Company registration number 07239700 (England and Wales)
TEMPLEBOROUGH BIOMASS POWER PLANT LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
TEMPLEBOROUGH BIOMASS POWER PLANT LIMITED
COMPANY INFORMATION
Directors
H A Unwin
A Sarandidis
(Appointed 27 February 2024)
Company number
07239700
Registered office
1 London Wall Place
London
Greater London
England
United Kingdom
EC2Y 5AU
Auditor
Azets Audit Services
Ty Derw
Lime Tree Court
Cardiff Gate Business Park
Cardiff
South Glamorgan
United Kingdom
CF23 8AB
Manager
Schroders Greencoat LLP
1 London Wall Place
London
Greater London
England
EC2Y 5AU
TEMPLEBOROUGH BIOMASS POWER PLANT LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 7
Directors' responsibilities statement
8
Independent auditor's report
9 - 11
Statement of comprehensive income
12
Balance sheet
13
Statement of changes in equity
14
Statement of cash flows
15
Notes to the financial statements
16 - 28
TEMPLEBOROUGH BIOMASS POWER PLANT LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The Directors present the Strategic Report of Templeborough Biomass Power Plant Limited (the “Company”) for the period ended 31 December 2024. Details of the Directors who held office during the period and as at the date of this report are given on page 4.

 

The Company is a private company, limited by shares, and was incorporated under the laws of England and Wales on 29 April 2010.

Fair review of the business

The principal activity of the company is the generation of electricity from renewable biomass fuels, primarily waste wood, at Templeborough Biomass Power Plant, in Rotherham, South Yorkshire

Principal risks and uncertainties

The principal risks and uncertainties facing the Company, and an explanation of how they are managed, are set out below.

 

Competitive Risk

The company is reliant on certain key suppliers for contracts which are subject to periodic competitive tender. Renewal of these contracts is uncertain and based on financial and performance criteria. The board continually monitors these arrangements as part of the routine operation of the business.

 

Legislative risk

The company operates under two primary legislative frameworks. The electricity generation asset operates under a Licence granted from the Environment Agency [Permit number EPR/ GP3433WS] and UK Health and Safety Legislation and Guidance. These frameworks are subject to continuous revision and any new directive may have a material impact on the ability of the company to operate successfully.

 

A breach of these regulations or an accident could lead to damages or compensation to the extent such loss is not covered by insurance policies, adverse publicity or reputational damage.

 

The Company engages an independent health and safety consultant to ensure the ongoing appropriateness of its health and safety policies and procedures.

 

Regulatory risk

Regulatory risk may arise from a change in regulations and law that might affect industry or business. Renewable energy projects are dependent for their commercial viability on a suitable regulatory regime. There is a risk that the government may introduce retrospective changes to the regime that was agreed at the time the project commenced. This is unusual in the market and changes to the regulatory regime are more typically for future projects.

 

Both legislative and regulatory risk are managed by awareness of industry news and publications.

 

 

TEMPLEBOROUGH BIOMASS POWER PLANT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

Fuel Availability and Prices

100 % of the fuel required for the plant is secured under a long-term contract with Seras Energy Limited (formerly Esken Renewables), the leading waste wood biomass supplier in the UK, with a fixed price escalated in accordance with published inflation indices. This contract is underwritten by suitable guarantees and securities from Sera Energy's parent company. A fall in the creditworthiness of Sera Energy or its parent could have a negative impact on the Company.

 

 

Availability and Operating Performance

The availability and operating performance of the equipment used on biomass power plants may be impacted by accidents, mechanical failure, grid availability or damage which will directly impact on the revenues and profitability of that plant. Failures may be the result of a short-term issue or a long-term fundamental failure of one piece of equipment, for example, which could impact returns, if there is exposure to one manufacturer.

 

Operating and maintenance agreements and asset management agreements are put in place to monitor the investment on a daily basis. Insurance coverage is put in place for material damage and business interruption.

 

Asset Life

In the event that the asset does not operate for the period of time assumed or requires higher than expected maintenance expenditure to do so, it could have a material adverse effect on the financial performance and position of the Company.

