Company registration number 14262365 (England and Wales)
QE ACORN BIDCO LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
QE ACORN BIDCO LTD
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 8
QE ACORN BIDCO LTD
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Non-current assets
Investments
3
2
14,517,506
Current assets
Trade and other receivables
5
15,795,232
-
Cash and cash equivalents
27
27
15,795,259
27
Current liabilities
6
(129,954)
(2,000)
Net current assets/(liabilities)
15,665,305
(1,973)
Net assets
15,665,307
14,515,533
Equity
Called up share capital
8
15,922,363
14,644,636
Equity reserve
9
1,010,671
1,010,671
Retained earnings
(1,267,727)
(1,139,774)
Total equity
15,665,307
14,515,533

The notes on pages 2 to 8 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 9 September 2024 and are signed on its behalf by:
A Ciruelos
Director
Company registration number 14262365
QE ACORN BIDCO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

QE Acorn Bidco Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 58 Marylebone High Street, London, United Kingdom, 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 28 July 2022 and therefore the prior period is that of a short period. As a result, the figures will not be entirely comparable.

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, except for the revaluation of . 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:

Where required, equivalent disclosures are given in the group accounts of Q-Energy V UK Holdco Limited. The group accounts of Q-Energy V UK Holdco Limited are available to the public and can be obtained from Companies House.

1.3
Going concern

The directors have at the time of approving the financial statements, a reasonable expectation that the truecompany has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
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.

QE ACORN BIDCO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.5
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 classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss 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 and Fair Value through Other Comprehensive Income 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.

1.6
Financial liabilities

The company recognises financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

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.

1.7
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.

QE ACORN BIDCO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year/period was:

2023
2022
Number
Number
-
0
4
3
Investments
Current
Non-current
2023
2022
2023
2022
£
£
£
£
Investments in subsidiaries
-
-
2
14,517,506
Fair value of financial assets carried at amortised cost

Except as detailed below the directors believe that the carrying amounts of financial assets carried at amortised cost in the financial statements approximate to their fair values.

Movements in non-current investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023
14,517,506
Disposals
(14,517,504)
At 31 December 2023
2
Carrying amount
At 31 December 2023
2
At 31 December 2022
14,517,506
4
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

shares held
Direct
Indirect
Acorn Bioenergy Limited - 1
England and Wales
Ordinary
-
85.00
Acorn Bioenergy Operations Limited - 2
England and Wales
Ordinary
-
85.00
*Gillman Biogas Limited - 2
England and Wales
Ordinary
-
85.00
*Bridge Lake Biogas Limited - 2
England and Wales
Ordinary
-
85.00
*Farlington Biogas Limited - 2
England and Wales
Ordinary
-
85.00
*Purbrook Biogas Limited - 2
England and Wales
Ordinary
-
85.00
QE ACORN BIDCO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
4
Subsidiaries
shares held
Direct
Indirect
(Continued)
- 5 -
*Havant Biogas Limited - 2
England and Wales
Ordinary
-
85.00
*Nelson Biogas Limited - 2
England and Wales
Ordinary
-
85.00
*Thorney Biogas Limited - 2
England and Wales
Ordinary
-
85.00
*Bawden Energy Limited - 2
England and Wales
Ordinary
-
85.00
*Larsen C Energy Limited - 2
England and Wales
Ordinary
-
85.00
*Gipps Energy Limited - 2
England and Wales
Ordinary
-
85.00
Abronia Energy Limited - 2
England and Wales
Ordinary
-
85.00
Andros Energy Limited - 2
England and Wales
Ordinary
-
85.00
Cantor Energy Limited - 2
England and Wales
Ordinary
-
85.00
Celestus Energy Limited - 2
England and Wales
Ordinary
-
85.00
Comoro Energy Limited - 2
England and Wales
Ordinary
-
85.00
Matuda Energy Limited - 2
England and Wales
Ordinary
-
85.00
Mona Energy Limited - 2
England and Wales
Ordinary
-
85.00
Round Island Energy Limited - 2
England and Wales
Ordinary
-
85.00
Wattle Energy Limited - 2
England and Wales
Ordinary
-
85.00
Jolo Energy Limited - 2
England and Wales
Ordinary
-
85.00
Azores Energy Limited - 2
England and Wales
Ordinary
-
85.00
Finfoot Energy Limited - 2
England and Wales
Ordinary
-
85.00
Flores Energy Limited - 2
England and Wales
Ordinary
-
85.00
Florican Energy Limited - 2
England and Wales
Ordinary
-
85.00
Javan Energy Limited - 2
England and Wales
Ordinary
-
85.00
Jerdon Energy Limited - 2
England and Wales
Ordinary
-
85.00
Junin Energy Limited - 2
England and Wales
Ordinary
-
85.00
Kagu Energy Limited - 2
England and Wales
Ordinary
-
85.00
Maleo Energy Limited - 2
England and Wales
Ordinary
-
85.00
Nahan Energy Limited - 2
England and Wales
Ordinary
-
85.00
Chopard Energy Limited - 2
England and Wales
Ordinary
-
85.00
Epiros Energy Limited - 2
England and Wales
Ordinary
-
85.00
Gomera Energy Limited - 2
England and Wales
Ordinary
-
85.00
Jagos Energy Limited - 2
England and Wales
Ordinary
-
85.00
Karpathos Energy Limited - 2
England and Wales
Ordinary
-
85.00
Laricis Energy Limited - 2
England and Wales
Ordinary
-
85.00
Lompoc Energy Limited - 2
England and Wales
Ordinary
-
85.00
Luzon Energy Limited - 2
England and Wales
Ordinary
-
85.00
Pindos Energy Limited - 2
England and Wales
Ordinary
-
85.00
Zarceus Energy Limited - 2
England and Wales
Ordinary
-
85.00
Astwick Green Power Limited - 2
England and Wales
Ordinary
-
85.00
Hardwick Green Energy Limited - 2
England and Wales
Ordinary
-
85.00
Horse Close Green Power Limited - 2
England and Wales
Ordinary
-
85.00
Spring Grove Green Power Limited - 2
England and Wales
Ordinary
-
85.00
East Witney Green Power Limited - 2
England and Wales
Ordinary
-
85.00
Camp Farm Green Energy Limited - 2
England and Wales
Ordinary
-
85.00
Cowdown Green Energy Limited - 2
England and Wales
Ordinary
-
85.00
Bradfield Grove Green Energy Limited - 2
England and Wales
Ordinary
-
85.00
Three Maids Green Energy Limited - 2
England and Wales
Ordinary
-
85.00
Hornage Green Energy Limited - 2
England and Wales
Ordinary
-
85.00
Manachainn Rois Green Energy Limited - 2
England and Wales
Ordinary
-
85.00
Ashton Keynes Green Energy Limited - 2
England and Wales
Ordinary
-
85.00
Hill of Rathven Green Energy Limited - 2
England and Wales
Ordinary
-
85.00
QE ACORN BIDCO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
4
Subsidiaries
shares held
Direct
Indirect
(Continued)
- 6 -
Longmorn Green Energy Limited - 2
England and Wales
Ordinary
-
85.00
Acorn Bioenergy Holdco Limited - 1
England and Wales
Ordinary
85.00
-
1
58 Marylebone High Street, London, W1U 5HT
2
5 Fleet Place, London, EC4M 7RD

