REGISTERED NUMBER: 07468469 (England and Wales)

Boston Renewables Limited

Unaudited Financial Statements for the Year Ended 31st December 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

M N Parkes

A W Sumner

J G Hudson

REGISTERED OFFICE:

Norwood House

Norwood

Beverley

East Yorkshire

HU17 9ET

REGISTERED NUMBER:

07468469 (England and Wales)

ACCOUNTANTS:

Smailes Goldie

Chartered Accountants

Regent's Court

Princess Street

Hull

East Yorkshire

HU2 8BA

FIXED ASSETS

Tangible assets

4

40,722

55,762

CURRENT ASSETS

Stocks

-

6,401

Debtors

5

419,479

137,993

Cash at bank

176,470

259,069

595,949

403,463

CREDITORS

Amounts falling due within one year

6

340,886

246,757

NET CURRENT ASSETS

255,063

156,706

TOTAL ASSETS LESS CURRENT LIABILITIES

295,785

212,468

CAPITAL AND RESERVES

Called up share capital

7

124

120

Retained earnings

295,661

212,348

SHAREHOLDERS' FUNDS

295,785

212,468

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4th April 2025 and were signed on its behalf by:

A W Sumner - Director

1.	STATUTORY INFORMATION

Boston Renewables Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these financial statements.

Going concern

The directors, having assessed the situation and developed expectations for the foreseeable future, have no reason to believe that a material uncertainty exists that may cast significant doubt about the ability of the company to continue as a going concern. Therefore these accounts have been prepared on the going concern basis.

Turnover

Turnover represents net invoiced sales of renewable energy systems, excluding value added tax.

Turnover is recognised when the renewable energy systems have been installed for projects that do not span over a year end. For projects that span over a year end, turnover is recognised by reference to the stage of completion as measured by the proportion that costs incurred to date bear to the estimated total costs.

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation.

The company assesses at each reporting date whether tangible fixed assets (including those leased under a finance lease) are impaired.

Depreciation is charged to the profit and loss account over the estimated useful lives of each part of an item of tangible fixed assets, as follows:

-

Motor Vehicles

25% Straight Line

Depreciation methods, useful lives and residual values are reviewed, if there is an indication, of a significant change since last annual reporting date in the pattern by which the company expects to consume an asset's future economic benefits.

Stocks

Owing to the length of time taken to complete certain contracts which result in work in progress at the year end, the company has ascertained turnover in a manner appropriate to the state of completion of the contracts. Where the outcome of a project can be assessed with reasonable certainty before its conclusion, the attributable profit has been calculated on a prudent basis and included in the accounts. Where the outcome of a long term contract cannot be assessed with reasonable certainty before the conclusion of the contract, no profit is reflected in the profit and loss account. Long term contracts included in stocks are stated at total costs incurred, net of amounts transferred to the profit and loss account in respect of work carried out to date, less foreseeable losses and applicable payments on account.

The amount by which recorded turnover is in excess of payments on account is included in debtors on amounts recoverable on long term contracts. Payments in excess of recorded turnover and long term contract balances are included in creditors as payments on account.

Basic financial instruments

Trade and other debtors/creditors

Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs.

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.

Foreign currencies

Transactions in foreign currencies are translated into the Company's functional currency at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are retranslated to the functional currency at the foreign exchange rate ruling at that date.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Expenses

Operating lease

Payments (excluding costs for services and insurance) made under operating leases are recognised in the profit and loss account on a straight-line basis over the term of the lease unless the payments to the lessor are structured to increase in line with expected general inflation; in which case the payments related to the structured increases are recognised as incurred. Lease incentives received are recognised in profit and loss over the term of the lease as an integral part of the total lease expense.

Interest receivable and interest payable

Interest income and interest payable are recognised in profit and loss as they accrue, using the effective interest method. Foreign currency gains and losses are reported on a net basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st January 2024

and 31st December 2024

60,159

DEPRECIATION

At 1st January 2024

4,397

Charge for year

15,040

At 31st December 2024

19,437

NET BOOK VALUE

At 31st December 2024

40,722

At 31st December 2023

55,762

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

402,268

36,394

Other debtors

17,211

101,599

419,479

137,993

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

14,167

24,167

Trade creditors

106,266

69,765

Taxation and social security

42,519

40,356

Other creditors

177,934

112,469

340,886

246,757

The company's bank has a fixed charge over certain assets of the company as security for the bank loan.

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value

£

£

12,000

Ordinary Shares

£0.01

-

120

9,858

Ordinary A

£0.01

99

-

942

Ordinary B

£0.01

9

-

1,200

Ordinary C

£0.01

12

-

435

Ordinary D

£0.01

4

-

124

120

On 7 February 2024 the Ordinary shares were redesignated as 9,858 Ordinary A shares of £0.01, 942 Ordinary B shares of £0.01 and 1,200 Ordinary C shares of £0.01. These shares were allotted as fully paid at par during the year.

On the same date, 435 Ordinary D shares of £0.01 were allotted as fully paid at par.

8.	RELATED PARTY DISCLOSURES

Expenditure with Bostonair Group Limited, a company under common control, totalled £125,633 (2023: 59,291) during the year. This expenditure related to management and overhead recharges.

9.	ULTIMATE CONTROLLING PARTY

The company's ultimate parent company is Salar Ventures Limited.