REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 1 April 2023 to 30 March 2024 |
for |
Bio Dynamic (UK) Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 1 April 2023 to 30 March 2024 |
for |
Bio Dynamic (UK) Limited |
Bio Dynamic (UK) Limited (Registered number: 08574661) |
Contents of the Financial Statements |
for the Period 1 April 2023 to 30 March 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Bio Dynamic (UK) Limited |
Company Information |
for the Period 1 April 2023 to 30 March 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Apex House |
7 Park Lane Business Centre |
Basford |
Nottingham |
Nottinghamshire |
NG6 0DW |
Bio Dynamic (UK) Limited (Registered number: 08574661) |
Balance Sheet |
30 March 2024 |
2024 | 2023 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 10 |
Retained earnings | ( |
) | ( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Bio Dynamic (UK) Limited (Registered number: 08574661) |
Balance Sheet - continued |
30 March 2024 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Bio Dynamic (UK) Limited (Registered number: 08574661) |
Notes to the Financial Statements |
for the Period 1 April 2023 to 30 March 2024 |
1. | STATUTORY INFORMATION |
Bio Dynamic (UK) Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is recognised to the extent it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover 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 turnover is recognised. |
Transmission of gas and electricity |
- Turnover from a contract to transmit gas and electricity is recognised in the period in which the transmissions are made; |
- The transmission of gas and electricity is measured and agreed by the customer, inclusive of subsidies, excluding discounts and value added tax; |
- The amount of turnover can be measured reliably; |
- It is possible that the company will receive the consideration due under the contract. |
Intangible assets |
Intangible assets are initially recognised at valuation. No amortisation has been charged within the period as the gas to grid facility was not fully functional. |
Intangible assets are carried at fair value at the date of revaluation less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the Balance Sheet date. |
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers. |
Revaluation gains and losses are recognised in the Statement of Income and Retained Earnings unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss. |
Tangible fixed assets |
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives. No depreciation has been charged on plant and machinery within the period as the site was not operational. |
Plant and machinery - 4% straight line |
Fixtures and fittings - 20% reducing balance |
Computer equipment - 25% reducing balance |
Bio Dynamic (UK) Limited (Registered number: 08574661) |
Notes to the Financial Statements - continued |
for the Period 1 April 2023 to 30 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Rentals paid under the operating leases are charged to the profit and loss and retained earnings on a straight-line basis over the lease term. |
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessees benefit from the use of the leased asset. |
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful economic lives. Assets acquired by hire purchase are depreciated over their useful lives. |
Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss and retained earnings so as to produce a constant periodic rate of charge on the net obligation outstanding in each period. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
Bio Dynamic (UK) Limited (Registered number: 08574661) |
Notes to the Financial Statements - continued |
for the Period 1 April 2023 to 30 March 2024 |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST OR VALUATION |
At 1 April 2023 |
Revaluations | ( |
) |
At 30 March 2024 |
NET BOOK VALUE |
At 30 March 2024 |
At 31 March 2023 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 April 2023 |
Additions |
Revaluations |
At 30 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for period |
Revaluation adjustments | ( |
) | ( |
) |
At 30 March 2024 |
NET BOOK VALUE |
At 30 March 2024 |
At 31 March 2023 |
The gross depreciation charge within administration expenses of £2,312,987 includes £1,221,837 accelerated depreciation in respect of the CHPs replaced following the change in government legislation allowing new for old to qualify for the Feed In Tariff. |
Bio Dynamic (UK) Limited (Registered number: 08574661) |
Notes to the Financial Statements - continued |
for the Period 1 April 2023 to 30 March 2024 |
5. | TANGIBLE FIXED ASSETS - continued |
Cost or valuation at 30 March 2024 is represented by: |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
Valuation in 2024 | - | 14,582,535 | 14,582,535 |
Cost | 1,232,611 | 32,417,465 | 33,650,076 |
1,232,611 | 47,000,000 | 48,232,611 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
as restated |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
as restated |
£ | £ |
Bank loans and overdrafts (see note 9) |
Hire purchase contracts |
Trade creditors |
Amounts owed to participating interests | 36,174,307 | 25,660,316 |
Taxation and social security | ( |
) |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
as restated |
£ | £ |
Bank loans (see note 9) |
Hire purchase contracts |
Other creditors |
Bio Dynamic (UK) Limited (Registered number: 08574661) |
Notes to the Financial Statements - continued |
for the Period 1 April 2023 to 30 March 2024 |
9. | LOANS |
An analysis of the maturity of loans is given below: |
2024 | 2023 |
as restated |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
Loans are secured over the company and its assets. |
10. | RESERVES |
Revaluation |
reserve |
£ |
At 1 April 2023 |
Revaluation | 10,896,327 |
At 30 March 2024 |
11. | RELATED PARTY DISCLOSURES |
Included within other creditors is an amount owed to Mr W M Bagnall, father of W J Bagnall and Mr M Bagnall, the directors. |
12. | POST BALANCE SHEET EVENTS |
The key investor of the company, A W Lymn Green Energy, has continued to support the business with further injections of cash totalling £3.75m since the 2024 period end, and has also continued to roll up its interest charges. |
13. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |