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Audited Financial Statements for the Year Ended 31 December 2021 |
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Corbiere Renewables Limited |
REGISTERED NUMBER:
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Audited Financial Statements for the Year Ended 31 December 2021 |
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for |
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Corbiere Renewables Limited |
Corbiere Renewables Limited (Registered number: 08773859) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2021 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Corbiere Renewables Limited |
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Company Information |
for the Year Ended 31 December 2021 |
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Directors: |
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Registered office: |
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Registered number: |
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Auditors: |
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10 Oak Street |
Fakenham |
Norfolk |
NR21 9DY |
Corbiere Renewables Limited (Registered number: 08773859) |
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Balance Sheet |
31 December 2021 |
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31.12.21 | 31.12.20 |
Notes | £ | £ |
Fixed assets |
Tangible assets | 5 |
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Current assets |
Stocks |
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Debtors | 6 |
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Cash at bank |
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Creditors |
Amounts falling due within one year | 7 |
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Net current liabilities | ( |
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Total assets less current liabilities |
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Capital and reserves |
Called up share capital |
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Share premium |
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Retained earnings | ( |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Corbiere Renewables Limited (Registered number: 08773859) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2021 |
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1. | Statutory information |
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Corbiere Renewables Limited is a
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2. | Statement of compliance |
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3. | Accounting policies |
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Basis of preparing the financial statements |
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Critical accounting judgements and key sources of estimation uncertainty |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
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Given the straightforward operations and financial position of the company, there are not considered to be any key sources of judgement or estimation uncertainty within these financial statements. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
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Plant and machinery | - |
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Critical Spares | - |
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Equipment | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Corbiere Renewables Limited (Registered number: 08773859) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
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3. | Accounting policies - continued |
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Financial instruments |
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. |
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Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
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Debt instruments are subsequently measured at amortised cost. |
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Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. |
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For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. |
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Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. 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. |
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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. |
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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. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Corbiere Renewables Limited (Registered number: 08773859) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
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3. | Accounting policies - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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 or other future taxable profits. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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Going concern |
At 31 December 2021, the company's net current liabilities exceeded its net current assets by £5,389,108 (2020: £6,620,547). The company owed its lenders £8,449,493 (2020: £8,274,055) and its based on this continued support and the company's ability to refinance its debts that the accounts are prepared on a going concern basis. |
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4. | Employees and directors |
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The average number of employees during the year was
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5. | Tangible fixed assets |
Plant and | Critical |
machinery | Spares | Equipment | Totals |
£ | £ | £ | £ |
Cost |
At 1 January 2021 |
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Additions |
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At 31 December 2021 |
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Depreciation |
At 1 January 2021 |
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Charge for year |
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At 31 December 2021 |
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Net book value |
At 31 December 2021 |
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At 31 December 2020 |
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Corbiere Renewables Limited (Registered number: 08773859) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
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6. | Debtors: amounts falling due within one year |
31.12.21 | 31.12.20 |
£ | £ |
Trade debtors |
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Other debtors |
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7. | Creditors: amounts falling due within one year |
31.12.21 | 31.12.20 |
£ | £ |
Trade creditors |
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Other creditors |
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In respect of other creditors due within one year £5,440,000 (2020:£5,440,000) is secured by a floating charge over all assets of the company. |
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8. | Disclosure under Section 444(5B) of the Companies Act 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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9. | Related party disclosures |
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During the period the company purchased goods amounting to £2,109,945 (2020 - £1,526,906) 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 related party at the period end £1,146,869 (2020 - £2,130,893), including a loan of £500,000 (2020 - £500,000). |
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10. | Deferred tax asset |
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In the amount for 'Other Debtors' there is a sum of £1,713,210 deferred tax asset (2020: £1,305,781). This is as a result of available trading losses carried forward of £11,407,545 and writing down allowances £2,536,425. |
The deferred tax asset includes an under provision from prior years of £81,289 resulting from R & D claims for the periods ended 31st March 2020 & 31st December 2020. |