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DEVONSHIRE RENEWABLE ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Devonshire Renewable Energy Limited is a private company limited by shares, incorporated in England and Wales (registered number: 08464862). Its registed office is the Estate Office, Edensor, Bakewell, Derbyshire, DE45 1PJ. The principal activity of the company throughout the year continued to be that of the generation and sale of energy from renewable sources.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The Company's functional and presentational currency is pounds sterling.
The following principal accounting policies have been applied:
At year end date the Company’s current liabilities exceeded its current assets by £675,547 (2022: £784,356). The ability of the Company to meet its liabilities as they fall due is dependent on support from Chatsworth Settlement Trustees, who have confirmed they will provide financial support for the next 12 months if required. On this basis, the directors are confident that the Company will be able to pay its debts as they fall due and accordingly these accounts are prepared on a going concern basis.
Revenue represents amounts receivable for goods and services net of VAT and trade discounts.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows:.
Depreciation is provided on the following basis:
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Straight line over 25 years
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Straight line over 20 years
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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