Company registration number 10134271 (England and Wales)
BRIGG LANE BIOGAS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
BRIGG LANE BIOGAS LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 9
BRIGG LANE BIOGAS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
4
18,171,420
18,785,627
Current assets
Inventories
51,748
47,115
Trade and other receivables
5
1,987,300
942,679
Cash and cash equivalents
36,237
498,742
2,075,285
1,488,536
Current liabilities
6
(2,238,162)
(5,425,633)
Net current liabilities
(162,877)
(3,937,097)
Total assets less current liabilities
18,008,543
14,848,530
Non-current liabilities
7
(50,064,319)
(40,259,354)
Provisions for liabilities
(1,585,212)
Net liabilities
(33,640,988)
(25,410,824)
Equity
Called up share capital
100
100
Retained earnings
(33,641,088)
(25,410,924)
Total equity
(33,640,988)
(25,410,824)
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
BRIGG LANE BIOGAS LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 OCTOBER 2023
31 October 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 24 July 2024 and are signed on its behalf by:
Mr C M Waters
Director
Company registration number 10134271 (England and Wales)
BRIGG LANE BIOGAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 3 -
1
Accounting policies
Company information
Brigg Lane Biogas Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Old School, High Street, Stretham, Ely, CB6 3LD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
These financial statements for the year ended 31 October 2023 are the first financial statements of Brigg Lane Biogas Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 November 2021. An explanation of how transition to FRS 102 has affected the reported financial position and financial performance is given in note 11.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Revenue
Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the generation of green energy is recognised when the significant risks and rewards of ownership of the gas have passed to the buyer (usually on entering the network), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Property, plant and equipment
Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
10% Straight line
Plant and equipment
5%, 7%, 10% and 20% Straight line
Fixtures and fittings
10%, 20% and 33% Straight line
Computers
33% Straight line
BRIGG LANE BIOGAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 4 -
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Amounts in the cause of construction are not depreciated.
1.5
Impairment of non-current assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Inventories
Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
BRIGG LANE BIOGAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 5 -
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including trade and other payables, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
BRIGG LANE BIOGAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 6 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
BRIGG LANE BIOGAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 7 -
4
Property, plant and equipment
Freehold land and buildings
Assets under construction
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
£
Cost
At 1 November 2022
15,541
21,192,073
344,697
2,193
21,554,504
Additions
333,811
53,728
127,138
514,677
Disposals
(2,500)
(7,340)
(9,840)
At 31 October 2023
15,541
333,811
21,243,301
464,495
2,193
22,059,341
Depreciation and impairment
At 1 November 2022
6,892
2,686,007
73,785
2,193
2,768,877
Depreciation charged in the year
1,554
1,074,898
43,113
1,119,565
Eliminated in respect of disposals
(521)
(521)
At 31 October 2023
8,446
3,760,384
116,898
2,193
3,887,921
Carrying amount
At 31 October 2023
7,095
333,811
17,482,917
347,597
18,171,420
At 31 October 2022
8,649
18,506,066
270,912
18,785,627
5
Trade and other receivables
2023
2022
Amounts falling due within one year:
£
£
Trade receivables
74,333
114,326
Other receivables
1,912,967
828,353
1,987,300
942,679
6
Current liabilities
2023
2022
£
£
Trade payables
960,405
5,230,203
Other payables
1,277,757
195,430
2,238,162
5,425,633
BRIGG LANE BIOGAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 8 -
7
Non-current liabilities
2023
2022
£
£
Trade payables
4,668,000
Other payables
45,396,319
40,259,354
50,064,319
40,259,354
Intercompany loans of £45,396,319 (2022 - £40,259,354) are secured by fixed charges over the assets of the company.
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
9,249,067
9,876,492
9
Related party transactions
The company has taken advantage of the exemption available whereby it has not disclosed transactions with any wholly owned subsidiary undertaking.
10
Ultimate controlling party
The company is controlled by Prime Holdings Limited, the directors of which are C Reeves, D Winward and C Winward. They are therefore considered the ultimate controlling party by virtue of their share ownership.
