UNITED DOWNS GEOTHERMAL LIMITED

Company Registration Number:
10868073 (England and Wales)

Unaudited statutory accounts for the year ended 31 December 2023

Period of accounts

Start date: 01 January 2023

End date: 31 December 2023

UNITED DOWNS GEOTHERMAL LIMITED

Contents of the Financial Statements

for the Period Ended 31 December 2023

Company Information - 3
Report of the Directors - 4
Profit and Loss Account - 5
Balance sheet - 6
Additional notes - 8
Balance sheet notes - 11

UNITED DOWNS GEOTHERMAL LIMITED

Company Information

for the Period Ended 31 December 2023




Director: Matthew Clayton
Ryan Law
Jules van Limborgh
David Bridgland
Anish Patel
Secretary: David Bridgland
Registered office: United Downs Industrial Estate
St Day
Redruth
Cornwall
England
TR16 5HY
Company Registration Number: 10868073 (England and Wales)

UNITED DOWNS GEOTHERMAL LIMITED

Directors' Report Period Ended 31 December 2023

The directors present their report with the financial statements of the company for the period ended 31 December 2023

Additional information

On 30 April 2024, Anish Patel resigned and Andre Cheng was appointed as a director.

Directors

The directors shown below have held office during the whole of the period from 01 January 2023 to 31 December 2023
Matthew Clayton
Ryan Law

The director(s) shown below were appointed to the company during the period
Jules van Limborgh
24 February 2023
Anish Patel
24 February 2023

The director(s) shown below resigned during the period
David Bridgland
24 February 2023

Secretary
David Bridgland

This report was approved by the board of directors on 25 September 2024
And Signed On Behalf Of The Board By:

Name: David Bridgland
Status: Director

UNITED DOWNS GEOTHERMAL LIMITED

Profit and Loss Account

for the Period Ended 31 December 2023


Notes

2023
£

2022
£
Administrative Expenses ( 525,144 ) ( 28,151 )
Operating Profit or (Loss) ( 525,144 ) ( 28,151 )
Interest Receivable and Similar Income 89,187 -
Interest Payable and Similar Charges ( 391,890 ) ( 426,260 )
Profit or (Loss) Before Tax ( 827,847 ) ( 454,411 )
Profit or (Loss) for Period ( 827,847 ) ( 454,411 )

The notes form part of these financial statements

UNITED DOWNS GEOTHERMAL LIMITED

Balance sheet

As at 31 December 2023


Notes

2023
£

2022
£
Fixed assets
Tangible assets: 4 6,865,277
Total fixed assets: 6,865,277
Current assets
Debtors: 5 12,044,229 2,900,657
Cash at bank and in hand: 1,625,524 465
Total current assets: 13,669,753 2,901,122
Creditors: amounts falling due within one year: 6 ( 93,313 ) ( 23,449 )
Net current assets (liabilities): 13,576,440 2,877,673
Total assets less current liabilities: 20,441,717 2,877,673
Creditors: amounts falling due after more than one year: 7 ( 6,391,891 ) ( 3,426,260 )
Total net assets (liabilities): 14,049,826 ( 548,587 )

The notes form part of these financial statements

UNITED DOWNS GEOTHERMAL LIMITED

Balance sheet continued

As at 31 December 2023


Notes

2023
£

2022
£
Capital and reserves
Called up share capital: 15,426,360 100
Profit and loss account: ( 1,376,534 ) ( 548,687 )
Shareholders funds: 14,049,826 ( 548,587 )

For the year ending 31 December 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 25 September 2024
And Signed On Behalf Of The Board By:

Name: David Bridgland
Status: Director

The notes form part of these financial statements

UNITED DOWNS GEOTHERMAL LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

UNITED DOWNS GEOTHERMAL LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

  • 2. Employees


    2023

    2022
    Average number of employees during the period 0 0

UNITED DOWNS GEOTHERMAL LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

  • 3. Off balance sheet disclosure

    No

UNITED DOWNS GEOTHERMAL LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

4. Tangible assets

Plant & machinery Total
Cost £ £
At 01 January 2023 - -
Additions 6,865,277 6,865,277
Disposals - -
Revaluations - -
Transfers - -
At 31 December 2023 6,865,277 6,865,277
Depreciation
At 01 January 2023 - -
Charge for year - -
On disposals - -
Other adjustments - -
At 31 December 2023 - -
Net book value
At 31 December 2023 6,865,277 6,865,277
At 31 December 2022 - -

These are the costs to date of the deep geothermal power plant currently under construction.

UNITED DOWNS GEOTHERMAL LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

5. Debtors


2023
£

2022
£
Trade debtors 6,014
Other debtors 12,038,215 2,900,657
Total 12,044,229 2,900,657
Debtors due after more than one year: 12,000,000

Debtors due after more than 1 year consists of called up share capital not paid.

UNITED DOWNS GEOTHERMAL LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

6.Creditors: amounts falling due within one year note


2023
£

2022
£
Trade creditors 93,313 23,449
Total 93,313 23,449

UNITED DOWNS GEOTHERMAL LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

7.Creditors: amounts falling due after more than one year


2023
£

2022
£
Other creditors 6,391,891 3,426,260
Total 6,391,891 3,426,260

Amounts lent by shareholders to fund the construction of a deep geothermal power plant at United Downs, under a convertible debt facility.