Registration number:
Kernow Renewable Developments Ltd
for the Year Ended 30 November 2024
Kernow Renewable Developments Ltd
Contents
|
Statement of Financial Position |
|
|
Notes to the Unaudited Financial Statements |
Kernow Renewable Developments Ltd
(Registration number: 14469805)
Statement of Financial Position as at 30 November 2024
|
Note |
2024 |
2023 |
|
|
Fixed assets |
|||
|
Tangible assets |
|
|
|
|
Current assets |
|||
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets/(liabilities) |
|
( |
|
|
Total assets less current liabilities |
|
( |
|
|
Provisions for liabilities |
( |
( |
|
|
Net assets/(liabilities) |
|
( |
|
|
Capital and reserves |
|||
|
Called up share capital |
100 |
100 |
|
|
Profit and loss account |
13,547 |
(738) |
|
|
Shareholders' funds/(deficit) |
13,647 |
(638) |
For the financial year ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
|
• |
|
|
• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
|
|
Kernow Renewable Developments Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024
|
General information |
The company is a private company limited by share capital, incorporated in United Kingdom.
The address of its registered office is:
Principal activity
The principal activity of the company is renewable energy consulting activities.
|
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention.
The financial statements are prepared in sterling which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. |
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Kernow Renewable Developments Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024 (continued)
|
2 |
Accounting policies (continued) |
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and 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.
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:
Office equipment - 25% 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.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities
Kernow Renewable Developments Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024 (continued)
|
2 |
Accounting policies (continued) |
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Financial instruments
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.
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.
|
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Kernow Renewable Developments Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024 (continued)
|
Tangible assets |
|
Office equipment |
Total |
|
|
Cost or valuation |
||
|
At 1 December 2023 |
|
|
|
Additions |
|
|
|
At 30 November 2024 |
|
|
|
Depreciation |
||
|
At 1 December 2023 |
|
|
|
Charge for the year |
|
|
|
At 30 November 2024 |
|
|
|
Carrying amount |
||
|
At 30 November 2024 |
|
|
|
At 30 November 2023 |
|
|
|
Debtors |
|
2024 |
2023 |
|
|
Other debtors |
|
|
|
Prepayments |
|
- |
|
|
|
Kernow Renewable Developments Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024 (continued)
|
Creditors |
Creditors: amounts falling due within one year
|
Note |
2024 |
2023 |
|
|
Due within one year |
|||
|
Loans and borrowings |
|
- |
|
|
Taxation and social security |
|
- |
|
|
Accruals and deferred income |
|
|
|
|
Other creditors |
|
|
|
|
|
|
|
Reserves |
Profit and loss account:
This reserve records retained earnings and accumulated losses.
|
Loans and borrowings |
Current loans and borrowings
|
2024 |
2023 |
|
|
Other borrowings |
|
- |
|
Related party transactions |
During the year the director entered into the following advances and credits with the company.
|
2024 |
At 1 December 2023 |
Advances to director |
Repayments by director |
At 30 November 2024 |
|
Director |
( |
|
( |
( |
|
2023 |
At 8 November 2022 |
Advances to director |
Repayments by director |
At 30 November 2023 |
|
Director |
- |
|
( |
( |
Kernow Renewable Developments Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024 (continued)
|
9 |
Related party transactions (continued) |
Summary of transactions with all entities with joint control or significant interest