Company registration number 05975223 (England and Wales)
NextEnergy Capital Limited and Group Undertakings
Annual report and financial statements
For the year ended 31 December 2023
55 L
oudoun Road
St J
ohn's Wood
Lon
don NW8 0DL
NEXTENERGY CAPITAL LIMITED AND GROUP UNDERTAKINGS
NextEnergy Capital Limited and Group Undertakings
COMPANY INFORMATION
Directors
Mr A Beolchini
M F H Bonte-Friedheim
Secretary
Laggan Secretaries Limited
Company number
05975223
Registered office
75 Grosvenor Street
London
United Kingdom
W1K 3JS
Auditor
MGR Weston Kay LLP
55 Loudoun Road
St John's Wood
London
NW8 0DL
NEXTENERGY CAPITAL LIMITED AND GROUP UNDERTAKINGS
NextEnergy Capital Limited and Group Undertakings
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 8
Group profit and loss account
9
Company profit and loss account
10
Group statement of comprehensive income
11
Company statement of comprehensive income
12
Group balance sheet
13
Company balance sheet
14
Group statement of changes in equity
15
Company statement of changes in equity
16
Group statement of cash flows
17
Company statement of cash flows
18
Notes to the financial statements
19 - 38
NEXTENERGY CAPITAL LIMITED AND GROUP UNDERTAKINGS
NextEnergy Capital Limited and Group Undertakings
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
The directors present the strategic report for the year ended 31 December 2023.
References in this report to the "Company" mean NextEnergy Capital Limited, together with its subsidiaries, the "Group".
Principal Activities
The principal activity of the Company is that of fund management. The Group's primary sources of revenue are generated from investment management fees and investment advisory fees in relation to the listed fund and private equity funds managed by the NextEnergy Group.
Business Review
During the year, the NextEnergy Group's fifth fund, a private equity fund named NextPower V ESG, was launched in July 2023. The Company acts as the Portfolio Manager of this fund, and hence began earning portfolio management fees from the launch date.
During the year, the Company continued to earn investment advisory fees in relation to the listed NextEnergy Solar Fund, and investment management fees in relation to the NextPower III and NextPower UK ESG private equity funds.
The Company sold its shares in NextEnergy Capital IM Ltd to its parent company NextEnergy Capital Sàrl on 14/12/2023 for £13,204,097. The Company also sold its shares in NextEnergy Services Italia Srl to a related party, NextEnergy Services Ltd on 12/12/2023 for £6,175,915.
Key Performance Indicators
2023
2022
£
£
Turnover
24,469,529
28,142,050
Total operating profit / (loss)
6,590,258
10,886,938
Principal Risks and Uncertainties
The management of the business and execution of the Group’s strategy are subject to a number of risks. The principal risks are operational risk, market risk, credit risk, liquidity risk and foreign exchange risk. The principal risks of the Group are monitored by Management. Where Management identifies that specific risks are material to the Group, the financial impact of these risks is considered as part of business planning and capital management.
Operational Risk
Operational risk refers to the potential risks arising from internal processes, systems, people, and external events. These risks can impact the investment firm's safety, financial performance, and overall strategic objectives. The Group conducts ongoing operational and related compliance monitoring to assist in identifying any weaknesses and potential failures, which are reported to Management. The Group operates with formal schedules of delegation to assure material decision-making is made in the right forum and with appropriate input from the senior management.
Market Risk
Market risk is the risk of fluctuations in the financial markets that can affect investor appetite. Economic downturns may lead to reduced asset values and liquidity challenges.
Liquidity Risk
Liquidity risk is the risk of an entity encountering difficulty in meeting obligations with financial liabilities. Liquidity management is performed centrally by Group Finance with oversight from the CFO. The Group has a scalable business model allowing it to be able to react effectively and quickly.
Credit Risk
Credit risk is the risk that a counterparty will fail to complete its contractual obligations when they fall due. The Company mitigates this risk by placing priority of this payment over other obligations of the funds and undertaking thorough due diligence on investors.
NEXTENERGY CAPITAL LIMITED AND GROUP UNDERTAKINGS
NextEnergy Capital Limited and Group Undertakings
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Risk Management
The Group has a risk management framework covering all aspects of the Group's business. Management identifies risks though a framework of policy and procedures taking account of relevant laws, standards, principles and rules, including FCA principles and rules, with the aim of operating a defined and transparent risk management framework (RMF). These policies and procedures are updated as required to ensure that the Group operates with utmost integrity and professionalism in all business dealings.
On an ongoing basis, the Group maintains a ‘Material harms identification and assessment register' in which an exhaustive list of risks is assessed as to its likelihood of coming to fruition and the potential impact on the Group should it do so. Based on the findings of this register, the Group has developed a number of policies, procedures and internal reporting frameworks to control these risks. As new risks emerge they are identified and added to the register. As different strategic decisions are taken by Management, the assessment of risks is adjusted. Should the outcome of the assessment of any risk change, this could warrant a change to the strategy, the risk appetite or the policies and procedures.
The Group considers risk as part of its normal business operations and formally documents its risk findings in detail within the Material Harms Assessment, an annual ICARA review and report and in summary in its public disclosures.
Section 172(1) Statement
The Directors of the company consider, both individually and collectively, that they have acted in a way that would most likely promote the success of the Company for the benefit of its members as a whole (having regard to relevant stakeholders and matters set out in section 172(1) of the Companies Act 2006) in the decisions taken during the year ended 31 December 2023.
