Company registration number 02198380 (England and Wales)
BAUER RENEWABLES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
BAUER RENEWABLES LIMITED
COMPANY INFORMATION
Director
Mr M D Jones
Company number
02198380
Registered office
10 Ducketts Wharf
South Street
Bishops Stortford
Hertfordshire
England
CM23 3AR
Auditor
Finnies Accountants Limited
4-6 Swaby's Yard
Walkergate
Beverley
East Yorkshire
United Kingdom
HU17 9BZ
Business address
10 Ducketts Wharf
South Street
Bishops Stortford
Hertfordshire
England
CM23 3AR
BAUER RENEWABLES LIMITED
CONTENTS
Page
Strategic report
1
Director's report
2 - 3
Director's responsibilities statement
4
Independent auditor's report
5 - 7
Income statement
8
Statement of financial position
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 19
BAUER RENEWABLES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The director presents the strategic report for the year ended 31 December 2024.

Fair Review of the business

The company is currently considering its options reference to the future of the company.

Principal risks and uncertainties

Management continually monitor the risks facing the Company together with assessing the controls used for managing these risks. The board of directors formally reviews and documents the principal risks facing the business at least annually.

 

Currency fluctuations (although the company works will be invoiced in sterling) are considered to be low risk. Material costs and high inflation costs are not directly impacting the business stream, albeit preliminary offers do take these into account.

 

Competitive risks remain albeit with only one or two companies as direct competitors (using methods that have some similarities to the Bauer solution), but the vast majority of offshore foundation competitors focus on large monopile installation which is not a focus of Bauer. Bauer remains very well placed to provide the optimum solution for smaller size (2m to 4m OD) pin / mooring piles for harder soils via a drilled and grouted solution and from both fixed and floating offshore construction vessels.

Key performance indicators

The board has assessed that the following Key Performance Indicators (KPI's) are the most effective measures of progress towards achieving further growth of turnover and profitability.

 

- Organic sales growth - year on year increase in sales revenue (provisions adjusted)

- Gross return on sales - gross profit as a percentage of sales revenue

- Net return on sales - operating profit as a percentage of sales revenue

- Free cashflow - cash generated from operations less tax and interest paid / (received)

        

                                    2024        2023

 

Organic sales growth                             -          -

Gross return on sales      -      -

Net return on sales (excluding sale of assets)      -     -

Net return on sales      -     -

        

Free cashflow                                (£3,293)        £2,246

 

No sales revenue has been generated within the current year and hence the KPI's for the current year are not appropriate.

 

On behalf of the board

Mr M D Jones
Director
6 February 2025
BAUER RENEWABLES LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

The director presents his annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of the company is that of foundation systems for renewable energy devices.

 

The company was dormant in the current year.

Results and dividends

No dividends will be distributed for the year ended 31 December 2024.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

 

Mr M D Jones
Financial instruments

The company's operations expose it to a variety of financial risks that include the effects of credit risk, liquidity risk and interest rate risk. The company's overall risk managements programme focuses on the unpredictability of, the markets in which it operaates and seeks to minimise associated volatility of the Company's financial performance. The company does not use derivative financial instruments to manage interest rate costs and as such, no hedge accounting is applied.

Given the size of the company, the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The policies set by the board of directors are implemented by the executive directors.

 

Liquidity risk

 

The Company manages liquidity risk by maintaining sufficient cash to enable it to meet its operational requirements. Operating cash flows are actively managed with annual cash flow forecasts updated as required and subject to board review.

 

Interest rate cash flow risk

 

The company has both interest-bearing assets and interest bearing liabilities. Interest bearing assets comprise only cash balances, which earn interest at floating rates. Interest bearing liabilities comprise amounts due on hire purchase agreements which attract interest at fixed rates,

 

Credit risk

 

Credit risk arises from cash and cash equivalents and deposits with banks and financial institutions, as well as credit exposures to customers, including outstanding receivables and committed transactions. The company has implemented policies that require maintaining appropriate credit limits on all customers. The company's credit risk is primarily attributable to its trade receivables balance. The amounts presented in the statement of financial position are net of allowances for doubtful debts.

