Caseware UK (AP4) 2024.0.164 2024.0.164 2023-10-010truetruetruetruefalse0truefalsefalse 10693490 2023-10-01 2024-09-30 10693490 2023-01-01 2023-09-30 10693490 2024-09-30 10693490 2023-09-30 10693490 c:Director1 2023-10-01 2024-09-30 10693490 c:Director3 2023-10-01 2024-09-30 10693490 c:Director4 2023-10-01 2024-09-30 10693490 c:RegisteredOffice 2023-10-01 2024-09-30 10693490 d:CurrentFinancialInstruments 2024-09-30 10693490 d:CurrentFinancialInstruments 2023-09-30 10693490 d:CurrentFinancialInstruments d:WithinOneYear 2024-09-30 10693490 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 10693490 d:UKTax 2023-10-01 2024-09-30 10693490 d:UKTax 2023-01-01 2023-09-30 10693490 d:ShareCapital 2024-09-30 10693490 d:ShareCapital 2023-09-30 10693490 d:RetainedEarningsAccumulatedLosses 2023-10-01 2024-09-30 10693490 d:RetainedEarningsAccumulatedLosses 2024-09-30 10693490 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-09-30 10693490 d:RetainedEarningsAccumulatedLosses 2023-09-30 10693490 d:RetainedEarningsAccumulatedLosses 2023-01-01 10693490 c:OrdinaryShareClass1 2023-10-01 2024-09-30 10693490 c:OrdinaryShareClass1 2024-09-30 10693490 c:OrdinaryShareClass1 2023-09-30 10693490 c:FRS102 2023-10-01 2024-09-30 10693490 c:Audited 2023-10-01 2024-09-30 10693490 c:FullAccounts 2023-10-01 2024-09-30 10693490 c:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 10693490 2 2023-10-01 2024-09-30 10693490 e:PoundSterling 2023-10-01 2024-09-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 10693490










N&P Feedstock Hooton Ltd










Annual Report and Financial Statements

For the year ended 30 September 2024

 
N&P Feedstock Hooton Ltd
 

Company Information


Directors
S Jennissen 
L Jennissen 
J Jennissen 




Registered number
10693490



Registered office
Century Wharf
Crayford Creek

Dartford

Kent

DA1 4QG




Independent auditor
Kreston Reeves LLP
Chartered Accountants & Statutory Auditor

37 St Margaret's Street

Canterbury

Kent

CT1 2TU





 
N&P Feedstock Hooton Ltd
 

Contents



Page
Strategic Report
1
Directors' Report
2 - 3
Independent Auditor's Report
4 - 7
Statement of Income and Retained Earnings
8
Balance Sheet
9
Notes to the Financial Statements
10 - 19


 
N&P Feedstock Hooton Ltd
 

Strategic Report
For the year ended 30 September 2024

Introduction
 
The directors present their strategic report of N&P Feedstock Hooton Limited (the “Company”) for the year ended 30 September 2024. 

Business review
 
The Company exhibited stable performance in 2024 with secure waste subcontracts and delivery of waste in accordance to Hooton Biopower Limited contractual requirements.
 
The Company is continuing to retain its profits. 

Principal risks and uncertainties
 
The directors consider the principal risks and uncertainties faced by the business as follows:
 
Economic risk: The risk of adverse increase in costs which could impact the cost of running of its subsidiary facilities. The company manages this risk by securing index linked contracts for the supply of feedstock for its plants and also close monitoring of costs and capital expenditure.

Environmental and Regulatory risk: The risk that current laws and regulations may be modified in a way that impacts the operation of its various facilities. The Company manages these by keeping close eye on these regulations and forward planning to mitigate impact and adjust operations.

Business Interruption risk: Business interruption, through whatever form, can impact all aspects of the subsidiary operations and the health and saftey. The Company keeps a close eye over the risks impacting these facilities and takes pro-active measures to minimise these risks.

Credit risk: Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Company. The Company does not trade with customers at present so has no significant credit risk, except receivable and payables within the Group which is managed through the cash flow forecasts.

The main commercial risk is the loss in value of its investment and at present there are no indicators of impairment

Financial key performance indicators
 
In addition to the four key areas outlined above, we also track the following key performance indicators to measure our progress.
Gross Profit: This is a measure of the Company operating performance. In the accounting year ended 30 September 2024 the Company achieved a gross profit margin of 6.5% (2023 - 6.7%).
Earnings before interest, tax, depreciation and amortisation (EBITDA): In the accounting year ended 30 September 2024 the Company achieved an EBITDA £572,949 (9 month period 2023 - £346,918).