The following sets out the requirements of section 172 (1) and notes how the Directors have discharged their duties.
a) Long-Term Consequences of decisions taken
The majority of the decisions made by the Directors during the year were deemed to be routine in nature and were taken on a cyclical basis. Key decisions which the Directors met to consider during the year was the approval of the statutory financial statements of the Company and to consider new investments.
b) Interests of the Company’s workforce
The Directors recognise the employees are fundamental to the business and delivery of our strategic ambitions. Our commitment to employee well-being includes fair compensation, professional development and a safe working environment.
c) Business relationships
Delivering the strategy of the Group requires strong mutually beneficial relationships with the principal stakeholders. These include the shareholders, partners, suppliers, customers, local communities, lenders and other external stakeholders.
Suppliers: The Company is committed to ensuring high standards of Environmental, Social and Governance (ESG) across its supply chain. Suppliers include payroll providers, recruitment consultants, financial and legal advisors, external auditors and commercial property lessors.
Customers: The Company’s customers are predominantly internal to the wider NextEnergy Group’s subsidiaries and affiliates. The Company was not required to make material commercial decisions relating to external customers during the year.
NEXTENERGY CAPITAL LIMITED AND GROUP UNDERTAKINGS
NextEnergy Capital Limited and Group Undertakings
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
d) Community and Environmental Impact
The Board and Management recognise the importance of sound ESG practices as part of their responsibility to our clients, shareholders and the communities in which the Group operates.
The Group’s mission is to generate a more sustainable future by leading the transition to clean energy and its corporate values are aligned with the UN Sustainable Development Goals. They have been adopted as the underlying framework to identify, manage and measure our impacts on the environment and society. They extend to the whole value chain of the business, from our investments and employees, to our suppliers and service providers, our business partners, and the broader communities we operate in.
e) Reputation for High Standards
The reputation of the Company and its Directors are fundamental to the long-term success of the Company and significant effort is expended to ensure that performance and processes attain expectations. The Group and the Company are committed to maintaining high ethical standards, adhering to laws and regulations, conducting business in a responsible way and treating all stakeholders with honesty and integrity.
f) Fairness Among Members of the Company
The Company is part of a wider group and in addition to promoting the success of the Company as a whole, the duties of the Directors of the Company are exercised in a way that is most likely to promote the success of the wider NextEnergy Group, while having regard to the factors outlined in section 172(1) Companies Act 2006.
Other matters
Due to the nature of the business and the information provided elsewhere in this report, the Directors have decided not to include additional financial and non-financial key performance indicators (including with regard to environmental matters) in the Strategic report because they would not materially improve an understanding of the development, performance or position of the business.
M F H Bonte-Friedheim
Director
30 September 2024
NEXTENERGY CAPITAL LIMITED AND GROUP UNDERTAKINGS
NextEnergy Capital Limited and Group Undertakings
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
The directors present their annual report and financial statements for the year ended 31 December 2023.
Principal activities
The principal activity of the Company is that of fund management. Its primary sources of revenue are generated from investment management fees and investment advisory fees in relation to the listed fund and private equity funds managed by the NextEnergy Group. The primary source of revenue of the Group is the sale of assets it has developed in Italy.
Results and dividends
The results for the year are set out on page 9.
No ordinary dividends were paid by NextEnergy Capital Limited and the directors do not recommend payment of a final dividend. One of the subsidiaries of the group did pay a dividend during the year to Non-Controlling Interests.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr A Beolchini
M F H Bonte-Friedheim
Statement of directors' responsibilities
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the ;
prepare the on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
NEXTENERGY CAPITAL LIMITED AND GROUP UNDERTAKINGS
NextEnergy Capital Limited and Group Undertakings
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
On behalf of the board
M F H Bonte-Friedheim
Director
30 September 2024
NEXTENERGY CAPITAL LIMITED AND GROUP UNDERTAKINGS
NextEnergy Capital Limited and Group Undertakings
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF NEXTENERGY CAPITAL LIMITED AND GROUP UNDERTAKINGS
- 6 -
Opinion
We have audited the financial statements of NextEnergy Capital Limited (the 'Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the group's and the parent company's affairs as at 31 December 2023 and of the group's loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group and Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
The financial statements do not include a qualification in respect of the comparative transactions and balances. At the completion of the 2022 financial statements there was not enough time to conclude on the position of some of the overseas subsidiaries. Following the completion of the 2022 financial statements, further work was performed and verified which has allowed us to issue a clean opinion on these balances hence a clean audit opinion is issued for the current year including the 2022 comparatives.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's and Company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
NEXTENERGY CAPITAL LIMITED AND GROUP UNDERTAKINGS
NextEnergy Capital Limited and Group Undertakings
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF NEXTENERGY CAPITAL LIMITED AND GROUP UNDERTAKINGS
- 7 -
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Group and the Company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept by the Company, or returns adequate for our audit have not been received from branches not visited by us; or
the Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, to detect material misstatements in respect of irregularities, including fraud. Based on our understanding of the Company and its industry, we identified that the principal risks of non-compliance with laws and regulations related to Employment Law, Data Protection Law and FCA regulations, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements, such as the Companies Act 2006.
We evaluated the directors' and management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting manual journal entries to manipulate financial performance and manipulating accounting estimates which could be subject to management bias.
Our audit procedures were designed to respond to those identified risks, including non-compliance with laws and regulations (irregularities) and fraud that are material to the financial statements. Our audit procedures included but were not limited to:
discussing with the directors and management their policies and procedures regarding compliance with laws and regulations;
communicating identified laws and regulations throughout our engagement team and remaining alert to any indications of non-compliance throughout our audit;
considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud; and
verifying employees' right to work in the UK as part of adherence to Employment Law.
