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REGISTERED NUMBER: 09689035 (England and Wales)






























STRATEGIC REPORT,

REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 JUNE 2024

FOR

FOXGLOVE ENERGY SUPPLY LTD

FOXGLOVE ENERGY SUPPLY LTD (REGISTERED NUMBER: 09689035)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 JUNE 2024










Page

Company Information 1

Strategic Report 2

Report of the Director 6

Report of the Independent Auditors 7

Statement of Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Notes to the Financial Statements 14


FOXGLOVE ENERGY SUPPLY LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 29 JUNE 2024







DIRECTOR: A Bastian Jeronimo


REGISTERED OFFICE: 16 North Mills
Frog Island
Leicester
Leicestershire
LE3 5DL


REGISTERED NUMBER: 09689035 (England and Wales)


SENIOR STATUTORY AUDITOR: Mr W Scales FCA FMAAT


AUDITORS: Mark J Rees LLP, Statutory Auditor
Chartered Accountants
Granville Hall
Granville Road
Leicester
LE1 7RU


BANKERS: Barclays Bank Plc
Town Hall Square
Leicester
LE87 2BB

FOXGLOVE ENERGY SUPPLY LTD (REGISTERED NUMBER: 09689035)

STRATEGIC REPORT
FOR THE YEAR ENDED 29 JUNE 2024


The director presents his strategic report for the year ended 29 June 2024.

At Foxglove Energy Supply Ltd, we pride ourselves on aligning our business operations with our core family values. Sustainability remains a cornerstone of our focus, as we continue to provide energy to domestic customers and attract experienced professionals who share our commitment to serving our valued customers. Our aim is to contribute positively to the future while keeping household energy bills affordable.

Customer satisfaction remains paramount to us, reflected in our 'Excellent' TrustPilot ratings. We are dedicated to fairness, honesty, and transparency in all our dealings, ensuring our customers receive the support they need, when they need it most.

Energy market remained highly volatile, driven by a mix of market fundamentals, geopolitical tensions, and shifting consumer demand. Despite these challenges, our proactive hedging strategies and enhanced risk management policies enabled us to respond effectively to price fluctuations, maintaining continuity in both energy supply and customer service.

The sector continues to face a significant rise in household energy debt, with recent reports indicating that total energy debt has reached record highs, and the average debt per customer has increased substantially. Affordability remains a major concern in the retail energy market, putting pressure on both consumers and suppliers.

Although our profits for the year were lower than in previous periods-as anticipated due to market conditions-our financial performance remains robust. This strength positions us well within a highly competitive and increasingly regulated market. Our profitability ensures we can meet emerging financial obligations while continuing to operate sustainably.

Looking ahead, our resilience and operational discipline will remain key to delivering long-term value. We remain committed to supporting our customers, particularly those facing affordability challenges, and to adapting our strategies in line with evolving market dynamics to ensure continued growth and stability.

Moving forward, we remain committed to delivering exceptional customer service and investing in our service infrastructure and employee training. Our financial strength allows us to adapt and innovate, ensuring compliance with regulatory requirements while continuing to deliver value to our customers.

In summary, our strategic report underscores our commitment to sustainability, customer satisfaction, and prudent risk management. Foxglove Energy Supply Ltd is well-equipped to navigate the challenges and opportunities ahead, remaining a trusted and responsible energy supplier in an ever-changing landscape.

Following a restructuring within the business, Foxglove Energy Supply Limited was sold to Bastian Holdings Limited after the balance sheet date. This change has no impact on our operations, and we continue to serve our customers as usual.


FOXGLOVE ENERGY SUPPLY LTD (REGISTERED NUMBER: 09689035)

STRATEGIC REPORT
FOR THE YEAR ENDED 29 JUNE 2024

REVIEW OF BUSINESS
In prior years, the company achieved consistent growth; however, during the year ended 30 June 2024, we made a strategic decision to focus on stabilisation. This approach resulted in maintaining a relatively stable customer portfolio, reflecting our prudent intent to strengthen working capital and manage risks in an increasingly volatile energy market.

To reinforce our customer proposition during this period of consolidation, we prioritised enhancements to our service operations. We allocated capital to expanding our service team and delivering targeted training initiatives, which in turn led to improved customer response times and better engagement.