 

The Board performs regular reviews and ensures that appropriate maintenance is performed. Regular maintenance ensures that equipment is in good working order to meet its expected life span.

 

Electricity Prices

The wholesale power price received for electricity generated is an important revenue stream. Future cashflows have been modelled using a forecast of power prices published by independent market experts. A fall in the achieved price below these forecasts would have a negative impact on the Company.

 

Financing Risk

The Company is financed by a loan provided by the parent company. The Company has received confirmation from Greencoat Mermaid Ltd that it will not demand repayment of this loan for at least 12 months from the date of approval of these financial statements unless the Company has sufficient cash to finance its ongoing obligations. Further details of the basis on which the financial statements are prepared on the going concern basis are set out in note 1.2.

Key performance indicators

The key financial and other performance indicators during the year were as follows:

 

 

2024

2023

 

£

£

Turnover

45,298,410

41,867,301

Operating profit

4,657,457

9,361,509

Profit/(Loss) after tax

(13,437,033)

(8,274,505)

Equity shareholders’ funds

(45,487,496)

(32,050,463)

Energy produced

282,141MWh

211,417MWh

 

Turnover for the year increased by £3,431,109, representing an 8% growth from 2023. This increase is attributed to enhanced generation of 70,724 MWh, a 33% rise. Following the change of the plant operator in 2023, there has been improved plant performance. However, brown power prices have decreased compared to 2023. In addition, operator and maintenance (O&M) fees rose temporarily in 2024 due to a plant improvement programme aimed at enhancing reliability.

TEMPLEBOROUGH BIOMASS POWER PLANT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

Outlook

 

The key value driver affecting operating UK renewable energy generators is the wholesale power price. The long-term power price forecast is updated each quarter and reflected in the cash flow forecasts.

 

Two other key macro themes during the year were inflation and interest rates. Through 2024 and into 2025, both inflation and interest rates are falling. Management is currently in the process of renegotiating a long-term O&M agreement, which will secure a predictable O&M fee and contribute to financial stability.

 

In general, the outlook for the company is positive, with consistent operational performance towards the end of 2024 and into 2025.

Directors' Responsibilities Pursuant to Section 172 of the Companies Act 2006

In carrying out their roles, the directors have acted in a manner that promotes the success of the Company for the benefit of our stakeholders, following the principles set out in section 172(1)(a)-(f) of the Companies Act 2006.

 

On behalf of the board

H A Unwin
Director
20 May 2025
TEMPLEBOROUGH BIOMASS POWER PLANT LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of the company continued to be that of the ownership and operations of a biomass power plant in Rotherham, South Yorkshire.

Results and dividends

The results for the year are set out on page 15.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

M Patel
(Resigned 27 February 2024)
H A Unwin
A Sarandidis
(Appointed 27 February 2024)
Auditor

The auditor, Azets Audit Services, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Employees and Officers of the Company
The Company does not have any employees and therefore employee policies are not required. The Directors of the Company are listed above.
Energy and carbon report
This report outlines Templeborough Biomass Power Plant Limited's greenhouse gas (GHG) and energy usage for the year ending 31 December  2024, as required and, in accordance with the Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018. THE SECR is perpared for the period 1 January 2024 to 31 December 2024.
TEMPLEBOROUGH BIOMASS POWER PLANT LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -

 

Emissions Type

Energy Type

Definition

Carbon emissions (tonnes of CO2e) 2024

Carbon emissions (tonnes of CO2e) 2023

Scope 1 (direct)

Diesel consumption

Combustion

12,556

9,360

Scope 1 (direct)

Diesel consumption

Fugitive emissions

-

42

Scope 2 (indirect)

Electricity

Purchased electricity

184

508

Scope 3 (indirect)

Fuel

Goods and services

1,261

3,233

Scope 3 (indirect)

Capital goods

Emissions associated with the production of capital goods purchased by the assets.

