REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
FOR |
LIGHTHOUSE GREEN FUELS LIMITED |
REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
FOR |
LIGHTHOUSE GREEN FUELS LIMITED |
LIGHTHOUSE GREEN FUELS LIMITED (REGISTERED NUMBER: 10773515) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
LIGHTHOUSE GREEN FUELS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
INDEPENDENT AUDITORS: |
109 Coleman Road |
Leicester |
Leicestershire |
LE5 4LE |
LIGHTHOUSE GREEN FUELS LIMITED (REGISTERED NUMBER: 10773515) |
STATEMENT OF FINANCIAL POSITION |
31ST DECEMBER 2023 |
31/12/23 | 31/12/22 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
8 |
( |
) |
( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
9 |
( |
) |
( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 13 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
LIGHTHOUSE GREEN FUELS LIMITED (REGISTERED NUMBER: 10773515) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Lighthouse Green Fuels Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
GOING CONCERN |
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements. |
The directors have reviewed future cash flow projections and financial modelling, which they feel adequately reflect the current uncertain economic environment. The directors are satisfied that this shows its future plans to be viable, and there will be sufficient cash resources available for the forthcoming 12 months to enable the entity to continue as a going concern. |
As shown in the accompanying financial statements, the Company incurred a net loss before taxation of £42,348 for the year ended 31 December 2023 (2022: £43,526). As of 31 December 2023, despite having a positive cash balance of £697,726 (2022: £447,130) the Company was in a net liability position of £2,635,500 with net current liabilities of £22,236,097. However it must be noted that a significant portion of the creditors relates to a funding arrangement with Periam, an associate of and supported by the Company's controlling party and thus there is no intention of recalling the loan for the foreseeable future. |
The Company’s ability to continue as a going concern is dependent upon successfully executing its plans to achieve profitability in the long-term. The Company’s financial statements do not include any adjustments that might be necessary if it were unable to continue as a going concern. |
It must be noted that the above results are in line with management's expectations and part of their long term plans of development for future positive results and arrangements through loans and parent support are in place. Finance has been secured and the funding arrangement is expected to continue into the future. The company also has support from its controlling party to ensure its going concern. |
The reliance on loans and investors funding is required to achieve its future plans. The asset under construction and the Company's ability to continue as a going concern is dependant on future success that can be derived and successfully executing of its investors' funding and projects winning plans to achieve profitability in the long-term. Until then the Company does not expect to be profitable and relies on support from controlling entities. |
LIGHTHOUSE GREEN FUELS LIMITED (REGISTERED NUMBER: 10773515) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
The TVR1 and TVR2 projects are significant in both size and amount of money that is being invested in them. Finance has been secured from Periam, an associate of the controlling parent; and this funding arrangement is expected to continue into the future. As a result, confirmation has been obtained from the related entities to indicate their continued support for the project. |
The financial statements do not include any adjustments that might be necessary if it were unable to continue as a going concern. After considering all relevant uncertainties, the directors have a reasonable expectation that the entity has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements. |
TANGIBLE FIXED ASSETS |
Long leasehold | - |
Fixtures and fittings | - |
Motor vehicles | - |
Office equipment | - |
Plant and Machinery are under construction and are capitalised based on stage of completion. No depreciation has been provided in the accounts for Plant and Machinery as the asset is still under construction. |
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the asset capable of operating as intended. |
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable. |
Capitalisation of expenditure |
Other expenditures are recognised in profit or loss on a usage apportionment basis except for those costs that are directly attributable to the construction or development of the plant and machinery asset under construction. |
INVESTMENTS IN SUBSIDIARIES |
