Company registration number 06887312 (England and Wales)
WARRENS EMERALD BIOGAS LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
WARRENS EMERALD BIOGAS LTD
COMPANY INFORMATION
Directors
M Czulowski
P Gill
M Fishwick
I Raanan
A Sharpe
Company number
06887312
Registered office
The Corn Store
Hyde Hall Farm
Buntingford
Hertfordshire
United Kingdom
SG9 0RU
Auditor
Azets Audit Services
2nd Floor, Regis House
45 King William Street
London
United Kingdom
EC4R 9AN
WARRENS EMERALD BIOGAS LTD
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5 - 6
Independent auditor's report
7 - 9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Statement of cash flows
13
Notes to the financial statements
14 - 28
WARRENS EMERALD BIOGAS LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

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

BUSINESS REVIEW

Warrens Emerald Biogas Ltd is a wholly-owned indirect subsidiary of Bio Capital Ltd, its ultimate parent company, which operates in the UK renewable energy sector, owning and operating UK-based operational Anaerobic Digestion ("AD") assets.

 

The purpose of Warrens Emerald Biogas Ltd continues to be as an operator of an anerobic digestion plant converting food waste collected locally into renewable energy, biofertiliser and biomethane gas, with revenues from the sale of biomethane to the local gas grid and vehicle fuel.

 

Investors in Bio Capital Ltd and its subsidiaries are investment funds managed through a joint venture by Equitix AD Co Limited and Helios 3 Bio Gas UK 1 LP who have a track record of investment in the renewable energy and infrastructure sectors.

 

Warrens Emerald Biogas Ltd is held as part of Bio Capital Ltd's investment portfolio and is recognised in accordance with the accounting policies adopted by the group. The value to its parent and ultimate parent company is through fair value as part of a directly held basket of investments rather than as a media through which the group conducts its business. The assets in the group are valued under FRS 102 which uses the fair value accounting rules in the Companies Act 2006 to account for a portfolio of investments. In accordance with this accounting treatment, the financial statements of Bio Capital Ltd and its subsidiaries are not consolidated.

 

Warrens Emerald Biogas Ltd had a positive trading year. The company continues to focus on optimising performance to maximise generation opportunity. It has a capital programme in place to deliver additional gas-to-grid capacity in 2023. The enhancements made during the year are aligned with delivering future incremental performance.

 

The company's operating profit for the year (before interest, depreciation and amortisation) was £7.1m (2022: £7.3m) on turnover of £19.8m (2022: £15.8m), which the directors consider to be satisfactory, albeit that the plant performance was impacted by some shortages in feedstock availability. The profit before taxation in the year is £4.6m (2022: £4.7m).

 

Net current assets as at 31 December 2023 were £7.2m (2022: £5.0m), an increase of 30.6% on the previous year and net assets were £8.9m (2022: £6.6m), an increase of 25.8% on the previous year.

 

The company has not made any significant donations to charities in the year (2022: £Nil) and did not make any donations to political parties.

WARRENS EMERALD BIOGAS LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
KEY PERFORMANCE INDICATORS

The company monitors a range of financial indicators; operating profit and loss, profit before tax and net assets. These results for the year are detailed in the strategic report.

 

The company monitors a range of operational KPIs, with the following overall results:

 

The accident frequency rate

The accident frequency rate ("AFR)" is calculated for all Bio Capital subsidiary companies cumulatively. The AFR shows the number of accidents sustained by all workers for every 1,000,000 hours worked. The AFR has decreased by 25% from the previous year.

 

Reporting of Injuries, Diseases and Dangerous Occurrences Regulations ("RIDDOR")

The company compares its injury incidence rates of reported non-fatal injuries (reported to the HSE under RIDDOR) against various industries. There was one RIDDOR reportable lost time injury (in excess of 7 days) in the 12 month period in the company.

 

Feedstock Processed & Controlled

Total tonnages controlled for the period were 105% of budget and 30% higher than the previous year.

 

Biogas/biomethane generation

Biogas generated during the period was 101% of budget and 11% lower than the previous year.

 

Key Cost Metrics

The company monitors the cost of logistics, disposing of packaging and plastic and maintenance costs. These KPIs were in line with the budget for the period.

