Company registration number 13754573 (England and Wales)
PRETORIA ENERGY GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PRETORIA ENERGY GROUP LIMITED
COMPANY INFORMATION
Directors
Mr S Ripley
Mr R J Lee
Mr M Knox
Mr H S Clay
(Appointed 16 May 2023)
Mr L A Woodard
(Appointed 26 June 2024)
Company number
13754573
Registered office
Padro House Chear Fen
Ely Road
Chittering
Cambridge
CB25 9GE
Auditor
Ensors Accountants LLP
Victory House
Vision Park
Chivers Way, Histon
Cambridge
CB24 9ZR
PRETORIA ENERGY GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Directors' responsibilities statement
6
Independent auditor's report
7 - 9
Profit and loss account
10
Group statement of comprehensive income
11
Group balance sheet
12 - 13
Company balance sheet
14
Group statement of changes in equity
15
Company statement of changes in equity
16
Group statement of cash flows
17
Company statement of cash flows
18
Notes to the financial statements
19 - 40
PRETORIA ENERGY GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report for the year ended 31 December 2023.

Review of the business

The company is a holding company providing central services to the rest of the Group.

 

On 28 April 2023 Mercuria Clean Energy Investments B.V along with Pretoria Energy confirmed the purchase of 100% of Roadgas Limited. The Pretoria Energy group has acquired 20% for £552k.

The group consists of various anaerobic digester plants generating green energy, farming businesses growing the feedstock for use by the digesters, as well as new sites being developed for further energy production.

Trading conditions remained difficult throughout 2023 due to relatively high inflation and high interest rates. The socio-economic factors stabilized during 2023 although input costs remained high for the arable business. Energy prices plateaued during the period and have fallen back to more normal levels although the company has protected itself through selling energy forward at a preferential rate for 2024.

The build of our new plants at Chittering and Mepal were completed during the year and will go through a commissioning process with a view to going live in Q3 and Q4 of 2024. As part of the new build, we will introduce new processes using new feedstocks which will give us access to new revenue streams such as road transport CNG and the capture of CO2 for resale. The aim of these new initiatives is for the Pretoria Group to be carbon negative by the end of 2024.

Post year end there have been two major developments. In January the Pretoria Group became 100% owners of Roadgas giving it the control to manage the development of the business locally. In June 2024, Mercuria exercised its option and invested a further £28M into the business. An additional 4,132 shares were issued increasing Mercuria’s share of the business to 35%. This will allow for further expansion in the future.

The directors are satisfied by the results of the Group in its second reporting year.

The Group and company balance sheets both show a strong net asset position. The Group has net assets of £58m at the year end.

Principal risks and uncertainties

The directors have considered the key risks facing the business and have mitigated these in various ways. Each of the digester businesses has a contract to supply a majority of their output as green energy to the National Grid. These contracts give a guaranteed price to the Group in return for this energy. The current contracts expire in 2034 and 2037.

To ensure continued supply of raw materials, the Group has its own farming entities that grows and stores feedstock for use in the digesters, thereby eliminating the majority of issues with supply of the raw materials for use in the digesters.

The Group has significant debt facilities in place and these facilities are in place for the next 10 years providing security over funding. Part of this funding is at a floating rate and the group has entered into an interest rate SWAP to mitigate changes in interest rates.

To mitigate further changes in wholesale energy prices the group has entered into forward contracts to sell part of its production at a fixed price. It has accounted for these contracts as a cash flow hedge.

Development and performance

The directors consider the financial position of the Group at the year end to be strong. Performance of the underlying business remains in keeping with business plans. The directors fully expect that when the two new sites in development (Mepal 2 and Chittering 2) are brought on stream that the group will generate significant return for its shareholders.

PRETORIA ENERGY GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Key performance indicators

The directors manage and monitor the business using various key performance indicators. The financial indictors are turnover, overall gross profit and earnings before interest, depreciation and amortisation (EBITDA).

In the period:

- Turnover was £80m (2022: £50m)

- Gross profit was £46m (2022: £15m)

- EBITDA was £40m (2022: £11m)

The Directors also regularly review their cash flow position and working capital requirements.

Section 172(1) of The Companies Act 2006

The companies (Miscellaneous Reporting) Regulations 2018, requires qualifying companies to publish a statement explaining how the directors have had regard to matters set out in section 172(1)(a) to (f) of the Companies Act 2006 in performing their duties under section 172 of the companies act 2006.

In accordance with section 172, the board of directors confirm that they have acted in a way that they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its shareholders. The paragraphs below summarise how the Directors have had regard to the matters set out in section 172(1) (a) to (f) of the 2006 Act.

The likely long-term consequences of decisions

The Company operates with an extended timeline and evaluates the consequences of significant decisions for the business several years into the future. Due consideration is given to the consequences of these decisions on the profitability of the business, the ability to provide a consistently improving environment for employees and the likely developments in local markets.

