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REGISTERED NUMBER: 06600650 (England and Wales)






















GWE Biogas Limited

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 30th June 2024






GWE Biogas Limited (Registered number: 06600650)






Contents of the Financial Statements
for the year ended 30th June 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Profit and Loss Account 8

Balance Sheet 9

Statement of Changes in Equity 10

Notes to the Financial Statements 11


GWE Biogas Limited

Company Information
for the year ended 30th June 2024







DIRECTORS: T A T Megginson
M J Girking





SECRETARY: T A T Megginson





REGISTERED OFFICE: Sandhill
Garton Road
Kirkburn
Driffield
East Yorkshire
YO25 9DR





REGISTERED NUMBER: 06600650 (England and Wales)





AUDITORS: Smailes Goldie
Chartered Accountants
Statutory Auditor
Regent's Court
Princess Street
Hull
East Yorkshire HU2 8BA

GWE Biogas Limited (Registered number: 06600650)

Strategic Report
for the year ended 30th June 2024

The directors present their strategic report for the year ended 30th June 2024.

REVIEW OF BUSINESS
The Company's core activities remain focused on the generation of renewable electricity and biomethane, as well as biofertiliser.

Since establishment of the business in 2010, we have continued to invest in digestion and generation capacity in order to maximise the output of the site.

The Company remains dedicated to fostering local employment. Our hard-working team is of course essential to the successful operation of the business and we are incredibly grateful for their efforts over the course of the year, particularly as we continue to expand the business.

PRINCIPAL RISKS AND UNCERTAINTIES
The business is exposed to fluctuations in wholesale electricity and gas prices, albeit partly mitigated through our FiT and RHI income, which are linked to RPI and CPI respectively. The Company has a hedging strategy in place, which also partially mitigates fluctuations in wholesale power prices.

Interest rate risk is effectively managed via the majority of loan funding being on a long-term fixed rate basis.

The Company's operations are subject to environmental and safety laws and regulations, including those governing the use of hazardous materials. The Company adopts and maintains rigorous health and safety procedures and the Directors believe the Company's procedures comply with applicable regulations and are proactively managed.

FINANCIAL RESULTS
In the year ending 30th June 2024, turnover grew by 5.2% to £12.0m (2023: £11.4m), reflecting a 22.7% increase in biogas generation volumes, offset by significant reductions in electricity and biomethane export prices during the period. Biogas generation increased as a result of operational improvements and the full year impact of Digester 6, which was commissioned in December 2022.

EBITDA (pre intercompany management charges of £475,000 paid to GWE Biogas Holdings Ltd) fell from £3.2m to £2.2m, largely as a result of a £1.4m (61%) increase in feedstocks, as a result of increased volumes and cost inflation.

BANK FACILITIES
We are very grateful for the support of Virgin Money, who have continued to support the business.

KEY PERFORMANCE INDICATORS
The board monitors progress on overall strategy by reference to the following key performance indicators:


£   's 2024 2023


Gross profit 19.7% 31.5% Gross profit
expressed as a
percentage of sales

Adjusted EBITDA 2,239,000 3,250,000 Profit before
interest, tax,
depreciation and
amortisation.
Excluding
intercompany
management
charges


GWE Biogas Limited (Registered number: 06600650)

Strategic Report
for the year ended 30th June 2024

FUTURE DEVELOPMENTS
In October 2024, we were pleased to successfully commission our CO2 capture plant. This was a significant investment for the business and emphasises our already strong green credentials and commitment to minimise the Company's carbon footprint. We are pleased with the operation of the plant to date and have secured an outlet for the CO2, which will be an entirely new revenue stream for the business in FY25.

ON BEHALF OF THE BOARD:





T A T Megginson - Secretary


30th January 2025

GWE Biogas Limited (Registered number: 06600650)

Report of the Directors
for the year ended 30th June 2024

The directors present their report with the financial statements of the company for the year ended 30th June 2024.

DIVIDENDS
Interim dividends of £319,205 (2023: £338,581) were paid during the year. No final dividend will be distributed.

DIRECTORS
The directors shown below have held office during the whole of the period from 1st July 2023 to the date of this report.

T A T Megginson
M J Girking

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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). 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 then 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Smailes Goldie, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:



T A T Megginson - Secretary


30th January 2025

Report of the Independent Auditors to the Members of
GWE Biogas Limited

Opinion
We have audited the financial statements of GWE Biogas Limited (the 'company') for the year ended 30th June 2024 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30th June 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including 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.