The company continues to focus on optimising performance to maximise generation opportunity in its operating companies. It has a capital programme in place to deliver additional gas to grid in 2023. The enhancements made during the year are aligned with delivering future incremental performance.

 

Warrens Emerald Biogas Ltd had an average of 20 employees during the year.

WARRENS EMERALD BIOGAS LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
PRINCIPAL RISKS AND UNCERTAINTIES

The company faces the following risks during the normal course of operations:

 

Legislative risk

The company is at risk of loss of revenue and cash generation from changes in legislation which affect the renewable energy sector. In December 2022, the government introduced a levy on renewable energy companies’ revenues from exporting electricity, the Electricity Generators Levy ("EGL"). The company has assessed its liability to pay the levy and has included this in its budget and business plan. In 2023 the company paid £20,727 in EGL.

 

The company monitors the likelihood and impact of legislative changes through its participation in industry bodies such as Renewable Energy Association ("REA") and UK Anaerobic Digestion and Bioresources Association ("ABDA").

 

Price & availability of feedstock risk

The operating facilities of the company require a consistent supply of suitable feedstock to maintain the biology of the plant and resulting generation. Market pressures, weather, plant issues/capacity can all impact feedstock supply.

 

This risk is mitigated by maintaining strong relationships with a wide range of feedstock suppliers and entering into long term contractual relationships with local authorities. Market pressures faced in recent years continue to impact feedstock costs and revenues which show a strong correlation to gas and power price movements.

 

The company expect the future implementation of The Waste and Resources Strategy outlined by the Government to have a positive impact on availability and pricing when it is fully enacted.

 

Plant operating risk

Failure of key components of an operating plant may lead to reduced generation. This risk is mitigated by scheduled planned maintenance and monitoring alongside a team of experienced engineers and long term maintenance partnerships with experienced and competent maintenance providers for specialist plant.

 

Regulatory compliance risk

The company operates within a heavily regulated environment with failure to comply with regulations having the potential to impact operations. The company operates to 1SO9001, ISO 14001, PAS110 and ISO 45001 with an integrated management system. Compliance and health and safety are a high priority of the directors and reviewed regularly by the Board. All audits during the year were successfully passed.

 

Credit risk

The company mitigates credit risk by obtaining external credit reports for every new customer in conjunction with regularly monitoring customer credit levels.

 

Interest Rate Risk

Through its ultimate parent company, Bio Capital Ltd, the company has long-term borrowing agreements with its lenders which mitigates the risk of interest rate volatility. It also utilises UK money market funds to maximise its interest earning capability.

 

Energy pricing risk

The company operates in the UK energy market and as such is exposed to movements in wholesale power and gas pricing. Where appropriate, the company has entered into medium-term gas price agreements to mitigate this risk.

 

Liquidity risk

The company monitors and manages the cash flow requirements with annual budgets and monthly rolling forecasts that are reviewed regularly by the directors. The capital requirements of the company are met through cash reserves and shareholder loans.

WARRENS EMERALD BIOGAS LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -

Approved by the Board of Directors, and on behalf of

A Sharpe
Director
14 May 2024
WARRENS EMERALD BIOGAS LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -

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

Principal activities

The principal activity of the company continued to be that of the generation and sale of power.

Results and dividends

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

Ordinary dividends were paid amounting to £1,733,353 (2022: £4,535,374).

Directors

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

M Czulowski
P Gill
M Fishwick
I Raanan
A Sharpe
Qualifying third party indemnity provisions

The company has made qualifying third party indemnity provisions for the benefit of its directors during the year.

 

These provisions remain in force at the reporting date.

Financial instruments
Liquidity risk

The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.

Credit risk

Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.

 

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

Post reporting date events

An ordinary dividend of £486,731 was paid on 5th February 2024.

Auditor

The auditor, Azets Audit Services, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

WARRENS EMERALD BIOGAS LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
Statement of directors' responsibilities

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 company and of the profit or loss of the company 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 company’s transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.

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 company’s auditor 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 company’s auditor is aware of that information.

Going Concern

Please refer to note 1.2 in the financial statements. The directors have a reasonable expectation that the company will have adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis in the financial statements.