The board are closely managing the activities of the business whilst maintaining strong financial disciplines and controls to ensure that whatever the prevailing economic conditions, the business can operate well within available financing facilities.

The interests of the Company’s employees

The Company strives to provide a safe & stimulating working environment for its’ employees. Our intention is to provide sustainable employment conditions over time & to have staff benefit from the success of the company in the short and long term. The company aims to be a supporter of local employment and is committed to providing opportunities and training to staff.

We believe that as a significant proportion of our employees have been with the company for an extended period of time, is a testament to the fact that we are meeting these goals.

Need to foster business relationships

The Company is acutely aware of the need to foster and maintain mutually beneficial relationships in order to achieve sustainable business success. Customer relationships are encouraged at all levels of the business with a focus on customer service at all times.

The desirability of the company maintaining a reputation of high standards of business conduct

The company is firmly convinced that ethics and transparency in all relations are fundamental issues, and continuously strives to enhance these values by providing employees and target audiences, such as supplies, with instructions and guidelines on good behaviour and good conduct.

We are committed to continually improving our ethical and transparency practices.

PRETORIA ENERGY GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
The interests of the group employees

The Company strives to provide a safe and stimulating working environment for its employees. Our intention is to provide sustainable employment conditions over time and to have staff benefit from the success of the company in the short and long term. The company aims to be a supporter of local employment and is committed to providing opportunities and training to younger staff.

We believe that as a significant proportion of our employees have been with the company for an extended period of time is a testament to the fact that we are meeting these goals.

The Group's impact on the community and the environment

Sustainability is one of our key drivers of the business strategy. Given the importance of this theme, decisions in this area are made by the board of directors. These include:

 

- Feedstock supply – we try wherever possible to use our local farms to supply the feedstock for use by the production companies, this reduces the impact of transportation on the environment.

 

- The energy we produce is green energy and is sold into the National Grid in support of the Governments stated ambition to move away from reliance upon fossil fuels.

 

- Feedstock, we seek wherever possible to reduce the amounts of inputs either in terms of other types of energy or sprays and chemicals used in the growing process.

 

- Social responsibility – Programs and actions along the supply chain aiming to respect and ensure the proper reconciliation of production with the well-being of employees.

The need to act fairly between shareholders

This is at the heart of the culture of the business and the board always seek to ensure fairness between the different members of the group.

On behalf of the board

Mr S Ripley
Director
19 July 2024
PRETORIA ENERGY GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the company is that of a holding company. The Group is a producer of green energy.

Results and dividends

The results for the year are set out on page 10.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr A Shaw
(Resigned 7 April 2023)
Mr S Ripley
Mr R J Lee
Mr M Knox
Mr D Haughie
(Resigned 16 May 2023)
Mr H S Clay
(Appointed 16 May 2023)
Mr L A Woodard
(Appointed 26 June 2024)
Auditor

Ensors Accountants LLP were reappointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

PRETORIA ENERGY GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -

Energy and carbon report

 

 

 

 

 

 

 

 

 

 

 

Pretoria Energy Group Limited's annual UK energy usage for its financial year 2023 was:

 

 

 

 

 

 

 

 

 

 

 

2023 / kWh

 

2022 / kWh

 

 

Electricity

 

13,471,524

 

12,390,476

 

 

Fuel (diesel)*

 

990,000

 

600,000

 

 

Total

 

14,461,524

 

12,990,476

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*Fuel (diesel) usage is equivalent to 99,000 litres (2022: 60,000 litres).

 

 

 

 

 

 

 

 

 

Pretoria Energy Group Limited's associated greenhouse gas emissions (in tonnes of carbon dioxide equivalent

 

 

(CO2e)) for its financial year 2023 was:

 

 

 

 

 

 

 

 

 

 

 

 

 

2023 / kg CO2e

 

2022 / kg CO2e

 

 

Electricity

 

2,860,409

 

2,630,870

 

 

Fuel (diesel)

 

2,643,300

 

1,602,000

 

 

Total

 

5,503,709

 

4,232,870

 

 

 

 

 

 

 

 

 

Emissions intensity ratios of:

 

 

 

 

 

 

 

 

 

 

 

 

 

2023

 

2022

 

 

Electricity

 

4,490,508 kWh per employee

 

4,130,159 kWh per employee

 

 

Fuel (diesel)

 

£44.15 of turnover per litre of fuel

 

£50.72 of turnover per litre of fuel

 

 

 

 

 

 

 

 

 

The methodologies used to calculate the above were the analysis of the specific bills covering the financial period

 

for each of the three areas, along with the average headcount and bottle gas sales income.