Reviewing and confirming the appropriate submissions has been made to the FCA
NEXTENERGY CAPITAL LIMITED AND GROUP UNDERTAKINGS
NextEnergy Capital Limited and Group Undertakings
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF NEXTENERGY CAPITAL LIMITED AND GROUP UNDERTAKINGS
- 8 -
Our audit procedures in relation to fraud included but were not limited to:
making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
gaining an understanding of the internal controls established to mitigate risks related to fraud;
discussing amongst the engagement team the risks of fraud;
addressing the risks of fraud through management override of controls by performing journal entry testing; and
testing of accounting estimates which could be subject to management bias.
There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Sarah Yardley BSc ACA (Senior Statutory Auditor)
For and on behalf of MGR Weston Kay LLP
Chartered Accountants
Statutory Auditor
55 Loudoun Road
St John's Wood
London
NW8 0DL
30 September 2024
NEXTENERGY CAPITAL LIMITED AND GROUP UNDERTAKINGS
NextEnergy Capital Limited and Group Undertakings
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
2023
2022
Notes
£
£
Turnover
3
24,469,528
28,142,049
Administrative expenses
(23,427,274)
(21,575,034)
Other operating income
5,198,945
4,319,921
Operating profit
4
6,241,199
10,886,936
Interest receivable and similar income
8
758,670
889,122
Interest payable and similar expenses
9
(1,344,126)
(594,721)
Amounts written off investments
10
(6,202,159)
-
(Loss)/profit before taxation
(546,416)
11,181,337
Tax on (loss)/profit
11
(747,651)
(9,847)
(Loss)/profit for the financial year
(1,294,067)
11,171,490
(Loss)/profit for the financial year is attributable to:
- Owner of the Company
(1,291,331)
11,028,523
- Non-controlling interests
(2,736)
142,967
(1,294,067)
11,171,490
NEXTENERGY CAPITAL LIMITED AND GROUP UNDERTAKINGS
NextEnergy Capital Limited and Group Undertakings
PARENT COMPANY PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
2023
2022
£
£
Turnover
15,186,767
13,799,213
Administrative expenses
(19,125,308)
(17,456,291)
Other operating income
4,935,325
3,940,794
Operating profit
996,784
283,716
Interest receivable and similar income
194,994
347,150
Interest payable and similar expenses
(1,412,884)
(719,224)
Amounts written off investments
13,281,557
-
Profit/(loss) before taxation
13,060,451
(88,358)
Tax on profit/(loss)
(732,454)
Profit/(loss) for the financial year
12,327,997
(88,358)
The director's have chosen to voluntarily include the Company Profit and Loss to support the understanding of the group accounts.
NEXTENERGY CAPITAL LIMITED AND GROUP UNDERTAKINGS
NextEnergy Capital Limited and Group Undertakings
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
2023
2022
£
£
(Loss)/profit for the year
(1,294,067)
11,171,490
Other comprehensive income
Currency translation gain taken to retained earnings
83,558
742,326
Total comprehensive income for the year
(1,210,509)
11,913,816
Total comprehensive income for the year is attributable to:
- Owners of the Company
(1,207,773)
11,770,849
- Non-controlling interests
(2,736)
142,967
(1,210,509)
11,913,816
NEXTENERGY CAPITAL LIMITED AND GROUP UNDERTAKINGS
NextEnergy Capital Limited and Group Undertakings
PARENT COMPANY STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
2023
2022
£
£
Profit for the year
12,327,997
(88,358)
Other comprehensive income
-
-
Total comprehensive income for the year
12,327,997
(88,358)
NEXTENERGY CAPITAL LIMITED AND GROUP UNDERTAKINGS
NextEnergy Capital Limited and Group Undertakings
GROUP BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 13 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
12
5,436
Tangible assets
13
1,162,507
385,055
1,162,507
390,491
Current assets
Stocks
16
-
4,815,125
Debtors
17
46,978,796
34,502,763
Cash at bank and in hand
1,878,941
10,443,836
48,857,737
49,761,724
Creditors: amounts falling due within one year
18
(8,417,086)
(24,549,131)
Net current assets
40,440,651
25,212,593
Total assets less current liabilities
41,603,158
25,603,084
Creditors: amounts falling due after more than one year
19
(27,417,745)
(1,392,731)
Net assets
14,185,413
24,210,353
Capital and reserves
Called up share capital
23
1,650,000
1,650,000
Profit and loss reserves
12,535,413
22,422,633
Equity attributable to owner of the Company
14,185,413
24,072,633
Non-controlling interests
-
137,720
14,185,413
24,210,353
The financial statements were approved by the board of directors and authorised for issue on 30 September 2024 and are signed on its behalf by:
30 September 2024
M F H Bonte-Friedheim
Director
Company registration number 05975223 (England and Wales)
NEXTENERGY CAPITAL LIMITED AND GROUP UNDERTAKINGS
NextEnergy Capital Limited and Group Undertakings
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 14 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
13
1,162,507
110,529
Investments
14
6,098,455
1,162,507
6,208,984
Current assets
Debtors
17
46,977,129
10,353,398
Cash at bank and in hand
1,878,941
3,622,638
48,856,070
13,976,036
Creditors: amounts falling due within one year
18
(8,395,516)
(18,289,680)
Net current assets/(liabilities)
40,460,554
(4,313,644)
Total assets less current liabilities
41,623,061
1,895,340
Creditors: amounts falling due after more than one year
19
(27,417,745)
(18,021)
Net assets
14,205,316
1,877,319
Capital and reserves
Called up share capital
23
1,650,000
1,650,000
Profit and loss reserves
12,555,316
227,319
Total equity
14,205,316
1,877,319
The financial statements were approved by the board of directors and authorised for issue on 30 September 2024 and are signed on its behalf by:
30 September 2024
M F H Bonte-Friedheim
Director
Company registration number 05975223 (England and Wales)
NEXTENERGY CAPITAL LIMITED AND GROUP UNDERTAKINGS
NextEnergy Capital Limited and Group Undertakings