Shares in the following companies are held indirectly through investment in Acorn Bioenergy Limited

 

· Acorn Bioenergy Operations Limited

 

· Gillman Biogas Limited

· Bridge Lake Biogas Limited

· Farlington Biogas Limited

· Purbrook Biogas Limited

· Havant Biogas Limited

· Nelson Biogas Limited

· Thorney Biogas Limited

 

· Bawden Energy Limited:

· Abronia Energy Limited

· Andros Energy Limited

· Cantor Energy Limited

· Celestus Energy Limited

· Comoro Energy Limited

· Jolo Energy Limited

· Matuda Energy Limited

· Mona Energy Limited

· Round Island Energy Limited

· Wattle Energy Limited

 

· Larsen C Energy Limited:

· Azores Energy Limited

· Finfoot Energy Limited

· Flores Energy Limited

· Florican Energy Limited

· Javan Energy Limited

· Jerdon Energy Limited

· Junin Energy Limited

· Kagu Energy Limited

· Maleo Energy Limited

· Nahan Energy Limited

QE ACORN BIDCO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
4
Subsidiaries
(Continued)
- 7 -

· Gipps Energy Limited:

· Chopard Energy Limited

· Epiros Energy Limited

· Gomera Energy Limited

· Jagos Energy Limited

· Karpathos Energy Limited

· Laricis Energy Limited

· Lompoc Energy Limited

· Luzon Energy Limited

· Pindos Energy Limited

· Zarceus Energy Limited

 

· Astwick Green Power Limited

· Hardwick Green Energy Limited

· Horse Close Green Power Limited **

· Spring Grove Green Power Limited

· East Witney Green Power Limited

 

· Camp Farm Green Energy Limited

· Cowdown Green Energy Limited

· Bradfield Grove Green Energy Limited

· Three Maids Green Energy Limited **

· Hornage Green Energy Limited

· Manachainn Rois Green Energy Limited

· Ashton Keynes Green Energy Limited

· Hill of Rathven Green Energy Limited

· Longmorn Green Energy Limited

 

The investments in the subsidiaries are all stated at cost.

*These subsidiaries took advantage of the exemption from audit under section 479C of the Companies Act 2006.

 

The other subsidiaries owned by Acorn Bioenergy Limited, except those marked ** took advantage of the exemption from audit under section 480 of the Companies Act 2006.

 

The principle activities of the subsidiaries owned by Acorn Bioenergy Limited is the same as that of the parent company.

5
Trade and other receivables
2023
2022
£
£
Amounts owed by subsidiary undertakings
15,795,232
-
0
6
Liabilities
2023
2022
Notes
£
£
Trade and other payables
7
129,954
2,000
QE ACORN BIDCO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
7
Trade and other payables
2023
2022
£
£
Amount owed to parent undertaking
123,274
-
0
Accruals and deferred income
6,680
2,000
129,954
2,000
8
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
15,922,363
14,644,636
15,922,363
14,644,636

On 27 March 2023 1,277,727 ordinary shares of £1 were allotted as fully paid at par.

9
Equity reserve
2023
2022
£
£
At the beginning of the year
1,010,671
-
0
Other movements
-
1,010,671
At the end of the year
1,010,671
1,010,671
10
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.
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