This report was approved by the board and signed on its behalf.



S Jennissen
Director
Date: 10 February 2025

Page 1

 
N&P Feedstock Hooton Ltd
 

 
Directors' Report
For the year ended 30 September 2024

The Directors present their report and the financial statements for the year ended 30 September 2024.

Directors' responsibilities statement

The Directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 Company and of the profit or loss of the Company for that period.

 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 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 financial statements;

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 2006They 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.


Principal activity

The Company's principal activity is trading waste from waste producers to Hooton Biopower Limited.

Results and dividends

The profit for the year, after taxation, amounted to £507,306 (2023 - £289,475).

A dividend was not recommended by the Directors (2023 - £NIL).

Directors

The Directors who served during the year were:

S Jennissen 
L Jennissen 
J Jennissen 

Future developments

The Company will continue to trade waste from waste producers to Hooton Biopower Limited.

Page 2

 
N&P Feedstock Hooton Ltd
 

 
Directors' Report (continued)
For the year ended 30 September 2024

Matters covered in the Strategic Report

To comply with the Companies Act 2006 the Company provides in the Strategic Report, a review of the development and performance of the company during the year, including key performance indicators, consideration of the Company's financial instruments, and a description of the principal risks and uncertainties facing the company.

Disclosure of information to auditor

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditor

Under section 487(2) of the Companies Act 2006Kreston Reeves LLP will be deemed to have been reappointed as auditor 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board and signed on its behalf.
 





S Jennissen
Director
Date: 10 February 2025

Page 3

 
N&P Feedstock Hooton Ltd
 

 
Independent Auditor's Report to the Members of N&P Feedstock Hooton Ltd
 

Opinion

We have audited the financial statements of N&P Feedstock Hooton Ltd (the 'Company') for the year ended 30 September 2024, which comprise the Statement of Income and Retained Earnings, the Balance Sheet and the related notes, including a summary of significant accounting policiesThe 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 Company's affairs as at 30 September 2024 and of its profit 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.


Basis for opinion

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 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.


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 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.


Other information

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 reportOur 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.


Page 4

 
N&P Feedstock Hooton Ltd
 

 
Independent Auditor's Report to the Members of N&P Feedstock Hooton Ltd (continued)


Opinion on other matters prescribed by the Companies Act 2006

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.


Matters on which we are required to report by exception

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.


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, or returns adequate for our audit have not been received from branches not visited by us; or
the 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 set out on page 2, 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.


Page 5

 
N&P Feedstock Hooton Ltd
 

 
Independent Auditor's Report to the Members of N&P Feedstock Hooton Ltd (continued)


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, 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:

Capability of the audit in detecting irregularities, including fraud
Based on our understanding of the company and industry, and through discussion with the directors and other management (as required by auditing standards), we identified that the principal risks of non-compliance with laws and regulations related to health and safety, anti-bribery and employment law. 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 and taxation legislation. 
We communicated identified laws and regulations throughout our team and remained alert to any  indications of non-compliance throughout the audit. We  evaluated 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 inappropriate journals to manipulate revenue recognition. Audit procedures performed by the engagement team included:

Discussions with management and assessment of known or suspected instances of non-compliance with laws and regulations (including health and safety) and fraud; and
Assessment of identified fraud risk factors; and
Confirmation of related parties with management, and review of transactions throughout the period to identify any previously undisclosed transactions with related parties outside the normal course of business; and
Reading available minutes of meetings of those charged with governance, and reviewing correspondence with relevant tax and regulatory authorities; and
Review of significant and unusual transactions and evaluation of the underlying financial rationale supporting the transactions; and
Identifying and testing journal entries, in particular any manual entries made at the year end for financial statement preparation.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
 
Page 6

 
N&P Feedstock Hooton Ltd
 

 
Independent Auditor's Report to the Members of N&P Feedstock Hooton Ltd (continued)




As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:


Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Directors.
Conclude on the appropriateness of the Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditor's Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditor's Report. However, future events or conditions may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.


We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.


Use of our 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 2006Our 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.





Mark Attwood FCCA (Senior Statutory Auditor)
for and on behalf of
Kreston Reeves LLP
Chartered Accountants
Statutory Auditor
Canterbury

13 February 2025
Page 7

 
N&P Feedstock Hooton Ltd
 

Statement of Income and Retained Earnings
For the year ended 30 September 2024

Year ended
30 September
9 months ended
30 September
2024
2023
Note
£
£

  

Turnover
 4 
14,858,404
7,776,344

Cost of sales
  
(13,884,673)
(7,256,177)

Gross profit
  
973,731
520,167

Administrative expenses
  
(401,237)
(173,249)

Operating profit
 5 
572,494
346,918

Gain on waiver of loans
 8 
51,731
-

Interest receivable and similar income
 9 
670,245
397,525

Interest payable and similar expenses
 10 
(635,301)
(368,501)

Profit before tax
  
659,169
375,942

Tax on profit
 11 
(151,863)
(86,467)

Profit after tax
  
507,306
289,475

  

  

Retained earnings at the beginning of the year
  
1,024,265
734,790

Profit for the year
  
507,306
289,475

Retained earnings at the end of the year
  
1,531,571
1,024,265

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of income and retained earnings.

The notes on pages 10 to 19 form part of these financial statements.

Page 8

 
N&P Feedstock Hooton Ltd
Registered number: 10693490

Balance Sheet
As at 30 September 2024

2024
2023
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 12 
14,246,697
13,247,221

Cash at bank and in hand
 13 
32,421
8,708

  
14,279,118
13,255,929

Creditors: amounts falling due within one year
 14 
(12,747,447)
(12,231,564)

Net current assets
  
 
 
1,531,671
 
 
1,024,365

Total assets less current liabilities
  
1,531,671
1,024,365

  

Net assets
  
1,531,671
1,024,365


Capital and reserves
  

Called up share capital 
 15 
100
100

Profit and loss account
  
1,531,571
1,024,265

  
1,531,671
1,024,365


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




S Jennissen
Director
Date: 10 February 2025

The notes on pages 10 to 19 form part of these financial statements.

Page 9

 
N&P Feedstock Hooton Ltd
 

 
Notes to the Financial Statements
For the year ended 30 September 2024

1.


General information

N&P Feedstock Hooton Ltd is a private company limited by shares and is incorporated in England with the registration number 10693490. The Company operates within the UK. The address of the registered office is Century Wharf, Crayford Creek, Crayford, Kent, DA1 4QG.
The financial statements are presented for the year ended 30 September 2024. The comparative period presented is for the 9 months ended 30 September 2023 and therefore the amounts presented (including the related notes) are not entirely comparable. 

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 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 judgement in applying the Company's accounting policies (see note 3).

The financial statements are rounded to the nearest pound.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

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 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of N&P Beeher BV as at 30 September 2024 and these financial statements may be obtained from Berkstraat 28, 5854GW Bergen, The Netherlands.

Page 10

 
N&P Feedstock Hooton Ltd
 

 
Notes to the Financial Statements
For the year ended 30 September 2024

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is pounds sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.4

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. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

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.

Page 11

 
N&P Feedstock Hooton Ltd
 

 
Notes to the Financial Statements
For the year ended 30 September 2024

2.Accounting policies (continued)

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.8

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.

Page 12

 
N&P Feedstock Hooton Ltd
 

 
Notes to the Financial Statements
For the year ended 30 September 2024

2.Accounting policies (continued)

 
2.9

Financial instruments

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.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

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 Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Page 13

 
N&P Feedstock Hooton Ltd
 

 
Notes to the Financial Statements
For the year ended 30 September 2024

2.Accounting policies (continued)


2.9
Financial instruments (continued)


Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires the directors to make judgements, estimates and assumptions that can affect the amounts reported for assets and liabilities, and the results for the year. The nature of estimation is such though that actual outcomes could differ significantly from those estimates.


4.


Turnover

The whole of the turnover is attributable to the supply of RDF feedstock, being the principal activity of the company.

All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

Year ended
30 September
9 months ended
30 September
2024
2023
£
£

Exchange differences
(946)
125

Page 14

 
N&P Feedstock Hooton Ltd
 

 
Notes to the Financial Statements
For the year ended 30 September 2024

6.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor:


Year ended
30 September
9 months ended
30 September
2024
2023
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
12,250
7,500


7.


