Caroline Louise Farms Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06666271 (England and Wales)

CAROLINE LOUISE FARMS LIMITED

Financial Statements

for the Year Ended 31 March 2022

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Directors:

M R Bolton

J A Corrigan

Registered office:

10-12 Bourlet Close

London

W1W 7BR

Registered number:

06666271 (England and Wales)

Fixed assets

Tangible assets

4

421,324

444,731

Current assets

Debtors

5

103,279

141,123

Cash at bank

27,800

997

131,079

142,120

Creditors

Amounts falling due within one year

6

62,013

21,863

Net current assets

69,066

120,257

Total assets less current liabilities

490,390

564,988

Provisions for liabilities

89,988

70,280

Net assets

400,402

494,708

Capital and reserves

Called up share capital

7

400

400

Retained earnings

8

400,002

494,308

Shareholders' funds

400,402

494,708

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 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 6 October 2022 and were signed on its behalf by:

M R Bolton - Director

1.	Statutory information

Caroline Louise Farms Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

Set out below is a summary of principal accounting policies, all of which have been consistently applied throughout the period and the preceding period. The financial statements are presented in Sterling (£).

Critical accounting judgements and key sources of estimation uncertainty

In applying the company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.

Critical judgements in applying the company's accounting policies

The critical judgement that the directors have made in the process of applying the company's accounting policies that have the most significant effect on the amounts recognised in the statutory financial statements are discussed below:

(i) Assessing indicators and impairment

In assessing whether there have been any indicators or impairment assets, the directors have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience or recoverability. There have been no indicators or impairments identified during the current financial period.

Key sources of estimation uncertainty

The key assumptions concerning the future, and other key sources of estimation uncertainty that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial period are discussed below:

(i) Determining residual values and useful economic lives of tangible and intangible assets

The company depreciates tangible assets and amortises intangible assets over their estimated useful lives. The estimation of the useful lives is based on historical performance as well as expectations about future use and therefore requires estimates and assumptions to be applied by management. The actual lives of these assets can vary depending on a variety of factors, including technological innovation, product life cycles and maintenance programmes. Judgement is applied by management when determining the residual values for tangible and intangible assets. When determining the residual value management aim to assess the amount that the company would currently obtain for the disposal of the asset, if it were already of the condition expected at the end of its useful economic life. Where possible this is done with reference to external market prices.

Turnover

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

Turnover is recognised as electricity is generated in line with contractual agreements with PPA (Power Purchase Agreement) providers and FIT (Feed in Tariff) licensees.

Tangible fixed assets

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

Plant and machinery - 4% on cost

Financial instruments

Financial assets and liabilities are recognised when the company becomes party to the contractual provisions of the financial instrument. The company holds financial instruments which comprise cash and cash equivalents, trade and other receivables, trade and other payables, loans and borrowings. The company has chosen to apply the provisions of FRS102 Section 11 Basic Financial Instruments in full.

Financial assets and liabilities - classified as basic financial instruments

(i) Cash and cash equivalents

This includes cash in hand, deposits held with banks, and other short-term highly liquid investments with original maturities of three months or less.

(ii) Trade and other receivables

Trade and other receivables are initially recognised at the transaction price, including any transaction costs, and subsequently measured at amortised cost including the effective interest method, less any provision for impairment. Amounts that are receivable within one period are measured at the undiscounted amount of the cash expected to be received, net of any impairment.

At the end of each reporting period, the company assesses whether there is objective evidence that a receivable amount may be impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables. The amount of the provision is the difference between the asset's carrying amount and the present value of the estimated future cash flows, discounted at the effective interest rate. The amount of the provision is recognised immediately in the income statement.

(iii) Trade and other payables and loans and borrowings

Trade and other payables and loans and borrowings are initially measured at the transaction price, including any transaction costs, and subsequently measured at amortised cost using the effective interest method.

Going concern

These financial statements have been prepared on a going concern basis.

The current economic conditions present increased risks for all businesses. In response to such conditions, the directors have carefully considered these risks including an assessment on uncertainty on future trading projection for a period of at least 12 months from the date of signing the financial statements, and the extent to which they might affect the preparation of the financial statements on a going concern basis.

Based on assessment, the directors consider that the company maintains an appropriate level of liquidity, sufficient to meet the demands of the business including any capital and servicing obligations and external debt liabilities.

In addition, the company's assets are assessed for recoverability on a regular basis, and the directors consider that the company is not exposed to losses on these assets which would affect their decision to adopt the going concern basis.

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and that there are no material uncertainties that lead to significant doubts upon the company's ability to continue as a going concern. Thus, the directors have continued to adopt the going concern basis of accounting in preparing these financial statements.

3.	Employees and directors

The average number of employees during the year was NIL (2021 - NIL).

4.	Tangible fixed assets

Plant and

machinery

£

Cost

At 1 April 2021

and 31 March 2022

787,118

Depreciation

At 1 April 2021

342,387

Charge for year

23,407

At 31 March 2022

365,794

Net book value

At 31 March 2022

421,324

At 31 March 2021

444,731

5.

Debtors: amounts falling due within one year

2022

2021

£

£

Trade debtors

16,835

-

VAT

-

1,108

Accrued income

86,444

115,614

Prepayments

-

24,401

103,279

141,123

6.

Creditors: amounts falling due within one year

2022

2021

£

£

Trade creditors

5,875

5,835

Amounts owed to group undertakings

46,775

5,028

VAT

3,363

-

Accrued expenses

6,000

11,000

62,013

21,863

At the balance sheet date, included in creditors is a loan from the group of £44,089 (2021: £5,028). This loan has no formal repayment terms and is therefore repayable within 1 year. Interest is charged at 6%.

7.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

400

Ordinary

£1

400

400

8.

Reserves

Retained

earnings

£

At 1 April 2021

494,308

Profit for the year

148,909

Dividends

(243,215

)

At 31 March 2022

400,002

9.	Provisions

The company has accelerated claiming of capital allowances on fixed asset additions and as such the net deferred tax asset or liability is recognised by the company by the directors.

There is a provision within the lease agreements held over the wind farms that they will return the land to its original state within certain requirements. This potential future cost is offset by the potential future scrap metal value of the turbines and the directors believe that the net loss or gain is uncertain and is likely to net off to approximately £nil, therefore no provision has been recognised regarding this in the accounts.

10.	Related party disclosures

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

There were no transactions with key management personnel.

11.	Controlling parties

The parent of the smallest group that draws up consolidated accounts is E3 Wind Limited. The registered

office of E3 Wind Limited is 10-12 Bourlet Close, London, W1W 7BR.