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No description of principal activity
2020-04-01
Sage Accounts Production Advanced 2020 - FRS102_2019
xbrli:pure
xbrli:shares
iso4217:GBP
08773859
2020-04-01
2020-12-31
08773859
2020-12-31
08773859
2020-03-31
08773859
2019-04-01
2020-03-31
08773859
2020-03-31
08773859
bus:Director6
2020-04-01
2020-12-31
08773859
core:PlantMachinery
2020-03-31
08773859
core:FurnitureFittings
2020-03-31
08773859
core:PlantMachinery
2020-12-31
08773859
core:FurnitureFittings
2020-12-31
08773859
core:PlantMachinery
2020-04-01
2020-12-31
08773859
core:FurnitureFittings
2020-04-01
2020-12-31
08773859
core:WithinOneYear
2020-12-31
08773859
core:WithinOneYear
2020-03-31
08773859
core:AfterOneYear
2020-03-31
08773859
core:ShareCapital
2020-12-31
08773859
core:ShareCapital
2020-03-31
08773859
core:SharePremium
2020-12-31
08773859
core:SharePremium
2020-03-31
08773859
core:RetainedEarningsAccumulatedLosses
2020-12-31
08773859
core:RetainedEarningsAccumulatedLosses
2020-03-31
08773859
core:PlantMachinery
2020-03-31
08773859
core:FurnitureFittings
2020-03-31
08773859
bus:SmallEntities
2020-04-01
2020-12-31
08773859
bus:Audited
2020-04-01
2020-12-31
08773859
bus:FullAccounts
2020-04-01
2020-12-31
08773859
bus:SmallCompaniesRegimeForAccounts
2020-04-01
2020-12-31
08773859
bus:PrivateLimitedCompanyLtd
2020-04-01
2020-12-31
08773859
core:FurnitureFittingsToolsEquipment
2020-04-01
2020-12-31
08773859
core:FurnitureFittingsToolsEquipment
2020-03-31
08773859
core:FurnitureFittingsToolsEquipment
2020-12-31
COMPANY REGISTRATION NUMBER:
08773859
Corbiere Renewables Limited
|
|
Filleted Financial Statements
|
|
Corbiere Renewables Limited
|
|
31 December 2020
|
31 Dec 20
|
31 Mar 20
|
Note
|
£
|
£
|
£
|
|
|
|
|
Fixed assets
Tangible assets
|
5
|
|
9,288,446
|
9,710,531
|
|
|
|
|
|
Current assets
Stocks
|
681,584
|
|
699,012
|
Debtors
|
6
|
2,650,397
|
|
2,230,174
|
Cash at bank and in hand
|
254,050
|
|
106,571
|
|
------------
|
|
------------
|
|
3,586,031
|
|
3,035,757
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
8
|
10,206,578
|
|
4,286,197
|
|
-------------
|
|
------------
|
Net current liabilities
|
|
6,620,547
|
1,250,440
|
|
|
------------
|
------------
|
Total assets less current liabilities
|
|
2,667,899
|
8,460,091
|
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
9
|
|
–
|
5,440,000
|
|
|
------------
|
------------
|
Net assets
|
|
2,667,899
|
3,020,091
|
|
|
------------
|
------------
|
|
|
|
|
|
Capital and reserves
Called up share capital
|
|
100,002
|
100,002
|
Share premium account
|
|
9,700,099
|
9,700,099
|
Profit and loss account
|
|
(
7,132,202)
|
(
6,780,010)
|
|
|
------------
|
------------
|
Shareholders funds
|
|
2,667,899
|
3,020,091
|
|
|
------------
|
------------
|
|
|
|
|
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 income and retained earnings (including profit and loss account) 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
15 April 2021
, and are signed on behalf of the board by:
Lord T C Raynham
|
Director
|
|
Company registration number:
08773859
Corbiere Renewables Limited
|
|
Notes to the Financial Statements
|
|
Period from 1st April 2020 to 31st December 2020
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 6th Floor, St Magnus House, 3 Lower Thames Street, London, EC3R 6HD.
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.