On behalf of the board
A Sharpe
Director
14 May 2024
WARRENS EMERALD BIOGAS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WARRENS EMERALD BIOGAS LTD
- 7 -
Opinion

We have audited the financial statements of Warrens Emerald Biogas Ltd (the 'company') for the year ended 31 December 2023 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the 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 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 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:

WARRENS EMERALD BIOGAS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WARRENS EMERALD BIOGAS LTD
- 8 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its 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 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 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.

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.

WARRENS EMERALD BIOGAS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WARRENS EMERALD BIOGAS LTD
- 9 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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.

Laura Pingree
Senior Statutory Auditor
For and on behalf of Azets Audit Services
14 May 2024
Chartered Accountants
Statutory Auditor
2nd Floor, Regis House
45 King William Street
London
United Kingdom
EC4R 9AN
WARRENS EMERALD BIOGAS LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
2023
2022
as restated
Notes
£
£
Turnover
3
19,817,411
15,826,388
Cost of sales
(11,302,054)
(7,080,219)
Gross profit
8,515,357
8,746,169
Administrative expenses
(2,802,820)
(2,884,869)
Other operating income
77,356
74,859
Operating profit
4
5,789,893
5,936,159
Interest receivable from group undertakings
6
57,969
4,784
Interest payable to group undertakings
7
(1,249,427)
(1,219,186)
Profit before taxation
4,598,435
4,721,757
Tax on profit
8
(606,174)
(380,277)
Profit for the financial year
3,992,261
4,341,480

There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of comprehensive income.

WARRENS EMERALD BIOGAS LTD
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
10
16,156,903
15,341,236
Current assets
Stocks
737,617
665,822
Debtors
12
6,092,979
4,970,294
Cash at bank and in hand
3,927,148
979,020
10,757,744
6,615,136
Creditors: amounts falling due within one year
13
(3,597,146)
(1,623,615)
Net current assets
7,160,598
4,991,521
Total assets less current liabilities
23,317,501
20,332,757
Creditors: amounts falling due after more than one year
14
(12,502,522)
(11,923,390)
Provisions for liabilities
Deferred tax liability
15
1,944,908
1,798,204
(1,944,908)
(1,798,204)
Net assets
8,870,071
6,611,163
Capital and reserves
Called up share capital
16
1,800,021
1,800,021
Profit and loss reserves
17
7,070,050
4,811,142
Total equity
8,870,071
6,611,163
The financial statements were approved by the board of directors and authorised for issue on 14 May 2024 and are signed on its behalf by:
A Sharpe
Director
Company Registration No. 06887312
WARRENS EMERALD BIOGAS LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2022
1,800,021
5,005,036
6,805,057
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
4,341,480
4,341,480
Dividends
9
-
(4,535,374)
(4,535,374)
Balance at 31 December 2022
1,800,021
4,811,142
6,611,163
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
3,992,261
3,992,261
Dividends
9
-
(1,733,353)
(1,733,353)
Balance at 31 December 2023
1,800,021
7,070,050
8,870,071
WARRENS EMERALD BIOGAS LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
23
7,207,602
7,020,697
Income taxes paid
(817,199)
(588,119)
Net cash inflow from operating activities
6,390,403
6,432,578
Investing activities
Purchase of tangible fixed assets
(2,462,303)
(564,793)
Proceeds from disposal of tangible fixed assets
299,787
-
Loans from group undertakings
320,226
-
0
Loans made
-
0
(992,046)
Repayment of loans
992,046
-
0
Interest received
57,964
-
Net cash used in investing activities
(792,280)
(1,556,839)
Financing activities
Interest paid
(916,642)
(1,219,186)
Dividends paid
(1,733,353)
(4,535,374)
Net cash used in financing activities
(2,649,995)
(5,754,560)
Net increase/(decrease) in cash and cash equivalents
2,948,128
(878,821)
Cash and cash equivalents at beginning of year
979,020
1,857,841
Cash and cash equivalents at end of year
3,927,148
979,020
WARRENS EMERALD BIOGAS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
1
Accounting policies
Company information

Warrens Emerald Biogas Ltd is a private company limited by shares incorporated in England and Wales. The registered office is The Corn Store, Hyde Hall Farm, Buntingford, Hertfordshire, United Kingdom, SG9 0RU. The principal place of business is Aycliffe Business Park, Preston Road, Newton Aycliffe DL5 6AB.