 

 

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
Mr S Ripley
Director
19 July 2024
2024-07-19
PRETORIA ENERGY GROUP LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

PRETORIA ENERGY GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PRETORIA ENERGY GROUP LIMITED
- 7 -
Opinion

We have audited the financial statements of Pretoria Energy Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

PRETORIA ENERGY GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PRETORIA ENERGY GROUP LIMITED
- 8 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

 

 

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

PRETORIA ENERGY GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PRETORIA ENERGY GROUP LIMITED
- 9 -

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Jayson Lawson (Senior Statutory Auditor)
For and on behalf of Ensors Accountants LLP
19 July 2024
Chartered Accountants
Statutory Auditor
Victory House
Vision Park
Chivers Way, Histon
Cambridge
CB24 9ZR
PRETORIA ENERGY GROUP LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
Year
Period
ended
ended
31 December
31 December
2023
2022
as restated
Notes
£
£
Turnover
3
80,287,566
50,075,505
Cost of sales
(34,554,144)
(34,590,644)
Gross profit
45,733,422
15,484,861
Administrative expenses
(13,004,510)
(9,484,436)
Other operating income
627,751
168,208
Operating profit
4
33,356,663
6,168,633
Interest receivable and similar income
8
516,574
9,451,340
Interest payable and similar expenses
9
(10,673,894)
(7,790,081)
Profit before taxation
23,199,343
7,829,892
Tax on profit
10
(8,718,621)
(4,826,730)
Profit for the financial year
26
14,480,722
3,003,162
Profit for the financial year is attributable to:
- Owners of the parent company
14,505,187
3,133,375
- Non-controlling interests
(24,465)
(130,213)
14,480,722
3,003,162
PRETORIA ENERGY GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
Year
Period
ended
ended
31 December
31 December
2023
2022
as restated
£
£
Profit for the year
14,480,722
3,003,162
Other comprehensive income
Cash flow hedges (loss)/gain arising in the year
(5,934,301)
23,107,702
Total comprehensive income for the year
8,546,421
26,110,864
Total comprehensive income for the year is attributable to:
- Owners of the parent company
8,570,886
26,241,077
- Non-controlling interests
(24,465)
(130,213)
8,546,421
26,110,864
PRETORIA ENERGY GROUP LIMITED
GROUP BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 12 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
11
11,148,178
11,994,875
Tangible assets
12
137,154,153
109,889,611
Investments
13
552,000
-
0
148,854,331
121,884,486
Current assets
Stocks
17
50,089,732
37,586,393
Debtors
18
48,261,541
53,256,992
Cash at bank and in hand
27,067,575
20,409,177
125,418,848
111,252,562
Creditors: amounts falling due within one year
19
(50,120,018)
(35,203,552)
Net current assets
75,298,830
76,049,010
Total assets less current liabilities
224,153,161
197,933,496
Creditors: amounts falling due after more than one year
20
(149,065,969)
(140,111,345)
Provisions for liabilities
Deferred tax liability
23
17,409,768
8,691,148
(17,409,768)
(8,691,148)
Net assets
57,677,424
49,131,003
Capital and reserves
Called up share capital
25
26,851
26,851
Share premium account
26
22,993,288
22,993,288
Hedging reserve
26
17,173,401
23,107,702
Profit and loss reserves
26
17,638,562
3,133,375
Equity attributable to owners of the parent company
57,832,102
49,261,216
Non-controlling interests
(154,678)
(130,213)
57,677,424
49,131,003
PRETORIA ENERGY GROUP LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 13 -
The financial statements were approved by the board of directors and authorised for issue on 19 July 2024 and are signed on its behalf by:
19 July 2024
Mr S Ripley
Director
Company registration number 13754573 (England and Wales)
PRETORIA ENERGY GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 14 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Investments
13
572,200
20,140
Current assets
Debtors
18
70,034,563
57,929,706
Cash at bank and in hand
13,113
68,940
70,047,676
57,998,646
Creditors: amounts falling due within one year
19
(11,660,761)
-
Net current assets
58,386,915
57,998,646
Total assets less current liabilities
58,959,115
58,018,786
Creditors: amounts falling due after more than one year
20
(36,000,000)
(35,000,000)
Net assets
22,959,115
23,018,786
Capital and reserves
Called up share capital
25
26,851
26,851
Share premium account
26
22,993,288
22,993,288
Profit and loss reserves
26
(61,024)
(1,353)
Total equity
22,959,115
23,018,786

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £59,672 (2022 - £1,353 loss).

