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Registered number: 10533699










SOUTH MANCHESTER ENERGY LIMITED

AUDITED
FINANCIAL STATEMENTS

FOR THE YEAR ENDED
31 MARCH 2023
 






 



 






 
SOUTH MANCHESTER ENERGY LIMITED
REGISTERED NUMBER: 10533699

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 5 
-
-

Tangible assets
 6 
-
-

  
-
-

Current assets
  

Cash at bank and in hand
  
1,856
1,998

Creditors: amounts falling due within one year
 7 
(4,470)
(9,894)

Net current liabilities
  
 
 
(2,614)
 
 
(7,896)

Total assets less current liabilities
  
(2,614)
(7,896)

  

Net liabilities
  
(2,614)
(7,896)


Capital and reserves
  

Called up share capital 
 9 
1,000
1,000

Profit and loss account
 10 
(3,614)
(8,896)

  
(2,614)
(7,896)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mr P W Kent
Director

Date: 8 March 2024

Page 1

 
SOUTH MANCHESTER ENERGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

South Manchester Energy Limited is a private company, limited by shares, incorporated in England and Wales, registered number 10533699. The registered office is 24 Savile Row, London, W1S 2ES.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

These financial statements are presented in sterling which is the functional currency of the Company and rounded to the nearest £.

The following principal accounting policies have been applied:

  
2.2

Compliance with accounting standards

The financial statements have been prepared using FRS102 The Financial Reporting Standard applicable in the UK and the Republic of Ireland, including the disclosure and presentation requirements of Section 1A, applicable to small companies. There were no material departures from that standard.

  
2.3

Going concern

The Company was profit making in the period and is in a net liability position at the year end date. The financial statements have been prepared on a going concern basis which means that the Company can be expected to meet its liabilities as they fall due for a period of 12 months from the date of signing these financial statements. In assessing the appropriateness of the going concern basis of preparation the Directors have taken into account the key risks of the business as well as the Company's business model and the availability of cash resources.
The Director has assessed the risks to the business and believes that preparing the financial statements on a going concern basis is appropriate due to the ongoing support of group companies. This support gives the Company the financial resources to be able to meet its liabilities as they fall due for the foreseeable future.

  
2.4

Taxation

Tax is recognised in the Statement of Income and Retained Earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Page 2

 
SOUTH MANCHESTER ENERGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.5

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of income and retained earnings over its useful economic life. The Director evaluated the useful economic life to be no more than 5 years and amortised the Goodwill on that basis.



  
2.6

Tangible fixed assets

Leasehold property and plant and machinery are carried at current year fair value at the date of the revaluation less any subsequent accumulated depreciation and accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the Balance sheet date. The fair values have been determined from market based evidence such as open market offer for the sale of such assets.

 
2.7

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.

 
2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially
and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.
For financial assets measured at amortised cost, the impairment loss is measured as the difference
between an asset's carrying amount and the present value of estimated cash flows discounted at the
asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate
for measuring any impairment loss is the current effective interest rate determined under the
contract.

Page 3

 
SOUTH MANCHESTER ENERGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In preparing the financial statements, management is required to make judgements, estimates and assumptions which affect reported income, expenses, assets, liabilities and disclosure of contingent assets and liabilities. Use of available information and application of judgement are inherent in the formation of estimates, together with past experience and expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates.
Management do not consider the Company to have any key sources of estimation uncertainty nor any significant judgements or assumptions in preparing these financial statements.


4.


Employees

The Company has no employees other than the Directors, who did not receive any remuneration (2022 -
£NIL).



5.


Intangible assets




Goodwill

£



Cost


At 1 April 2022
4,300,000



At 31 March 2023

4,300,000



Amortisation


At 1 April 2022
4,300,000



At 31 March 2023

4,300,000



Net book value



At 31 March 2023
-



At 31 March 2022
-





Page 4

 
SOUTH MANCHESTER ENERGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Total

£
£
£



Cost or valuation


At 1 April 2022
2,147,899
501,600
2,649,499



At 31 March 2023

2,147,899
501,600
2,649,499



Depreciation


At 1 April 2022
2,147,899
501,600
2,649,499



At 31 March 2023

2,147,899
501,600
2,649,499



Net book value



At 31 March 2023
-
-
-



At 31 March 2022
-
-
-




7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
-
276

Other taxation and social security
220
169

Other creditors
-
5,199

Accruals and deferred income
4,250
4,250

4,470
9,894



8.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
1,856
1,998




Financial assets measured at fair value through profit or loss comprise cash and cash equivalents.

Page 5

 
SOUTH MANCHESTER ENERGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,000 (2022 - 1,000) Ordinary shares shares of £1.00 each
1,000
1,000



10.


Reserves

Profit and loss account

The profit and loss account represents cumulative profits and losses net of all adjustments.


11.


Contingent liability

The Company has an obligation to restore the operational site which houses the anaerobic digestion asset at the end of the lease agreement. No provision is included in the accounts as the amount cannot be measured reliably.


12.


Related party transactions

The Company is exempt under the terms of Financial Reporting Standard 102 (FRS 102) paragraph 33.1A, from disclosing related party transactions with other group companies, on the grounds that the Company is wholly owned within the Group.


13.


Parent company

The Company's immediate parent undertaking is GCP Biogas 1 Limited, a company incorporated in England and Wales.
The ultimate parent and controlling party is GCP Intermediary Holdings Limited, a company incorporated in England and Wales.
The smallest and largest group of undertakings for which group accounts are drawn up and of which the Company is a member is GCP Intermediary Holdings Limited.
The registered office address for both GCP Bioas 1 Limited and GCP Intermediary Holdings Limited is 24 Savile Row, London, W1S 2ES. The consolidated financial statements are available from the registered office address and Companies House.


14.


Auditors' information

The auditors' report on the financial statements for the year ended 31 March 2023 was unqualified.

The audit report was signed on 8 March 2024 by Mark Nelligan FCA (Senior Statutory Auditor) on behalf of Wellden Turnbull Limited.


Page 6