Company registration number 14389646 (England and Wales)
THREE MAIDS GREEN ENERGY LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
THREE MAIDS GREEN ENERGY LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
THREE MAIDS GREEN ENERGY LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
4
2,285,830
-
Current assets
Trade and other receivables
5
463,249
1
Cash and cash equivalents
4,866,192
5,329,441
1
Current liabilities
6
(8,487,117)
-
Net current (liabilities)/assets
(3,157,676)
1
Net (liabilities)/assets
(871,846)
1
Equity
Called up share capital
8
1
1
Retained earnings
(871,847)
Total equity
(871,846)
1
The notes on pages 2 to 6 form part of these financial statements.
The directors of the company have elected not to include a copy of the income statement within the financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 6 September 2024 and are signed on its behalf by:
J Jimenez
Director
Company registration number 14389646
THREE MAIDS GREEN ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Three Maids Green Energy Limited is a private company limited by shares incorporated in England and Wales. The registered office is 58 Marylebone High Street, London, England, W1U 5HT. The company's principal activities and nature of its operations are disclosed in the directors' report.
1.1
Reporting period
The company was incorporated on 30 September 2022. The period covered by these financial statements is the year to 31 December 2023, while the comparative figures cover the period 30 September 2022 to 31 December 2022 so are not entirely comparable. The decision to change the accounting period was made to bring the company's year end in line with the rest of the group.
1.2
Accounting convention
The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with applicable accounting standards.
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.
As permitted by FRS 101, the company has taken advantage of the following disclosure exemptions from the requirements of IFRS:
inclusion of an explicit and unreserved statement of compliance with IFRS;
presentation of a statement of cash flows and related notes;
disclosure of the objectives, policies and processes for managing capital;
disclosure of key management personnel compensation;
disclosure of the categories of financial instrument and the nature and extent of risks arising on these financial instruments;
the effect of financial instruments on the statement of comprehensive income;
comparative period reconciliations for the number of shares outstanding and the carrying amounts of property, plant and equipment, intangible assets, investment property and biological assets;
disclosure of the future impact of new International Financial Reporting Standards in issue but not yet effective at the reporting date;
a reconciliation of the number and weighted average exercise prices of share options, how the fair value of share-based payments was determined and their effect on profit or loss and the financial position;
comparative narrative information;
for financial instruments, investment property and biological assets measured at fair value and within the scope of IFRS 13, the valuation techniques and inputs used to measure fair value, the effect of fair value measurements with significant unobservable inputs on the result for the period and the impact of credit risk on the fair value; and
related party disclosures for transactions with the parent or wholly owned members of the group.
Where required, equivalent disclosures are given in the group accounts of Acorn Bioenergy Limited. The group accounts of Acorn Bioenergy Limited are available to the public and can be obtained as set out in note 11.
1.3
Going concern
The parent company, Acorn Bioenergy Limited, has undertaken to provide such financial support as is required to ensure that the company is able to meet its financial commitments for at least one year from the date of approving the financial statements. As such, the directors have at the time of approving the financial statements, a reasonable expectation that the company has adequate resources to continue to adopt the going concern basis of accounting in preparing the financial statements.true
THREE MAIDS GREEN ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.4
Property, plant and equipment
Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
To be depreciated when assets are brought into use
Assets in the course of construction are not depreciated.
1.5
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial assets
Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.
At initial recognition, financial assets held at amortised cost are initially measured at fair value plus transaction costs.
Financial assets held at amortised cost
Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.
Impairment of financial assets
Financial assets carried at amortised cost are assessed for indicators of impairment at each reporting end date.
The expected credit losses associated with these assets are estimated on a forward-looking basis. A broad range of information is considered when assessing credit risk and measuring expected credit losses, including past events, current conditions, and reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.
1.7
Financial liabilities
The company recognises financial debt when the company becomes a party to the contractual provisions of the instruments.
THREE MAIDS GREEN ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Other financial liabilities
Other financial liabilities, including borrowings, trade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.
Derecognition of financial liabilities
Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Critical accounting estimates and judgements
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, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
There are no estimates nor assumptions which are deemed to have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
THREE MAIDS GREEN ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
4
Property, plant and equipment
Assets under construction
Plant and equipment
Total
£
£
£
Cost
At 1 January 2023
Additions
2,053,249
232,581
2,285,830
At 31 December 2023
2,053,249
232,581
2,285,830
Accumulated depreciation and impairment
At 1 January 2023
At 31 December 2023
Carrying amount
At 31 December 2023
2,053,249
232,581
2,285,830
5
Trade and other receivables
2023
2022
£
£
VAT recoverable
415,205
-
Amount owed by parent undertaking
1
1
Prepayments and accrued income
48,043
463,249
1
6
Liabilities
2023
2022
Notes
£
£
Trade and other payables
7
8,487,117
7
Trade and other payables
2023
2022
£
£
Trade payables
726,757
Amount owed to parent undertaking
7,095,841
Accruals and deferred income
664,519
8,487,117
-
THREE MAIDS GREEN ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
8
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
100
100
1
1
Ordinary shares carry full rights of voting. All shares have the right to participate in any distribution or dividends payable and rank pari passu in respect of dividends and on winding up.
9
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 auditor's report was unqualified and signed on 12 September 2024.
The senior statutory auditor was David Lawrence BSc (Hons) FCA and the auditor was Azets Audit Services.
10
Capital commitments
2023
2022
£
£
At 31 December 2023 the company had capital commitments as follows:
Contracted for but not provided in the financial statements:
Acquisition of property, plant and equipment
27,388,458
-
11
Controlling party
The immediate parent undertaking and the smallest group to consolidate these financial statements is Acorn Bioenergy Limited, a company incorporated in England & Wales. Copies of the Acorn Bioenergy Limited consolidated financial statements can be obtained from the registered office address at 58 Marylebone High Street, London, United Kingdom, W1U 5HT.
The ultimate parent undertaking and the largest group to consolidate these financial statements is Q-Energy V UK Holdco Limited (company number 14260392). Copies of the Q-Energy V UK Holdco Limited consolidated financial statements can be obtained from the registered office address at 58 Marylebone High Street, London, United Kingdom, W1U 5HT.