The financial statements were approved by the board of directors and authorised for issue on 19 July 2024 and are signed on its behalf by:
19 July 2024
Mr S Ripley
Director
Company registration number 13754573 (England and Wales)
PRETORIA ENERGY GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
Share capital
Share premium account
Hedging reserve
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
£
As restated for the period ended 31 December 2022:
Balance at 19 November 2021
-
0
-
0
-
0
-
0
-
-
-
Period ended 31 December 2022:
Profit for the period
-
-
-
3,133,375
3,133,375
(130,213)
3,003,162
Other comprehensive income:
Cash flow hedges gains
-
-
23,107,702
-
23,107,702
-
23,107,702
Total comprehensive income
-
-
23,107,702
3,133,375
26,241,077
(130,213)
26,110,864
Issue of share capital
25
26,851
22,993,288
-
-
23,020,139
-
23,020,139
Balance at 31 December 2022
26,851
22,993,288
23,107,702
3,133,375
49,261,216
(130,213)
49,131,003
Year ended 31 December 2023:
Profit for the year
-
-
-
14,505,187
14,505,187
(24,465)
14,480,722
Other comprehensive income:
Cash flow hedges gains
-
-
(5,934,301)
-
(5,934,301)
-
(5,934,301)
Total comprehensive income
-
-
(5,934,301)
14,505,187
8,570,886
(24,465)
8,546,421
Balance at 31 December 2023
26,851
22,993,288
17,173,401
17,638,562
57,832,102
(154,678)
57,677,424
PRETORIA ENERGY GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
As restated for the period ended 31 December 2022:
Balance at 19 November 2021
-
0
-
0
-
0
-
Period ended 31 December 2022:
Loss and total comprehensive income for the period
-
-
(1,353)
(1,353)
Issue of share capital
25
26,851
22,993,288
-
23,020,139
Balance at 31 December 2022
26,851
22,993,288
(1,353)
23,018,786
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
(59,671)
(59,671)
Balance at 31 December 2023
26,851
22,993,288
(61,024)
22,959,115
PRETORIA ENERGY GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
2023
2022
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
33
28,367,683
9,385,660
Interest paid
(10,488,367)
(8,867,162)
Net cash inflow from operating activities
17,879,316
518,498
Investing activities
Purchase of business
-
(2,233,386)
Purchase of tangible fixed assets
(20,708,930)
(26,424,794)
Purchase of associates
(552,000)
-
Interest received
516,574
-
0
Net cash used in investing activities
(20,744,356)
(28,658,180)
Financing activities
Proceeds from issue of shares
-
23,000,000
Proceeds from new bank loans
10,000,000
35,000,000
Repayment of bank loans
(6,000,000)
(5,878,000)
Payment of finance leases obligations
5,523,438
(3,573,141)
Net cash generated from financing activities
9,523,438
48,548,859
Net increase in cash and cash equivalents
6,658,398
20,409,177
Cash and cash equivalents at beginning of year
20,409,177
-
0
Cash and cash equivalents at end of year
27,067,575
20,409,177
PRETORIA ENERGY GROUP LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
34
(9,503,767)
(57,641,366)
Interest paid
(4,759,330)
(2,450,015)
Net cash outflow from operating activities
(14,263,097)
(60,091,381)
Investing activities
Purchase of subsidiaries
(60)
(20,140)
Purchase of associates
(552,000)
-
0
Repayment of loans
-
0
(289,693)
Interest received
4,759,330
2,450,015
Net cash generated from investing activities
4,207,270
2,140,182
Financing activities
Proceeds from issue of shares
-
23,020,139
Proceeds from new bank loans
10,000,000
35,000,000
Net cash generated from financing activities
10,000,000
58,020,139
Net (decrease)/increase in cash and cash equivalents
(55,827)
68,940
Cash and cash equivalents at beginning of year
68,940
-
0
Cash and cash equivalents at end of year
13,113
68,940
PRETORIA ENERGY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
1
Accounting policies
Company information

Pretoria Energy Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Padro House Chear Fen, Ely Road, Chittering, Cambridge, CB25 9GE.

 

The group consists of Pretoria Energy Group Limited and all of its subsidiaries.

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.

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.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Pretoria Energy Group Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 December 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

PRETORIA ENERGY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 20 -

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group 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.

1.5
Turnover

Turnover 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 is recognised based upon meter readings on supply of gas and electricity transferred to the National Grid. Invoices are raised on a periodic basis. At each reporting date income is accrued based upon meter readings where no invoice is raised.

1.6
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Contracts
Straight line over contractual term
1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

PRETORIA ENERGY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 21 -

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:

AD Plant
2% straight line
Leasehold improvements
5% straight line
Plant and equipment
5% or 20% straight line

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 recognised in the profit and loss account.

1.8
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible 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.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

PRETORIA ENERGY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 22 -

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.

1.10
Stocks

Stocks 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 stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks 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.

1.11
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.

1.12
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

Basic financial assets

Basic financial assets, which include debtors 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.

