Registration number:
Milton Keynes Energy Limited
for the Period from 26 January 2023 to 31 December 2023
Milton Keynes Energy Limited
Contents
Company Information |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Milton Keynes Energy Limited
Company Information
Directors |
AC Sykes JP Bungey AJ Wettern O Delpon De Vaux |
Registered office |
|
Registered number |
14618885 |
Auditors |
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Milton Keynes Energy Limited
Directors' Report for the Period from 26 January 2023 to 31 December 2023
The directors present their report and the financial statements for the period from 26 January 2023 to 31 December 2023.
Directors of the company
The directors who held office during the period and to the date of this report were as follows:
Principal activity
The principal activity of the company is building a district heat network.
Results of the company operation
The company has continued to develop a district heating network in Milton Keynes, with funding under the joint venture agreement between 1Energy Group Limited and Asper Investment Management.
Going concern
The directors have prepared the financial statements on a going concern, having assessed the company’s ability to continue as a going concern and are satisfied that the company has access to sufficient resources to meet its liabilities for a period of at least twelve months from the date of approving these financial statements. The company’s balance sheet includes a net creditor position, therefore the directors have taken into consideration provision of committed funding support from the wider group and ability to drawdown these resources, to support the going concern assertion.
Sources of Funding
The wider group includes Asper Investment Management Ltd (Asper), an independent investment management firm specialising in sustainable infrastructure.
Funding for the company is via a £220m investment vehicle Asper DHUK LP (the ‘Duke’ Fund), established and managed by Asper to provide development and delivery funding to group this and other projects companies.
The ‘Duke’ Fund is a Dark Green Fund, meaning that the fund has a sustainable investment objective (according to Article 9 of the EU Sustainable Finance Disclosure Regulation), and is focused on climate change mitigation through the construction and operation of sustainable heating networks.
The company has access to fund resources via a Development Loan Agreement and a Working Capital Facility Agreement between Asper DHUK Holding Company Limited and the company for the purposes of financing future development costs, including salary or equivalent costs.
Milton Keynes Energy Limited
Directors' Report for the Period from 26 January 2023 to 31 December 2023
In addition to ‘Duke’ funding available to the project, the company has been awarded grant funding by UK Department for Energy Security and Net Zero via the Green Heat Network Fund capital grant programme. Supporting the development of low and zero carbon (LZC) heat (and cooling) networks, the GHNF is a core element of the Government’s Heat Network Transformation Programme (HNTP), which addresses some of the challenges of decarbonising the UK’s heat sector through the provision of targeted commercialisation and construction funding.
To 31 December 23 the company has been awarded £1.0m for the purpose of such commercialisation activities.
The Directors have assessed future performance and borrowing requirements of the company, are satisfied that the combined sources of funding, being ‘Duke’ Fund and Green Heat Network Fund, provide sufficient funding to service these requirements for the foreseeable future and consider it appropriate to prepare the financial statements on a going concern basis.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
......................................... |
Milton Keynes Energy Limited
Statement of Directors' Responsibilities
The directors are responsibile for preparing the Annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including FRS 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 and apply them consistently; |
• |
make judgements 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 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.
Milton Keynes Energy Limited
Independent Auditor's Report to the Members of Milton Keynes Energy Limited
Report on the audit of the financial statements
Opinion
In our opinion the financial statements of Milton Keynes Energy Limited (the ‘company’):
• | give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its loss for the period from 26 January 2023 to 31 December 2023; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
We have audited the financial statements which comprise:
• |
the profit and loss account; |
• |
the balance sheet; |
• |
the statement of changes in equity; and |
• |
the related notes 1 to 11. |
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).
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 UK, including the Financial Reporting Council’s (the ‘FRC’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.
Milton Keynes Energy Limited
Independent Auditor's Report to the Members of Milton Keynes Energy Limited
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 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.
Responsibilities of directors
As explained more fully in the directors’ responsibilities statement, 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.
Milton Keynes Energy Limited
Independent Auditor's Report to the Members of Milton Keynes Energy Limited
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.
A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
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.
We considered the nature of the company’s industry and its control environment, and reviewed the company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management and the directors about their own identification and assessment of the risks of irregularities, including those that are specific to the company’s business sector.
We obtained an understanding of the legal and regulatory frameworks that the company operates in, and identified the key laws and regulations that:
• |
had a direct effect on the determination of material amounts and disclosures in the financial statements. These included UK Companies Act and relevant tax legislation; and |
• |
do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty. |
Milton Keynes Energy Limited
Independent Auditor's Report to the Members of Milton Keynes Energy Limited
We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.
As a result of performing the above, we identified the greatest potential for fraud in the following area, and our procedures performed to address it are described below:
• |
Tangible assets include expenses capitalised as assets under construction. There is a risk of fraud that management may capitalise costs related to these assets inappropriately, potentially leading to a misstatement of financial performance. To address this risk, we performed tests of details on a sample of capitalised costs to assess their appropriateness. We challenged the nature of incurred costs with management, including their technical advisors, to understand the projects and evaluate whether the costs met the capitalisation criteria as per the company’s accounting policy. |
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.