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
Share capital
Other Reserve
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
Balance at 1 January 2022
550,000
55,207
20,722,024
21,327,231
172,135
21,499,366
Year ended 31 December 2022:
Profit for the year
-
-
11,028,523
11,028,523
142,967
11,171,490
Other comprehensive income:
Currency translation differences
-
-
742,326
742,326
-
742,326
Total comprehensive income
-
-
11,770,849
11,770,849
142,967
11,913,816
Issue of share capital
23
1,100,000
-
-
1,100,000
-
1,100,000
Dividends
-
-
(10,070,240)
(10,070,240)
(177,382)
(10,247,622)
Other movements
-
(55,207)
-
(55,207)
-
(55,207)
Balance at 31 December 2022
1,650,000
-
22,422,633
24,072,633
137,720
24,210,353
Year ended 31 December 2023:
Loss for the year
-
-
(1,291,331)
(1,291,331)
(2,736)
(1,294,067)
Other comprehensive income:
Currency translation differences
-
-
83,558
83,558
-
83,558
Total comprehensive income
-
-
(1,207,773)
(1,207,773)
(2,736)
(1,210,509)
Dividends
-
-
(8,679,447)
(8,679,447)
(146,511)
(8,825,958)
Disposal of subsidiary
-
-
-
-
11,527
11,527
Balance at 31 December 2023
1,650,000
-
12,535,413
14,185,413
14,185,413
NEXTENERGY CAPITAL LIMITED AND GROUP UNDERTAKINGS
NextEnergy Capital Limited and Group Undertakings
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2022
550,000
315,677
865,677
Year ended 31 December 2022:
Loss and total comprehensive income for the year
-
(88,358)
(88,358)
Issue of share capital
23
1,100,000
-
1,100,000
Balance at 31 December 2022
1,650,000
227,319
1,877,319
Year ended 31 December 2023:
Profit and total comprehensive income
-
12,327,997
12,327,997
Balance at 31 December 2023
1,650,000
12,555,316
14,205,316
NEXTENERGY CAPITAL LIMITED AND GROUP UNDERTAKINGS
NextEnergy Capital Limited and Group Undertakings
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
29
(7,109,090)
8,833,881
Interest paid
(1,175,591)
(634,971)
Income taxes paid
(15,197)
(175,816)
Net cash (outflow)/inflow from operating activities
(8,299,878)
8,023,094
Investing activities
Purchase of intangible assets
(4,863)
(5,517)
Purchase of tangible fixed assets
(1,228,348)
(380,793)
Receipts arising from loans made to parent entity
-
1,095,000
Receipts arising from loans made to related parties
-
1,115,808
Loans made to related parties
(10,096,006)
-
Loans made to parent entity
(2,023,659)
Interest received
575,985
897,371
Net cash (used in)/generated from investing activities
(10,753,232)
698,210
Financing activities
Proceeds from issue of shares
-
1,100,000
Repayment of other reserves
-
(51,845)
Proceeds from group borrowings
13,865,850
-
Proceeds from bank loans
7,500,000
1,294,761
Repayment of bank loans
(2,135,235)
(3,354,160)
Dividends paid to non-controlling interests
(8,825,958)
(10,247,622)
Net cash generated from/(used in) financing activities
10,404,657
(11,258,866)
Net decrease in cash and cash equivalents
(8,648,453)
(2,537,562)
Cash and cash equivalents at beginning of year
10,443,836
12,239,072
Effect of foreign exchange rates
83,558
742,326
Cash and cash equivalents at end of year
1,878,941
10,443,836
NEXTENERGY CAPITAL LIMITED AND GROUP UNDERTAKINGS
NextEnergy Capital Limited and Group Undertakings
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
30
(8,946,177)
9,370,666
Interest paid
(1,244,349)
(599,787)
Net cash (outflow)/inflow from operating activities
(10,190,526)
8,770,879
Investing activities
Purchase of tangible fixed assets
(1,227,785)
(109,941)
Acquisition of subsidiaries
-
(5,994,627)
Loans made to related parties
(10,096,006)
-
Receipts arising from loans made to parent entity
1,095,000
Receipts arising from loans made to related parties
-
1,115,808
Interest received
12,307
355,399
Net cash used in investing activities
(11,311,484)
(3,538,361)
Financing activities
Proceeds from issue of shares
-
1,100,000
Proceeds from borrowings from the group
19,241,155
-
Repayment of borrowings from the group
(6,982,842)
(206,643)
Proceeds of bank loans
7,500,000
-
Repayment of bank loans
-
(3,354,160)
Net cash generated from/(used in) financing activities
19,758,313
(2,460,803)
Net (decrease)/increase in cash and cash equivalents
(1,743,697)
2,771,715
Cash and cash equivalents at beginning of year
3,622,638
850,923
Cash and cash equivalents at end of year
1,878,941
3,622,638
NEXTENERGY CAPITAL LIMITED AND GROUP UNDERTAKINGS
NextEnergy Capital Limited and Group Undertakings
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
1
Accounting policies
Company information
NextEnergy Capital Limited (“the Company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is .
The Group consists of NextEnergy Capital Limited and all of its subsidiaries.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
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.
1.2
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company NextEnergy Capital Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 December 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.
Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.
If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.
Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.
NEXTENERGY CAPITAL LIMITED AND GROUP UNDERTAKINGS
NextEnergy Capital Limited and Group Undertakings
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 20 -
1.3
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the group 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
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
Other intangibles
20% straight line or over the term of the contract
1.6
Tangible fixed assets
Tangible fixed assets 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:
Land
No depreciation charged
Leasehold improvements
Length of the lease, 10 years
Plant and machinery
33% straight line
Office equipment
33% straight line
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 recognised in the profit and loss account.