PRETORIA ENERGY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 23 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, 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 creditors 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

PRETORIA ENERGY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 24 -
Other financial liabilities

Derivatives, including interest rate swaps and forward selling exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group 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 group.

1.14
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

 

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

Hedge accounting

The Company designates certain hedging instruments, including derivatives, embedded derivatives and non-derivatives, as either fair value hedges or cash flow hedges.

 

At the inception of the hedge relationship, the company documents the relationship between the hedging instrument and the hedged item along with risk management objectives and strategy for undertaking various hedge transactions. At the inception of the hedge and on an ongoing basis, the company documents whether the hedging instrument is highly effective in offsetting changes in fair values or cash flows of the hedged item.

Fair value hedges

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

PRETORIA ENERGY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 25 -

Cash flow hedges

The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in other comprehensive income.

 

The gain or loss relating to the ineffective portion is recognised immediately in profit or loss, and is included in the 'other gains and losses' line in this item.

 

Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified to profit or loss in the periods when the hedged item is recognised in the profit or loss in the same line as of the income statement as the recognised hedged item. However when the forecast transaction that is hedged results in the recognition of a non-financial asset or liability, the gains and losses previously accumulated in equity are transferred from equity and included in the initial measurement of the cost of the asset or liability concerned.

1.15
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 profit and loss account 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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

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 profit and loss account, 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 if, and only if, there is 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.

1.16
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 fixed 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.

1.17
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

PRETORIA ENERGY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 26 -
1.18
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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 leased asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the group’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
Turnover and other revenue

The Group's turnover is all derived from its principal activity and is all generated within the UK.

2023
2022
£
£
Other revenue
Interest income
516,574
9,451,340
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses/(gains)
312,692
(354)
Depreciation of owned tangible fixed assets
3,419,487
2,796,202
Depreciation of tangible fixed assets held under finance leases
2,531,191
1,144,461
Loss on disposal of tangible fixed assets
101,111
7,114
Amortisation of intangible assets
846,697
846,697
Operating lease charges
365,389
344,331
PRETORIA ENERGY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
66,500
50,000
For other services
Taxation compliance services
22,000
10,000
All other non-audit services
21,500
10,000
43,500
20,000
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Directors
7
7
4
5
Administration
17
12
-
-
Operations
89
63
-
-
Total
113
82
4
5

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
4,482,945
3,272,271
-
0
-
0
Social security costs
461,636
297,894
-
-
Pension costs
85,684
54,372
-
0
-
0
5,030,265
3,624,537
-
0
-
0
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
160,000
160,000
Company pension contributions to defined contribution schemes
1,320
1,211
Sums paid to third parties for directors' services
58,250
70,000
219,570
231,211
PRETORIA ENERGY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
516,574
-
0
Other income from investments
Gains on financial instruments measured at fair value through profit or loss
-
0
9,451,340
Total income
516,574
9,451,340
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
516,574
-
Interest on financial assets measured at fair value through profit or loss
-
0
9,451,340
9
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
7,133,000
6,756,820
Other interest on financial liabilities
297,500
297,500
7,430,500
7,054,320
Other finance costs:
Interest on finance leases and hire purchase contracts
903,466
735,761
Finance costs for financial instruments measured at fair value through profit or loss
2,339,928
-
0
Total finance costs
10,673,894
7,790,081
10
Taxation
2023
2022
£
£
Deferred tax
Origination and reversal of timing differences
8,718,621
4,826,730
PRETORIA ENERGY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
10
Taxation
(Continued)
- 29 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
23,199,343
7,829,892
Expected tax charge based on the standard rate of corporation tax in the UK of 23.50% (2022: 19.00%)
5,451,846
1,487,679
Tax effect of expenses that are not deductible in determining taxable profit
2,860,439
(138,886)
Tax effect of income not taxable in determining taxable profit
(26,424)
-
0
Tax effect of utilisation of tax losses not previously recognised
-
0
350,260
Unutilised tax losses carried forward
16,519
-
0
Change in unrecognised deferred tax assets
1,697,558
-
0
Effect of change in corporation tax rate
392,446
208,212
Under/(over) provided in prior years
-
0
(66,523)
Deferred tax adjustments in respect of prior years
(6,300)
-
0
Fixed asset differences
75,568
20,762
Adjustment to tax charge in respect of previous periods
973,590
-
0
Remeasurement of deferred tax for changes in tax rates
(243,337)
-
0
Other timing differences
(2,473,284)
2,965,226
Taxation charge
8,718,621
4,826,730
11
Intangible fixed assets
Group
Contracts
£
Cost
At 1 January 2023 and 31 December 2023
12,841,572
Amortisation and impairment
At 1 January 2023
846,697
Amortisation charged for the year
846,697
At 31 December 2023
1,693,394
Carrying amount
At 31 December 2023
11,148,178
At 31 December 2022
11,994,875
The company had no intangible fixed assets at 31 December 2023 or 31 December 2022.

