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Registered number: 11346365










HOLME BIOENERGY LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
HOLME BIOENERGY LIMITED
REGISTERED NUMBER: 11346365

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
5,167,000
10,948,687

  
5,167,000
10,948,687

Current assets
  

Debtors: amounts falling due within one year
 6 
475,319
762,191

Cash at bank and in hand
 7 
252,833
565,001

  
728,152
1,327,192

Creditors: amounts falling due within one year
 8 
(848,923)
(1,113,686)

Net current (liabilities)/assets
  
 
 
(120,771)
 
 
213,506

Total assets less current liabilities
  
5,046,229
11,162,193

Creditors: amounts falling due after more than one year
 9 
(16,712,305)
(14,335,155)

  

Net liabilities
  
(11,666,076)
(3,172,962)


Capital and reserves
  

Called up share capital 
 11 
100
100

Profit and loss account
  
(11,666,176)
(3,173,062)

  
(11,666,076)
(3,172,962)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 14 February 2025.



CE Stoyell
Director

The notes on pages 2 to 10 form part of these financial statements.

Page 1

 
HOLME BIOENERGY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Holme Bioenergy Limited is a private company limited by shares, incorporated in England and Wales (Registration number: 11346365). The registered office address is Control Tower, Hemswell Cliff Industrial Estate, Hemswell Cliff, Gainsborough, DN21 5TU.
The principal activity of the Company is the construction and ultimate operation of an Anaerobic Digestion Facility. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies
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 following principal accounting policies have been applied:

 
2.2

Going concern

At 31 December 2023 the Company had net current liabilities of £120,771 (2022: £213,506 net current assets) and net liabilities of £11,666,076 (2022: £3,172,962). It is dependent upon the funds provided by its Parent company, GVO B-1 Limited. The ultimate parent, GVO B-1 Limited has been provided with a letter of support that will allow it to make available such funds as are needed by the Company to continue in operational existence for at least 12 months from signing off so the Company can meet its liabilities that fall due for payment, should it be needed.
Having reviewed the Company's current position and cash flow projections for the next twelve months and beyond, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and to be profitable. Accordingly, the going concern basis has been adopted in preparing the financial statements.

Page 2

 
HOLME BIOENERGY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 
Revenue from the sale of energy is recognised at the point at which the energy is produced. Revenue from energy sales that is contingent on future notification of past events is recognised when notification is received.
Revenue from sales of food waste services is recognised on the date that food waste is received.
The company also receives rental income, through the sub lease of the land they occupy.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

 
HOLME BIOENERGY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property
-
4% Straight line
Plant and machinery
-
5-10% Straight line
Capital works in progress
-
nil until complete

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 4

 
HOLME BIOENERGY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The estimates and judgments that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the financial period are as follows:
Capitalisation of costs
During the period of construction, all costs incurred as a direct result of financing, designing, project managing, and constructing the AD plant, have been capitalised. The Directors consider that the completion of the plant to be the point where testing and operation is at a point where the gas output is at an acceptable and intended level.
Depreciation
Tangible fixed assets are depreciated over their useful lives taking into account residual values where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. Residual values consider matters such as future market conditions, the remaining estimated life of the asset and the discount required to apply cash flows on estimated disposal values to calculate their net present values.
Provision of commercial rates
The Company are liable for paying commercial rates for the site in which it operates and enlisted the support of an external expert to form a judgement over the rateable value of the site. The Directors consider this to be the most appropriate method in calculating the rates provision.


4.


Employees

The Company has no employees other than the directors, who did not receive any remuneration (2022 - £NIL)
Page 5

 
HOLME BIOENERGY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Short-term leasehold property
Plant and machinery
Capital works in progress
Total

£
£
£
£



Cost or valuation


At 1 January 2023
858,454
10,726,217
1,356,591
12,941,262


Additions
192,172
41,017
1,772,637
2,005,826



At 31 December 2023

1,050,626
10,767,234
3,129,228
14,947,088



Depreciation


At 1 January 2023
74,329
1,918,246
-
1,992,575


Charge for the year on owned assets
35,864
1,074,864
-
1,110,728


Impairment charge
-
6,676,785
-
6,676,785



At 31 December 2023

110,193
9,669,895
-
9,780,088



Net book value



At 31 December 2023
940,433
1,097,339
3,129,228
5,167,000



At 31 December 2022
784,125
8,807,971
1,356,591
10,948,687

Subsequent to the reporting date, on 30th September 2024, a professional valuation of a fellow group company's anaerobic digestion plant was carried out. The valuation indicated that the fair value of the plant was £5,167,000. Given this is comparable to the plant at Holme Bioenergy, an impairment charge has been recognised.

Page 6

 
HOLME BIOENERGY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Debtors

2023
2022
£
£


Trade debtors
233,969
617,934

Amounts owed by group undertakings
156,408
-

Other debtors
8,683
67,867

Called up share capital not paid
100
100

Prepayments and accrued income
76,159
76,290

475,319
762,191


Details of amounts owed by group undertakings and related parties are included below in Note 15.
The Company has an unprovided deferred tax asset at 31 December 2023, in respect of carried forward tax losses of £8,912,674 and timing differences of £2,619,169, on the basis that it is not sufficiently certain that future profits will arise against which to offset the liability. The related unprovided deferred tax asset is £2,882,961.


7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
252,833
565,001

252,833
565,001



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
262,602
380,999

Amounts owed to group undertakings
133,311
404,349

Accruals and deferred income
453,010
328,338

848,923
1,113,686


Details of amounts owed to group undertakings and related parties are included below in Note 15.

Page 7

 
HOLME BIOENERGY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other loans
1,300,000
-

Amounts owed to group undertakings
15,412,305
14,335,155

16,712,305
14,335,155


The Company signed a loan agreement with its parent company on 31 December 2021. The loan becomes repayable from the 10th anniversary of the loan agreement date, and is unsecured and interest free.
During the year, the Company entered into a convertible loan agreement with Hansa Aktiengesellschaft
for an initial principal amount of £1,300,000 and an interest charge of 15% which is considered market
rate. Repayments can be made at any point up to the maturity date of 28 February 2025 at which point,
any amount outstanding will be converted into Ordinary shares in GVO B-1 Limited. The conversion will
see 1 Ordinary share in GVO B-1 Limited allotted and fully paid for every £3,333.33 outstanding. 


10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£


Amounts falling due 1-2 years

Other loans
1,300,000
-


1,300,000
-



1,300,000
-



11.


Share capital

2023
2022
£
£
Allotted, called up and unpaid



100 Ordinary shares of £1 each
100
100


Page 8

 
HOLME BIOENERGY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Capital commitments


At 31 December 2023 the Company had capital commitments as follows:

2023
2022
£
£


Contracted for but not provided in these financial statements
-
1,140,319

-
1,140,319


13.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
80,000
80,000

Later than 1 year and not later than 5 years
320,000
320,000

Later than 5 years
1,280,000
1,360,000

1,680,000
1,760,000


14.


Related party transactions

The Company had transactions with fellow subsidiary companies which have all been concluded under normal market conditions. The amount outstanding from fellow subsidiaries at the year end was £156,408 (2022: £Nil) and the amount owing to these subsidiaries was £133,311 (2022: £404,349).
The Company has received loans from its Parent, GVO B-1, the balance of which at the year end was £15,412,305 (2022: £14,335,155). Amounts owed to group undertakings are unsecured, interest free and repayable from the 10th anniversary of the loan agreement date. 
The above balances can be seen in Notes 7, 9 and 10 respectively as amounts owed by/to group undertakings.


15.


Controlling party

GVO B-1 Limited is the ultimate parent and controlling company by virtue of its majority shareholding. The registered office of GVO B-1 Limited is Control Tower Hemswell Cliff Industrial Estate, Hemswell Cliff, Gainsborough, DN21 5TU.
GVO B-1 Limited is also the holding company of the smallest and largest group in which this Company's results are consolidated. 

Page 9

 
HOLME BIOENERGY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 14 February 2025 by Andrew Cameron (Senior Statutory Auditor) on behalf of Ryecroft Glenton.

Page 10