Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2023
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LOCAL GENERATION LIMITED
COMPANY INFORMATION
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LOCAL GENERATION LIMITED
CONTENTS
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LOCAL GENERATION LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The Company’s principal activity during the year is the operation of a food waste Anaerobic Digestion (AD) Plant. The company provides solutions for food waste recycling which acts as a sustainable alternative to landfill. Through the AD process this waste is broken down to generate biogas.
The financial results are detailed in the accompanying schedules. During the year the company saw overall turnover remain stable. The reduction in the average gas price over 2023 has resulted in a downturn in revenue from supply of energy, however the amount paid to the company to take food waste, by way of gate fee income, has increased which has mitigated the impact of the gas price drop.
Cost of sales were impacted significantly during the year due to the increased cost of feedstock and the associated transport cost, that increased in line with fuel costs. These cost increases could not be passed on through higher selling prices and this resulted in a drop in gross profit margin in 2023 compared with 2022. A significant roof repair was completed on one of the Anaerobic Digesters and this has had a cost increase impact on the overheads for 2023. The above has meant that the company have made a loss in 2023. In 2021 the parent company loan agreement was renegotiated, with repayment being in 10 years from the agreement date which resulted in improved liquidity. The company’s balance sheet remains strong with £5.6m in net assets.
Compliance with regulation, legal, health and safety and ethical standards are paramount for the company. The group have a dedicated compliance team to ensure that the company is fully compliant with all legislation.
The volatility of wholesale power prices means that there is always an uncertainty surrounding revenue. Pricing and availability of feedstock material is also a principal risk, the group has a confident commercial team in place to ensure that there is a constant stream of commercially viable material
The Company’s financial key performance indicators for the year ended 31 December 2023, compare to the year ended 31 December 2022, are shown below.
2023 2022 Change Gross Profit £3,638,182 £5,501,725 (£1,863,543) Gross Profit Margin 32.7% 50% (17.3%) Adjusted EBITDA (£565,074) £2,604,963 (£3,170,037) Adjusted EBITDA also inludes the loss on sale of tangible assets and the impairment of joint venture investments.
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LOCAL GENERATION LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
This report was approved by the board on 14 February 2025 and signed on its behalf.
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LOCAL GENERATION LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The directors present their report and the financial statements for the year ended 31 December 2023.
The loss for the year, after taxation, amounted to £1,690,747 (2022 - profit £494,469).
The directors who served during the year were:
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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LOCAL GENERATION LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Having reviewed the Company's current position and forecasts for the next twelve months which shows promising results, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the going concern basis was adopted in preparing the financial statements.
Into 2024/25 the Company is working on a new profile for waste costs and is looking to reduce these without impacting the quality or quantity of gas produced. There are no current plans to expand the business, but efficiencies are always being looked at to ensure that the plant is working at optimised capacity to ensure a better financial performance.
There have been no significant events affecting the Company since the year end.
The auditors, Ryecroft Glenton, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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LOCAL GENERATION LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LOCAL GENERATION LIMITED
We have audited the financial statements of Local Generation Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Income and Retained Earnings, the Balance Sheet and the related notes, including a summary of 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).
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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
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 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.
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LOCAL GENERATION LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LOCAL GENERATION LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
In our opinion, based on the work undertaken in the course of the 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.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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LOCAL GENERATION LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LOCAL GENERATION LIMITED (CONTINUED)
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 Auditors' 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.
The extent to which the audit was considered capable of detecting irregularities including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: - the responsible individual ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; - we identified the laws and regulations applicable to the Company through discussions with directors and other management, and from our commercial knowledge and experience of the waste to energy sector; - we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, including the Companies Act 2006; - we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence made available to us; and - we ensured that the identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: - making enquiries of management as to where they considered there was susceptibility to fraud and their knowledge of actual, suspected and alleged fraud; - considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and - we reviewed the control environment and reported back to management our control recommendations. To address the risk of fraud through management bias and override of controls, we: - performed analytical procedures to identify any unusual or unexpected relationships; - tested journal entries to identify unusual transactions; and - assessed whether judgements and assumptions made in determining the accounting estimates set out in Note 3 were indicative of potential bias.
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LOCAL GENERATION LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LOCAL GENERATION LIMITED (CONTINUED)
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation; - enquiring of management as to actual and potential litigation and claims; - discussing laws and regulations with legal counsel and those responsible for monitoring compliance such as the Chief Safety and Compliance Officer; and - discussed laws and regulations with the group's legal counsel and those with responsibility for monitoring laws and regulations. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' 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 Auditors' 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.
for and on behalf of
Chartered Accountants
Statutory Auditors
32 Portland Terrace
NE2 1QP
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LOCAL GENERATION LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2023
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LOCAL GENERATION LIMITED
REGISTERED NUMBER: 06606245
BALANCE SHEET
AS AT 31 DECEMBER 2023
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LOCAL GENERATION LIMITED
REGISTERED NUMBER: 06606245
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 12 to 28 form part of these financial statements.
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LOCAL GENERATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Local Generation Limited is a private company limited by shares, incorporated in England and Wales (Registration number: 06606245). The registered office address is Control Tower, Hemswell Cliff Industrial Estate, Hemswell Cliff, Gainsborough, DN21 5TU.
The principal activity of the company is the generation of green electricity and gas by operating an anaerobic digestion plant as a sustainable alternative to landfill, selling the plant capacity and utilising the outputs.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
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 (see note 3).
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:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of GVO B-1 Limited as at 31 December 2023 and these financial statements may be obtained from Companies House, Cardiff.
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LOCAL GENERATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
At 31 December 2023 the Company had net current liabilities of £575,473 (2022: £1,168,271) and net assets of £5,587,982 (2022: £7,278,729). The Company is dependent upon the funds provided by GVO B-1 Limited, the 76% shareholder of the Company. At the year end there are amounts due to GVO B-1 Limited by Local Generation Limited of £2,757,537 (2022: £1,266,911). 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 forecasts for the next twelve months which shows promising results, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the going concern basis was adopted in preparing the financial statements.
Functional and presentation currency
Transactions and balances
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LOCAL GENERATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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 (gate fees) is recognised on the date that food waste is received.
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the Statement of Comprehensive Income at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
The amount of government grants receivable is presented in deferred income and is credited to the Profit and Loss Account over the useful economic lives of the assets to which the grants relate.
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LOCAL GENERATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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LOCAL GENERATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Capital works in progress are not depreciated until they are completed and revenue generating.
Depreciation is provided on the following basis:
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.
Included in Freehold property is land at a value of £1,374,921 which is not depreciated.
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LOCAL GENERATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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.
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.
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LOCAL GENERATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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LOCAL GENERATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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LOCAL GENERATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
9.Taxation (continued)
There were no factors that may affect future tax charges.
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LOCAL GENERATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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LOCAL GENERATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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LOCAL GENERATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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LOCAL GENERATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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LOCAL GENERATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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LOCAL GENERATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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LOCAL GENERATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Share premium account
Profit and loss account
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable to the Company to the fund and amounted to £16,512 (2022: £12,834). Contributions totalling £4,073 (2022: £3,064) were payable to the fund at the balance sheet date and are included in creditors.
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LOCAL GENERATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
GVO B-1 Limited is the ultimate parent and controlling company by virtue of its majority shareholding in the company. 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.
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