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COMPANY REGISTRATION NUMBER: 08195029
Environmental Finance Limited
Filleted Financial Statements
31 December 2024
Environmental Finance Limited
Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
32,445
53,995
Investments
6
25,002
5,002
--------
--------
57,447
58,997
Current assets
Debtors
7
1,440,084
863,667
Cash at bank and in hand
1,048,865
1,923,820
------------
------------
2,488,949
2,787,487
Creditors: amounts falling due within one year
8
1,045,700
717,854
------------
------------
Net current assets
1,443,249
2,069,633
------------
------------
Total assets less current liabilities
1,500,696
2,128,630
Creditors: amounts falling due after more than one year
9
200,000
200,000
------------
------------
Net assets
1,300,696
1,928,630
------------
------------
Capital and reserves
Called up share capital
10
147,544
144,779
Share premium account
110,758
110,758
Profit and loss account
1,042,394
1,673,093
------------
------------
Shareholders funds
1,300,696
1,928,630
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
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.
These financial statements were approved by the board of directors and authorised for issue on 19 May 2025 , and are signed on behalf of the board by:
James Lawrence Mansfield
Director
Company registration number: 08195029
Environmental Finance Limited
Notes to the Financial Statements
Year ended 31 December 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is W106 Vox Studios, Durham Street, London, SE11 5JH, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover is recognised when the performance obligations or milestone in the contract is satisfied and is stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Fixtures and fittings
-
Over 3 years
Equipment
-
Over 3 years
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Grants
Grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Grants are recognised using the accrual model and the performance model. Under the accrual model, grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 38 (2023: 34 ).
5. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 January 2024
45,065
33,696
78,761
Additions
5,729
5,729
--------
--------
--------
At 31 December 2024
45,065
39,425
84,490
--------
--------
--------
Depreciation
At 1 January 2024
14,769
9,997
24,766
Charge for the year
15,065
12,214
27,279
--------
--------
--------
At 31 December 2024
29,834
22,211
52,045
--------
--------
--------
Carrying amount
At 31 December 2024
15,231
17,214
32,445
--------
--------
--------
At 31 December 2023
30,296
23,699
53,995
--------
--------
--------
6. Investments
Shares in group undertakings
Other investments other than loans
Total
£
£
£
Cost
At 1 January 2024
2
5,000
5,002
Additions
20,000
20,000
----
--------
--------
At 31 December 2024
2
25,000
25,002
----
--------
--------
Impairment
At 1 January 2024 and 31 December 2024
----
--------
--------
Carrying amount
At 31 December 2024
2
25,000
25,002
----
--------
--------
At 31 December 2023
2
5,000
5,002
----
--------
--------
Other investment represents 200 shares in an unquoted company.
Subsidiary undertakings
Percentage of shares held %
Picnic Investments Limited - Ordinary shares
100
Finance Earth Limited - Ordinary shares
100
The address of the registered office of all the subsidiary companies is Vox Studios, Room W106, 1-45 Durham Street, London, SE11 5JH.
7. Debtors
2024
2023
£
£
Trade debtors
1,319,537
803,841
Amounts owed by group undertakings
825
Prepayments and accrued income
35,501
29,279
Corporation tax repayable
56,979
Other debtors
28,067
29,722
------------
---------
1,440,084
863,667
------------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
127,215
69,980
Accruals and deferred income
628,571
53,473
Corporation tax
257,924
Social security and other taxes
257,980
305,601
Other creditors
31,934
30,876
------------
---------
1,045,700
717,854
------------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
200,000
200,000
---------
---------
10. Called up share capital
Number
Value
Number
Value
£
£
£
Ordinary shares A of £0.01 (2022 - £1 ) each
14,020,000
140,200
140,200
140,200
Ordinary Shares VV of £0.01 each
734,377
7,344
457,900
4,579
-------------
---------
---------
---------
14,754,377
147,544
598,100
144,779
-------------
---------
---------
---------
The co-founders have committed to allocate 24% of the company for employee ownership. During the year 325,933 VV ordinary shares were issued to eligible employees at par value of £0.01. Employees join the scheme after serving 1 year.The shares carry the right to vote at annual general meetings. upon leaving the company as an employee, the company will repurchase the shares at par value of £0.01. 49,441 shares were repurchased from leavers in the year.
11. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
52,150
49,668
--------
--------
12. Summary audit opinion
The auditor's report dated 19 May 2025 was unqualified .
The senior statutory auditor was NICOLAS MICHAEL FCA , for and on behalf of Charlton Baker (Bristol) Ltd .
13. Related party transactions
During the year, the company invoiced £9,588 (2023 - £nil) in management service fees to Chile Small Pelagic FIP Ltd , Richard Speak and James Mansfield are directors of the company, .At the year end, £11,506 was unpaid and is included in trade debtors in these financial statements. During the year the company invoiced £32,738 (2023 - £25,357) in recharged costs to Sporting Assets Ltd, a company in which Richard Speak is also director. At the year end, £39,286 (2023 - £28,086) was unpaid and is included in trade debtors in these financial statements. During the year the company invoiced £83.698 (2023 - £39,273) in consultancy fees to Fisheries Improvement Fund Limited, a company in which Richard Speak and James Mansfield are also directors. At the year end, £nil (2022 - £47,128) was unpaid and is included in trade debtors in these financial statements. Last year, the company received a £100,000 loan from Green Acorn Holdings Limited at an interest rate of 10% p.a. also, the company was charged £18,208 (2023 - £nil) in management fees from Green Acorn Holdings Limited, a company in which James Mansfield is the sole director. At the year end, the £100,000 loan owed is shown in Creditors: amounts falling due after more than one year and the unpaid interest of £2,521 (2023 - £1,671) is shown in Other Creditors. Last year, the company received a £100,000 loan from Finance For Sustainability Limited at an interest rate of 10% p.a. also, the company was charged £9,510 (2023 - £8,885) in recharged costs afrom Finance For Sustainability Limited, a company in which Richard Speak is also director. Also there were Management fees of £36,416 (2023 - £nil)from the company. At the year end, the £100,000 loan owed is shown in Creditors: amounts falling due after more than one year and the unpaid interest of £2,521 (2023 - £1,671) is shown in Other Creditors, also, at the year end, £55,111 (2023 - £10,662) was unpaid in recharged costs and is included in creditors.