The contracts intangible asset relates to two contracts with contractual lives that expire in 2034 and 2037.

PRETORIA ENERGY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 30 -
12
Tangible fixed assets
Group
AD Plant
Leasehold improvements
Assets under construction
Plant and equipment
Total
£
£
£
£
£
Cost
At 1 January 2023
70,071,692
72,012
29,481,188
27,414,603
127,039,495
Additions
46,603
-
0
26,687,466
7,092,085
33,826,154
Disposals
-
0
-
0
(10,001)
(1,204,998)
(1,214,999)
Transfers
51,658,653
-
0
(51,658,653)
-
0
-
0
At 31 December 2023
121,776,948
72,012
4,500,000
33,301,690
159,650,650
Depreciation and impairment
At 1 January 2023
9,628,379
39,606
-
0
7,481,899
17,149,884
Depreciation charged in the year
1,818,331
7,202
-
0
4,125,145
5,950,678
Eliminated in respect of disposals
-
0
-
0
-
0
(604,065)
(604,065)
At 31 December 2023
11,446,710
46,808
-
0
11,002,979
22,496,497
Carrying amount
At 31 December 2023
110,330,238
25,204
4,500,000
22,298,711
137,154,153
At 31 December 2022
60,443,313
32,406
29,481,188
19,932,704
109,889,611
The company had no tangible fixed assets at 31 December 2023 or 31 December 2022.

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2023
2022
2023
2022
£
£
£
£
Plant and equipment
12,525,433
10,558,071
-
0
-
0

During the period £2,451,902 (2022: £1,374,581) of interest costs directly attributable to the construction of AD Plant were capitalised. The total capitalised interest at 31 December 2023 including that acquired in the period was £3,826,483 (2022: £1,374,581). Interest was capitalised at the underlying rate of borrowing.

13
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
20,200
20,140
Investments in associates
15
552,000
-
0
552,000
-
0
552,000
-
0
572,200
20,140
PRETORIA ENERGY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
13
Fixed asset investments
(Continued)
- 31 -
Movements in fixed asset investments
Group
Shares in associates
£
Cost or valuation
At 1 January 2023
-
Additions
552,000
At 31 December 2023
552,000
Carrying amount
At 31 December 2023
552,000
At 31 December 2022
-
Movements in fixed asset investments
Company
Shares in subsidiaries and associates
£
Cost or valuation
At 1 January 2023
20,140
Additions
552,060
At 31 December 2023
572,200
Carrying amount
At 31 December 2023
572,200
At 31 December 2022
20,140
14
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

PRETORIA ENERGY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
14
Subsidiaries
(Continued)
- 32 -
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Pretoria Energy Company Holdings Limited
Padro House Chear Fen, Ely Road, Chittering, Cambridge, United Kingdom, CB25 9GE
Ordinary
100.00
-
Pretoria Energy Company (Arable) Limited
As above
Ordinary
-
100.00
Pretoria Energy Company (Chittering) Limited
As above
Ordinary
-
100.00
Pretoria Energy Company (Mepal) Limited
As above
Ordinary
-
100.00
Genesis Biomass
As above
Ordinary
60.00
-
Pretoria Energy Company Holdings 2 Limited
As above
Ordinary
-
100.00
Pretoria Energy Company (Chittering 2) Limited
As above
Ordinary
-
100.00
Pretoria Energy Company (Mepal 2) Limited
As above
Ordinary
-
100.00
Pretoria Energy Company (Services) Limited
As above
Ordinary
100.00
-

On 18 July 2023, Pretoria Energy Company (Arable) Limited transferred its shareholding in Genesis Biomass Limited to Pretoria Energy Group Limited at cost, which was equal to the nominal value of the shares. Merger accounting was used to account for the reconstruction.

15
Associates

Details of associates at 31 December 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Roadgas Holdings Limited
Padro House, Chear Fen, Ely Road, Chittering, Cambridge, Cambridgeshire, England, CB25 9GE
Ordinary
20
16
Financial instruments
Group
Company
2023
2022
2023
2022
£
£
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
22,668,152
30,942,382
-
-
17
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
46,218,761
35,761,753
-
-
Work in progress
3,870,971
1,824,640
-
-
50,089,732
37,586,393
-
-
PRETORIA ENERGY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 33 -
18
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
4,674,149
1,876,968
-
0
-
0
Amounts owed by group undertakings
-
-
69,744,870
57,640,013
Derivative financial instruments
17,173,401
23,107,702
-
-
Other debtors
5,050,736
5,560,314
289,693
289,693
Prepayments and accrued income
15,868,504
14,877,328
-
0
-
0
42,766,790
45,422,312
70,034,563
57,929,706
Amounts falling due after more than one year:
Derivative financial instruments
5,494,751
7,834,680
-
-
Total debtors
48,261,541
53,256,992
70,034,563
57,929,706

The group has two types of derivative financial instruments at the year end. An interest rate swap used to mitigate changes in future borrowing rates with one of its lenders, in addition the group has entered into forward sale contracts to mitigate changes in wholesale energy prices.

