1 January 2024 false No description of principal activity Taxfiler 2024.6 07123788 business:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 07123788 2023-12-31 07123788 2024-01-01 2024-12-31 07123788 business:AuditExempt-NoAccountantsReport 2024-01-01 2024-12-31 07123788 business:FilletedAccounts 2024-01-01 2024-12-31 07123788 2024-12-31 07123788 2023-12-31 07123788 core:WithinOneYear 2024-12-31 07123788 core:WithinOneYear 2023-12-31 07123788 core:AfterOneYear 2024-12-31 07123788 core:AfterOneYear 2023-12-31 07123788 core:ShareCapital core:PreviouslyStatedAmount 2024-12-31 07123788 core:ShareCapital core:PreviouslyStatedAmount 2023-12-31 07123788 core:RetainedEarningsAccumulatedLosses core:PreviouslyStatedAmount 2024-12-31 07123788 core:RetainedEarningsAccumulatedLosses core:PreviouslyStatedAmount 2023-12-31 07123788 core:PreviouslyStatedAmount 2024-12-31 07123788 core:PreviouslyStatedAmount 2023-12-31 07123788 business:SmallEntities 2024-01-01 2024-12-31 07123788 business:Director2 2024-01-01 2024-12-31 07123788 countries:EnglandWales 2024-01-01 2024-12-31 07123788 business:RegisteredOffice 2024-01-01 2024-12-31 07123788 core:PlantMachinery 2024-01-01 2024-12-31 07123788 core:PlantMachinery 2023-12-31 07123788 core:PlantMachinery 2024-12-31 07123788 core:WithinOneYear 2024-01-01 2024-12-31 07123788 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure
Company Registration No. 07123788 (England and Wales)
Romney Hydropower Company Limited Unaudited accounts for the year ended 31 December 2024
Romney Hydropower Company Limited Unaudited accounts Contents
Page
Statement of financial position
3
Notes to the accounts
4
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Romney Hydropower Company Limited Statement of financial position as at 31 December 2024
2024
2023
Notes
£
£
Fixed assets
Tangible assets
4
1,266,312
1,416,765
Current assets
Debtors
5
69,856
91,323
Cash at bank and in hand
55,419
4,689
125,275
96,012
Creditors: amounts falling due within one year
6
(2,925,691)
(2,455,619)
Net current liabilities
(2,800,416)
(2,359,607)
Total assets less current liabilities
(1,534,104)
(942,842)
Creditors: amounts falling due after more than one year
7
(3,585,724)
(3,583,107)
Net liabilities
(5,119,828)
(4,525,949)
Capital and reserves
Called up share capital
2
2
Profit and loss account
(5,119,830)
(4,525,951)
Shareholders' funds
(5,119,828)
(4,525,949)
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 24 December 2025 and were signed on its behalf by
William Menapace Director Company Registration No. 07123788
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Romney Hydropower Company Limited Notes to the Accounts for the year ended 31 December 2024
1
Statutory information
Romney Hydropower Company Limited is a private company, limited by shares, registered in England and Wales, registration number 07123788. The registered office is 1 South Road, Maidenhead, SL6 1HF, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20 years straight line
4
Tangible fixed assets
Plant & machinery
£
Cost or valuation
At cost
At 1 January 2024
2,999,778
At 31 December 2024
2,999,778
Depreciation
At 1 January 2024
1,583,013
Charge for the year
150,453
At 31 December 2024
1,733,466
Net book value
At 31 December 2024
1,266,312
At 31 December 2023
1,416,765
5
Debtors
2024
2023
£
£
Amounts falling due within one year
Trade debtors
11,846
-
Accrued income and prepayments
27,999
61,312
Other debtors
30,011
30,011
69,856
91,323
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Romney Hydropower Company Limited Notes to the Accounts for the year ended 31 December 2024
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
650,027
650,027
VAT
5,550
-
Trade creditors
5,505
4,421
Taxes and social security
6,070
-
Other creditors
514
4,606
Accruals
2,258,025
1,796,565
2,925,691
2,455,619
At the year-end other loans (falling due within one year and after one year) represent a senior secured loan of £4,257,131 (2023: £4,257,131) from Haymarket Insurance Company ("Haymarket") made under a facility agreement dated 25 February 2014 (as amended by an agreement dated 23 December 2015). The loan bears interest at 9% per annum. The loan is repayable by quarterly instalments in the period to 23 February 2033. The loan is secured by a debenture over the entirety of the company's assets. The loan is stated net of capitalised legal costs of £48,223, which are being amortised over 228 months from March 2014 to 23 February 2033.
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
3,585,724
3,583,107
8
Transactions with related parties
During the year the company paid the following fees to related parties: Haymarket During the year the company paid interest to Haymarket totalling £27,000 (2023: £nil); the year-end balances owed to Haymarket was £4,257,131 (2023: £4,257,131). Haymarket is the parent company of the immediate parent company. Southeast Power Engineering Limited ("SEPEL") During the year, the Company paid SEPEL management fees of £7,000 (2023: £12,000). SEPEL owned 100% of the ordinary shares in issue of the Company up until 21 May 2024 when 100% of the shares were transferred to Haymarket Hydropower Holdings LLC.
9
Controlling party
The ultimate parent company is Haymarket Insurance Company, a Utah corporation. The immediate parent company is Haymarket Hydropower Holdings LLC, a Utah corporation
10
Average number of employees
During the year the average number of employees was 1 (2023: 0).
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