REGISTERED NUMBER: |
Gascorp (Plaxton) Limited |
Financial Statements for the Year Ended 31st December 2021 |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
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 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Additions |
At 31st December 2021 |
NET BOOK VALUE |
At 31st December 2021 |
At 31st December 2020 |
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 |
NET BOOK VALUE |
At 31st December 2021 |
At 31st December 2020 |
The company owns 100% share capital of Woodmansey Farming Company Limited. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
(Unaudited) |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
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 |
Amounts owed to group undertakings |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2021 | 2020 |
(Unaudited) |
£ | £ |
Amounts owed to group undertakings |
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: | £ | £ |
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. |
for and on behalf of |
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. |