| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| FOR |
| ORGANIC POWER IRELAND LIMITED |
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| FOR |
| ORGANIC POWER IRELAND LIMITED |
| ORGANIC POWER IRELAND LIMITED (REGISTERED NUMBER: NI047669) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 | to | 3 |
| Notes to the Financial Statements | 4 | to | 7 |
| ORGANIC POWER IRELAND LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 17 Clarendon Road |
| Belfast |
| BT1 3BG |
| ORGANIC POWER IRELAND LIMITED (REGISTERED NUMBER: NI047669) |
| BALANCE SHEET |
| 31 AUGUST 2024 |
| 31.8.24 | 31.8.23 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
| NET LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| The director acknowledges his responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| ORGANIC POWER IRELAND LIMITED (REGISTERED NUMBER: NI047669) |
| BALANCE SHEET - continued |
| 31 AUGUST 2024 |
| The financial statements were approved by the director and authorised for issue on |
| ORGANIC POWER IRELAND LIMITED (REGISTERED NUMBER: NI047669) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 1. | STATUTORY INFORMATION |
| Organic Power Ireland Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| The business address of the company is 4 Croft Park, Ballygally, Larne, BT40 2QR |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Going concern |
| The company made a profit for the year of £64,149 (2023: £436). However, it has net liabilities of £123,724 (2023: £187,873). The financial statements have been prepared on the going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The validity of this assumption depends on the continued support of the director. The financial statements do not include any adjustments that would result if he withdrew his support. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Goodwill |
| Goodwill relates to the amount paid in connection with the acquisition of a business in 2004. |
| In FY2016, the amortisation policy was revised, with the remaining goodwill balance at that date amortised evenly over its revised estimated useful life of 5 years. |
| Tangible fixed assets |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
| Fixtures & fittings - 20% on reducing balance |
| Assets which are constructed by the company are not depreciated until the asset is completed. |
| Government grants |
| Grants towards revenue expenditure are credited to the income and expenditure account in the period to which they relate. Grants on capital expenditure are credited to a deferred income account and are released to revenue over the expected useful lives of the relevant assets. |
| ORGANIC POWER IRELAND LIMITED (REGISTERED NUMBER: NI047669) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| All financial instruments of the company are considered to meet the definition of basic financial instruments. |
| - Short term debtors and creditors |
| Debtors and creditors with no stated interest rate and are receivable or payable on demand are recognised at transaction price, and subject to annual impairment reviews. Any losses arising on impairment are recognised in the profit and loss account. |
| - Cash and cash equivalents |
| Cash and cash equivalents comprise of cash at bank. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was NIL (2023 - NIL). |
| ORGANIC POWER IRELAND LIMITED (REGISTERED NUMBER: NI047669) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 4. | INTANGIBLE FIXED ASSETS |
| Goodwill |
| £ |
| COST |
| At 1 September 2023 |
| and 31 August 2024 |
| AMORTISATION |
| At 1 September 2023 |
| and 31 August 2024 |
| NET BOOK VALUE |
| At 31 August 2024 |
| At 31 August 2023 |
| 5. | TANGIBLE FIXED ASSETS |
| Fixtures, |
| fittings |
| & equipment |
| £ |
| COST |
| At 1 September 2023 |
| and 31 August 2024 |
| DEPRECIATION |
| At 1 September 2023 |
| Charge for year |
| At 31 August 2024 |
| NET BOOK VALUE |
| At 31 August 2024 |
| At 31 August 2023 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.8.24 | 31.8.23 |
| £ | £ |
| VAT | - | 2,000 |
| Other creditors |
| Directors' current accounts | 115,404 | 132,729 |
| Accruals and deferred income |
| ORGANIC POWER IRELAND LIMITED (REGISTERED NUMBER: NI047669) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued |
| Included in other creditors is an amount of £15,000 (2023: £15,000) in relation to a related party creditor. |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Bank loans - 1-2 years |
| Bank loans - 2-5 years |
| Bank loans more 5 yr by instal |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans more 5 yr by instal | 1,008 | 4,330 |