REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 July 2023 |
for |
Twinwoods Heat & Power Limited |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 July 2023 |
for |
Twinwoods Heat & Power Limited |
Twinwoods Heat & Power Limited (Registered number: 06799288) |
Contents of the Financial Statements |
for the Year Ended 31 July 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Twinwoods Heat & Power Limited |
Company Information |
for the Year Ended 31 July 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
Twinwoods Heat & Power Limited (Registered number: 06799288) |
Balance Sheet |
31 July 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Share premium |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Twinwoods Heat & Power Limited (Registered number: 06799288) |
Notes to the Financial Statements |
for the Year Ended 31 July 2023 |
1. | STATUTORY INFORMATION |
Twinwoods Heat & Power Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going Concern |
The Directors have reviewed the company's strategy trading since the year end, and potential future developments including the expectation of increased revenue from processing hazardous waste wood. On this basis, there is a reasonable expectation that the company will have adequate resources to continue in operations for at least 12 months from the date of signing these financial statement. The Directors therefore have adopted the going concern basis in preparing the financial statements. |
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 |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Plant - 5% straight line |
Equipment & machinery - 10% straight line |
Fixtures & fittings 3 years - 33% straight line |
Fixtures & fittings 5 years - 20% straight line |
Computer equipment - 33% straight line |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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. |
Twinwoods Heat & Power Limited (Registered number: 06799288) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Financial instruments |
The finance cost of borrowing are allocated to periods over the term of the borrowings at a constant rate on the carrying amount. Accrued interest charges are added to the carrying amount. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 August 2022 |
Additions |
Disposals | ( |
) |
At 31 July 2023 |
DEPRECIATION |
At 1 August 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 |
At 31 July 2022 |
5. | DEBTORS |
2023 | 2022 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Prepayments and accrued income |
Twinwoods Heat & Power Limited (Registered number: 06799288) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2023 |
5. | DEBTORS - continued |
2023 | 2022 |
£ | £ |
Amounts falling due after more than one year: |
Deferred tax asset | 737,375 | 737,375 |
Aggregate amounts |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
Other creditors |
The Company has entered into an agreement for funding of £7,371,406 fixed rate secured against the assets of the company. As at July 2023 £7,371,406 had been advanced to the company on which no interest (2022: £0) had been accrued. The loan notes are redeemable on 31 March 2026 or earlier at the option of the company. |
8. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
Twinwoods Heat & Power Limited (Registered number: 06799288) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2023 |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary share capital A | £1 | 302 | 302 |
Ordinary share capital B | £1 | 200 | 200 |
Ordinary share capital C | £1 | 500 | 500 |
1,002 | 1,002 |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
11. | CAPITAL COMMITMENTS |
As at the year end 31 July 2023, the company had committed to purchase an asset totalling £260,750 of which an unpaid amount of £182,900 remained. |
12. | RELATED PARTY DISCLOSURES |
At the year-end, an amount of £212,404 (2022: £212,404) was owed to the company by its parent company. |
At the year end the balance owed to the directors in relation to their directors loan accounts was £477 (2022: £477) |
Included within creditors due in more than one year is an amount of £3,000,000 (2022: £3,000,000) due to a director of the company, £462,435 (2022: £462,435) due to a company in which a director has a controlling interest and £3,462,238 (2022: £3,462,238) due to a close family member of a director. |
Included within trade creditors are amounts of £3,600 (2022: £3,600) and £2,506 (2022: £6,906) due to a company in which the directors have a controlling interest. |
13. | ULTIMATE CONTROLLING PARTY |
The ultimate parent company is European Generation Limited, which is controlled by A G Mallin and S P Colgan. |