Registered number |
for the year ended |
Pages for filing with the Registrar |
Registered number: | |||||||
Statement of financial position | |||||||
as at |
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Notes | 2023 | 2022 | |||||
£ | £ | ||||||
Fixed assets | |||||||
Tangible assets | 5 | ||||||
Current assets | |||||||
Debtors | 6 | ||||||
Deferred tax asset | 9 | 64,277 | - | ||||
Cash at bank and in hand | |||||||
Creditors: amounts falling due within one year | 7 | ( |
( |
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Net current assets | |||||||
Total assets less current liabilities | |||||||
Creditors: amounts falling due after more than one year | 8 | ( |
( |
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Net liabilities | ( |
( |
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Capital and reserves | |||||||
Called up share capital | |||||||
Profit and loss account | ( |
( |
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Shareholders' funds | ( |
( |
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The profit and loss account has not been delivered to the Registrar of Companies. | |||||||
The financial statements were approved by the board of directors and authorised for issue and are signed on its behalf by: | |||||||
Graham Mackenzie | |||||||
Director | |||||||
Approved by the board on |
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Notes to the Accounts | ||||||||
for the year ended |
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1 | Accounting policies | |||||||
Accounting convention | ||||||||
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. | ||||||||
Going concern | ||||||||
At the date of approval of the financial statements, the company have prepared and approved up- to-date management accounts, budgets and cash flow projections which include key revenue and cost assumptions that the directors consider reasonable and prudent. The shareholders have stated that they will not will not seek early repayment of the loan where this would be detrimental to the going concern status of the company. |
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Having considered the matters above, the company is of the view that it will have sufficient resources to continue to operate and meet debts as they fall due for the foreseeable future. The financial statements have therefore been prepared on a going concern basis. | ||||||||
Turnover | ||||||||
Tangible fixed assets | ||||||||
Revenue and costs during commissioning of the asset that are directly attributable to the construction of the asst are added to the cost of that asset until such time as the assets are substantially ready for their intended use. | ||||||||
Once commissioned, depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows: | ||||||||
Plant and equipment | straight line over a 15 year period | |||||||
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. | ||||||||
Borrowing costs related to fixed assets | ||||||||
Borrowing costs directly attributable to the construction of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use. | ||||||||
Cash at bank and in hand | ||||||||
Cash at bank and in hand 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. | ||||||||
Financial instruments | ||||||||
Financial instruments are recognised in the company's statement of financial position 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. |
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Basic financial assets | ||||||||
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. | ||||||||
Basic financial liabilities | ||||||||
Loan notes 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. | ||||||||
Tax | ||||||||
The tax expense represents the sum of the tax currently payable and deferred tax. | ||||||||
Current tax | ||||||||
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. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. 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. |
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Foreign exchange | ||||||||
2 | Critical accounting 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 | ||||||||
At each reporting period end, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication of impairment. If there is any such indication, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). | ||||||||
Deferred Tax | ||||||||
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. | ||||||||
3 | Operating profit | |||||||
2023 | 2022 | |||||||
£ | £ | |||||||
Operating profit for the year is stated after charging: | ||||||||
Fees payable to the company's auditor for the audit of the company's financial statements | - | |||||||
4 | Employees | |||||||
2023 | 2022 | |||||||
Average number of persons employed by the company | ||||||||
5 | Tangible fixed assets | |||||||
Plant and machinery etc | ||||||||
£ | ||||||||
Cost | ||||||||
At 1 January 2023 | ||||||||
Additions | ||||||||
At 31 December 2023 | ||||||||
Depreciation | ||||||||
At 1 January 2023 | - | |||||||
Charge for the year | ||||||||
At 31 December 2023 | ||||||||
Net book value | ||||||||
At 31 December 2023 | ||||||||
At 31 December 2022 | ||||||||
Included within the carrying amount of plant and machinery is loan interest totalling £274,719 (2022: £216,554). | ||||||||
6 | Debtors | 2023 | 2022 | |||||
£ | £ | |||||||
Trade debtors | ||||||||
Other debtors | ||||||||
7 | Creditors: amounts falling due within one year | 2023 | 2022 | |||||
£ | £ | |||||||
Loan notes due within one year | ||||||||
Trade creditors | ||||||||
Other creditors | ||||||||
8 | Creditors: amounts falling due after one year | 2023 | 2022 | |||||
£ | £ | |||||||
Loan notes due within 1 - 5 years | ||||||||
Loan notes due after 5 years | 2,129,316 | 2,134,571 | ||||||
Interest of 12% per annum is payable on loan notes of £2,978,347 (2022: £2,453,614). During the year £341,875 (2022: £202,518) was charged of which £269,275 (2022: £Nil) was paid and £72,600 (2022: £202,518) was capitalised. | ||||||||
9 | Deferred Taxation | |||||||
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon: | ||||||||
2023 | 2022 | |||||||
£ | £ | |||||||
Balances: | ||||||||
Opening balance | - | - | ||||||
Movement for the year | 64,277 | - | ||||||
Closing balance | - | |||||||
10 | Called up share capital | 2023 | 2022 | |||||
£ | £ | |||||||
Ordinary share capital Issued and fully paid | ||||||||
10,000 Ordinary shares of £1 each | ||||||||
11 | Related party transactions | |||||||
12 | Capital Commitments | |||||||
The company has entered into a contract for the design and construction of a gas-powered generation plant as a purchaser. Subject to the contractor meeting contract conditions, remaining milestone payments total £183,896 at year end. | ||||||||
13 | Parent Company | |||||||
14 | Other information | |||||||
Black Brook CHP Limited is a private company limited by shares and incorporated in England. Its registered office is: | ||||||||
123 Pall Mall | ||||||||
London | ||||||||
SW1Y 5EA | ||||||||
15 | Audit report information | |||||||
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006: | ||||||||
The audit report was signed on |