Free Green Energy Corporation Limited Accounts

FREE GREEN ENERGY CORPORATION LIMITED - Company Information






Free Green Energy Corporation Limited

	Company No. 07359678
		Information for Filing with The Registrar
		31 March 2023

at	31 March 2023
Company No.		07359678	Notes	2023	2022
				£	£
Fixed assets

	Tangible assets		4	1,536,868	1,684,092

	Investments		5	1	1
				1,536,869	1,684,093
Current assets

	Debtors		6	177,795	233,869

	Cash at bank and in hand			113,679	62,231
				291,474	296,100
Creditors: Amount falling due within one year			7	(14,854)	(12,986)
Net current assets				276,620	283,114
Total assets less current liabilities				1,813,489	1,967,207

Provisions for liabilities
	Deferred taxation		8	(250,590)	(163,791)

Net assets				1,562,899	1,803,416

Capital and reserves
	Called up share capital			37,273	37,273



	Profit and loss account		10	1,525,626	1,766,143

Total equity				1,562,899	1,803,416



These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.

For the year ended 31 March 2023 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 Companies Act 2006 with respect to accounting records and the preparation of accounts.



As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.

Approved by the board on 05 June 2023
And signed on its behalf by:
M.K. Sheridan
Director
05 June 2023

for the year ended 31 March 2023

General information

Its registered number is: 07359678

Its registered office is:

Central House

20 Central Avenue

St Andrews Business Park

Norwich

NR7 0HR

The functional and presentational currency of the company is Sterling. The accounts are rounded to the nearest pound.

The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland (March 2018) and the Companies Act 2006.

Accounting policies

Turnover

Turnover is measured at the fair value of the consideration received or receivable exclusive of VAT.

Tangible fixed assets and depreciation

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.

Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:

Plant and machinery

5-10% straight line

Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

Investments

Unlisted investments are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, any changes in fair value are recognised in profit and loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.

Trade and other creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3	Employees
			2023	2022
			Number	Number
		The average monthly number of employees (including directors) during the year was:	2	2

4	Tangible fixed assets
			Plant and machinery	Total
			£	£
		Cost or revaluation
		At 1 April 2022	3,029,280	3,029,280
		Additions	29,112	29,112


		Disposals	(12,250)	(12,250)
		At 31 March 2023	3,046,142	3,046,142
		Depreciation
		At 1 April 2022	1,345,188	1,345,188
		Charge for the year	169,248	169,248


		Disposals	(5,162)	(5,162)
		At 31 March 2023	1,509,274	1,509,274
		Net book values
		At 31 March 2023	1,536,868	1,536,868
		At 31 March 2022	1,684,092	1,684,092

5	Investments
			Investment in Subsidiaries	Total
			£	£
		Cost or valuation
		At 1 April 2022	1	1



		At 31 March 2023	1	1
		Provisions/Impairment





		Net book values
		At 31 March 2023	1	1
		At 31 March 2022	1	1

6	Debtors
			2023	2022
			£	£
		Trade debtors	11,370	16,100
		Amounts owed by group undertakings	107,063	161,606


		VAT recoverable	1,316	3,547


		Prepayments and accrued income	58,046	52,616
			177,795	233,869

7	Creditors:
		amounts falling due within one year
			2023	2022
			£	£




		Trade creditors	12,331	12,065





		Accruals and deferred income	2,523	921
			14,854	12,986

8	Provisions for liabilities
		Deferred taxation

			Accelerated Capital Allowances, Losses and Other Timing Differences	Total
			£	£
		At 1 April 2022	163,791	163,791
		Charge to the profit and loss account for the period	86,799	86,799

		At 31 March 2023	250,590	250,590



			2023	2022
			£	£
		Accelerated capital allowances	283,411	229,752
		Tax losses	(32,821)	(65,961)


			250,590	163,791

Share capital

The company has 3,727,360 £0.01 Ordinary shares in issue, which are all paid up at par.

Reserves

Profit and loss account - includes all current and prior period retained profits and losses.

11	Dividends
			2023	2022
			£	£
		Dividends for the period:
		Dividends paid in the period	305,000	325,000

			305,000	325,000

		Dividends by type:

		Equity dividends	305,000	325,000
			305,000	325,000

Related party disclosures

Controlling Party

The name of the parent of the smallest group for which consolidated financial statements are drawn up of which this entity is a member:

Free Green Electricity Corporation Limited

The parent's registered office address is:

Oakways

Tubbs Lane

Highclere

Newbury, Berks

RG20 9PQ