Company registration number 10504237 (England and Wales)
CHARLTON PARK BIOGAS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
CHARLTON PARK BIOGAS LIMITED
COMPANY INFORMATION
Directors
S C Homewood
J Klein Teeselink
F Pasquier
Company number
10504237
Registered office
Trent Lodge
Stroud Road
Cirencester
Gloucestershire
GL7 6JN
Auditors
Orcom Civvals Audit Limited
Chartered Accountants & Statutory Auditors
50 Seymour Street
London
W1H 7JG
Bankers
Barclays Bank plc
Octagon House
Gadbrook Park
Northwich
Cheshire
CW9 7RB
CHARLTON PARK BIOGAS LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 9
CHARLTON PARK BIOGAS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
9,155,216
9,322,969
Current assets
Stocks
400,101
263,873
Debtors
4
1,932,391
3,081,599
Cash at bank and in hand
620,191
493,892
2,952,683
3,839,364
Creditors: amounts falling due within one year
5
(15,873,436)
(14,438,005)
Net current liabilities
(12,920,753)
(10,598,641)
Total assets less current liabilities
(3,765,537)
(1,275,672)
Creditors: amounts falling due after more than one year
6
(77,292)
(26,620)
Provisions for liabilities
(202,500)
(202,500)
Net liabilities
(4,045,329)
(1,504,792)
Capital and reserves
Called up share capital
7
100
100
Share premium account
650,000
650,000
Profit and loss reserves
(4,695,429)
(2,154,892)
Total equity
(4,045,329)
(1,504,792)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 17 February 2025 and are signed on its behalf by:
F Pasquier
Director
Company Registration No. 10504237

The notes on pages 3 to 9 form part of these financial statements.

CHARLTON PARK BIOGAS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 April 2022
100
650,000
(770,622)
(120,522)
Year ended 31 March 2023:
Loss and total comprehensive income
-
-
(1,384,270)
(1,384,270)
Balance at 31 March 2023
100
650,000
(2,154,892)
(1,504,792)
Year ended 31 March 2024:
Loss and total comprehensive income
-
-
(2,540,537)
(2,540,537)
Balance at 31 March 2024
100
650,000
(4,695,429)
(4,045,329)

The notes on pages 3 to 9 form part of these financial statements.

CHARLTON PARK BIOGAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Charlton Park Biogas Limited is a private company limited by shares incorporated in England and Wales. The registered office is Trent Lodge, Stroud Road, Cirencester, Gloucestershire, GL7 6JN.

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 as applicable to companies subject to the small companies regime. 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 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
Going concern

The financial statements have been prepared on a going concern basis notwithstanding the company has net liabilities of £4,045,329 (2023 - £1,504,792). true

 

As stated in note 11, Post Balance Sheet events, the company is in the process of being sold as a going concern.

 

The parent entity have confirmed their support for the company but only up to the completion of the sale.

 

The company has not been made party to the buyers’ post acquisition plans and accordingly material uncertainty in relation to going concern exists in relation to any post acquisition period.

 

The directors consider that notwithstanding the material uncertainty described above, the going concern basis is appropriate to the preparation of these financial statements.

1.3
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.

Turnover from the sale of gas is recognised by reference to the date of production as gas is fed into the network when generated.

1.4
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.

Leasehold land and buildings
Over the length of the lease
Plant and equipment
25% and 33.3% straight line
Biogas plant
5% and 10% 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 credited or charged to profit or loss.

CHARLTON PARK BIOGAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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.

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.

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.

1.6
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.

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.

1.7
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.

1.8
Financial instruments

The company 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 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.

CHARLTON PARK BIOGAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
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.

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 company 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.

1.9
Equity instruments

Equity instruments issued by the company 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 company.

