Ordinary shares. The rights of the B Ordinary shares to receive dividends and capital distributions are restricted until the preference shares are converted to A Ordinary shares after which the dividend and capital distribution rights will be par passu with the A Ordinary shares. The B Ordinary shares do not confer any rights of redemption. |
The Preference shares carry full voting rights, rights to dividends and capital returns. the preference shares do not confer any rights of redemption. |
17. | RESERVES |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1 July 2023 | 158,077 |
Profit for the year |
At 30 June 2024 | 181,362 |
18. | ULTIMATE PARENT COMPANY |
Biomass Solutions Limited is regarded by the directors as being the company's ultimate parent company. |
19. | RELATED PARTY DISCLOSURES |
2024 | 2023 |
£ | £ |
Purchases |
Loan interest received | 11,204 | 14,938 |
Amount due from related party |
Amount due to related party |
As at the 30th June 2024 an amount of £262,198 (2023: £250,533) is owed to Alternative Energy Developments PLC from its ultimate parent company Biomass Solutions Limited. Interest of £11,204 (2023: £14,938) has been accrued in the year for the loan. No payments have been paid to reduce the loan balance. The terms of the loan state the the amount due may be repaid by the borrower via dividend distributions from Alternative Energy Developments PLC or at the lenders discretion at any point within 10 years of taking out the loan provided a 5 day notice period is provided. |
During the year the company traded with Ashwell Biomass & Heating Limited, a company with joint ownership. Purchases of £30,357 (2023: £54,870) being made in the year. As at the year end Alternative Energy Developments PLC owed Ashwell Biomass & Heating Limited £10,212 (2023: £9,544). |