Employees



The Company has no employees other than the Directors, who did not receive any remuneration (2023 - £NIL).


8.


Gain on waiver of loans

Year ended
30 September
9 months ended
30 September
2024
2023
£
£

Gain on waiver of group loans
51,731
-






During the reporting period, certain loans between fellow group undertakings were waived. The Company has recognised a gain of £51,731 (2023 - £NIL) in respect of these waivers.


9.


Interest receivable

Year ended
30 September
9 months ended
30 September
2024
2023
£
£


Loans to group undertakings
670,245
397,525

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N&P Feedstock Hooton Ltd
 

 
Notes to the Financial Statements
For the year ended 30 September 2024

10.


Interest payable and similar expenses

Year ended
30 September
9 months ended
30 September
2024
2023
£
£


Other loan interest payable
27,701
2,072

Loans from group undertakings
607,600
366,429

635,301
368,501

Page 16

 
N&P Feedstock Hooton Ltd
 

 
Notes to the Financial Statements
For the year ended 30 September 2024

11.


Taxation


Year ended
30 September
9 months ended
30 September
2024
2023
£
£

Corporation tax


Current tax on profits for the year
151,863
86,467


Total current tax
151,863
86,467

Factors affecting tax charge for the year/period

The tax assessed for the year/period differs from the amount computed by applying the standard rate of corporation tax in the UK of 25% (2023 - 23%). The differences are explained below.

Year ended
30 September
9 months ended
30 September
2024
2023
£
£


Profit on ordinary activities before tax
659,169
375,942


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23%)
164,792
86,467

Effects of:


Non-taxable income
(12,929)
-

Total tax charge for the year/period
151,863
86,467


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 17

 
N&P Feedstock Hooton Ltd
 

 
Notes to the Financial Statements
For the year ended 30 September 2024

12.


Debtors

2024
2023
£
£


Trade debtors
2,523,137
2,261,048

Amounts owed by group undertakings
11,723,560
10,891,388

Other debtors
-
4,440

Prepayments and accrued income
-
90,345

14,246,697
13,247,221


Included in amounts owed by group undertakings is £11,723,560 (2023 - £10,891,288) which is interest bearing at 6% and includes accrued interest due. These amounts have no fixed date of repayment and are repayable on demand.
All other amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.


13.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
32,421
8,708

Less: bank overdrafts
(222,042)
(103,079)

(189,621)
(94,371)



14.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
222,042
103,079

Trade creditors
1,724,739
180

Amounts owed to group undertakings
9,202,837
10,363,404

Other taxation and social security
213,552
225,374

Accruals and deferred income
1,384,277
1,539,527

12,747,447
12,231,564


Included in amounts owed to group undertakings is £9,189,635 (2023 - £10,138,107) which is interest bearing at 6% and includes accrued interest due. These amounts have no fixed date of repayment and are repayable on demand.
All other amounts owed to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

Page 18

 
N&P Feedstock Hooton Ltd
 

 
Notes to the Financial Statements
For the year ended 30 September 2024

15.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100



16.


Reserves

Profit and loss account

This reserve comprises of current and prior periods retained profits and is distributable.

17.


Related party transactions

The company is exempt from disclosing related party transactions with other companies that are wholly owned within the group.


18.


Controlling party

The company is a wholly owned subsidiary of N&P UK Holding Ltd, a company incorporated in England.
The Company is part of the the N&P Group, the parent of which, is N&P Beheer BV. N&P Beheer BV is the smallest group for which consolidated financial statements are prepared. Copies of the consolidated financial statements are publicly available from the company's registered office at Berkstraat 28, 5854GW Bergen, The Netherlands.
The N&P Group is majority owed by Mercuria Energy Group Limited, a limited liability company incorporated in Republic of Cyprus. Mercuria Energy Group Limited and its subsidiaries are referred to as the “Mercuria Group”. The consolidated financial statements of Mercuria Group, prepared in accordance with International Financial Report Standards as adopted by EU, are available to the public and can be found with the Cyprus Register of Commerce or can be obtained from 8 Simou Menardou Street, Ria Court 8, 3rd Floor Office 302, 6015 Lamaca, Cyprus. Mercuria Energy Group Limited is controlled by MDJ Partnership registered in Guernsey which is the ultimate controlling party.

Page 19