Going concern
At 31 December 2020, the companys net current liabilities exceeded its net current assets by £6,620,547. The company owed its lenders £8,274,055 and its based on this continued support and the companys ability to refinance its debts that the accounts are prepared on a going concern basis.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of gas is recognised when the significant risks and rewards of ownership have transferred to the buyer; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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:
|
Plant & Machinery
|
-
|
20 years straight line
|
|
Critical Spares
|
-
|
No depreciation
|
|
Equipment
|
-
|
15% reducing balance
|
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4.
Employee numbers
The average number of persons employed by the company during the period amounted to
5
(2020:
5
).
5.
Tangible assets
|
Plant and machinery
|
Critical Spares
|
Equipment
|
Total
|
|
£
|
£
|
£
|
£
|
Cost
|
|
|
|
|
At 1st April 2020
|
12,341,926
|
221,323
|
135,535
|
12,698,784
|
Additions
|
1,717
|
48,194
|
–
|
49,911
|
|
-------------
|
---------
|
---------
|
-------------
|
At 31st December 2020
|
12,343,643
|
269,517
|
135,535
|
12,748,695
|
|
-------------
|
---------
|
---------
|
-------------
|
Depreciation
|
|
|
|
|
At 1st April 2020
|
2,929,935
|
–
|
58,318
|
2,988,253
|
Charge for the period
|
463,309
|
–
|
8,687
|
471,996
|
|
-------------
|
---------
|
---------
|
-------------
|
At 31st December 2020
|
3,393,244
|
–
|
67,005
|
3,460,249
|
|
-------------
|
---------
|
---------
|
-------------
|
Carrying amount
|
|
|
|
|
At 31st December 2020
|
8,950,399
|
269,517
|
68,530
|
9,288,446
|
|
-------------
|
---------
|
---------
|
-------------
|
At 31st March 2020
|
9,411,991
|
221,323
|
77,217
|
9,710,531
|
|
-------------
|
---------
|
---------
|
-------------
|
|
|
|
|
|
6.
Debtors
|
31 Dec 20
|
31 Mar 20
|
|
£
|
£
|
Trade debtors
|
862,722
|
832,911
|
Other debtors
|
1,787,675
|
1,397,263
|
|
------------
|
------------
|
|
2,650,397
|
2,230,174
|
|
------------
|
------------
|
|
|
|
7.
Deferred tax asset
In the amount for 'Other Debtors' there is a sum of £1,305,781 deferred tax asset (31st March 2020: £1,245,219). This is as a result of available trading losses carried forward of £11,271,165 and writing down allowances £3,089,046.
8.
Creditors:
amounts falling due within one year
|
31 Dec 20
|
31 Mar 20
|
|
£
|
£
|
Trade creditors
|
1,197,825
|
1,545,689
|
Other creditors
|
9,008,753
|
2,740,508
|
|
-------------
|
------------
|
|
10,206,578
|
4,286,197
|
|
-------------
|
------------
|
|
|
|
In respect of other creditors due within one year £5,440,000 (31st March 2020:£nil) is secured by a floating charge over all assets of the company.
9.
Creditors:
amounts falling due after more than one year
|
31 Dec 20
|
31 Mar 20
|
|
£
|
£
|
Other creditors
|
–
|
5,440,000
|
|
----
|
------------
|
|
|
|
In respect of other creditors due in more than one year £nil (31st March 2020:£5,440,000) is secured by a floating charge over all assets of the company.
10.
Summary audit opinion
The auditor's report for the period dated 21 April 2021 was qualified on the following basis:
We were not appointed as auditor of the company until after 31 December 2020 therefore we were unable to satisfy ourselves by alternative means concerning the inventory quantities held at 31 March 2020, which are included in the balance sheet comparatives at £699,012, by using other audit procedures. Consequently we were unable to determine whether any adjustment to this amount was necessary.
The senior statutory auditor was
Mr Martyn Benstead FCCA
, for and on behalf of
Stephenson Smart (East Anglia) Limited
.
11.
Related party transactions
During the period the company purchased goods amounting to £1,526,906 (31st March 2020 - £2,046,631) from Raynham Farm Company Livestock Limited and its subsidiary entities in which
Lord T C Raynham
has a controlling interest. These goods were purchased on an arms length basis. The amounts outstanding to the company at the period end £2,130,893 (31st March 2020 - £1,546,795), including a loan of £500,000 (31st March 2020 - £500,000).