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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
GWE Biogas Limited


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 Report of the Directors.

We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on page four, 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 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.

Auditors' 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 a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, tax legislation, data protection, anti-bribery, employment, environmental and health and safety legislation. An understanding of these laws and regulations and the extent of compliance was obtained through discussion with management and inspecting legal and regulatory correspondence.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates were
indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

Report of the Independent Auditors to the Members of
GWE Biogas Limited


In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with relevant regulators and the company's legal advisors.

Due to 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. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.




Matthew Fox FCCA (Senior Statutory Auditor)
for and on behalf of Smailes Goldie
Chartered Accountants
Statutory Auditor
Regent's Court
Princess Street
Hull
East Yorkshire HU2 8BA

3rd February 2025

GWE Biogas Limited (Registered number: 06600650)

Profit and Loss Account
for the year ended 30th June 2024

2024 2023
Notes £    £   

TURNOVER 3 12,020,418 11,421,604

Cost of sales 9,654,343 7,825,418
GROSS PROFIT 2,366,075 3,596,186

Administrative expenses 2,265,500 2,169,597
100,575 1,426,589

Other operating income 100,000 -
OPERATING PROFIT 5 200,575 1,426,589

Interest receivable and similar income 126,878 101,117
327,453 1,527,706

Interest payable and similar expenses 6 204,970 161,700
PROFIT BEFORE TAXATION 122,483 1,366,006

Tax on profit 7 86,590 151,007
PROFIT FOR THE FINANCIAL YEAR 35,893 1,214,999

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

35,893

1,214,999

GWE Biogas Limited (Registered number: 06600650)

Balance Sheet
30th June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 15,920,925 15,613,985
Investments 10 1,125,000 1,125,000
17,045,925 16,738,985

CURRENT ASSETS
Stocks 11 1,140,102 1,033,009
Debtors 12 4,264,203 3,506,503
Cash at bank and in hand 263 27,003
5,404,568 4,566,515
CREDITORS
Amounts falling due within one year 13 9,058,497 9,196,329
NET CURRENT LIABILITIES (3,653,929 ) (4,629,814 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

13,391,996

12,109,171

CREDITORS
Amounts falling due after more than one
year

14

(3,563,275

)

(2,083,728

)

PROVISIONS FOR LIABILITIES 18 (1,096,849 ) (1,010,259 )
NET ASSETS 8,731,872 9,015,184

CAPITAL AND RESERVES
Called up share capital 19 2 2
Retained earnings 20 8,731,870 9,015,182
SHAREHOLDERS' FUNDS 8,731,872 9,015,184

The financial statements were approved by the Board of Directors and authorised for issue on 30th January 2025 and were signed on its behalf by:




M J Girking - Director



T A T Megginson - Director


GWE Biogas Limited (Registered number: 06600650)

Statement of Changes in Equity
for the year ended 30th June 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1st July 2022 2 8,138,764 8,138,766

Changes in equity
Dividends - (338,581 ) (338,581 )
Total comprehensive income - 1,214,999 1,214,999
Balance at 30th June 2023 2 9,015,182 9,015,184

Changes in equity
Dividends - (319,205 ) (319,205 )
Total comprehensive income - 35,893 35,893
Balance at 30th June 2024 2 8,731,870 8,731,872

GWE Biogas Limited (Registered number: 06600650)

Notes to the Financial Statements
for the year ended 30th June 2024

1. STATUTORY INFORMATION

GWE Biogas Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

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 FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 3.17(d);
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and
11.48(c);
the requirement of paragraph 33.7.

Going Concern
These financial statements are prepared on a going concern basis. The directors, having considered the forecasts through to 30 June 2026, have a reasonable expectation that the company has adequate resources to continue in operational existence for a period of 12 months from the date of approval of these financial statements and therefore have prepared the financial statements on a going concern basis.

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policy adopted for the recognition of turnover is as follows:

Sale of goods
Turnover from the sale of generated power and the associated Feed in Tariffs is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. This is usually on the basis of power supplied during the period, together with associated Feed in Tariffs.

Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation
Depreciation of fixed assets is charged by annual instalments commencing with the year of acquisition at rates estimated to write off their cost less any residual value over the expected useful lives.