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
Going concern

As part of the regular budgeting and forecast review process, the directors have prepared cash flow forecasts covering a period in excess of 12 months from the approval of the financial statements and are satisfied the company will have sufficient cash to meet its obligations as they fall due during this period. The company is also a member of a group whose financial position is closely linked to the status and continued support of other group undertakings. Each of these fellow group undertakings have committed to support each other as required for the foreseeable future. true

 

The company has entered into certain fixed-price export contracts where the directors consider there to be minimal risk with respect to electricity prices over the next 12-18 months and, furthermore, the directors have performed sensitivity analysis on key varaibles such as gas prices and volumes, feedstock costs and yields on these forecasts and are satisfied as a result of this that there is no indication that the company will not be able to continue operating as a going concern.

 

The company additionally has a long-term financing arrangement with its parent company and any unpaid interest under this arrangement may be deferred until the final repayment date of January 2031, at the discretion of the company.

 

Having considered the information available at the time of approving the financial statements, the directors have a resonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

 

The directors have therefore continued to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover comprises revenue recognised by the company in respect of generation of biomethane and power.

WARRENS EMERALD BIOGAS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
1.4
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.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values on a

straight line basis over their useful lives on the following bases:

Freehold property
20 years
Plant and machinery
3-20 years
Fixtures and fittings
5-20 years
Office equipment
3-5 years
Motor vehicles
4 years

Assets in the course of construction are not depreciated.

 

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.

 

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

1.5
Impairment of fixed 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.

1.6
Stocks

Stocks represent spare parts and consumables held for use on site and are stated at the lower of cost and replacement value.

 

An assessment is made for impairment at each reporting date.

 

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.

WARRENS EMERALD BIOGAS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
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 balance sheet 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.

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.

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 company 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 company after deducting all of its liabilities.

WARRENS EMERALD BIOGAS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, amounts owed to group undertakings and preference shares that are classified as debt, 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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign 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 company’s contractual obligations expire or are discharged or cancelled.

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 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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

WARRENS EMERALD BIOGAS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
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 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
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.12
Pensions

The company operates a defined contribution pension plan for its employees. Contributions are recognised as an expense when they fall due. Amounts due but not yet paid are included within creditors on the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 

Once contributions to the pension fund have been paid, there is no further obligation to the company.

1.13
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.15

Interest Income

Interest income is recognised in the statement of comprehensive income and retained earnings using the effective interest method.

WARRENS EMERALD BIOGAS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -
1.16

Finance costs

Finance costs are charged to the statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

1.17

Related parties

The company has taken advantage of the exemption available under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' not to disclose related party transactions with wholly owned subsidiaries within the group.

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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Impairment of fixed assets

Factors are taken into consideration in order to determine whether there are factors that are indicators of impairment in the company fixed assets include the economic viability and expected future financial performance of the assets.

Recoverability of trade and other receivables

Trade and other receivables are recognised to the extent that they are judged recoverable. Management reviews are performed to estimate the level of reserves for irrecoverable debt. Provisions are made against invoices where recoverability is uncertain.

3
Turnover
2023
2022
as restated
£
£
Turnover analysed by class of business
Generation of biogas
19,236,474
15,375,889
Other non power generating
580,937
450,502
19,817,411
15,826,388
WARRENS EMERALD BIOGAS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses
3,021
-
0
Government grants
(77,356)
(74,859)
Fees payable to the company's auditor for the audit of the company's financial statements
17,550
12,500
Depreciation of owned tangible fixed assets
1,346,849
1,446,544
Profit on disposal of tangible fixed assets
-
(29,000)
5
Employees

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

2023
2022
Number
Number
Operating
17
16
Administrative
3
3
Total
20
19

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
709,816
913,409
Social security costs
67,930
85,142
Pension costs
21,243
21,094
798,989
1,019,645

Aggregate remuneration payable to directors of the company was £Nil (2022: £Nil) and post-employment benefits were accrued for no directors of the company (2022: No directors).