19
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans
21
15,000,000
6,000,000
9,000,000
-
0
Obligations under finance leases
22
5,387,315
3,466,615
-
0
-
0
Trade creditors
21,239,529
15,694,182
2,652,901
-
0
Amounts owed to group undertakings
-
0
-
0
60
-
0
Other taxation and social security
1,242,059
2,509,116
-
-
Other creditors
916,837
3,297,798
-
0
-
0
Accruals and deferred income
6,334,278
4,235,841
7,800
-
0
50,120,018
35,203,552
11,660,761
-
0
20
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
21
128,707,500
133,410,000
36,000,000
35,000,000
Obligations under finance leases
22
20,358,469
6,701,345
-
0
-
0
149,065,969
140,111,345
36,000,000
35,000,000
PRETORIA ENERGY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
20
Creditors: amounts falling due after more than one year
(Continued)
- 34 -
Amounts included above which fall due after five years are as follows:
Payable by instalments
-
71,195,000
-
-
21
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
143,707,500
139,410,000
45,000,000
35,000,000
Payable within one year
15,000,000
6,000,000
9,000,000
-
0
Payable after one year
128,707,500
133,410,000
36,000,000
35,000,000

The group has various borrowings:

 

A long-term bank loan is secured by fixed charges over the assets of Pretoria Energy Company Holdings Limited and a cross guarantee between that company, Pretoria Energy Company (Arable) Limited, Pretoria Energy Company (Mepal) Limited and Pretoria Energy Company (Chittering) Limited. This loan has two parts a fixed interest element and a floating rate element and is repayable in full in 2028.

 

In addition the company has borrowings, which at the year end amounted to £45,000,000, The company along with the following subsidiaries, Pretoria Energy Company (Mepal 2) Limited, Pretoria Energy Company (Chittering 2) Limited and Pretoria Energy Company Holdings 2 Limited have given a debenture over all assets in favour of the lender. Repayments of capital are due to commence in June 2024 and will be made in instalments with the loan repayable in full within 60 months of initial drawdown.

22
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
5,387,314
3,466,615
-
0
-
0
In two to five years
20,358,470
6,701,345
-
0
-
0
25,745,784
10,167,960
-
-

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

PRETORIA ENERGY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 35 -
23
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
19,823,125
5,692,882
Tax losses
(5,200,401)
-
Investments
-
(453)
Other timing differences
2,787,044
2,998,719
17,409,768
8,691,148
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 January 2023
8,691,148
-
Charge to profit or loss
8,755,088
-
Credit to other comprehensive income
(36,468)
-
Liability at 31 December 2023
17,409,768
-

The deferred tax liability set out above is expected to reverse and relates to accelerated capital allowances. The other timing difference relates to the contracts intangible fixed asset and will reverse as the asset is amortised. The deferred tax on losses is expected to be utilised within 24 months.

24
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
85,684
54,372

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

PRETORIA ENERGY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 36 -
25
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
"A" ordinary shares of £1 each
26,850
26,850
26,850
26,850
"B" ordinary shares of £1 each
1
1
1
1
26,851
26,851
26,851
26,851

On 19 November 2021 the company issued 1 ordinary "A" share at par.

 

On 13 December 2021 the company issued a further 20,137 ordinary "A" shares were issued at par as part consideration for the shares in Pretoria Energy Company Holdings Limited. On the same date 1 ordinary "B" share was issued at par. The ordinary "B" shares do not carry voting rights.

 

On 16 December 2021 the company issued a further 6,712 ordinary "A" shares with a premium of £22,993,288.

26
Reserves
Share premium

The share premium account includes any premium received on issue of share capital. Any transaction costs associated with issuing shares are deducted from share premium.

Hedging reserve

The effective portion of changes in the fair value of derivatives and other qualifying hedging instruments that are designated and qualify as cash flow hedges is recognised in other comprehensive income and accumulated under the heading of hedging reserve, limited to the cumulative change in fair value of the hedged item from inception of the hedge.

27
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
103,199
103,988
-
-
Between two and five years
404,849
405,199
-
-
In over five years
900,000
1,000,000
-
-
1,408,048
1,509,187
-
-
PRETORIA ENERGY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 37 -
28
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2023
2022
2023
2022
£
£
£
£
Acquisition of tangible fixed assets
27,490,000
-
-
-
29
Events after the reporting date

Business combination

On 15 January 2024 Pretoria Energy Group confirmed they acquired 80% shareholding in Roadgas Holdings Limited for £2,208,000, increasing their total ownership from 20% to 100%.