NEXTENERGY CAPITAL LIMITED AND GROUP UNDERTAKINGS
NextEnergy Capital Limited and Group Undertakings
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 21 -
1.7
Fixed asset investments
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the Company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.
Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.
In the parent company financial statements, investments in associates are accounted for at cost less impairment.
Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.8
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
NEXTENERGY CAPITAL LIMITED AND GROUP UNDERTAKINGS
NextEnergy Capital Limited and Group Undertakings
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 22 -
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.9
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.10
Cash and cash equivalents
Cash and cash equivalents 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, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.11
Financial instruments
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
NEXTENERGY CAPITAL LIMITED AND GROUP UNDERTAKINGS
NextEnergy Capital Limited and Group Undertakings
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 23 -
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments 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.
Other financial liabilities
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 in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
NEXTENERGY CAPITAL LIMITED AND GROUP UNDERTAKINGS
NextEnergy Capital Limited and Group Undertakings
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 24 -
1.12
Equity instruments
Equity instruments issued by the group 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 group.
1.13
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
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. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is 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.
1.14
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.15
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.16
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
NEXTENERGY CAPITAL LIMITED AND GROUP UNDERTAKINGS
NextEnergy Capital Limited and Group Undertakings
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
2
Judgements and key sources of estimation uncertainty
In the application of the group’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.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Trade debtor provision
The group has included a specific bad debt provision at the year end. The directors have used the information available and conditions present at the year end to estimate the value of the provision.
3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Rendering of services
18,896,456
18,306,105
Sale of development assets
5,573,072
9,835,944
24,469,528
28,142,049
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
6,068,293
8,288,189
Rest of Europe
18,401,235
19,853,860
24,469,528
28,142,049
2023
2022
£
£
Other revenue
Interest income
758,670
889,122
NEXTENERGY CAPITAL LIMITED AND GROUP UNDERTAKINGS
NextEnergy Capital Limited and Group Undertakings
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging:
Exchange losses
218,597
307,856
Depreciation of owned tangible fixed assets
177,419
42,668
Amortisation of intangible assets
414
1,310
Operating lease charges
1,187,187
455,442
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
82,000
66,000
Audit of the financial statements of the company's subsidiaries
24,893
9,850
106,893
75,850
6
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Administration and Consultancy
84
96
56
72
Their aggregate remuneration comprised:
Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
10,278,062
12,207,062
8,980,554
10,894,541
Social security costs
1,156,750
956,936
785,875
784,165
Pension costs
270,023
122,188
244,693
103,932
11,704,835
13,286,186
10,011,122
11,782,638
NEXTENERGY CAPITAL LIMITED AND GROUP UNDERTAKINGS
NextEnergy Capital Limited and Group Undertakings
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
251,395
282,234
Company pension contributions to defined contribution schemes
-
40,000
251,395
322,234
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
141,275
181,117
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
6,167
92
Interest receivable from group companies
622,702
869,593
Other interest income
129,801
19,437
Total income
758,670
889,122
9
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
227,719
61,064
Interest payable to group undertakings
959,951
529,586
1,187,670
590,650
Other finance costs:
Other interest
156,456
4,071
Total finance costs
1,344,126
594,721
NEXTENERGY CAPITAL LIMITED AND GROUP UNDERTAKINGS
NextEnergy Capital Limited and Group Undertakings
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
10
Amounts written off investments
2023
2022
£
£
Loss on disposal of financial assets held at cost
(6,202,159)
-
See note 24 for further detail of the subsidiaries disposed of in the year.
11
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
1,488
4,200
Adjustments in respect of prior periods
732,454
Other taxes
13,709
5,647
Total current tax
747,651
9,847
The actual charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
(Loss)/profit before taxation
(546,416)
11,181,337
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 23.50% (2022: 19.00%)
(128,408)
2,124,454
Tax effect of expenses that are not deductible in determining taxable profit
5,530
984
Tax effect of utilisation of tax losses not previously recognised
(200,452)
(35,410)
Adjustments in respect of prior years
732,454
Permanent capital allowances in excess of depreciation
(39,323)
(19,490)
Loan relationship deficit
286,204
70,703
Tax profits/losses relating to overseas jurisdictions
91,646
(2,131,394)
Taxation charge
747,651
9,847
The UK company has undertaken a transfer pricing exercise which has resulted in adjustments to trading profits to reflects an arm’s length rate in respect of its investment management services provided to related companies for financial year 2020 through to financial year 2023. This has resulted in additional tax being declared to HMRC during the year ended 31 December 2023. This additional tax is included in the above tax charge for the year and is classified under ‘Adjustments in respect of prior years’.
NEXTENERGY CAPITAL LIMITED AND GROUP UNDERTAKINGS
NextEnergy Capital Limited and Group Undertakings
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 29 -
12
Intangible fixed assets
Group
Other intangibles
£
Cost
At 1 January 2023
46,103
Additions
4,863
Disposals
(50,966)
At 31 December 2023
Amortisation and impairment
At 1 January 2023
40,667
Amortisation charged for the year
414
Disposals
(41,081)
At 31 December 2023
Carrying amount
At 31 December 2023
At 31 December 2022
5,436
The company had no intangible fixed assets at 31 December 2023 or 31 December 2022.