 

The Company does not have significant concentrations of credit risk. The deposits with banks are only held with reputable financial institutions. This credit worthiness is reviewed periodically in order to ensure active management of counter-party risk. If customers are independently rated, these ratings are used. If there is no independent rating, the board of directors assesses the credit quality of the customer, taking into account its financial position, past experience and other factors. Individual risk limits are set based on internal or external ratings in accordance with limits set by the board. The utilisation of credit limits is regularly monitored.

 

No credit limits were exceeded during the reporting period, and management does not expect any losses from non-performance by these counterparties.

BAUER RENEWABLES LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

Capital risk management

 

The entity manages as capital share capital, consisting of ordinary shares and deferred ordinary shares, and an intercompany loan balance.

 

The Company's objectives when managing capital are to safeguard the Company's ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital.

 

In order to maintain or adjust the capital structure, the Company may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt.

 

The Company keeps the capital structure under review with a process of monthly financial forecasts updated quarterly. These forecasts, including a detailed cash flow forecast, provide the Board with an assessment of the Company's capital adequacy for the period under review.

 

Going Concern

The directors are currently considering the position of the business. The balance sheet is positive supported by a balance due from the parent company and on this basis believe that the going concern basis is appropriate.

 

 

 

 

On behalf of the board
Mr M D Jones
Director
6 February 2025
BAUER RENEWABLES LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -

The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with International Financial Reporting Standards (IFRSs) as adopted by the United Kingdom. Under company law the director must not approve the financial statements unless he is 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, International Accounting Standard 1 requires that directors:

 

The director is 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. He is 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 director is 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 he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

 

BAUER RENEWABLES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BAUER RENEWABLES LIMITED
- 5 -
Opinion

We have audited the financial statements of Bauer Renewables Limited (the 'company') for the year ended 31 December 2024 which comprise the income statement, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and UK adopted international accounting standards.

In our opinion the financial statements:

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 Auditor's 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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report.

 

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.

 

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 course of 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 our audit:

BAUER RENEWABLES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BAUER RENEWABLES LIMITED
- 6 -
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 director's report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of director

As explained more fully in the director's responsibilities statement, the director is 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 director determines is 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditor's 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 an auditor's report 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.

We tailored the scope of our audit to ensure that we performed sufficient work to allow us to give an opinion on the financial statements as a whole taking into account the business structure, the accounting processes, controls and the industry in which it operates.

 

There were no specific risks identified that required additional audit procedures.

 

Materiality was set based on turnover and we applied performance materiality to each section based on risk to material misstatement. This allows us to determine the scope of the audit and the nature, timing and extent of our audit procedures on the financial statements lines and disclosure in evaluating the effect of any misstatement.

A further description of our responsibilities is available on the Financial Reporting Council's website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

 

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.

BAUER RENEWABLES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BAUER RENEWABLES LIMITED
- 7 -
Nicholas Michael Auton (Senior Statutory Auditor)
For and on behalf of Finnies Accountants Limited
Chartered Certified Accountants
Statutory Auditor
4-6 Swaby's Yard
Walkergate
Beverley
East Yorkshire
HU17 9BZ
7 February 2025
BAUER RENEWABLES LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
Notes
£
£
Administrative expenses
(35,747)
(24,927)
Operating loss
4
(35,747)
(24,927)
Investment revenues
7
25,778
24,959
(Loss)/profit before taxation
(9,969)
32
Income tax expense
8
(103,325)
(22,681)
Loss and total comprehensive income for the year
(113,294)
(22,649)
BAUER RENEWABLES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2024
31 December 2024
- 9 -
2024
2023
Notes
£
£
Current assets
Trade and other receivables
10
349,604
363,249
Cash and cash equivalents
2,542
5,835
352,146
369,084
Current liabilities
Trade and other payables
11
10,000
16,968
Net current assets
342,146
352,116
Non-current liabilities
Deferred tax liabilities
12
-
0
(103,324)
Net assets
342,146
455,440
Equity
Called up share capital
13
70
70
Retained earnings
342,076
455,370
Total equity
342,146
455,440
The financial statements were approved and signed by the director and authorised for issue on 6 February 2025
Mr M D Jones
Director
Company registration number 02198380 (England and Wales)
BAUER RENEWABLES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
Share capital
Retained earnings
Total
£
£
£
Balance at 1 January 2023
70
478,019
478,089
Year ended 31 December 2023:
Loss and total comprehensive income
-
(22,649)
(22,649)
Balance at 31 December 2023
70
455,370
455,440
Year ended 31 December 2024:
Loss and total comprehensive income
-
(113,294)
(113,294)
Balance at 31 December 2024
70
342,076
342,146
BAUER RENEWABLES LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
19
(29,070)
(22,714)
Tax (paid)/refunded
(1)
1
Net cash outflow from operating activities
(29,071)
(22,713)
Investing activities
Interest received
25,778
24,959
Net cash generated from investing activities
25,778
24,959
Financing activities
Net cash used in financing activities
-
-
Net (decrease)/increase in cash and cash equivalents
(3,293)
2,246
Cash and cash equivalents at beginning of year
5,835
3,589
Cash and cash equivalents at end of year
2,542
5,835
BAUER RENEWABLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
1
Accounting policies
Company information

Bauer Renewables Limited is a private company limited by shares incorporated in England and Wales. The registered office is 10 Ducketts Wharf, South Street, Bishops Stortford, Hertfordshire, England, CM23 3AR. The company's principal activities and nature of its operations are disclosed in the director's report.

1.1
Accounting convention

The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the United Kingdom and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS, except as otherwise stated.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
Straightline over 1 year and 6 years
Computers
50% per annum on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

1.3
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.4
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

BAUER RENEWABLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -
Deferred tax

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

The ultimate parent undertaking is Bauer Aktiengesellschaft, a company registered in Germany, falls under OCED Pillar Two Regime which applies to all its subsidiaries.

1.5
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Adoption of new and revised standards and changes in accounting policies

In the current year, the following new and revised Standards and Interpretations have been adopted by the company and have an effect on the current period or a prior period or may have an effect on future periods:

IAS 1 (Amendments)
Classification of Liabilities as Current or Non - Current
IFRS16 (Amendments)
Lease Liability in Sale and Leaseback
IAS1 (Amendments)
Non-current  Liabilities with Covenants
IAS 7 and IFRS 7 (Amendments)
Supplier Finance Arrngements
Standards which are in issue but not yet effective

At the date of authorisation of these financial statements, the following Standards and Interpretations, which have not yet been applied in these financial statements, were in issue but not yet effective (and in some cases had not yet been adopted by the UK):

IAS 21 (Amendment)
Lack of Exchangeability
BAUER RENEWABLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
2
Adoption of new and revised standards and changes in accounting policies
(Continued)
- 14 -

Standards not yet Endorsed

 

New:

 

IFRS S1 - General Requirements for Disclosure of Sustainability related Financial Information

 

IFRS S2 - Climate Related financial disclosures

 

IFRS 18 - Presentation and Disclosures in Financial Statements

 

IFRS 19 - Subsidiaries without Public Accountability Disclosures

 

Amendments:

 

Amendments to SASB standards to enhance their international applicability

 

IFRS 9 and IFRS 7 - Classification and measurement of financial instruments

 

Annual Improvements to IFRS Accounting Standards - Volume 11

3
Critical accounting estimates and judgements

In the application of the company’s accounting policies, the director is 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, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

 

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

4
Operating loss
2024
2023
Operating loss for the year is stated after charging/(crediting):
£
£
Exchange losses
16,498
6,755
Depreciation of property, plant and equipment
-
250
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
6,000
6,000
BAUER RENEWABLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
1
1
7
Investment income
2024
2023
£
£
Interest income
Financial instruments measured at amortised cost:
Other interest income on financial assets
25,778
24,959
Income above relates to assets held at amortised cost, unless stated otherwise.
8
Income tax expense
2024
2023
£
£
Deferred tax
Origination and reversal of temporary differences
103,325
22,681

The charge for the year can be reconciled to the (loss)/profit per the income statement as follows:

2024
2023
£
£
(Loss)/profit before taxation
(9,969)
32
Expected tax (credit)/charge based on a corporation tax rate of 25.00% (2023: 23.52%)
(2,492)
8
Group relief
21,092
21,271
Permanent capital allowances in excess of depreciation
(18,599)
(21,279)
Deferred taxation
103,324
22,681
Taxation charge for the year
103,325
22,681

The OCED Pillar Two regime regulations have been considered and no adjustments are required.

