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Company Registration Number 14420034























BACARD RENEWABLE INVESTMENTS LIMITED





FINANCIAL STATEMENTS





 31 AUGUST 2024
















img5a70.png

 
BACARD RENEWABLE INVESTMENTS LIMITED
REGISTERED NUMBER: 14420034

BALANCE SHEET
AS AT 31 AUGUST 2024

As restated
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
3,467,167
-

  
3,467,167
-

Current assets
  

Debtors: amounts falling due within one year
 5 
4,094,200
2,000,200

Cash at bank and in hand
 6 
734
-

  
4,094,934
2,000,200

Creditors: amounts falling due within one year
 7 
(439,837)
(27,500)

Net current assets
  
 
 
3,655,097
 
 
1,972,700

Total assets less current liabilities
  
7,122,264
1,972,700

Creditors: amounts falling due after more than one year
 8 
(7,150,000)
(2,000,000)

Provisions for liabilities
  

Deferred tax
  
(78,228)
-

  
 
 
(78,228)
 
 
-

Net liabilities
  
(105,964)
(27,300)


Capital and reserves
  

Called up share capital 
  
200
200

Profit and loss account
  
(106,164)
(27,500)

  
(105,964)
(27,300)


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 statement of comprehensive income 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 by: 


Neil Stuart McIntyre
Director
Date: 29 March 2025

The notes on pages 2 to 8 form part of these financial statements.

Page 1

 
BACARD RENEWABLE INVESTMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1.


General information

Bacard Renewable Investments Limited is a company limited by shares incorporated in England. Its registered office is The Marketing Suite Baron Way, Kingmoor Business Park, Carlisle, United Kingdom, CA6 4SJ. 

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 following principal accounting policies have been applied:

 
2.2

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 goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

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.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 2

 
BACARD RENEWABLE INVESTMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Solar Farm
-
4%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

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.

Page 3

 
BACARD RENEWABLE INVESTMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.8

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.

 
2.9

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.

 
2.10

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.11

Dividends

Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.


3.


Employees




The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

Page 4

 
BACARD RENEWABLE INVESTMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

4.


Tangible fixed assets





Solar Farm

£



Cost or valuation


Additions
3,550,000



At 31 August 2024

3,550,000



Depreciation


Charge for the year on owned assets
82,833



At 31 August 2024

82,833



Net book value



At 31 August 2024
3,467,167



At 31 August 2023
-


5.


Debtors

As restated
2024
2023
£
£


Trade debtors
489,853
-

Other debtors
3,600,200
2,000,200

Prepayments and accrued income
4,147
-

4,094,200
2,000,200



6.


Cash and cash equivalents

As restated
2024
2023
£
£

Cash at bank and in hand
734
-

734
-


Page 5

 
BACARD RENEWABLE INVESTMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

7.


Creditors: Amounts falling due within one year

As restated
2024
2023
£
£

Trade creditors
4,637
-

Other taxation and social security
41,260
-

Other creditors
284,442
27,500

Accruals and deferred income
109,498
-

439,837
27,500



8.


Creditors: Amounts falling due after more than one year

As restated
2024
2023
£
£

Other loans
3,550,000
-

Share capital treated as debt
3,600,000
2,000,000

7,150,000
2,000,000



9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£




Amounts falling due after more than 5 years

Other loans
3,550,000
-

3,550,000
-

3,550,000
-


Page 6

 
BACARD RENEWABLE INVESTMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

10.


Prior year adjustment

Following a review by the directors it was identified that preference share dividends for the prior year period had been omitted from the financial statements. The impact of this prior year adjustment has increased the loss by £27,500 and reduced the profit and loss reserves by £27,500.
The directors identified that the Preference Share Capital, which has a fixed coupon rate of 6% cumulative per annum, was incorrectly presented as Share Capital when under FRS102 this should have been presented as a debt within long-term creditors. The impact of this adjustment has reduced share capital by £2,500,000 and increased long-term liabilities by £2,500,000.
It was further identified that the Preference Share Capital amount was incorrect, this should have been shown as £2,000,000 rather than £2,500,000.  This has had no impact of the result for the year or the profit and loss reserve overall.
Finally, in the previous year, £2,500,200 was presented as cash at bank when in fact this should have been presented as other debtors.  This has reduced as a result of the above point to £2,000,200 and has had no impact on the result for the year or the reserves as at the year end date.


11.


Related party transactions

Included in creditors is a loan of £3,550,000 (2023: £Nil) from Kingmoor Park Properties Limited, a company related via common ownership. Interest is payable monthly at the Bank of England base rate. Interest charged during the year amounted to £100,348 (2023: £Nil) and is included in accruals at the year end.
Included in other creditors is an amount of £2,000 (2023: £Nil) owed to Kingmoor Park Properties Limited.
Sales made to Kingmoor Park Properties Limited during the year totalled £408,212 (2023: £Nil). Included in trade debtors at the year end was a balance owed from Kingmoor Park Properties Limited of £489,855 (2023 - Nil).
During the year, the entity acquired a fixed asset from Kingmoor Park Properties Limited for a value of £3,550,000.
 
Included in other creditors is an amount of £41,945 (2023: £Nil) owed to Bacard Holdings Limited and included in other debtors is an amount of £3,600,000 (£2,000,000) owed from Bacard Holdings Limited, a company related via common ownership.
 
At the year end date an amount was owed to the company of £200 (2023 - £200) from the directors which is included in other debtors.
At the year end date an amount is included in other creditors of £112,500 (2023 - £22,500) that is owed to a pension scheme in which one of the directors is a trustee which relates to dividends payable in the year.
At the year end date an amount is included in other creditors of £35,000 (2023 - £5,000) that is owed to a Trust in which one of the directors has a controlling influence which relates to dividends payable in the year. 
 

Page 7

 
BACARD RENEWABLE INVESTMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

12.


Auditors' information

The auditors' report on the financial statements for the year ended 31 August 2024 was unqualified.

The auditors' report drew attention to another matter as follows:
 
Comparative information in the financial statements is derived from the company's prior period financial statements which were not audited.

The audit report was signed on 29 March 2025 by Joanna Gray (Senior statutory auditor) on behalf of Armstrong Watson Audit Limited.

Page 8