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REGISTERED NUMBER: 12291371 (England and Wales)













Financial Statements

for the Year Ended 31 December 2023

for

Waste Knot Energy (Finance) Ltd

Waste Knot Energy (Finance) Ltd (Registered number: 12291371)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Waste Knot Energy (Finance) Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTORS: M A Green
I Jones
C T Jones
R K Murray
C M Coulton





REGISTERED OFFICE: Waste Knot Energy
Riverside Park Road
Middlesbrough
Cleveland
TS2 1UT





REGISTERED NUMBER: 12291371 (England and Wales)





AUDITORS: Anderson Barrowcliff Limited
Statutory Auditors
Chartered Accountants
3 Kingfisher Court
Bowesfield Park
Stockton on Tees
TS18 3EX

Waste Knot Energy (Finance) Ltd (Registered number: 12291371)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investments 4 2 2

CURRENT ASSETS
Debtors 5 48,197,491 34,182,404
Cash at bank and in hand 1,050 734
48,198,541 34,183,138
CREDITORS
Amounts falling due within one year 6 25,830 4,250
NET CURRENT ASSETS 48,172,711 34,178,888
TOTAL ASSETS LESS CURRENT LIABILITIES 48,172,713 34,178,890

CREDITORS
Amounts falling due after more than one
year

7

48,218,104

34,186,768
NET LIABILITIES (45,391 ) (7,878 )

CAPITAL AND RESERVES
Called up share capital 8 1 1
Retained earnings (45,392 ) (7,879 )
SHAREHOLDERS' FUNDS (45,391 ) (7,878 )

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 August 2024 and were signed on its behalf by:





M A Green - Director


Waste Knot Energy (Finance) Ltd (Registered number: 12291371)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Waste Knot Energy (Finance) Ltd 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 (£), rounded to the nearest £.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements cover the individual entity only. The entity, as a parent of a small group, has applied the exemption not to prepare group accounts.

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.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less accumulated impairment.

Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Waste Knot Energy (Finance) Ltd (Registered number: 12291371)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
(i) Financial assets

Basic financial assets, including trade and other receivables, cash and bank balances and investments in commercial paper, are initially recognised at transaction price. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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.

Other financial assets, including investments in equity instruments of entities which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is nominally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in the profit and loss account.

(ii) Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow Group companies 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 receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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 unless they are included in a hedging arrangement.

Financial liabilities are derecognised when the liability is extinguished, that is when the associated contractual obligation is discharged, cancelled or expires.

(iii) Offsetting

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

Waste Knot Energy (Finance) Ltd (Registered number: 12291371)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 2
NET BOOK VALUE
At 31 December 2023 2
At 31 December 2022 2

5. DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Amounts owed by group undertakings 48,197,491 34,182,404

As at 31 December 2023 the company was owed £48,197,491 (2022 - £38,142,404) by its wholly owned subsidiary, WKE (Middlesbrough) Ltd. The loan accrues interest at 10% per annum compounding at each calendar quarter end. The loan is unsecured and, together with accrued interest, shall be repayable in full promptly on demand by the lender, although this is not expected to be within one year from the balance sheet date.

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Accrued expenses 25,830 4,250

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Amounts owed to group undertakings 48,218,104 34,186,768

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Amounts owed to group undertakings 48,218,104 34,186,768

Waste Knot Energy (Finance) Ltd (Registered number: 12291371)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued

As at 31 December 2023 the company owed £41,507,621 (2022 - £34,186,768) to Gresham House BSI Infrastructure LP, an entity with a common ultimate controlling party to the company. The loans accrue interest at 10% per annum, compounding at each calendar quarter end. The loans are secured against the assets of the company and its subsidiaries. The loans are repayable at the earlier of (i) a sale, (ii) a listing, (iii) or on the date falling ten years following the date of the Secured Guaranteed Loan Note Instruments, being 20 December 2029.

As at 31 December 2023 the company owed £6,710,483 (2022 - £Nil) to Gresham House British Sustainable Infrastructure Fund II LP, an entity with a common ultimate controlling party to the company. The loans accrue interest at 10% per annum, compounding at each calendar quarter end. The loans are secured against the assets of the company and its subsidiaries. The loans are repayable at the earlier of (i) a sale, (ii) a listing, (iii) or on the date falling ten years following the date of the Secured Guaranteed Loan Note Instruments, being 20 December 2029.

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1 Ordinary 1 1 1

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

The Report of the Auditors was unqualified.

David Shawcross FCA (Senior Statutory Auditor)
for and on behalf of Anderson Barrowcliff Limited

10. 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.

11. ULTIMATE CONTROLLING PARTY

The immediate controlling party is Waste Knot Energy (Holding) Limited, an entity registered in the UK.

The smallest group within which the company belongs and for which group financial statements are prepared is Gresham House Limited, an entity registered in the UK. The financial statements of Gresham House Limited can be obtained from Companies House.

The ultimate controlling party is Searchlight Capital Partners III SED, L.P., a Cayman Limited Partnership.