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NEWAFRICA BIOENERGY LIMITED

Registered Number
10890538
(England and Wales)

Unaudited Financial Statements for the Year ended
30 June 2024

NEWAFRICA BIOENERGY LIMITED
Company Information
for the year from 1 July 2023 to 30 June 2024

Directors

ASPREM, Mads Michael
ERIKSSON, Bo Sören
LOVHAUGEN, Odd Ivar

Registered Address

47 Topsfield Parade Tottenham Lane
London
N8 8PT

Registered Number

10890538 (England and Wales)
NEWAFRICA BIOENERGY LIMITED
Balance Sheet as at
30 June 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets42,1672,709
Investments5849,690175,408
851,857178,117
Current assets
Debtors972679,478
Cash at bank and on hand986,592
981766,070
Creditors amounts falling due within one year6(25,375)(29,666)
Net current assets (liabilities)(24,394)736,404
Total assets less current liabilities827,463914,521
Creditors amounts falling due after one year7(297,722)(266,035)
Net assets529,741648,486
Capital and reserves
Called up share capital262,119262,119
Share premium707,935707,935
Profit and loss account(440,313)(321,568)
Shareholders' funds529,741648,486
The financial statements were approved and authorised for issue by the Board of Directors on 13 January 2025, and are signed on its behalf by:
ASPREM, Mads Michael
Director
Registered Company No. 10890538
NEWAFRICA BIOENERGY LIMITED
Notes to the Financial Statements
for the year ended 30 June 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the company information page. Company details: NEWAFRICA BIOENERGY LIMITED The registered office is 47 Topsfield Parade, Tottenham Lane, London, N8 8PT. Office Address: 34B York Way, London, N1 9AB, United Kingdom Email: contact@newafrica.com Website: www.newafricabioenergy.com
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Office Equipment20
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
2.Average number of employees

20242023
Average number of employees during the year23
3.Further information regarding the company's income
NAB have made big efforts in finding and developing new projects and made full proposals for two projects of which NAB has been elected developer and for the second NAB has been shortlisted. With reference to earlier developed projects have three of them been postponed. The investments in bioenergy projects were £849,690 at the end of the year in the form of shares and receivables, after having, due to the high risk, made provisions against the project specific development costs. A substantial amount of the development costs have been invoiced to the subsidiaries payable in cash and shares on financial close of respective development project. NAB continued to work with the leading forest owners and wood processors in the countries where it operates, provide new solutions for the biomass supply chain and their energy supply. All projects will provide significant amounts of energy for rural communities.
4.Tangible fixed assets

Total

£
Cost or valuation
At 01 July 235,254
At 30 June 245,254
Depreciation and impairment
At 01 July 232,545
Charge for year542
At 30 June 243,087
Net book value
At 30 June 242,167
At 30 June 232,709
5.Fixed asset investments

Total

£
Cost or valuation
At 01 July 23191,343
Additions674,282
At 30 June 24865,625
Impairment
At 01 July 2315,935
At 30 June 2415,935
Net book value
At 30 June 24849,690
At 30 June 23175,408
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables4,35110,199
Bank borrowings and overdrafts3,4733,423
Taxation and social security4,7441,966
Other creditors3,9411,859
Accrued liabilities and deferred income8,86612,219
Total25,37529,666
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. Accounts Payable 2,371 Other Creditors 1,979 PAYE 2,778 Bank Loans and overdrafts - Current Portion 3,473 Foreign Tax Payable 1,966 Pensions payable 197 Director's Loan - Short term 1,117 Accruals 8,867 Other creditors 2,627 ________ TOTAL CREDITORS WITHIN ONE YEAR £ 25,375
7.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts106,41274,726
Other creditors191,310191,309
Total297,722266,035
Long Term Bank Loan 4,685 Lux Bank Loan Account 101,727 Directors' Loan Account - M Asprem 308 Directors' Loan Account - O I Lovhaugen 2,429 Directors' Loan Account - B Eriksson 3,216 Loan - SCAF 185,357 ________ TOTAL CREDITORS AFTER ONE YEAR £297,722