The annual rates used are as follows:

Land and buildings -5% on cost
Plant and machinery etc -5%, 10%, 20% and 25% on cost and straight line over 15 years

Investments in associates
Investments in associate undertakings are recognised at cost.

GWE Biogas Limited (Registered number: 06600650)

Notes to the Financial Statements - continued
for the year ended 30th June 2024

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Current & deferred tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current and past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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 and other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Environmental transformation fund support
Loan support in respect of capital expenditure has been received and the assets for which the support has been received have been capitalised in the balance sheet to recognise the substance of the agreement. Support amounts are to be credited to the profit and loss account over the estimated lives of the relevant fixed assets. The amount shown in the balance sheet as deferred Environmental Transformation Fund support represents the total support receivable to date less the amounts so far released to the profit and loss account.

Grants of a revenue nature which are made to give immediate financial support, to recognise energy generation or to reimburse costs previously incurred are credited to the profit and loss account in the period in which they become receivable.

Hire purchase agreements
Tangible fixed assets acquired under hire purchase agreements are capitalised at the estimated fair value at the date of inception of each contract. The finance charges are allocated over the period of the contract in accordance with the straight line method.

GWE Biogas Limited (Registered number: 06600650)

Notes to the Financial Statements - continued
for the year ended 30th June 2024

2. ACCOUNTING POLICIES - continued

Debtors and creditors receivable/ payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 11,717,890 11,363,026
Europe 302,528 58,578
12,020,418 11,421,604

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 1,193,145 1,160,455
Social security costs 124,107 116,614
Other pension costs 78,280 75,744
1,395,532 1,352,813

The average number of employees during the year was as follows:
2024 2023

Production 29 29
Admin 7 7
36 36

GWE Biogas Limited (Registered number: 06600650)

Notes to the Financial Statements - continued
for the year ended 30th June 2024

4. EMPLOYEES AND DIRECTORS - continued

2024 2023
£    £   
Directors' remuneration - -

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Hire of plant and machinery 7,934 28,554
Depreciation - owned assets 1,664,561 1,454,253
(Profit)/loss on disposal of fixed assets (3,302 ) 39,825
Auditors' remuneration 11,130 9,887
Foreign exchange differences 14,378 (9,353 )

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 28,441 21,914
Hire purchase 176,529 139,786
204,970 161,700

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Deferred tax 86,590 151,007
Tax on profit 86,590 151,007

GWE Biogas Limited (Registered number: 06600650)

Notes to the Financial Statements - continued
for the year ended 30th June 2024

7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 122,483 1,366,006
Profit multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 25%)

30,621

341,502

Effects of:
Expenses not deductible for tax purposes 1,194 4,476
Capital allowances in excess of depreciation - (195,015 )
Depreciation in excess of capital allowances 54,874 -
Adjustments to tax charge in respect of previous periods - deferred tax
(99

)

44
Total tax charge 86,590 151,007

8. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £0.01 each
Interim 319,205 338,581

9. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1st July 2023 4,572,985 20,849,387 239,383 79,930 25,741,685
Additions 66,476 1,941,618 5,394 37,930 2,051,418
Disposals - (218,361 ) - - (218,361 )
At 30th June 2024 4,639,461 22,572,644 244,777 117,860 27,574,742
DEPRECIATION
At 1st July 2023 577,790 9,399,744 122,403 27,763 10,127,700
Charge for year 98,233 1,532,588 14,631 19,109 1,664,561
Eliminated on disposal - (138,444 ) - - (138,444 )
At 30th June 2024 676,023 10,793,888 137,034 46,872 11,653,817
NET BOOK VALUE
At 30th June 2024 3,963,438 11,778,756 107,743 70,988 15,920,925
At 30th June 2023 3,995,195 11,449,643 116,980 52,167 15,613,985

GWE Biogas Limited (Registered number: 06600650)

Notes to the Financial Statements - continued
for the year ended 30th June 2024

10. FIXED ASSET INVESTMENTS
Interest
in
associate
£   
COST
At 1st July 2023
and 30th June 2024 1,125,000
NET BOOK VALUE
At 30th June 2024 1,125,000
At 30th June 2023 1,125,000

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Associated company

Darta Yorkshire Limited (Formerly Yorkshire Greens Limited)
Registered office: Sandhill Garton Road, Kirkburn, Driffield, East Yorkshire, United Kingdom, YO25 9DR
Nature of business: Other processing of fruit and vegetables
%
Class of shares: holding
Ordinary B 25.00

No dividends or other distributions have been received from the company's associates in the period (2023: £Nil).