NEXTENERGY CAPITAL LIMITED AND GROUP UNDERTAKINGS
NextEnergy Capital Limited and Group Undertakings
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 30 -
13
Tangible fixed assets
Group
Land
Leasehold improvements
Plant and machinery
Office equipment
Total
£
£
£
£
£
Cost
At 1 January 2023
270,852
332,888
108,412
712,152
Additions
903,060
310,916
14,372
1,228,348
Disposals
(270,852)
(19,311)
(290,163)
At 31 December 2023
903,060
624,493
122,784
1,650,337
Depreciation and impairment
At 1 January 2023
218,685
108,412
327,097
Depreciation charged in the year
70,936
103,290
3,193
177,419
Eliminated in respect of disposals
(16,686)
(16,686)
At 31 December 2023
70,936
305,289
111,605
487,830
Carrying amount
At 31 December 2023
832,124
319,204
11,179
1,162,507
At 31 December 2022
270,852
114,203
385,055
Company
Leasehold improvements
Plant and machinery
Office equipment
Total
£
£
£
£
Cost
At 1 January 2023
314,140
108,412
422,552
Additions
903,060
310,353
14,372
1,227,785
At 31 December 2023
903,060
624,493
122,784
1,650,337
Depreciation and impairment
At 1 January 2023
203,611
108,412
312,023
Depreciation charged in the year
70,936
101,678
3,193
175,807
At 31 December 2023
70,936
305,289
111,605
487,830
Carrying amount
At 31 December 2023
832,124
319,204
11,179
1,162,507
At 31 December 2022
110,529
110,529
NEXTENERGY CAPITAL LIMITED AND GROUP UNDERTAKINGS
NextEnergy Capital Limited and Group Undertakings
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 31 -
14
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
15
6,098,455
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023
6,098,455
Disposals
(6,098,455)
At 31 December 2023
-
Carrying amount
At 31 December 2023
-
At 31 December 2022
6,098,455
15
Subsidiaries
Details of the company's subsidiaries at 31 December 2023 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
NP III Portugal GP LLP
C/O Aztec Financial Services (Uk) Limited Forum 4 Solent Business Park, Parkway South, Whiteley, Far
Ordinary
-
50.00
NP UK GP LLP
C/O Aztec Financial Services (Uk) Limited Forum 4 Solent Business Park, Parkway South, Whiteley, Far
Ordinary
-
50.00
NP Administrative GP LLP
C/O Aztec Financial Services (Uk) Limited Forum 4 Solent Business Park, Parkway South, Whiteley, Far
Ordinary
-
50.00
16
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Work-in-progess
-
4,815,125
-
-
NEXTENERGY CAPITAL LIMITED AND GROUP UNDERTAKINGS
NextEnergy Capital Limited and Group Undertakings
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 32 -
17
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
232,957
654,886
231,290
337,516
Amounts owed by group undertakings
26,737,757
13,723,930
26,737,757
994,349
Other debtors
1,067,384
9,573,380
1,067,384
992,923
Prepayments and accrued income
8,316,676
10,550,567
8,316,676
8,028,610
36,354,774
34,502,763
36,353,107
10,353,398
Amounts falling due after more than one year:
Amount owed by related parties
10,096,006
10,096,006
Other debtors
528,016
528,016
10,624,022
-
10,624,022
-
Total debtors
46,978,796
34,502,763
46,977,129
10,353,398
18
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
20
-
760,525
Trade creditors
388,162
546,713
388,162
406,044
Amounts owed to group undertakings
1,256,715
8,473,193
1,256,715
12,720,630
Corporation tax payable
732,454
732,454
Other taxation and social security
426,265
409,710
426,265
259,725
Deferred income
21
7,022,549
Other creditors
75,885
507,253
54,316
91,974
Accruals and deferred income
5,537,605
6,829,188
5,537,604
4,811,307
8,417,086
24,549,131
8,395,516
18,289,680
NEXTENERGY CAPITAL LIMITED AND GROUP UNDERTAKINGS
NextEnergy Capital Limited and Group Undertakings
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 33 -
19
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
20
7,500,000
1,374,710
7,500,000
Other borrowings
20
19,917,745
19,917,745
Other creditors
18,021
18,021
27,417,745
1,392,731
27,417,745
18,021
Amounts included above which fall due after five years are as follows:
Payable other than by instalments
676,590
-
676,590
-
20
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
7,500,000
2,135,235
7,500,000
Loans from group undertakings
19,917,745
19,917,745
27,417,745
2,135,235
27,417,745
-
Payable within one year
-
760,525
Payable after one year
27,417,745
1,374,710
27,417,745
21
Deferred income
Group
Company
2023
2022
2023
2022
£
£
£
£
Other deferred income
-
7,022,549
-
-
NEXTENERGY CAPITAL LIMITED AND GROUP UNDERTAKINGS
NextEnergy Capital Limited and Group Undertakings
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 34 -
22
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
270,023
122,188
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
23
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,650,000
1,650,000
1,650,000
1,650,000
On 2 February 2024, the company issued a further 700,000 Ordinary £1 shares at par.
24
Disposals
On 14 December 2023 the group disposed of its 100% holding in NextEnergy Capital IM Limited. Included in these financial statements are profits of £775,830 arising from the company's interests in NextEnergy Capital IM Limited up to the date of its disposal.
On 12 December 2023 the group disposed of its 98.34% holding in NextEnergy Capital Italia SRL. Included in these financial statements are profits of £5,150,412 arising from the company's interests in NextEnergy Capital Italia SRL up to the date of its disposal. Note this includes profits from the subsidiaries owned by NextEnergy Capital Italia SRL.
25
Operating lease commitments
Lessee
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
837,159
810,768
837,159
464,070
Between two and five years
5,241,843
4,031,428
5,241,843
3,960,601
In over five years
3,151,036
5,269,136
3,151,036
5,269,136
9,230,038
10,111,332
9,230,038
9,693,807
NEXTENERGY CAPITAL LIMITED AND GROUP UNDERTAKINGS
NextEnergy Capital Limited and Group Undertakings
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 35 -
26
Events after the reporting date
The UK company has undertaken a transfer pricing exercise which has resulted in adjustments to trading profits to reflects an arm’s length rate in respect of its investment management services provided to related companies for financial year 2020 through to financial year 2023. This has resulted in additional tax being declared to HMRC during the year ended 31 December 2023. However, there is expected to be additional sums declared and paid to HMRC post year end following the conclusion of this exercise. The corporation tax computations and tax returns will be re-submitted/submitted in due course. For years ending 31 December 2024 and onwards, the parties will enter into new agreements reflecting an arm’s length rate so no further transfer pricing adjustments will be undertaken in the company’s tax computations.
