Organic Power Ireland Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: NI047669 (Northern Ireland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2021

FOR

ORGANIC POWER IRELAND LIMITED

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

7

DIRECTOR:

R C Brennan

REGISTERED OFFICE:

17 Clarendon Road

Clarendon Dock

Belfast

Co. Antrim

BT13BG

REGISTERED NUMBER:

NI047669 (Northern Ireland)

ACCOUNTANTS:

Baker Tilly Mooney Moore

17 Clarendon Road

Clarendon Dock

Belfast

BT1 3BG

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

99,063

84,123

99,063

84,123

CURRENT ASSETS

Debtors

6

1,261

13,684

Cash at bank

329

19,331

1,590

33,015

CREDITORS

Amounts falling due within one year

7

279,810

286,984

NET CURRENT LIABILITIES

(278,220

)

(253,969

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(179,157

)

(169,846

)

CREDITORS

Amounts falling due after more than one year

8

21,610

22,000

NET LIABILITIES

(200,767

)

(191,846

)

CAPITAL AND RESERVES

Called up share capital

9

2

2

Retained earnings

(200,769

)

(191,848

)

SHAREHOLDERS' FUNDS

(200,767

)

(191,846

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 29 August 2022 and were signed by:

R C Brennan - Director

1.	STATUTORY INFORMATION

Organic Power Ireland Limited is a private company, limited by shares , registered in Northern Ireland. 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.

The business address of the company is 1 Carson Street, Larne, BT40 1SF.

Goodwill

Goodwill relates to the amount paid in connection with the acquisition of a business in 2004.

In FY2016, the amortisation policy was revised, with the remaining goodwill balance at that date amortised evenly over its revised estimated useful life of 5 years.

Tangible fixed assets

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

Fixtures & fittings - 20% on reducing balance

Assets which are constructed by the company are not depreciated until the asset is completed.

Financial instruments

All financial instruments of the company are considered to meet the definition of basic financial instruments.

- Short term debtors and creditors

Debtors and creditors with no stated interest rate and are receivable or payable on demand are recognised at transaction price, and subject to annual impairment reviews. Any losses arising on impairment are recognised in the profit and loss account.

- Cash and cash equivalents

Cash and cash equivalents comprise of cash at bank.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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.

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.

Going concern

The company has made a loss for the year of £8,920. and has net liabilities of £200,769. The financial statements have been prepared on the going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The validity of this assumption depends on the continued support of the director. The financial statements do not include any adjustments that would result if he withdrew his support.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2020 - NIL).

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 September 2020

and 31 August 2021

50,000

AMORTISATION

At 1 September 2020

and 31 August 2021

50,000

NET BOOK VALUE

At 31 August 2021

-

At 31 August 2020

-

5.	TANGIBLE FIXED ASSETS

Assets

Fixtures,

under

fittings

construction

& equipment

Totals

£

£

£

COST

At 1 September 2020

84,016

800

84,816

Additions

14,961

-

14,961

At 31 August 2021

98,977

800

99,777

DEPRECIATION

At 1 September 2020

-

693

693

Charge for year

-

21

21

At 31 August 2021

-

714

714

NET BOOK VALUE

At 31 August 2021

98,977

86

99,063

At 31 August 2020

84,016

107

84,123

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.21

31.8.20

£

£

Other debtors

1,261

13,684

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.21

31.8.20

£

£

VAT

-

284

Other creditors

25,500

21,001

Directors' current accounts

168,145

186,166

Accruals and deferred income

6,700

5,330

Deferred government grants

79,465

74,203

279,810

286,984

Included within other creditors is an amount of £10,500 (2020: £6,000) in relation to related party creditors.

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.8.21

31.8.20

£

£

Bank loans - 1-2 years

4,685

1,467

Bank loans - 2-5 years

9,371

13,200

Bank loans more 5 yr by instal

7,554

7,333

21,610

22,000

31.8.21

31.8.20

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

7,554

7,333

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.8.21

31.8.20

value:

£

£

2

Ordinary

£1

2

2

10.	CONTINGENT LIABILITIES

A contingent liability may exist in respect of a repayment of grant income to South West College should the conditions under which they were awarded fail to be met. Due to the nature of these contingencies it is not possible to quantify the potential financial effect or give an indication of timing as to the liabilities that may arise.