11. STOCKS
2024 2023
£    £   
Stocks 1,140,102 1,033,009

12. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 1,140,811 843,850
Amounts owed by associates 108,150 108,578
Other debtors 1,493,940 1,148,423
VAT 146,302 30,652
2,889,203 2,131,503

Amounts falling due after more than one year:
Amounts owed by associates 1,375,000 1,375,000

Aggregate amounts 4,264,203 3,506,503

GWE Biogas Limited (Registered number: 06600650)

Notes to the Financial Statements - continued
for the year ended 30th June 2024

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 15) 276,163 19,169
Hire purchase contracts (see note 16) 457,790 321,889
Trade creditors 1,615,080 1,789,378
Amounts owed to group undertakings 6,316,326 6,781,702
Other creditors 393,138 284,191
9,058,497 9,196,329

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts (see note 16) 3,563,275 1,983,728
Other creditors - 100,000
3,563,275 2,083,728

15. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 276,163 19,169

16. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024 2023
£    £   
Net obligations repayable:
Within one year 457,790 321,889
Between one and five years 1,819,861 1,143,722
In more than five years 1,743,414 840,006
4,021,065 2,305,617

For the year ending 30th June 2024, there were no operating leases (2023: nil).

GWE Biogas Limited (Registered number: 06600650)

Notes to the Financial Statements - continued
for the year ended 30th June 2024

17. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 276,163 19,169
Hire purchase contracts 4,021,065 2,305,617
4,297,228 2,324,786

The hire purchase liabilities are secured on the assets of the company.

Clydesdale Bank PLC hold a charge created on 1st March 2019. The charge consists of a fixed charge against the land and buildings situated at Sandhill, Garton Road, Kirkburn, Driffield. The charge contains a negative pledge.

Clydesdale Bank PLC hold a charge created on 16th June 2014. The charge consists of a fixed and floating charge against the land and buildings situated at Kirkburn, Driffield. The charge contains a negative pledge.

Clydesdale Bank PLC hold a charge created on 12th October 2010. The charge consists of a fixed and floating charge over the undertaking and all property and assets present and future, including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant & machinery.

18. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 1,096,849 1,010,259

Deferred
tax
£   
Balance at 1st July 2023 1,010,259
Provided during year 86,590
Balance at 30th June 2024 1,096,849

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
200 Ordinary £0.01 2 2

GWE Biogas Limited (Registered number: 06600650)

Notes to the Financial Statements - continued
for the year ended 30th June 2024

20. RESERVES
Retained
earnings
£   

At 1st July 2023 9,015,182
Profit for the year 35,893
Dividends (319,205 )
At 30th June 2024 8,731,870

21. PENSION COMMITMENTS

The company makes payments into a defined contribution scheme for the benefit of its employees. The assets of the scheme are separately administered by its trustees. Contributions are charged to the profit and loss account when they fall due. The charge for the year amounted to £78,280 (2023 £75,744). At the year end, there were outstanding pension contributions totalling £7,645 (2023 £6,944).

22. CAPITAL COMMITMENTS
2024 2023
£    £   
Contracted but not provided for in the
financial statements 365,933 2,010,442

23. OTHER FINANCIAL COMMITMENTS

The company has given guarantees in respect of borrowings of group companies. At 30th June 2024 the potential liability of the company under the arrangement was £4,009,157 (2023: £1,813,066).

24. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

During the period, the company continued to provide a loan to a company in which GWE Biogas Limited has a 25% holding. The loan is provided at an interest rate of 4% over the Bank of England Base Rate. The balance outstanding at the year end is £1,375,000 (2023: £1,375,000).

25. ULTIMATE CONTROLLING PARTY

The directors regard GWE Biogas Holdings Limited, a company incorporated in England and Wales, as the company's immediate parent undertaking. The company's financial statements can be obtained from Sandhill Garton Road, Kirkburn, Driffield, East Yorkshire, YO25 9DR.

The directors consider the ultimate parent undertaking to be Birch Valley Holdings Limited, a company incorporated in England and Wales.

The group in which the company's results are consolidated is that of Birch Valley Holdings Limited. Birch Valley Holdings Limited financial statements are available from it's registered office, Estate Office, Eastburn Road, Eastburn, Driffield, YO25 9DP.