NEXTENERGY CAPITAL LIMITED AND GROUP UNDERTAKINGS
NextEnergy Capital Limited and Group Undertakings
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 36 -
27
Related party transactions
Amounts owed from group undertakings includes £13,204,097 (2022: £0) due from the parent entity of the group. This is unsecured and interest free.
Amounts owed from group undertakings includes £6,175,915 (2022: £0) due from from an entity with the same ultimate parent. Included in other debtors due in more than a year is a loan from the same entity for £1,081,006 (2022: £0) which is interest free.
Amounts owed to group undertakings includes an amount of £676,590 (2022: £7,659,432) due to the parent entity of the group. The loan is unsecured and accrues interest at the rate of 5%.
Amounts owed to group undertakings includes an amount of £15,396,578 (2022: £0) due from an entity with the same ultimate parent. This is accruing interest rate at 3.2% + Euribor 3M and is included in non-current creditors.
Included in other debtors due in over a year is an amount of £9,015,000 (2022: £0) due from an entity with the same directors as the group. The loan is unsecured and has an interest rate of 7.5%. Included in accrued income at the year end was £228,185 (2022: £0) in relation to interest and loan fees.
During the year other income totalling £2,756,479 (2022: £2,904,785) was charged to entities with the same ultimate parent. Expenses of £3,183,181 (2022: £1,373,033) were charged from those entities to the group. At the year end the balances with those entities were: Amounts due from group undertakings £3,771,397 (2022: £1,441,493), Amounts owed to group undertakings £476,940 (2022: £793,070), accruals £2,584,071 (2022: £459,304) and accrued income £2,767,148 (2022: £3,088,305).
The following balances are with subsidiaries that were previously part of the group but were sold in the year. The comparative balances were removed on consolidation in the prior year and therefore have not been disclosed.
Amounts owed from group undertakings includes £363,596 due from an entity with the same ultimate parent that was previously a subsidiary.
Amounts owed to group undertakings includes £779,775 due from an entity with the same ultimate parent that was previously a subsidiary. This is a working capital balance and is interest free. Also included in amounts owed to group undertakings is £3,844,577 is a loan from the same entity. This is accruing interest rate at 3.2% + Euribor 3M and is included in non-current creditors.
The following balances are between the subsidiaries in the group that were disposed of in the year and other related parties. There for there are no current year balances due to the subsidiaries no longer being part of the group at the year end. The interest has been included in the accounts up to the point of disposal.
Amounts due from group undertakings include an amount of £0 (2022: £12,252,557) due from the parent entity of the group. Interest income earned during the year was £572,206 (2022: £541,972).
Included in other debtors is an amount of £nil (2022: £6,893,729) due from the parent entity of the group. The balance relates to services paid for by the entity on behalf of the group.
NEXTENERGY CAPITAL LIMITED AND GROUP UNDERTAKINGS
NextEnergy Capital Limited and Group Undertakings
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 37 -
28
Controlling party
The parent of the largest and smallest group of which consolidated accounts are prepared, of which the company is a member, is NextEnergy Capital Limited.
The immediate parent company and ultimate controlling party is NextEnergy Capital S.a.r.l, a company incorporated in Luxembourg. Its registered office is 46A, Avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg
29
Cash (absorbed by)/generated from group operations
2023
2022
£
£
(Loss)/profit for the year after tax
(1,294,067)
11,171,490
Adjustments for:
Taxation charged
747,651
9,847
Finance costs
1,344,126
594,721
Investment income
(758,670)
(889,122)
Amortisation and impairment of intangible assets
414
1,310
Depreciation and impairment of tangible fixed assets
177,419
42,668
Other gains and losses
6,202,159
-
Movements in working capital:
Decrease in stocks
4,815,125
31,195
(Increase)/decrease in debtors
(2,509,828)
302,621
Decrease in creditors
(8,810,870)
(1,356,528)
Decrease in deferred income
(7,022,549)
(1,074,321)
Cash (absorbed by)/generated from operations
(7,109,090)
8,833,881
NEXTENERGY CAPITAL LIMITED AND GROUP UNDERTAKINGS
NextEnergy Capital Limited and Group Undertakings
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 38 -
30
Cash (absorbed by)/generated from operations - company
2023
2022
£
£
Profit/(loss) for the year after tax
12,327,997
(88,358)
Adjustments for:
Taxation charged
732,454
Finance costs
1,412,884
719,224
Investment income
(194,994)
(347,150)
Gain on disposal of business
(13,281,557)
-
Depreciation and impairment of tangible fixed assets
175,807
40,393
Movements in working capital:
(Increase)/decrease in debtors
(6,965,028)
1,159,905
(Decrease)/increase in creditors
(3,153,740)
7,886,652
Cash (absorbed by)/generated from operations
(8,946,177)
9,370,666
31
Analysis of changes in net funds/(debt) - group
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
10,443,836
(8,564,895)
1,878,941
Borrowings excluding overdrafts
(2,135,235)
(25,282,510)
(27,417,745)
8,308,601
(33,847,405)
(25,538,804)
32
Analysis of changes in net funds/(debt) - company
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
3,622,638
(1,743,697)
1,878,941
Borrowings excluding overdrafts
-
(27,417,745)
(27,417,745)
3,622,638
(29,161,442)
(25,538,804)