In addition to the above, our procedures to respond to the risks identified included the following:
• |
reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; |
• |
performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; |
• |
enquiring of management concerning actual and potential litigation and claims, and instances of non-compliance with laws and regulations; and |
• |
reading minutes of meetings of those charged with governance. |
Report on other legal and regulatory requirements
Opinions 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 directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and |
• |
the directors' report has 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 directors' report.
Milton Keynes Energy Limited
Independent Auditor's Report to the Members of Milton Keynes Energy Limited
Matters on which we are required to report by exception
Under the Companies Act 2006 we are required to report in respect of the following matters 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; or |
• | the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report. |
We have nothing to report in respect of these matters.
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 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 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.
......................................
(Senior Statutory Auditor)
For and on behalf of
Statutory Auditor
Guernsey
Milton Keynes Energy Limited
Profit and Loss Account for the Period from 26 January 2023 to 31 December 2023
26 January 2023 to 31 December 2023 |
|
Turnover |
- |
Administrative expenses |
( |
Operating loss |
( |
Interest payable and similar charges |
( |
(1,036) |
|
Loss before tax |
( |
Taxation |
- |
Loss for the financial period |
( |
Milton Keynes Energy Limited
(Registration number: 14618885)
Balance Sheet as at 31 December 2023
Note |
2023 |
|
Fixed assets |
||
Tangible assets |
|
|
Current assets |
||
Debtors |
|
|
Cash at bank and in hand |
|
|
|
||
Creditors: Amounts falling due within one year |
( |
|
Net current assets |
|
|
Total assets less current liabilities |
|
|
Creditors: Amounts falling due after more than one year |
( |
|
Net liabilities |
( |
|
Capital and reserves |
||
Called up share capital |
|
|
Profit and loss account |
( |
|
Total shareholders funds |
( |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the Section 1A of Financial Reporting Standard 102.
Approved and authorised for issue by the
.........................................
Director
Milton Keynes Energy Limited
Statement of Changes in Equity for the Period from 26 January 2023 to 31 December 2023
Share capital |
Profit and loss account |
Total |
|
At 26 January 2023 |
- |
- |
- |
Loss for the period |
- |
( |
( |
Share capital issued on incorporation |
|
- |
|
At 31 December 2023 |
|
( |
( |
Milton Keynes Energy Limited
Notes to the Financial Statements for the Period from 26 January 2023 to 31 December 2023
Statutory information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
Accounting policies |
Summary of significant accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Milton Keynes Energy Limited
Notes to the Financial Statements for the Period from 26 January 2023 to 31 December 2023
Going concern
The directors have prepared the financial statements on a going concern, having assessed the company’s ability to continue as a going concern and are satisfied that the company has access to sufficient resources to meet its liabilities for a period of at least twelve months from the date of approving these financial statements. The company’s balance sheet includes a net creditor position, therefore the directors have taken into consideration provision of committed funding support from the wider group and ability to drawdown these resources, to support the going concern assertion.
Sources of Funding
The wider group includes Asper Investment Management Ltd (Asper), an independent investment management firm specialising in sustainable infrastructure.
Funding for the company is via a £220m investment vehicle Asper DHUK LP (the ‘Duke’ Fund), established and managed by Asper to provide development and delivery funding to group this and other projects companies.
The ‘Duke’ Fund is a Dark Green Fund, meaning that the fund has a sustainable investment objective (according to Article 9 of the EU Sustainable Finance Disclosure Regulation), and is focused on climate change mitigation through the construction and operation of sustainable heating networks.
The company has access to fund resources via a Development Loan Agreement and a Working Capital Facility Agreement between Asper DHUK Holding Company Limited and the company for the purposes of financing future development costs, including salary or equivalent costs.
In addition to ‘Duke’ funding available to the project, the company has been awarded grant funding by UK Department for Energy Security and Net Zero via the Green Heat Network Fund capital grant programme. Supporting the development of low and zero carbon (LZC) heat (and cooling) networks, the GHNF is a core element of the Government’s Heat Network Transformation Programme (HNTP), which addresses some of the challenges of decarbonising the UK’s heat sector through the provision of targeted commercialisation and construction funding.
To 31 December 23 the company has been awarded £1.0m for the purpose of such commercialisation activities.
The Directors have assessed future performance and borrowing requirements of the company, are satisfied that the combined sources of funding, being ‘Duke’ Fund and Green Heat Network Fund, provide sufficient funding to service these requirements for the foreseeable future and consider it appropriate to prepare the financial statements on a going concern basis.
Milton Keynes Energy Limited
Notes to the Financial Statements for the Period from 26 January 2023 to 31 December 2023
Government grants
Government grants are recognised, using the accrual model, at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.
The grants received relate to capital expenditure and have been recognised as deferred income in the balance sheet and will be released to the profit and loss account.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible fixed assets - assets under construction
Assets in the course of construction are stated at cost and form the Milton Keynes district heat network.
