REGISTERED NUMBER: NI624303 (Northern Ireland)

Hunniford Energy Ltd

Unaudited Financial Statements

for the Year Ended 31 March 2025

Page

Company information

1

Statement of financial position

2

to

3

Notes to the financial statements

4

to

9

Directors:

Mr R Hunniford

Mrs J Hunniford

Mr V J Hunniford

Registered office:

76 Moy Road

Portadown

Co Armagh

BT62 1QW

Registered number:

NI624303 (Northern Ireland)

Accountants:

Wylie Ruddell

Chartered Accountants

Armagh Business Centre

2 Loughgall Road

Armagh

BT61 7NH

Fixed assets

Intangible assets

4

-

-

Property, plant and equipment

5

11,405,446

8,847,568

11,405,446

8,847,568

Current assets

Receivables

6

1,984,450

1,321,742

Cash at bank

7

122,268

673,517

2,106,718

1,995,259

Payables

Amounts falling due within one year

8

(1,584,958

)

(1,478,797

)

Net current assets

521,760

516,462

Total assets less current liabilities

11,927,206

9,364,030

Payables

Amounts falling due after more than one year

9

(1,289,414

)

(373,089

)

Provisions for liabilities

10

(1,336,196

)

(1,200,318

)

Net assets

9,301,596

7,790,623

Capital and reserves

Called up share capital

11

100

100

Revaluation reserve

12

1,016,194

958,917

Retained earnings

12

8,285,302

6,831,606

Shareholders' funds

9,301,596

7,790,623

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 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 12 December 2025 and were signed on its behalf by:

Mr R Hunniford - Director

1.	Statutory information

Hunniford Energy Ltd is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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 as modified by the revaluation of certain assets.

Revenue

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2014, has been amortised evenly over its estimated useful life of five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Property, plant and equipment

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery

-

15% on reducing balance

AD Plant

-

4% on cost

The carrying values of property, plant and equipment are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

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 Statement of Financial Position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the Statement of Financial Position 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Receivables

Short term receivables are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Payables

Short term payables are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provisions are charged as an expense to the Income Statement in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

Critical accounting judgements and key sources of estimation uncertainty

Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

Useful economic lives of intangible and tangible assets

The annual depreciation and amortisation charges for intangible and tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See balance sheet note on property, plant and equipment for the carrying amount of the assets, and note 2 for the useful economic lives for each class of asset.

Financial instruments

The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments:

(i) Financial assets

Basic financial assets, including trade and other receivables, cash and and bank balances and amounts owed by related parties are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

(ii) Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans and overdrafts and amounts owed to related parties are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

(iii) Offsetting

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

3.	Employees and directors

The average number of employees during the year was 22 (2024 - 20 ) .

4.	Intangible fixed assets

Goodwill

£

Cost

At 1 April 2024

and 31 March 2025

2,500,000

Amortisation

At 1 April 2024

and 31 March 2025

2,500,000

Net book value

At 31 March 2025

-

At 31 March 2024

-

5.	Property, plant and equipment

Land and

buildings

Plant and

freehold

machinery

AD Plant

Totals

£

£

£

£

Cost or valuation

At 1 April 2024

4,046,297

3,082,831

2,500,000

9,629,128

Additions

2,009,285

1,031,129

-

3,040,414

Disposals

-

(173,900

)

-

(173,900

)

At 31 March 2025

6,055,582

3,940,060

2,500,000

12,495,642

Depreciation

At 1 April 2024

-

781,560

-

781,560

Charge for year

-

388,605

105,800

494,405

Eliminated on disposal

-

(79,969

)

-

(79,969

)

Impairments

-

-

(105,800

)

(105,800

)

At 31 March 2025

-

1,090,196

-

1,090,196

Net book value

At 31 March 2025

6,055,582

2,849,864

2,500,000

11,405,446

At 31 March 2024

4,046,297

2,301,271

2,500,000

8,847,568

Cost or valuation at 31 March 2025 is represented by:

Land and

buildings

Plant and

freehold

machinery

AD Plant

Totals

£

£

£

£

Valuation in 2017

-

-

780,756

780,756

Valuation in 2018

-

-

(45,010

)

(45,010

)

Valuation in 2020

-

-

(145,000

)

(145,000

)

Cost

6,055,582

3,940,060

1,909,254

11,904,896

6,055,582

3,940,060

2,500,000

12,495,642

If property, plant and equipment had not been revalued they would have been included at the following historical cost:

2025

2024

£

£

Cost

11,904,896

9,038,382

Aggregate depreciation

(1,854,375

)

(1,469,370

)

A RICS valuation was prepared by Bidwells upon instruction of HSBC. Bidwells valued the business at £6.5m in a report dated 14 July 2015. The Directors have reviewed the report and believe that £2.5m is directly attributable to the AD Plant.

6.

Receivables: amounts falling due within one year

2025

2024

£

£

Trade receivables

980,454

489,801

Other receivables

1,003,996

831,941

1,984,450

1,321,742

Included within other receivables is a loan of £960,305 to Richard Hunniford Ltd (2024: £791,318).

7.	Cash at bank

2025

2024

£

£

Cash and cash equivalents

122,268

673,517

8.

Payables: amounts falling due within one year

2025

2024

£

£

Bank loans and overdrafts

479,411

697,074

Hire purchase contracts

87,089

130,255

Trade payables

194,457

123,093

Taxation and social security

391,932

429,999

Other payables

432,069

98,376

1,584,958

1,478,797

Included within other payables is a £378,335 (2024: £58,181) loan from Annakeera Horticultural Services Ltd.

HSBC Bank Plc provide the loan and overdraft facilities to the company. The following security is held by the bank:-

i) A debenture comprising fixed and floating charges over all the assets and undertaking of the company including all present and future freehold and leasehold property, books and other debts, chattels, goodwill and uncalled capital, both present and future.

ii) A First Legal Mortgage over agricultural land which is owned by the company.

iii) A First Legal Mortgage over the leasehold land known as 500kWH AD Plant, Moy Road Portadown.

iv) A personal guarantee given by Richard Hunniford and supported by First Legal Mortgages over various assets owned by the Hunniford family.

v) A debenture comprising fixed and floating charges over all the assets and undertaking of Annakeera Horticultural Services Ltd including all present and future freehold and leasehold property, book and other debts, chattels, goodwill and uncalled capital, both present and future.

vi) Unlimited Composite Company Guarantee given by Annakeera Horticultural Services Ltd and Hunniford Energy Limited to secure all liabilities of each other.

9.

Payables: amounts falling due after more than one year

2025

2024

£

£

Bank loans

1,142,457

373,089

Hire purchase contracts

146,957

-

1,289,414

373,089

10.	Provisions for liabilities

2025

2024

£

£

Deferred tax

Deferred tax - Capital allowances

997,465

880,679

Deferred tax - Property revaluations

338,731

319,639

1,336,196

1,200,318

Deferred tax

£

Balance at 1 April 2024

1,200,318

Charge to Income statement during year

135,878

Balance at 31 March 2025

1,336,196

11.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

100

Ordinary

1

100

100

12.

Reserves

Retained

Revaluation

earnings

reserve

Totals

£

£

£

At 1 April 2024

6,831,606

958,917

7,790,523

Profit for the year

1,405,173

1,405,173

Revaluation of property

-

105,800

105,800

Transfer

48,523

(48,523

)

-

At 31 March 2025

8,285,302

1,016,194

9,301,496