11
Reconciliations on adoption of FRS 102
Reconciliations and descriptions of the effect of the transition to FRS 102 on; (i) equity at the date of transition to FRS 102; (ii) equity at the end of the comparative period; and (iii) profit or loss for the comparative period reported under previous UK GAAP are given below.
BRIGG LANE BIOGAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
11
Reconciliations on adoption of FRS 102
(Continued)
- 9 -
Reconciliation of equity
1 November
31 October
2021
2022
Notes
£
£
Equity as reported under previous UK GAAP
(19,109,133)
(25,410,824)
Adjustments to prior year (note )
-
(1,093,017)
As restated
(19,109,133)
(26,503,841)
Adjustments arising from transition to FRS 102:
Deferred Taxation
-
1,093,017
Equity reported under FRS 102
(19,109,133)
(25,410,824)
Reconciliation of loss for the financial period
2022
Notes
£
Loss as reported under previous UK GAAP
(6,301,691)
Adjustments to prior year (note )
(1,093,017)
As restated
(7,394,708)
Adjustments arising from transition to FRS 102:
Deferred Taxation
1,093,017
Loss reported under FRS 102
(6,301,691)
Notes to reconciliations on adoption of FRS 102
Deferred taxation
The adjustment of £1,093,017 relates to deferred tax previously not recognised under FRS105.
2023-10-312022-11-01false24 July 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityMr C P WinwardMr C M WatersMr G P Mayfalsefalse101342712022-11-012023-10-31101342712023-10-31101342712022-10-3110134271core:LandBuildingscore:OwnedOrFreeholdAssets2023-10-3110134271core:ConstructionInProgressAssetsUnderConstruction2023-10-3110134271core:PlantMachinery2023-10-3110134271core:FurnitureFittings2023-10-3110134271core:ComputerEquipment2023-10-3110134271core:LandBuildingscore:OwnedOrFreeholdAssets2022-10-3110134271core:ConstructionInProgressAssetsUnderConstruction2022-10-3110134271core:PlantMachinery2022-10-3110134271core:FurnitureFittings2022-10-3110134271core:ComputerEquipment2022-10-3110134271core:CurrentFinancialInstrumentscore:WithinOneYear2023-10-3110134271core:CurrentFinancialInstrumentscore:WithinOneYear2022-10-3110134271core:Non-currentFinancialInstrumentscore:AfterOneYear2023-10-3110134271core:Non-currentFinancialInstrumentscore:AfterOneYear2022-10-3110134271core:CurrentFinancialInstruments2023-10-3110134271core:CurrentFinancialInstruments2022-10-3110134271core:Non-currentFinancialInstruments2023-10-3110134271core:Non-currentFinancialInstruments2022-10-3110134271core:ShareCapital2023-10-3110134271core:ShareCapital2022-10-3110134271core:RetainedEarningsAccumulatedLosses2023-10-3110134271core:RetainedEarningsAccumulatedLosses2022-10-3110134271bus:Director22022-11-012023-10-3110134271core:LandBuildingscore:OwnedOrFreeholdAssets2022-11-012023-10-3110134271core:PlantMachinery2022-11-012023-10-3110134271core:FurnitureFittings2022-11-012023-10-3110134271core:ComputerEquipment2022-11-012023-10-31101342712021-11-012022-10-3110134271core:LandBuildingscore:OwnedOrFreeholdAssets2022-10-3110134271core:ConstructionInProgressAssetsUnderConstruction2022-10-3110134271core:PlantMachinery2022-10-3110134271core:FurnitureFittings2022-10-3110134271core:ComputerEquipment2022-10-31101342712022-10-3110134271core:ConstructionInProgressAssetsUnderConstruction2022-11-012023-10-3110134271core:WithinOneYear2023-10-3110134271core:WithinOneYear2022-10-3110134271bus:PrivateLimitedCompanyLtd2022-11-012023-10-3110134271bus:SmallCompaniesRegimeForAccounts2022-11-012023-10-3110134271bus:FRS1022022-11-012023-10-3110134271bus:AuditExemptWithAccountantsReport2022-11-012023-10-3110134271bus:Director12022-11-012023-10-3110134271bus:CompanySecretary12022-11-012023-10-3110134271bus:FullAccounts2022-11-012023-10-31xbrli:purexbrli:sharesiso4217:GBP