 

Issuance of ordinary share capital

On 26 June 2024, the company issued 4,132 ordinary "A" shares for total consideration of £28,000,000.

30
Related party transactions
Transactions with related parties

The company has taken the exemption afforded by FRS102 not to disclose transactions with entities within the Pretoria Energy Group Limited group.

 

During the year, the Group entered into the following transactions with other related parties:

 

The Group purchased £8,072,849 (2022: £3,311,663) of goods and services from a companies under common control and made sales of £142,496 (2022: £127,409) to the same companies. In addition there are short term working capital movements between the companies. At the year end, the Group owed £6,878,687 (2022: £1,256,264) to these companies and had £6,338,177 (2022: £2,164,588) due from them.

 

Across the Group, an amount of £267,219 (2022: £267,219) was due from the directors.

31
Controlling party

The ultimate controlling party is Mr S Ripley by virtue of his majority shareholding in Pretoria Energy Group Limited.

32
Prior period adjustment
PRETORIA ENERGY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
32
Prior period adjustment
(Continued)
- 38 -
Reconciliation of changes in equity - group
19 November
31 December
2021
2022
£
£
Adjustments to prior year
Understatement of cost of sales
-
(109,276)
Overstatement of cost of sales
-
176,282
Total adjustments
-
67,006
Equity as previously reported
-
49,063,997
Equity as adjusted
-
49,131,003
Analysis of the effect upon equity
Profit and loss reserves
-
67,006
Reconciliation of changes in profit for the previous financial period
2022
£
Adjustments to prior year
Understatement of cost of sales
(109,276)
Overstatement of cost of sales
176,282
Total adjustments
67,006
Profit as previously reported
2,936,156
Profit as adjusted
3,003,162
Reconciliation of changes in equity - company
The prior period adjustments do not give rise to any effect upon equity.
Reconciliation of changes in loss for the previous financial period
2022
£
Adjustments to prior year
Total adjustments
-
Loss as previously reported
(1,353)
Loss as adjusted
(1,353)
PRETORIA ENERGY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
32
Prior period adjustment
(Continued)
- 39 -
Notes to reconciliation
Understatement of cost of sales

During the year, it was identified that prior year cost of sales in Pretoria Energy Company (Arable) Limited were understated by £109,276 relating to an understatement of equipment hire costs. This led to an increase in cost of sales being recognised in the prior year within the Income Statement. Subsequently, a corresponding adjustment to debtors, and thus the Balance Sheet was also adjusted.

Overstatement of cost of sales

During the year, it was identified that prior year cost of sales in Genesis Biomass Limited were overstated by £176,282 relating to an overstatement of equipment hire costs. This led to a decrease in cost of sales being recognised in the prior year within the Income Statement. Subsequently, a corresponding adjustment to creditors, and thus the Balance Sheet was also adjusted.

33
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
14,480,722
3,003,162
Adjustments for:
Taxation charged
8,718,620
4,826,730
Finance costs
10,572,782
7,790,081
Investment income
(516,574)
(9,451,340)
Loss on disposal of tangible fixed assets
101,111
-
Amortisation and impairment of intangible assets
846,697
846,697
Depreciation and impairment of tangible fixed assets
5,950,678
3,940,663
Movements in working capital:
Increase in stocks
(12,503,339)
(1,261,579)
Increase in debtors
(3,278,780)
(3,490,258)
Increase in creditors
3,995,766
3,181,504
Cash generated from operations
28,367,683
9,385,660
PRETORIA ENERGY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 40 -
34
Cash absorbed by operations - company
2023
2022
£
£
Loss for the year after tax
(59,671)
(1,353)
Adjustments for:
Finance costs
4,759,330
2,450,015
Investment income
(4,759,330)
(2,450,015)
Movements in working capital:
Increase in debtors
(57,929,707)
(57,640,013)
Increase in creditors
2,660,761
-
Cash absorbed by operations
(57,931,060)
(57,641,366)
35
Analysis of changes in net debt - group
1 January 2023
Cash flows
Market value movements
31 December 2023
£
£
£
£
Cash at bank and in hand
20,409,177
6,658,398
-
27,067,575
Borrowings excluding overdrafts
(139,410,000)
(1,957,572)
(2,339,928)
(143,707,500)
Obligations under finance leases
(10,167,960)
(15,577,824)
-
(25,745,784)
(129,168,783)
(10,876,998)
(2,339,928)
(142,385,709)
36
Analysis of changes in net debt - company
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
68,940
(55,827)
13,113
Borrowings excluding overdrafts
(35,000,000)
(10,000,000)
(45,000,000)
(34,931,060)
(10,055,827)
(44,986,887)
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