Costs incurred in bringing the assets to the commercial operations date include both pre-construction and construction activity. Costs consist of early stage works required including but not limited to land options and surveys, technical and environmental surveys, planning applications, asset design, project management and legal and professional fees. These activities facilitate the construction stages for each of the key asset groups: the energy centre; encompassing required ground and foundation works, construction of the building to house the energy generation asset, the mechanical and electrical works required for installation and the asset itself, the Network; encompassing installation of pipe and associated kit and Building Connections; encompassing installation of substations and associated pipe work.
These assets are not depreciated until they are available for use on the commercial operations date, when they will then be transferred into Property Plant and Equipment.
Milton Keynes Energy Limited
Notes to the Financial Statements for the Period from 26 January 2023 to 31 December 2023
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity.
Milton Keynes Energy Limited
Notes to the Financial Statements for the Period from 26 January 2023 to 31 December 2023
Financial instruments
Financial assets
Basic financial assets, including trade and other receivables, and cash and bank balances, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method.
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.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and
whose fair values cannot be measured reliably are measured at cost less impairment.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party, or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to
unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Milton Keynes Energy Limited
Notes to the Financial Statements for the Period from 26 January 2023 to 31 December 2023
Financial liabilities
Basic financial liabilities, including trade and other payables, bank loans, and loans from fellow group companies, 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 receipts discounted at a market rate of interest.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a prepayment for liquidity services and amortised over the period of the facility to which it relates.
Accounts 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial assets and liabilities are offset and the net amount reported in the balance sheet 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.
3 Critical acccounting judgements and key sources of estimation uncertainty
The Directors make estimates and assumptions concerning the future of the Company. The resulting accounting estimates will, by definition, seldom equate to actual results. The Company's Directors are of the opinion that there are no estimates and assumptions that have a significant risk of causing material adjustment to the carrying value of assets and liabilities for the Company within the next financial year due to the nature of the business. There are no other significant judgements or key sources of estimation uncertainty in the accounting policies.
Staff numbers |
The average number of persons employed by the company during the period, was
Auditors' remuneration |
2023 |
|
Audit of the financial statements |
|
Milton Keynes Energy Limited
Notes to the Financial Statements for the Period from 26 January 2023 to 31 December 2023
Tangible assets |
Assets under construction |
|
Cost |
|
At 26 January 2023 |
- |
Additions |
|
At 31 December 2023 |
|
Carrying amount |
|
At 31 December 2023 |
|
Debtors: amounts falling due within one year |
2023 |
|
Other debtors |
|
|
Creditors |
2023 |
|
Amounts falling due within one year |
|
Accruals |
8,000 |
Note |
2023 |
|
Due after one year |
||
Amounts owed to group undertakings |
|
|
Other loans |
301,036 |
|
650,746 |
Milton Keynes Energy Limited
Notes to the Financial Statements for the Period from 26 January 2023 to 31 December 2023
Share capital |
Allotted, called up and fully paid shares
2023 |
||
No. |
£ |
|
|
|
10 |
New shares allotted
On 26 January 2023 |
Related party transactions |
Summary of transactions with parent
The company entered into a Working Capital Facility Agreement with Asper DHUK Holding Company on 07 December 2023. The loan amount is £5,000,000 or such other amount as the Lender and Borrower may agree in writing, at a rate of 6% interest.
During the year, £300,000 was drawn down by the company. At the year end £301,036 was owing to Asper DHUK Holding Company Limited. The loan is secured by a fixed and floating charge over the company.
Interest is repayable following the first anniversary of the Commercial Operations Date. Commercial Operations Date means the date on which the Project is substantially complete and commercially operable i.e. is supplying heat to customers.
Unless repaid or prepaid earlier in accordance with Clauses 5.2 or 7 (as applicable), all outstanding Loans and other amounts (including accrued interest) under this Agreement shall be repaid in full on the Maturity Date, which is the 10th anniversary of the Commercial Operations Date.
Summary of transactions with entities with joint control or significant interest
During the year 1ENERGY Group Limited made payments on behalf of the company for assets under construction that had not been invoiced by the year end. The balance owing to 1ENERGY Group Limited at 31 December 2023 was £349,710. The amount is interest free and repayable on demand.
Milton Keynes Energy Limited
Notes to the Financial Statements for the Period from 26 January 2023 to 31 December 2023
Summary of transactions with other related parties
On 10 March 2023 an Equity Support Deed was signed in relation to the Green Heat Network Fund between Asper DHUK LP, Asper DHUK Holding Company Limited and The Secretary of State for Energy Security and Net Zero.
The purpose of the deed is to provide credit support from Asper DHUK LP to Asper DHUK Holding Company Limited, in order for Asper DHUK Holding Company Limited to satisfy the conditions of the Green Heat Network Fund grant funding, being the execution and delivery a parent guarantee to The Secretary of State for Energy Security and Net Zero in respect of the grant funding awarded to Milton Keynes Energy Limited.
Parent and ultimate parent undertaking |
The company's immediate parent is