Investments in subsidiary undertakings are recognised at cost. |
DERIVATIVES |
Derivative financial instruments are recognised at fair value using a valuation technique with any gains |
or losses being reported in profit or loss. Outstanding derivatives at reporting date are included under |
the appropriate format heading depending on the nature of the derivative. |
TAXATION |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
LIGHTHOUSE GREEN FUELS LIMITED (REGISTERED NUMBER: 10773515) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
DEFERRED TAX |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
RESEARCH AND DEVELOPMENT |
Expenditure on research and development is written off in the year in which it is incurred. |
FOREIGN CURRENCIES |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Employee benefits and contributions to defined contribution plans are recognised as an expense in the period in which they are incurred. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
4. | AUDITORS' REMUNERATION |
31/12/23 | 31/12/22 |
£ | £ |
Fees payable to the Company's auditors for the audit of the Company's financial statements |
6,000 |
6,600 |
. |
LIGHTHOUSE GREEN FUELS LIMITED (REGISTERED NUMBER: 10773515) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Long | Plant and | and |
leasehold | machinery | fittings |
£ | £ | £ |
COST |
At 1st January 2023 |
Additions |
At 31st December 2023 |
DEPRECIATION |
At 1st January 2023 |
Charge for year |
At 31st December 2023 |
NET BOOK VALUE |
At 31st December 2023 |
At 31st December 2022 |
Motor | Office |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1st January 2023 |
Additions |
At 31st December 2023 |
DEPRECIATION |
At 1st January 2023 |
Charge for year |
At 31st December 2023 |
NET BOOK VALUE |
At 31st December 2023 |
At 31st December 2022 |
Included within plant and machinery additions above is £23,008,874 relating to capitalised expenses for assets under construction. Thus no depreciation is charged. |
LIGHTHOUSE GREEN FUELS LIMITED (REGISTERED NUMBER: 10773515) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertaking |
£ |
COST |
At 1st January 2023 |
and 31st December 2023 |
NET BOOK VALUE |
At 31st December 2023 |
At 31st December 2022 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/23 | 31/12/22 |
£ | £ |
Other debtors |
Included within other debtors is deferred tax asset of £820,674 (2022: £817,306) which is deemed probable that they will be recovered against future taxable profits. The deferred tax asset is predominantly as a result of accumulated pre-trading expenditure. |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/23 | 31/12/22 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Other creditors |
Amounts owed to group undertakings are unsecured, interest free, and repayable on demand. |
Included within other creditors are accrued development recharges by an entity under common control, amounting to £17,224,949. |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31/12/23 | 31/12/22 |
£ | £ |
Other creditors |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Other loans more 5yrs non-inst |
LIGHTHOUSE GREEN FUELS LIMITED (REGISTERED NUMBER: 10773515) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
31/12/23 | 31/12/22 |
£ | £ |
Other loans | 32,634,757 | 31,671,441 |
There is a charge over the company's assets in favour of Periam Limited in lieu of the above loan given to the company. |
11. | FINANCIAL INSTRUMENTS |
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
12. | DEFERRED TAX |
£ |
Balance at 1st January 2023 | ( |
) |
Credit to Income Statement during year | ( |
) |
Balance at 31st December 2023 | ( |
) |
13. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31/12/23 | 31/12/22 |
value: | £ | £ |
Ordinary A | £1.00 | 200 | 200 |
Ordinary B | £1.00 | - | - |
200 | 200 |
14. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
15. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, 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. |
LIGHTHOUSE GREEN FUELS LIMITED (REGISTERED NUMBER: 10773515) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
15. | RELATED PARTY DISCLOSURES - continued |
Amounts owed to entities under common control at the year end was £55,817,357 (2022: £45,955,130) and amounts accrued at the year end was £17,224,949 (2022: £10,251,373), as well as amounts within trade creditors of £5,800,569 (2022: nil). |
Amounts capitalised during the year included accrued development recharges by an entity under common control, amounting to £11,807,385 (2022: £5,417,564), as well as accrued interest of £2,188,952 (2022: £1,546,052). |
16. | ULTIMATE CONTROLLING PARENT |
The Company's ultimate parent undertaking is Alfanar Global Development Company Ltd which is registered in Saudi Arabia. |