BAUER RENEWABLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
9
Property, plant and equipment
Plant and equipment
Computers
Total
£
£
£
Cost
At 1 January 2023 and 1 January 2024
896,661
1,886
898,547
At 31 December 2024
896,661
1,886
898,547
Accumulated depreciation and impairment
At 1 January 2023
896,661
1,636
898,297
Charge for the year
-
0
250
250
At 31 December 2023
896,661
1,886
898,547
At 31 December 2024
896,661
1,886
898,547
Carrying amount
At 31 December 2024
-
-
-
0
10
Trade and other receivables
2024
2023
£
£
VAT recoverable
2,554
2,480
Amounts owed by fellow group undertakings
345,655
359,374
Other receivables
1,395
1,395
349,604
363,249
11
Trade and other payables
2024
2023
£
£
Amounts owed to fellow group undertakings
-
10,968
Accruals
10,000
6,000
10,000
16,968
12
Deferred taxation
Liabilities
2024
2023
£
£
Deferred tax balances
-
0
(103,324)
BAUER RENEWABLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
12
Deferred taxation
(Continued)
- 17 -

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon during the current and prior reporting period.

ACAs
£
Liability at 1 January 2023
(126,006)
Deferred tax movements in prior year
Charge/(credit) to profit or loss
22,682
Liability at 1 January 2024
(103,324)
Deferred tax movements in current year
Charge/(credit) to profit or loss
103,324
Liability at 31 December 2024
-
0

Unrecognised deferred tax assets

 

Deferred tax assets are not recognised due to the OCED Pillar Two regime.

 

Due to the uncertainty of the utilisation of the losses, deferred tax assets have not been recognised. Losses to the value of £2,904,934 (2023: £2,904,934) are available for offset against future taxable profits.

13
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
70
70
70
70
14
Pension Commitments

The company operates a defined contribution pension scheme for its directors and senior employees, there was no charge for the year (2023:£nil).

 

There were no outstanding contributions at 31 December 2024 (2023:£nil).

15
Ultimate Parent Company

The company is now a wholly owned subsidiary of Bauer Spezialtiefbau GmbH, a company registered in Germany.

 

The ultimate parent undertaking is Bauer Aktiengesellschaft, a company registered in Germany.

 

Bauer Spezialtiefbau GmbH is the smallest group for which consolidated financial statements are prepared.

16
Capital risk management
BAUER RENEWABLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
16
Capital risk management
(Continued)
- 18 -

The company is not subject to any externally imposed capital requirements.

17
Related party transactions

During the year the company entered into the following transactions with related parties:

Sale of goods
Purchase of goods
2024
2023
2024
2023
£
£
£
£
Subsidiaries
-
0
-
0
-
0
4,202
Interest received on loan to parent
Exchange Rate Movement
2024
2023
2024
2023
£
£
£
£
Parent company
-
29,842
-
29,480

The balanced owed by the parent company at the year end was £345,655 (2023: £359,374).

 

The balance owed to Bauer Technologies Limited (fellow subsidiary) is £nil (2023: £10,698).

18
Going Concern

The directors are currently considering the position of the business. The balance sheet is positive supported by a balance due from the parent company and on this basis believe that the going concern basis is appropriate.

19
Cash absorbed by operations
2024
2023
£
£
(Loss)/profit for the year before income tax
(9,969)
32
Adjustments for:
Investment income
(25,778)
(24,959)
Depreciation and impairment of property, plant and equipment
-
250
Movements in working capital:
Decrease/(increase) in trade and other receivables
13,645
(2,239)
(Decrease)/increase in trade and other payables
(6,968)
4,202
Cash absorbed by operations
(29,070)
(22,714)
BAUER RENEWABLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
20
Analysis of changes in net funds
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
5,835
(3,293)
2,542
1 January 2023
Cash flows
31 December 2023
Prior year:
£
£
£
Cash at bank and in hand
3,589
2,246
5,835
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