2023-12-312023-01-01falseCCH SoftwareCCH Accounts Production 2024.100Mr A BeolchiniM F H Bonte-FriedheimLaggan Secretaries Limitedfalse05975223bus:Consolidated2023-01-012023-12-31059752232023-01-012023-12-3105975223bus:Director12023-01-012023-12-3105975223bus:Director22023-01-012023-12-3105975223bus:CompanySecretary12023-01-012023-12-3105975223bus:RegisteredOffice2023-01-012023-12-3105975223bus:Consolidated2023-12-31059752232023-12-3105975223bus:Consolidated2022-01-012022-12-31059752232022-01-012022-12-3105975223core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-01-012023-12-3105975223core:RetainedEarningsAccumulatedLossesbus:Consolidated2022-01-012022-12-3105975223core:OtherResidualIntangibleAssetsbus:Consolidated2023-12-3105975223core:OtherResidualIntangibleAssetsbus:Consolidated2022-12-3105975223core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillbus:Consolidated2023-12-3105975223core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillbus:Consolidated2022-12-3105975223bus:Consolidated2022-12-31059752232022-12-3105975223core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-12-3105975223core:LeaseholdImprovementsbus:Consolidated2023-12-3105975223core:PlantMachinerybus:Consolidated2023-12-3105975223core:FurnitureFittingsbus:Consolidated2023-12-3105975223core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2022-12-3105975223core:LeaseholdImprovementsbus:Consolidated2022-12-3105975223core:PlantMachinerybus:Consolidated2022-12-3105975223core:FurnitureFittingsbus:Consolidated2022-12-3105975223core:LeaseholdImprovements2023-12-3105975223core:PlantMachinery2023-12-3105975223core:FurnitureFittings2023-12-3105975223core:LeaseholdImprovements2022-12-3105975223core:PlantMachinery2022-12-3105975223core:FurnitureFittings2022-12-3105975223core:ShareCapitalbus:Consolidated2023-12-3105975223core:ShareCapitalbus:Consolidated2022-12-3105975223core:ShareCapital2023-12-3105975223core:ShareCapital2022-12-3105975223core:RetainedEarningsAccumulatedLosses2023-12-3105975223core:ShareCapitalbus:Consolidated2021-12-3105975223core:RetainedEarningsAccumulatedLossesbus:Consolidated2021-12-3105975223core:RetainedEarningsAccumulatedLossesbus:Consolidated2022-12-3105975223core:Non-controllingInterestsbus:Consolidated2022-12-3105975223core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-12-3105975223core:Non-controllingInterestsbus:Consolidated2023-12-3105975223core:ShareCapital2021-12-3105975223core:RetainedEarningsAccumulatedLosses2021-12-3105975223core:RetainedEarningsAccumulatedLosses2022-12-3105975223core:ShareCapitalbus:Consolidated2022-01-012022-12-3105975223core:ShareCapital2022-01-012022-12-3105975223bus:Consolidated12023-01-012023-12-3105975223bus:Consolidated2021-12-31059752232021-12-3105975223core:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3105975223core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-01-012023-12-3105975223core:LandBuildingscore:OwnedOrFreeholdAssets2023-01-012023-12-3105975223core:LeaseholdImprovements2023-01-012023-12-3105975223core:PlantMachinery2023-01-012023-12-3105975223core:FurnitureFittings2023-01-012023-12-3105975223core:UKTaxbus:Consolidated2023-01-012023-12-3105975223core:UKTaxbus:Consolidated2022-01-012022-12-3105975223core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillbus:Consolidated2022-12-3105975223core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillcore:ExternallyAcquiredIntangibleAssetsbus:Consolidated2023-01-012023-12-3105975223core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillbus:Consolidated2023-01-012023-12-3105975223core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2022-12-3105975223core:LeaseholdImprovementsbus:Consolidated2022-12-3105975223core:PlantMachinerybus:Consolidated2022-12-3105975223core:FurnitureFittingsbus:Consolidated2022-12-3105975223bus:Consolidated2022-12-3105975223core:LeaseholdImprovements2022-12-3105975223core:PlantMachinery2022-12-3105975223core:FurnitureFittings2022-12-31059752232022-12-3105975223core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-01-012023-12-3105975223core:LeaseholdImprovementsbus:Consolidated2023-01-012023-12-3105975223core:PlantMachinerybus:Consolidated2023-01-012023-12-3105975223core:FurnitureFittingsbus:Consolidated2023-01-012023-12-3105975223core:CurrentFinancialInstruments2023-12-3105975223core:CurrentFinancialInstruments2022-12-3105975223core:Non-currentFinancialInstrumentsbus:Consolidated2023-12-3105975223core:Non-currentFinancialInstrumentsbus:Consolidated2022-12-3105975223core:Non-currentFinancialInstruments2023-12-3105975223core:Non-currentFinancialInstruments2022-12-3105975223core:CurrentFinancialInstrumentsbus:Consolidated2023-12-3105975223core:CurrentFinancialInstrumentsbus:Consolidated2022-12-3105975223core:WithinOneYearbus:Consolidated2022-12-3105975223core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3105975223core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3105975223core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2023-12-3105975223core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2022-12-3105975223core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3105975223core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-3105975223core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2023-12-3105975223core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2022-12-3105975223core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated12023-12-3105975223core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated12022-12-3105975223core:Non-currentFinancialInstrumentscore:AfterOneYear22023-12-3105975223core:Non-currentFinancialInstrumentscore:AfterOneYear22022-12-3105975223bus:PrivateLimitedCompanyLtd2023-01-012023-12-3105975223bus:FRS1022023-01-012023-12-3105975223bus:Audited2023-01-012023-12-3105975223bus:ConsolidatedGroupCompanyAccounts2023-01-012023-12-3105975223bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP