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Registered number: 10481621










SOUTHWOLD ENERGY LIMITED

AUDITED
FINANCIAL STATEMENTS

FOR THE YEAR ENDED
31 MARCH 2024
 






 



 






 
SOUTHWOLD ENERGY LIMITED
 

COMPANY INFORMATION


Director
Mr P W Kent 




Registered number
10481621



Registered office
24 Savile Row
London

United Kingdom

W1S 2ES




Independent auditors
Wellden Turnbull Limited
Chartered Accountants & Statutory Auditors

Albany House

Claremont Lane

Esher

Surrey

KT10 9FQ





 
SOUTHWOLD ENERGY LIMITED
 

CONTENTS



Page
Balance Sheet
 
 
1
Notes to the Financial Statements
 
 
2 - 7

 
SOUTHWOLD ENERGY LIMITED
REGISTERED NUMBER: 10481621

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
-
-

Current assets
  

Cash at bank and in hand
  
1,005
103

Creditors: amounts falling due within one year
 6 
(127,320)
(4,250)

Net current liabilities
  
 
 
(126,315)
 
 
(4,147)

Total assets less current liabilities
  
(126,315)
(4,147)

  

Net liabilities
  
(126,315)
(4,147)


Capital and reserves
  

Called up share capital 
 7 
1,000
1,000

Profit and loss account
 8 
(127,315)
(5,147)

  
(126,315)
(4,147)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

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




Mr P W Kent
Director

Date: 27 March 2025

The notes on pages 2 to 7 form part of these financial statements.
Page 1

 
SOUTHWOLD ENERGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Southwold Energy Limited is a private company, limited by shares, incorporated in England and Wales, registered number 10481621. The registered office is 24 Savile Row, London, W1S 2ES.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

These financial statements are presented in sterling which is the functional currency of the Company and rounded to the nearest £.

The following principal accounting policies have been applied:

  
2.2

Compliance with accounting standards

The financial statements have been prepared using FRS102, The Financial Reporting Standard applicable in the UK and the Republic of Ireland, including the disclosure and presentation requirements of Section 1A, applicable to small companies. There were no material departures from that standard.

  
2.3

Going concern

The financial statements have not been prepared on a going concern basis. Due to the ongoing operational issues with the Company's biomass plant the Director is actively pursuing an exit with Company's landlord upon completion of which the Company will be liquidated.

  
2.4

Taxation

Tax is recognised in the Statement of Income and Retained Earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

  
2.5

Tangible fixed assets

Leasehold property and plant and machinery are carried at current year fair value at the date of the revaluation less any subsequent accumulated depreciation and 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 year end date. The fair values have been determined from market based evidence such as open market offer for the sale of such assets.

Page 2

 
SOUTHWOLD ENERGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

  
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.8

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

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

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

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

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





 

Page 3

 
SOUTHWOLD ENERGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.8
Financial instruments (continued)

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

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


Derecognition of financial assets

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

Derecognition of financial liabilities

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


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In preparing the financial statements, management is required to make judgements, estimates and assumptions which affect reported income, expenses, assets, liabilities and disclosure of contingent assets and liabilities. Use of available information and application of judgement are inherent in the formation of estimates, together with past experience and expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates.
Management do not consider the Company to have any key sources of estimation uncertainty nor any significant judgements or assumptions in preparing these financial statements.


4.


Employees

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

Page 4

 
SOUTHWOLD ENERGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Tangible fixed assets





Plant and machinery

£



Cost or valuation


At 1 April 2023
1,201,739



At 31 March 2024

1,201,739



Depreciation


At 1 April 2023
1,201,739



At 31 March 2024

1,201,739



Net book value



At 31 March 2024
-



At 31 March 2023
-

Due to the ongoing operational issues with the Company's biomass plant the Director took the decision in 2019 to impair the value of the plant to £NIL.


6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
83,390
-

Accruals and deferred income
43,930
4,250

127,320
4,250


Page 5

 
SOUTHWOLD ENERGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,000 (2023 - 1,000) Ordinary shares shares of £1.00 each
1,000
1,000



8.


Reserves

Profit and loss account

The profit and loss account represents cumulative profits and losses net of all adjustments.


9.


Contingent liability

The Company has an obligation to restore the operational site which houses the anaerobic digestion asset at the end of the lease agreement. No provision is included in the accounts as the amount cannot be measured reliably. 


10.


Related party transactions

The Company is exempt under the terms of Financial Reporting Standard 102 (FRS 102) paragraph 33.1A, from disclosing related party transactions with other group companies, on the grounds that the Company is wholly owned within the Group.


11.


Parent company

The Company's immediate parent undertaking is GCP Biogas 1 Limited, a company incorporated in England and Wales. 
The ultimate parent and controlling party is GCP Intermediary Holdings Limited, a company incorporated in England and Wales. 
The smallest and largest group of undertakings for which group accounts are drawn up and of which the Company is a member is GCP Intermediary Holdings Limited.
The registered office address for both GCP Biogas 1 Limited and GCP Intermediary Holdings Limited is 24 Savile Row, London, W1S 2ES. The consolidated financial statements are available from the registered office address and Companies House.

Page 6

 
SOUTHWOLD ENERGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

12.


Auditors' information

The auditors' report on the financial statements for the year ended 31 March 2024 was unqualified.

In their report, the auditors emphasised the following matter without qualifying their report:

We draw attention to Note 2.3 to the financial statements, which explains that the director intend to liquidate the Company and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in Note 2.3. Our opinion is not modified in this respect of this matter.

The audit report was signed on 28 March 2025 by Mark Nelligan FCA (Senior Statutory Auditor) on behalf of Wellden Turnbull Limited.


Page 7