Company No:
Contents
Note | 2022 | 2021 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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1,821,664 | 2,102,519 | |||
Current assets | ||||
Debtors | 4 |
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Cash at bank and in hand |
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182,769 | 160,107 | |||
Creditors | ||||
Amounts falling due within one year | 5 | (
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Net current assets/(liabilities) | 89,000 | (90,398) | ||
Total assets less current liabilities | 1,910,664 | 2,012,121 | ||
Creditors | ||||
Amounts falling due after more than one year | 6 | (
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Provision for liabilities | 7 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 8 |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Mahon Green Energy Limited (registered number:
Peter Scott Mckilligin
Director |
Sharon Jane Mckilligin
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Mahon Green Energy Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Strathdeveron House, Steven Road, Huntly, AB54 8SX, United Kingdom. The principal place of business is Mahon Farm, Turriff, AB53 4HD.
The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.
Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Land and buildings | not depreciated |
Plant and machinery |
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Vehicles |
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Other property, plant and equipment |
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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 Company after deducting all of its liabilities.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
Equity instruments
Equity instruments issued by the Company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
2022 | 2021 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Land and buildings | Plant and machinery | Vehicles | Other property, plant and equipment |
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£ | £ | £ | £ | £ | |||||
Cost | |||||||||
At 01 June 2021 |
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Additions |
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Disposals | (
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At 31 May 2022 |
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Accumulated depreciation | |||||||||
At 01 June 2021 |
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Charge for the financial year |
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At 31 May 2022 |
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Net book value | |||||||||
At 31 May 2022 |
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At 31 May 2021 |
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2022 | 2021 | ||
£ | £ | ||
Prepayments |
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VAT recoverable |
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Other debtors |
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2022 | 2021 | ||
£ | £ | ||
Bank loans (secured) |
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Trade creditors |
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Corporation tax |
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Obligations under finance leases and hire purchase contracts (secured) |
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Other creditors |
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The obligations under hire purchase contracts are secured over the assets which the agreements relate to.
2022 | 2021 | ||
£ | £ | ||
Bank loans (secured) |
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Obligations under finance leases and hire purchase contracts (secured) |
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1,177,359 | 1,646,162 |
The obligations under hire purchase contracts are secured over the assets which the agreements relate to.
2022 | 2021 | ||
£ | £ | ||
Deferred tax |
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2022 | 2021 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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200 | 200 |
Other related party transactions
2022 | 2021 | ||
£ | £ | ||
Amounts owed to shareholders | 14,600 | 34,200 | |
Amounts owed to key management personnel | 15,558 | 12,509 |