IRIS Accounts Production v24.1.0.578 10773515 Board of Directors 1.1.23 31.12.23 31.12.23 5/9/2024 0 0 false true false false true false Auditors Opinion Ordinary A 1.00000 Ordinary B 1.00000 Ordinary A 1.00000 Ordinary B 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh107735152022-12-31107735152023-12-31107735152023-01-012023-12-31107735152021-12-31107735152022-01-012022-12-31107735152022-12-3110773515ns15:EnglandWales2023-01-012023-12-3110773515ns14:PoundSterling2023-01-012023-12-3110773515ns10:Director12023-01-012023-12-3110773515ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3110773515ns10:SmallEntities2023-01-012023-12-3110773515ns10:Audited2023-01-012023-12-3110773515ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3110773515ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3110773515ns10:FullAccounts2023-01-012023-12-3110773515ns10:OrdinaryShareClass12023-01-012023-12-3110773515ns10:OrdinaryShareClass22023-01-012023-12-3110773515ns10:Director22023-01-012023-12-3110773515ns10:RegisteredOffice2023-01-012023-12-3110773515ns5:CurrentFinancialInstruments2023-12-3110773515ns5:CurrentFinancialInstruments2022-12-3110773515ns5:Non-currentFinancialInstruments2023-12-3110773515ns5:Non-currentFinancialInstruments2022-12-3110773515ns5:ShareCapital2023-12-3110773515ns5:ShareCapital2022-12-3110773515ns5:RetainedEarningsAccumulatedLosses2023-12-3110773515ns5:RetainedEarningsAccumulatedLosses2022-12-3110773515ns5:LongLeaseholdAssetsns5:LandBuildings2023-01-012023-12-3110773515ns5:FurnitureFittings2023-01-012023-12-3110773515ns5:MotorVehicles2023-01-012023-12-3110773515ns5:ComputerEquipment2023-01-012023-12-3110773515ns5:LongLeaseholdAssetsns5:LandBuildings2022-12-3110773515ns5:PlantMachinery2022-12-3110773515ns5:FurnitureFittings2022-12-3110773515ns5:PlantMachinery2023-01-012023-12-3110773515ns5:LongLeaseholdAssetsns5:LandBuildings2023-12-3110773515ns5:PlantMachinery2023-12-3110773515ns5:FurnitureFittings2023-12-3110773515ns5:LongLeaseholdAssetsns5:LandBuildings2022-12-3110773515ns5:PlantMachinery2022-12-3110773515ns5:FurnitureFittings2022-12-3110773515ns5:MotorVehicles2022-12-3110773515ns5:ComputerEquipment2022-12-3110773515ns5:MotorVehicles2023-12-3110773515ns5:ComputerEquipment2023-12-3110773515ns5:MotorVehicles2022-12-3110773515ns5:ComputerEquipment2022-12-3110773515ns5:CostValuation2022-12-3110773515ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3110773515ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3110773515ns5:CurrentFinancialInstruments2023-01-012023-12-3110773515ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2023-12-3110773515ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2022-12-3110773515ns5:DeferredTaxation2022-12-3110773515ns5:DeferredTaxation2023-01-012023-12-3110773515ns5:DeferredTaxation2023-12-3110773515ns10:OrdinaryShareClass12023-12-3110773515ns10:OrdinaryShareClass22023-12-31
REGISTERED NUMBER: 10773515 (England and Wales)

















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: Mr M A Alam
Mr J Wadi





REGISTERED OFFICE: 1 Cornhill
Fenchurch Street
London
EC3V 3NR





REGISTERED NUMBER: 10773515 (England and Wales)





INDEPENDENT AUDITORS: Watergates Ltd (Statutory Auditor)
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 75,417,953 52,395,087
Investments 6 1 1
75,417,954 52,395,088

CURRENT ASSETS
Debtors 7 1,507,970 1,416,686
Cash at bank 697,726 447,130
2,205,696 1,863,816
CREDITORS: AMOUNTS FALLING DUE
WITHIN ONE YEAR

8

(24,441,793

)

(10,900,294

)
NET CURRENT LIABILITIES (22,236,097 ) (9,036,478 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

53,181,857

43,358,610

CREDITORS: AMOUNTS FALLING DUE
AFTER MORE THAN ONE YEAR

9

(55,817,357

)

(45,955,130

)
NET LIABILITIES (2,635,500 ) (2,596,520 )

CAPITAL AND RESERVES
Called up share capital 13 200 200
Retained earnings (2,635,700 ) (2,596,720 )
SHAREHOLDERS' FUNDS (2,635,500 ) (2,596,520 )

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 5th September 2024 and were signed on its behalf by:





Mr J Wadi - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Long leasehold - Straight line over 20 years
Fixtures and fittings - Straight line over 3 years
Motor vehicles - 15% on cost
Office equipment - 25% on cost, Straight line over 3 years and Straight line over 5 years

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 578,506 51,957,486 10,436
Additions - 23,008,874 3,842
At 31st December 2023 578,506 74,966,360 14,278
DEPRECIATION
At 1st January 2023 144,527 - 10,314
Charge for year 28,842 - 251
At 31st December 2023 173,369 - 10,565
NET BOOK VALUE
At 31st December 2023 405,137 74,966,360 3,713
At 31st December 2022 433,979 51,957,486 122

Motor Office
vehicles equipment Totals
£    £    £   
COST
At 1st January 2023 17,805 82,208 52,646,441
Additions - 45,152 23,057,868
At 31st December 2023 17,805 127,360 75,704,309
DEPRECIATION
At 1st January 2023 17,805 78,708 251,354
Charge for year - 5,909 35,002
At 31st December 2023 17,805 84,617 286,356
NET BOOK VALUE
At 31st December 2023 - 42,743 75,417,953
At 31st December 2022 - 3,500 52,395,087

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 1
NET BOOK VALUE
At 31st December 2023 1
At 31st December 2022 1

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/23 31/12/22
£    £   
Other debtors 1,507,970 1,416,686

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 6,972,281 240,873
Amounts owed to group undertakings 193,894 159,426
Other creditors 17,275,618 10,499,995
24,441,793 10,900,294

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 55,817,357 45,955,130

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Other loans more 5yrs non-inst 55,817,357 45,955,130

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 (817,306 )
Credit to Income Statement during year (3,368 )
Balance at 31st December 2023 (820,674 )

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/12/23 31/12/22
value: £    £   
102 Ordinary A £1.00 200 200
98 Ordinary B £1.00 - -
200 200

14. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Nazir Malida FCCA (Senior Statutory Auditor)
for and on behalf of Watergates Ltd (Statutory Auditor)

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.