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REGISTERED NUMBER: 10582155 (England and Wales)


















Gascorp (Plaxton) Limited

Financial Statements for the Year Ended 31st December 2021






Gascorp (Plaxton) Limited (Registered number: 10582155)






Contents of the Financial Statements
for the year ended 31st December 2021




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Gascorp (Plaxton) Limited

Company Information
for the year ended 31st December 2021







DIRECTORS: M Bradley
D H Jones





REGISTERED OFFICE: Office 71
The Colchester Centre
Hawkins Road
Colchester
CO2 8JX





REGISTERED NUMBER: 10582155 (England and Wales)





AUDITORS: Smailes Goldie
Chartered Accountants
Statutory Auditor
Regent's Court
Princess Street
Hull
East Yorkshire
HU2 8BA

Gascorp (Plaxton) Limited (Registered number: 10582155)

Balance Sheet
31st December 2021

2021 2020
(Unaudited)
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 14,465,415 12,803,213
Investments 5 100 100
14,465,515 12,803,313

CURRENT ASSETS
Debtors 6 4,891,125 4,065,771
Cash at bank 9,275 55,517
4,900,400 4,121,288
CREDITORS
Amounts falling due within one year 7 120,534 18,749,551
NET CURRENT ASSETS/(LIABILITIES) 4,779,866 (14,628,263 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

19,245,381

(1,824,950

)

CREDITORS
Amounts falling due after more than one
year

8

22,738,833

-
NET LIABILITIES (3,493,452 ) (1,824,950 )

CAPITAL AND RESERVES
Called up share capital 9 1 1
Retained earnings (3,493,453 ) (1,824,951 )
SHAREHOLDERS' FUNDS (3,493,452 ) (1,824,950 )

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 27th November 2023 and were signed on its behalf by:





D H Jones - Director


Gascorp (Plaxton) Limited (Registered number: 10582155)

Notes to the Financial Statements
for the year ended 31st December 2021

1. STATUTORY INFORMATION

Gascorp (Plaxton) 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.

Going concern
The financial statements have been prepared on a going concern basis. Following a period of reliance on group funding, the plant is now operational and generating stable income. This will ultimately allow the company to generate sufficient cash to sustain itself as a going concern for the foreseeable future.

The directors, having considered the available information, including forecasts for the period to November 2024 and beyond, have a reasonable expectation that the company has adequate resources to continue in operational existence for a period of 12 months from the date of approval of these financial statements and therefore have prepared the financial statements on a going concern basis.

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

Tangible fixed assets
Tangible fixed assets consist of development costs in relation to the construction of a 2.7MW biogas plant which have been incurred since incorporation. Depreciation on assets is calculated using the straight-line method to allocate the cost to their residual values over their estimated useful lives. Assets are not depreciated until they are brought into use.

Development costs- 5% on cost

Impairment of fixed assets
Fixed assets, primarily being the biogas plant, are reviewed for indicators of impairment on an annual basis. If indicators of impairment are present, an impairment review is performed in which the recoverable amount of the asset is assessed. This assessment is made with reference to the present value of the future cash flows expected to be derived from its value in use, or its expected fair value on sale.

Financial and technical assumptions that underpin the assessment of value in use are based on the most recent management forecasts. The forecasts include all the necessary costs expected to be incurred to generate the cash inflows from the relevant assets in their current state and condition.

The discount rates applied to the underlying forecasts (to take account of future risk and the time value of money) also represent an important assumption. These rates are reviewed annually with input from external experts. Market volatility, interest rates and inflation rates all impact the underlying calculation of these discount rates.

Impairment arises where management determines that the carrying amount of an asset exceeds its recoverable amount.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.


Gascorp (Plaxton) Limited (Registered number: 10582155)

Notes to the Financial Statements - continued
for the year ended 31st December 2021

2. ACCOUNTING POLICIES - continued
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.

Accordingly, the Company has not recognised deferred tax assets of £317,686 in respect of carry forward tax losses, as it is not currently probable that relevant taxable profits will be available in the future.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including 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 AND DIRECTORS

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

Gascorp (Plaxton) Limited (Registered number: 10582155)

Notes to the Financial Statements - continued
for the year ended 31st December 2021

4. TANGIBLE FIXED ASSETS
Development
costs
£   
COST
At 1st January 2021 12,803,213
Additions 1,662,202
At 31st December 2021 14,465,415
NET BOOK VALUE
At 31st December 2021 14,465,415
At 31st December 2020 12,803,213

Fixed assets, primarily being the biogas plant, are reviewed for indicators of impairment on an annual basis. If indicators of impairment are present, an impairment review is performed in which the recoverable amount of the asset is assessed. This assessment is made with reference to the present value of the future cash flows expected to be derived from its value in use, or its expected fair value on sale.

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1st January 2021
and 31st December 2021 100
NET BOOK VALUE
At 31st December 2021 100
At 31st December 2020 100

The company owns 100% share capital of Woodmansey Farming Company Limited.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
(Unaudited)
£    £   
Trade debtors 5,245 5,245
Amounts owed by group undertakings 4,862,449 4,009,484
Other debtors 23,431 51,042
4,891,125 4,065,771

Gascorp (Plaxton) Limited (Registered number: 10582155)

Notes to the Financial Statements - continued
for the year ended 31st December 2021

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
(Unaudited)
£    £   
Trade creditors 79,670 70,137
Amounts owed to group undertakings - 17,155,513
Other creditors 40,864 1,523,901
120,534 18,749,551

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2021 2020
(Unaudited)
£    £   
Amounts owed to group undertakings 22,738,833 -

On 11 August 2022, the existing loan agreement owed to group undertakings was terminated and refinanced. The company and the note holder refinanced the existing loan notes and regularised the terms on which the additional funding was provided by the noteholder to the company. This is held over security on the assets which the company holds.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2021 2020
value: £    £   
1 Ordinary £1 1 1

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.


Emphasis of matter - Impairment of tangible fixed assets
We draw attention to note 2 of the financial statements which describes the steps taken by management in performing an impairment review of the company's tangible fixed assets. Our opinion is not modified in respect of this matter.

Other matter - Prior period unaudited
The prior period financial statements are unaudited.

William Cowell ACA (Senior Statutory Auditor)
for and on behalf of Smailes Goldie

11. OTHER FINANCIAL COMMITMENTS

Total operating lease commitments which are not included in the balance sheet amounted to £900,000 (2020 £950,000).

12. 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.

Gascorp (Plaxton) Limited (Registered number: 10582155)

Notes to the Financial Statements - continued
for the year ended 31st December 2021

13. POST BALANCE SHEET EVENTS

On 27 September 2023, after a period of performance testing the company took full control of the biogas plant from the main contractor.

14. ULTIMATE CONTROLLING PARTY

The immediate and ultimate parent company is Solar 21 Renewable Energy Limited, a company registered in Ireland, of which M Bradley is the majority shareholder.