 

The company operates a defined contribution pension scheme for all qualifying employees. The total expenditure recognised in the profit or loss for defined contribution plans is £21,234 (2022: £21,094) The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions to the defined contribution pension scheme are expeced to be settled wholly within 12 months of the reporting period.

6
Interest receivable and similar income
2023
2022
£
£
Interest receivable from group undertakings
57,969
4,784
WARRENS EMERALD BIOGAS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
7
Interest payable and similar expenses
2023
2022
£
£
Interest payable to group undertakings
1,249,427
1,219,186
8
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
510,078
409,058
Adjustments in respect of prior periods
(135,190)
52,566
Group tax relief
84,582
-
0
Total current tax
459,470
461,624
Deferred tax
Origination and reversal of timing differences
146,704
(81,347)
Total tax charge
606,174
380,277

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
4,598,435
4,721,757
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
1,081,576
897,134
Tax effect of expenses that are not deductible in determining taxable profit
1,080
51,617
Tax effect of income not taxable in determining taxable profit
-
0
(5,510)
Adjustments in respect of prior years
(135,190)
17,379
Group relief
(404,768)
(419,856)
Under/(over) provided in prior years
-
0
(1,124)
Deferred tax adjustments in respect of prior years
(6,428)
(191,523)
Other differences including impact of change in tax rates
9,063
32,160
Fixed Asset Differences
40,114
-
0
Electricity generator levy
20,727
-
0
Taxation charge for the year
606,174
380,277

The main rate of corporation tax increased to 25% from 1 April 2023.

WARRENS EMERALD BIOGAS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
9
Dividends
2023
2022
£
£
Interim paid
1,733,353
4,535,374
WARRENS EMERALD BIOGAS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
10
Tangible fixed assets
Freehold property
Assets under construction
Plant and machinery
Fixtures and fittings
Office equipment
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 January 2023
505,952
-
0
22,879,374
225,724
34,436
35,400
23,680,886
Additions
24,848
1,781,586
645,191
10,012
666
-
0
2,462,303
Disposals
(262,458)
-
0
(40,012)
-
0
-
0
-
0
(302,470)
At 31 December 2023
268,342
1,781,586
23,484,553
235,736
35,102
35,400
25,840,719
Depreciation and impairment
At 1 January 2023
29,407
-
0
8,158,351
97,707
18,785
35,400
8,339,650
Depreciation charged in the year
13,555
-
0
1,295,007
31,984
6,303
-
0
1,346,849
Eliminated in respect of disposals
-
0
-
0
(2,683)
-
0
-
0
-
0
(2,683)
At 31 December 2023
42,962
-
0
9,450,675
129,691
25,088
35,400
9,683,816
Carrying amount
At 31 December 2023
225,380
1,781,586
14,033,878
106,045
10,014
-
0
16,156,903
At 31 December 2022
476,545
-
0
14,721,023
128,017
15,651
-
0
15,341,236
WARRENS EMERALD BIOGAS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
11
Stocks
2023
2022
£
£
Spare parts and consumables held for use on site
737,617
665,822
12
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
58,454
57,309
Corporation tax recoverable
811,601
348,562
Amounts owed by group undertakings
256,640
1,071,610
Other debtors
500,681
27,984
Prepayments and accrued income
4,465,603
3,464,829
6,092,979
4,970,294

In the prior year, amounts owed by group undertakings falling due within one year were unsecured, interest bearing at 11.0% per annum and repayable by April 2039. Interest payable was calculated on a quarterly basis and compounded quarterly, where unpaid. Repayments of both unpaid interest and capital were at the discretion of the borrower, subject to the final repayment date of April 2039. At the balance sheet date, the capital outstanding was £Nil (2022: £992,046).