In parallel, we reinvested into our broader operations with a clear focus on long-term efficiency and scalability. This included the recruitment of experienced professionals across key areas of the business, alongside continued investment in our technological capabilities. These initiatives have supported improvements in our internal processes, enhanced the customer journey, and reduced the overall cost to serve.

Collectively, these enhancements have not only strengthened the business but also laid a solid foundation for future growth. As a result, we have begun to grow our customer base once again by offering competitively priced tariffs, positioning ourselves to capture market opportunities as they arise.


FINANCIAL KEY PERFORMANCE INDICATORS

The company has achieved turnover of £197 million (2023: £355 million) and gross profit margins of 29.1% (2023: 31.4%). This has resulted in an operating profit of £42 million (2023: £98 million) and net assets of £106 million (2023: net assets of £72 million). A net profit of £35 million (2023: net profit of £78 million) was achieved in the period.

Our KPI's for the year show how much we have achieved this year:

KPI's £    2024 2023

Turnover 197,291 355,473
Gross Profit 57,333 111,583
Gross Profit % 29.1% 31.4%
Operating Profit 42,096 97,949
Operating Profit % 21.3% 27.6%
Net Profit 34,914 77,564
Net Assets 106,460 71,546


NON FINANCIAL KEY PERFORMANCE INDICATORS

The Company uses a number of non financial factors to measure performance of its business segments.

Customer ratings and reviews from Trustpilot, the independent consumer review website, shows ratings of 4.7 stars out of 5.

Customer numbers are also deemed a crucial factor. For the Company customer numbers at the year end were maintained at 112k (2023: 104k).


FOXGLOVE ENERGY SUPPLY LTD (REGISTERED NUMBER: 09689035)

STRATEGIC REPORT
FOR THE YEAR ENDED 29 JUNE 2024

PRINCIPAL RISKS AND UNCERTAINTIES
The directors identify, assess and manage risks associated with the Group's business objectives and strategy in the following categories;

Competition
The Company operates within a competitive energy market in the United Kingdom. Despite a reduction in the number of energy suppliers, the Company now faces competition from larger suppliers with greater financial resources and established brands. Nonetheless, the directors hold the opinion that the Company maintains a robust position owing to its experienced workforce, agile business model, capable management team, ingrained culture, and efficient operational processes.

Liquidity and cashflow risk
The Company mitigates liquidity risk by maintaining adequate funds to fulfil obligations to trade creditors and other payments. Management of trade debtors involves monitoring outstanding amounts in terms of time and credit limits, with a high percentage of collections facilitated through direct debit.

Cash management is conducted responsibly, with the Company employing both a daily cash flow model to monitor short-term forecasted cash flows up to six months ahead and a long-range forecast model. These models undergo ongoing monitoring and review, allowing the Group to proactively manage risk by appropriately allocating cash and preparing for potential shortfalls well in advance. The Company's robust cash position further serves to mitigate liquidity risks.

Energy commodity market risks
Movements in the energy commodities market can significantly affect both turnover and gross margin for the Company. To mitigate this risk, the Company has implemented an energy commodities hedge. This involves adhering to a stringent and sophisticated hedging strategy, actively managing the mark-to-market margin call risk stemming from forward fuel contracts by promptly responding to fluctuations in wholesale prices.

The Energy Commodity Market has been significantly influenced by global geopolitical events, leading to extreme price increases impacting markets worldwide. Despite these challenges, the Company remains steadfast in following its hedging policy to mitigate such risks.

Bad debt risk
The Company holds significant customer debtor balances, which have grown amidst the ongoing energy crisis and cost of living challenges, exacerbated by higher energy prices impacting customers' ability to pay. Throughout this period, the Company has extended support to customers through measures such as payment holidays and reduced Direct Debits, aiming to alleviate the impact of rising energy costs. However, to address this risk, the Company predominantly collects monthly direct debits from a vast majority of its customers and has implemented various debt management protocols to substantially minimize the risk of payment defaults and bad debts.

Considering these risks and uncertainties, we acknowledge that future business development plans may be susceptible to unforeseen events beyond our control. Despite these challenges, we remain committed to prudently managing our operations and adapting to evolving market conditions.


FOXGLOVE ENERGY SUPPLY LTD (REGISTERED NUMBER: 09689035)

STRATEGIC REPORT
FOR THE YEAR ENDED 29 JUNE 2024

SECTION 172(1) STATEMENT
The board of directors have complied with their S172 Companies Act 2006 duties during the period by initially identifying the main types of stakeholders in the business. In doing this we have considered our impact on stakeholders including our position on the environment.

One of our primary stakeholder groups is our esteemed employee base, and throughout the year, we have continuously evaluated risks and adapted policies to ensure adherence to best practices. Regular communication with our employees allows us to gauge their perspectives, maintaining our open culture and fostering an environment conducive to attracting and retaining top talent.

Central to our values is the recognition of the importance of engaging with our customers, actively listening to their feedback, and promptly responding to their needs. This ongoing dialogue enables us to continually enhance our customer service offerings, ensuring customer satisfaction remains at the forefront of our operations.

We place significant emphasis on cultivating strong relationships with our suppliers and partners, ensuring alignment of aims and objectives to deliver the highest standard of service to our customers.

Moreover, regulatory compliance is paramount, and we maintain transparent and regular communication with various regulatory bodies, including Ofgem, to facilitate smooth operations and stay abreast of sector developments.

At all levels, from board to group meetings, our decision-making process reflects a holistic consideration of key stakeholder groups, underscoring our commitment to responsible and ethical business practices.

ENERGY AND EMISSIONS REPORT
In the year we took the following actions;

1) Review the need for travel
2) Considered using on-line meetings
3) Considered reducing electrical usage by use of 'green' policies

FUTURE ACTIVITIES
The company remains committed to investing in its marketing and sales activities with the objective of expanding its customer base and enhancing its customer service offerings. Through strategic investments, recruiting of experienced team members, we aim to broaden our reach and deepen our engagement with both existing and prospective customers. By continually improving our service offerings, we endeavour to strengthen customer satisfaction and loyalty, ultimately driving sustainable growth and success for the company.

ON BEHALF OF THE BOARD:





A Bastian Jeronimo - Director


31 March 2025

FOXGLOVE ENERGY SUPPLY LTD (REGISTERED NUMBER: 09689035)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 29 JUNE 2024


The director presents his report with the financial statements of the company for the year ended 29 June 2024.

DIVIDENDS
No dividends will be distributed for the year ended 29 June 2024.

DIRECTOR
Mr S Dowse held office from 30 June 2023 until after 29 June 2024 but prior to the date of this report.
A Bastian Jeronimo was appointed as a director after 29 June 2024 but prior to the date of this report.

POLITICAL DONATIONS AND EXPENDITURE
No political donations were made in the period.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-state whether applicable accounting standards have been followed, subject to any material departures disclosed and
explained in the financial statements;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 director is 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 he 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, Mark J Rees LLP, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





A Bastian Jeronimo - Director


31 March 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FOXGLOVE ENERGY SUPPLY LTD


Opinion
We have audited the financial statements of Foxglove Energy Supply Ltd (the 'company') for the year ended 29 June 2024 which comprise the Statement of Comprehensive Income, 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 29 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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, 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 Director 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 Director have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FOXGLOVE ENERGY SUPPLY LTD


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 Director.

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 director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page six, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FOXGLOVE ENERGY SUPPLY LTD


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:

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. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISA's (UK).

We obtained an understanding of the legal and regulatory frameworks applicable to the Company and industries in which it operates through our general commercial experience. We determined that the following laws and regulations were most significant: FRS 102, Companies Act 2006 and the relevant tax compliance regulations in the UK. In addition, we concluded that there are certain laws and regulations that may have an effect in the determination of the amounts and disclosures in the financial statements such as health and safety and employee related matters.

We enquired of management concerning the Company's policies and procedures relating to:

- the identification and compliance with laws and regulations

- the detection and response to the risks of fraud

- the internal controls inherent within the company to mitigate fraud risk and non-compliance to laws and regulations.

We enquired of management, whether they were aware of any instance of non-compliance with laws and regulations or whether they had any knowledge of actual, suspected or alleged fraud.

We communicated relevant laws and regulations and potential areas of fraud to all audit team members including the potential for fraud in revenue recognition through the manipulation of costs incurred on contracts. We remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

We have determined that the principal risk areas where material irregularities could occur were related to posting manual journal entries to manipulate financial performance, revenue recognition, valuation of amounts recoverable on contracts and significant one-off or unusual transactions.

Our audit procedures were designed to respond in particular to these identified risks (including non compliance with laws and regulations and fraud).

Our audit procedures included but were not limited to:

- A review of calculations for turnover, testing average price computations to ensure that the method of calculation is appropriate and accurate and that revenue has been recognised correctly. As part of this we confirmed consumption figures to third party data.

- A review of significant estimates, critically assessing to confirm that the basis of calculation is appropriate and in line with applicable accounting standards.

- A review of laws and regulations the company is subject to, followed by compliance checks and discussion with management to ensure no instances of non compliance.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FOXGLOVE ENERGY SUPPLY LTD

- Identifying and testing journal entries, on a sample basis, to review for potential management bias or manipulation of revenue recognition.

We did not identify any matters during the course of our work that indicated non-compliance with laws and regulations or relating to fraud.

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.




Mr W Scales FCA FMAAT (Senior Statutory Auditor)
for and on behalf of Mark J Rees LLP, Statutory Auditor
Chartered Accountants
Granville Hall
Granville Road
Leicester
LE1 7RU

11 April 2025

FOXGLOVE ENERGY SUPPLY LTD (REGISTERED NUMBER: 09689035)

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 29 JUNE 2024

Period
1.5.23
Year Ended to
29.6.24 29.6.23
Notes £    £   

TURNOVER 197,290,767 355,472,894

Cost of sales 139,957,754 243,889,810
GROSS PROFIT 57,333,013 111,583,084

Administrative expenses 15,237,459 13,634,531
OPERATING PROFIT 5 42,095,554 97,948,553

Interest receivable and similar income 3,890,132 895,539
45,985,686 98,844,092

Interest payable and similar expenses 6 11,968 831,065
PROFIT BEFORE TAXATION 45,973,718 98,013,027

Tax on profit 7 11,059,310 20,449,280
PROFIT FOR THE FINANCIAL YEAR 34,914,408 77,563,747

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

34,914,408

77,563,747

FOXGLOVE ENERGY SUPPLY LTD (REGISTERED NUMBER: 09689035)

BALANCE SHEET
29 JUNE 2024

2024 2023
Notes £    £    £    £   
ASSETS

FIXED ASSETS
Tangible assets 8 71,036 -
Investments 9 2 2
71,038 2

CURRENT ASSETS
Debtors 10 83,732,040 47,188,074
Cash at bank 70,190,038 108,198,352
153,922,078 155,386,426
153,993,116 155,386,428

CAPITAL, RESERVES AND LIABILITIES

CAPITAL AND RESERVES
Called up share capital 11 1 1
Retained earnings 12 106,460,297 71,545,889
SHAREHOLDERS' FUNDS 106,460,298 71,545,890

PROVISIONS FOR LIABILITIES 13 17,759 -

CREDITORS 14 47,515,059 83,840,538
153,993,116 155,386,428

The financial statements were approved by the director and authorised for issue on 31 March 2025 and were signed by:





A Bastian Jeronimo - Director


FOXGLOVE ENERGY SUPPLY LTD (REGISTERED NUMBER: 09689035)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 JUNE 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 May 2023 1 (6,017,858 ) (6,017,857 )

Changes in equity
Total comprehensive income - 77,563,747 77,563,747
Balance at 29 June 2023 1 71,545,889 71,545,890

Changes in equity
Total comprehensive income - 34,914,408 34,914,408
Balance at 29 June 2024 1 106,460,297 106,460,298

FOXGLOVE ENERGY SUPPLY LTD (REGISTERED NUMBER: 09689035)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 JUNE 2024


1. STATUTORY INFORMATION

Foxglove Energy Supply Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption 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.

Preparation of consolidated financial statements
The financial statements contain information about Foxglove Energy Supply Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Bastian Plc, Granville Hall, Granville Road, Leicester, Leicestershire, England, LE1 7RU

Related party exemption
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.

Significant judgements and estimates
The preparation of the financial statements requires the use of certain accounting estimates, as detailed in the accounting policies. It also requires management to exercise judgement in the process of applying the accounting policies.

The directors are required to make judgements, estimates and assumptions in respect of the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered relevant. These estimates and their underlying assumptions are reviewed on an ongoing basis. The key sources of estimation uncertainty are detailed below.

Revenue recognition
Revenue includes an estimate of the sales value of units supplied to customers between the date of the last meter reading and the period end. This is calculated by reference to data received through third party settlement systems, together with estimates of consumption not yet processed through settlements and selling price estimates. These estimates are sensitive to the assumptions used in determining the portion of sales not billed and based on meter readings at the reporting date.

FOXGLOVE ENERGY SUPPLY LTD (REGISTERED NUMBER: 09689035)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 JUNE 2024


3. ACCOUNTING POLICIES - continued

Turnover
Revenue is recognised on the basis of electricity and gas supplied during the year. Revenue includes an estimate of the sales value of units supplied to customers between the date of the last meter read and year end date. This estimate is based on the latest data provided by the industry at a certain point in time and takes into account seasonal variations and usage patterns. Revenue is recognised net of sales discounts, VAT and climate change levy.

Turnover includes the directors' best estimate of differences between estimated sales and billed sales. All actual metered consumption data related to customer's electricity consumption received by the end of the period has been reflected in turnover. The estimated consumption data is revised over a fourteen month settlement period.

Any unbilled revenue is included in trade revenue, net of related provisions, to the extent that it is considered recoverable. Accrued revenue supplied since the last billing date is recognised in the balance sheet and is only netted off against deferred income once it can be matched against specific customer payments.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 33% on cost

Fixed assets are reviewed for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable or as otherwise required by relevant accounting standards.

Shortfalls between the carrying value of fixed assets and their recoverable amounts, being the higher of fair value less costs to sell and value-in-use, are recognised as impairment losses. Impairments of revalued assets are treated as a revaluation decrease. All other impairment losses are recognised in profit and loss.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

FOXGLOVE ENERGY SUPPLY LTD (REGISTERED NUMBER: 09689035)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 JUNE 2024


3. ACCOUNTING POLICIES - continued

Financial instruments
Derivative financial instruments are recognised using a valuation technique with material movements being recognised in the profit and loss in the relevant period. Outstanding material derivatives at reporting date are included under the appropriate format heading in debtors or creditors depending on the nature of the derivative.

The company has a risk management strategy in place and the energy commodities risk arising from fluctuating energy requirements and market prices is hedged.

Derivatives and hedging
The company uses commodity purchase contracts to hedge its exposures to fluctuations in gas and electricity commodity prices. When commodity purchase contracts have been entered into as part of the company's normal business activity, the company classifies them as 'own use' contracts and outside of FRS 102 Section 12.

This is achieved when physical delivery takes place under all such contracts, the volumes purchased or sold under the contracts corresponds to the company's operating requirements and the contracts are not considered as written options as defined by the standard.

Commodity purchase contracts not qualifying as 'own use' which also meet the definition of a derivative are treated as derivative financial instruments. This includes both financial and non-financial contracts.

Derivatives and other financial instruments are measured at fair value on the contract date and are remeasured to fair value at subsequent reporting dates. Changes in the fair value of derivatives are recognised in the Income Statement as they arise.

The company has a risk management strategy in place and the energy commodities risk arising from fluctuating energy requirements and market prices is hedged.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 year 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.

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.

FOXGLOVE ENERGY SUPPLY LTD (REGISTERED NUMBER: 09689035)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 JUNE 2024


3. ACCOUNTING POLICIES - continued

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors
Short term trade 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.

Going concern
The financial statements have been prepared on the going concern basis. The industry the company operates in is volatile and heavily reliant on estimates. Accordingly, the directors have analysed the going concern status in detail. This analysis, along with confirmed support from group companies, has allowed the directors to conclude there is no material uncertainty in relation to going concern.

4. EMPLOYEES AND DIRECTORS
Period
1.5.23
Year Ended to
29.6.24 29.6.23
£    £   
Wages and salaries 2,242,108 1,799,025
Social security costs 195,047 154,520
Other pension costs 32,984 26,554
2,470,139 1,980,099

The average number of employees during the year was as follows:
Period
1.5.23
Year Ended to
29.6.24 29.6.23

Directors 1 1
Operations 81 57
Administration 6 6
88 64

Period
1.5.23
Year Ended to
29.6.24 29.6.23
£    £   
Director's remuneration 156,298 143,173

FOXGLOVE ENERGY SUPPLY LTD (REGISTERED NUMBER: 09689035)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 JUNE 2024


5. OPERATING PROFIT

The operating profit is stated after charging:

Period
1.5.23
Year Ended to
29.6.24 29.6.23
£    £   
Depreciation - owned assets 20,772 541
Loss on disposal of fixed assets - 40,784
Development costs amortisation - 163,136
Auditors remuneration 12,150 11,500
Auditors' remuneration for non audit work 58,600 122,800

6. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
1.5.23
Year Ended to
29.6.24 29.6.23
£    £   
Other Interest - 800,000
Loan interest 11,968 31,065
11,968 831,065

Interest was paid on an intercompany loan at market rate.

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
Period
1.5.23
Year Ended to
29.6.24 29.6.23
£    £   
Current tax:
UK corporation tax 11,041,551 20,449,280

Deferred taxation 17,759 -
Tax on profit 11,059,310 20,449,280

UK corporation tax has been charged at 25% (2023 - 25%).

FOXGLOVE ENERGY SUPPLY LTD (REGISTERED NUMBER: 09689035)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 JUNE 2024


7. TAXATION - continued

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

Period
1.5.23
Year Ended to
29.6.24 29.6.23
£    £   
Profit before tax 45,973,718 98,013,027
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 25%)

11,493,430

24,503,257

Effects of:
Expenses not deductible for tax purposes 1,565 459,776
Depreciation in excess of capital allowances - 135
Tax losses surrendered by group (435,685 ) -
Change in tax rate - (4,513,888 )
Total tax charge 11,059,310 20,449,280

8. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
Additions 91,808
At 29 June 2024 91,808
DEPRECIATION
Charge for year 20,772
At 29 June 2024 20,772
NET BOOK VALUE
At 29 June 2024 71,036

FOXGLOVE ENERGY SUPPLY LTD (REGISTERED NUMBER: 09689035)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 JUNE 2024


9. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 30 June 2023
and 29 June 2024 2
NET BOOK VALUE
At 29 June 2024 2
At 29 June 2023 2

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

Foxglove Energy Trading Limited
Registered office: 19-20 North Mills, Frog Island, Leicester, Leicestershire, England, LE3 5DH
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 2 2

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 4,996,973 14,860,959
Amounts owed by group undertakings 55,211,435 1,903,928
Other debtors 14,239,849 20,839,613
Taxation 186,347 177,177
VAT 718,070 1,394,161
Prepayments 8,379,366 8,012,236
83,732,040 47,188,074

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1 Ordinary £1 1 1

FOXGLOVE ENERGY SUPPLY LTD (REGISTERED NUMBER: 09689035)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 JUNE 2024


12. RESERVES
Retained
earnings
£   

At 30 June 2023 71,545,889
Profit for the year 34,914,408
At 29 June 2024 106,460,297

13. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 17,759 -

Deferred
tax
£   
Provided during year 17,759
Balance at 29 June 2024 17,759

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 34,611,594 24,859,281
Taxation - 20,449,280
Paye/Ni payable 69,829 43,121
Other creditors 272,109 267,069
Accruals and deferred income 12,561,527 38,221,787
47,515,059 83,840,538

15. PENSION COMMITMENTS

The company operates a pension scheme. The assets of the scheme are held separately from those of the company within independently administered funds. The charge for the year was £32,983 (2023: £26,554). Contributions of £10,144 (2023: £5,104) were unpaid at the year end.

16. ENERGY PURCHASE COMMITMENTS

The company hedges its exposure to changes in market prices from energy purchases.

The company has committed to purchase energy totalling £6,569,555 (2023: £13,183,382).

The fair value of these forward contracts amounts to £19,826,765 (2023: £11,565,106) at the balance sheet date.

17. RELATED PARTY DISCLOSURES

During the year, a total of key management personnel compensation of £177,932 (2023: £225,543) was paid.

FOXGLOVE ENERGY SUPPLY LTD (REGISTERED NUMBER: 09689035)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 JUNE 2024


18. ULTIMATE PARENT COMPANY

In the directors' opinion, the company's ultimate parent company is Bastian Plc.

The registered address of Bastian Plc is Granville Hall, Granville Road, Leicester, Leicestershire, England, LE1 7RU and the group accounts can be found at Companies House, Crown Way, Cardiff, CF14 3UZ.