1.10
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.11
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

CHARLTON PARK BIOGAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -

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.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
3
3
3
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Biogas plant
Total
£
£
£
£
Cost
At 1 April 2023
13,161
97,038
9,797,768
9,907,967
Additions
9,680
145,596
259,670
414,946
Disposals
-
0
(83,100)
-
0
(83,100)
At 31 March 2024
22,841
159,534
10,057,438
10,239,813
Depreciation and impairment
At 1 April 2023
1,097
62,511
521,390
584,998
Depreciation charged in the year
763
53,129
501,107
554,999
Eliminated in respect of disposals
-
0
(55,400)
-
0
(55,400)
At 31 March 2024
1,860
60,240
1,022,497
1,084,597
Carrying amount
At 31 March 2024
20,981
99,294
9,034,941
9,155,216
At 31 March 2023
12,064
34,527
9,276,378
9,322,969
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
136,211
-
0
Other debtors
650,035
724,433
Prepayments and accrued income
1,146,145
2,357,166
1,932,391
3,081,599
CHARLTON PARK BIOGAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Obligations under finance leases
24,344
27,807
Other borrowings
12,989,765
11,628,933
Trade creditors
1,261,507
1,694,182
Accruals and deferred income
1,597,820
1,087,083
15,873,436
14,438,005

Creditors includes loans totalling £12,989,765 (2023 - £11,628,933) which are secured by fixed and floating charges over all the assets and undertakings of the company.

 

Finance lease liabilities of £24,344 (2023 - 27,807) are secured on the assets to which they relate.

6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
77,292
26,620

Finance lease liabilities of £77,292 (2023 - £26,620) are secured on the assets to which they relate.

7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of 10p each
550
550
55
55
Ordinary B shares of 10p each
452
452
45
45
1,002
1,002
100
100
8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditors' report was unqualified.

CHARLTON PARK BIOGAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
8
Audit report information
(Continued)
- 8 -

Material uncertainty related to going concern

We draw attention to note 1.2 in the financial statements, which indicates that the company incurred a net loss of £2,540,537 during the year ended 31 March 2024 and, as of that date, the company’s current liabilities exceeded its total assets by £4,045,329.

 

As stated in note 1.2, these events or conditions, along with other matters as set forth in note 11, indicate that a material uncertainty exists that may cast significant doubt on the company’s ability to continue as a going concern.

 

Our opinion is not modified in respect of this matter.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Senior Statutory Auditor:
Philip Jones
Statutory Auditor:
Orcom Civvals Audit Limited
Date of audit report:
17 February 2025
9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
Within one year
90,000
90,000
Between two and five years
360,000
360,000
In over five years
1,566,000
1,656,000
2,016,000
2,106,000
CHARLTON PARK BIOGAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
10
Related party transactions
Transactions with related parties

During the year, Albion Quarters Limited, a company controlled by S C Homewood, made sales of £67,426 (2023 - £11,271) to the company. At the year end, the amount due to Albion Quarters Limited was £nil (2023 - £11,271).

 

During the year, Raw Energy Limited, a company controlled by S C Homewood, made sales of £317,446 (2023 - £405,852) to the company. At the year end, the amount due to Raw Energy Limited was £142,565 (2023 - £230,258).

 

During the year, Host Bio-Energy UK Limited, a company where J Klein Teeselink is a director, made sales of £251,969 (2023 - £684,433) to the company. At the year end, the amount due to Host Bio-Energy UK Limited was £663,052 (2023 - £578,445).

 

Creditors falling due within one year includes loan balances totalling £12,159,777 (2023 - £10,798,944) owed to Swen IFT UK Limited which are secured by fixed and floating charges over all the assets and undertakings of the company. During the year interest of £1,182,743 (2023 - £937,092) was charged.

 

Creditors falling due within one year includes a loan balance of £829,988 (2023 - £829,988) owed to Host Bio-Energy UK Limited which is secured by fixed and floating charges over all the assets and undertakings of the company. During the year interest of £82,999 (2023 - £78,783) was charged.

11
Post Balance Sheet events

The owners of the company are in negotiation with a third party for the sale of the company as a going concern.

12
Controlling party

The company is a 55% subsidiary of Swen IFT UK Limited, the immediate parent undertaking, a company incorporated in the United Kingdom.

The ultimate parent undertaking is Swen Impact Fund for Transition, an entity incorporated in France, managed by Swen Capital Partners. The company's registered address is 20/22 Rue Vernier 75017 Paris, France.

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