13
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,170,593
320,359
Amounts owed to group undertakings
2,058,118
891,640
Taxation and social security
20,706
24,355
Other creditors
38,696
41,972
Accruals and deferred income
309,033
345,289
3,597,146
1,623,615
WARRENS EMERALD BIOGAS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
14
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Amounts owed to group undertakings
11,794,559
11,141,553
Government grants
707,963
781,837
12,502,522
11,923,390

Amounts owed to group undertakings include loan notes of £2,210,105 (2022: £2,210,105) and £320,226 (2022: Nil) which are interest bearing at 11.0% per annum and £8,931,448 (2022: £8,931,448) which is interest bearing at 10.9% per annum.These loans are unsecured and have a final repayment date for capital and all accrued, unpaid interest payable in April 2039. Interest payable is calculated on a quarterly basis and compounded quarterly, where unpaid. Repayments of both unpaid interest and capital are at the discretion of the borrower. At the balance sheet date, the capital outstanding was £11,461,779 (2022: £11,141,553).

15
Deferred taxation

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

Liabilities
Liabilities
2023
2022
Balances:
£
£
Timing differences
1,944,908
1,791,776
Over/(under) provided
-
6,428
1,944,908
1,798,204
2023
Movements in the year:
£
Liability at 1 January 2023
1,798,204
Charge to profit or loss
146,704
Liability at 31 December 2023
1,944,908

The deferred tax liability set out above relates to accelerated capital allowances.

16
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
1,800,021
1,800,021
1,800,021
1,800,021

The company has one class of ordinary share and each share carries equal rights to voting, dividends and distibutions on a winding up of the company.

WARRENS EMERALD BIOGAS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
17
Profit and loss reserves
2023
2022
£
£
At the beginning of the year
4,811,142
5,005,036
Profit for the year
3,992,261
4,341,480
Dividends declared and paid in the year
(1,733,353)
(4,535,374)
At the end of the year
7,070,050
4,811,142

Retained earnings includes all current and prior period retained profits and losses.

18
Contingent liabilities

The company had no contingent liabilities as at the balance sheet date (2022: £Nil).

19
Operating lease commitments

At 31 December 2023, the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£
Within one year
63,564
63,564
Between two and five years
254,256
254,256
In over five years
1,055,162
1,118,726
1,372,982
1,436,546
20
Capital commitments

Amounts contracted for but not provided in the financial statements:

2023
2022
£
£
Acquisition of tangible fixed assets
553,000
-
21
Related party transactions

Guarantee given

The company has given a guarantee over long-term bank loans in Bio Capital Finance Limited, and this guarantee is secured by fixed and floating charges over the undertaking and all property and assets present and future including land, shares and securities, intellectual property, monetary claims, plant and equipment, goodwill, uncalled capital, assigned contracts and assigned insurances of the company.

WARRENS EMERALD BIOGAS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
22
Ultimate controlling party

The company is wholly owned by Emerald Holdco Limited, a company registered in England and Wales. The registered office is The Corn Store, Hyde Hall Farm, Buntingford, Hertfordshire, United Kingdom, SG9 0RU.

 

The ultimate parent company is Bio Capital Ltd, a company registered in England and Wales. The registered office is The Corn Store, Hyde Hall Farm, Buntingford, Hertfordshire, United Kingdom, SG9 0RU.

 

At the year end, in the opinion of the directors, there was no one ultimate controlling party.

23
Cash generated from operations
2023
2022
£
£
Profit for the year after tax
3,992,261
4,341,480
Adjustments for:
Taxation charged
606,174
342,712
Finance costs
1,249,427
1,219,186
Investment income
(57,969)
(4,784)
Depreciation and impairment of tangible fixed assets
1,346,849
1,446,544
Movements in working capital:
Increase in stocks
(71,795)
(409,785)
(Increase)/decrease in debtors
(1,757,002)
105,963
Increase/(decrease) in creditors
1,899,657
(20,619)
Cash generated from operations
7,207,602
7,020,697
24
Analysis of changes in net funds
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
979,020
2,948,128
3,927,148
WARRENS EMERALD BIOGAS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
25
Prior period adjustment

The directors have identified that in the prior year certain items within turnover, cost of sales and administrative expenses were inappropriately classified and have therefore restated the comparative amounts included in these financial statements accordingly. There was therefore no impact on the company’s profit after tax or retained earnings because of these restatements.

Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 31 December 2022
£
£
£
Turnover
15,799,017
27,371
15,826,388
Cost of sales
(5,815,738)
(1,264,481)
(7,080,219)
Administrative expenses
(4,121,979)
1,237,110
(2,884,869)
Profit for the financial period
4,341,480
-
4,341,480
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