269

106

Scope 3 (indirect)

Fuel and energy related activities

This relates to emissions associated with the production, transportation, and transmission and distribution losses from purchased fuels and energy used by the assets.

14,667

6,625

Scope 3 (indirect)

Upstream transport and distribution

Emissions associated with inbound transportation and distribution of purchased products, and inbound transportation & distribution services purchased by the assets.

787

723

Scope 3 (indirect)

Business travel

 

0

1

Scope 3 (indirect)

Employee commuting

 

45

57

Scope 3 (indirect)

Waste generated

Emissions associated with the disposal and treatment of waste generated by the assets by third-party waste processors

44

47

Scope 3 (indirect)

Use of sold products

 

102

0

Scope 3 (indirect)

Downstream transportation and distribution

Emissions associated with outbound transportation and distribution of purchased products, and outbound transportation & distribution services purchased by the assets

38

243

 

 

Scope 1 total

12,556

9,402

 

 

Scope 2 total

184

508

 

 

Scope 3 total

17,214

11,035

 

 

Out of scope emissions

337,315

273,197

 

 

 

 

 

 

TEMPLEBOROUGH BIOMASS POWER PLANT LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
Quantification and reporting methodology

The company's approach to reporting is based on the GHG Reporting Protocol - Corporate Accounting and Reporting Standard. The GHG protocol is a multi-stakeholder partnership of businesses, non-government organisations, and governments, led by the World Resources Institute and the World Business Council for Sustainable Development. It serves as the premier source of knowledge on corporate GHG accounting and reporting and draws on the expertise and contribution of individuals and organisations from around world.

This information has been prepared following the 2024 UK Government Environmental Reporting Guidelines using the 2024 UK Government's Conversion Factors and financial control approach.
Intensity measurement

SECR regulations require a statement of relevant intensity ratios which are an expression of the quantity of emissions in relation to a quantifiable factor of the business activity. The Company's chosen intensity measurement is tonnes of carbon dioxide equivalent (tCO2e) per kWh of electricity generated.
Year
kWh of electricity generated
Intensity ratio (tCO2e / kWh of electricity generated
2024
282,226
0.13
2023
214,000
0.10
Measures taken to improve energy efficiency

The company is reducing its energy consumption and carbon footprint by minimising wastage and by monitoring, and where practicable improving, plant efficiency.
Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of financial risk management.

Going concern

As at 31 December 2024, the Company had current assets of £16 million (2023: £17 million) including cash balances of £6.2 million (2023: £9.7 million). The Company continues to meet its day-to-day liquidity requirements through its cash resources. As at 31 December 2024, the Company owed parent company Greencoat Mermaid Ltd £179 million (2023: £173 million) as disclosed in note 15. The Company has received confirmation from Greencoat Mermaid Ltd that it will not demand repayment of the loan or seek repayment of interest on this loan for at least 12 months from the date of approval of this report in line with the terms of the shareholder loan.

The Company will continue making repayments in the coming year.

 

The Directors and Manager have reviewed the Company’s forecasts and projections taking into account foreseeable changes in investment and trading performance, as well as consideration to worse case outcomes, which show that the Company has sufficient financial resources to meet its current obligations as they fall due for a period of at least 12 months from the date of approval of this report.

On the basis of this review, and after making due enquiries, the directors and the Manager have a reasonable expectation that the Company has adequate resources to continue in operational existence for at least 12 months from the date of approval of this report. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

TEMPLEBOROUGH BIOMASS POWER PLANT LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
On behalf of the board
H A Unwin
Director
20 May 2025
TEMPLEBOROUGH BIOMASS POWER PLANT LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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:

 

 

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.

TEMPLEBOROUGH BIOMASS POWER PLANT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TEMPLEBOROUGH BIOMASS POWER PLANT LIMITED
- 9 -
Opinion

We have audited the financial statements of Templeborough Biomass Power Plant Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

TEMPLEBOROUGH BIOMASS POWER PLANT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TEMPLEBOROUGH BIOMASS POWER PLANT LIMITED
- 10 -
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 directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

TEMPLEBOROUGH BIOMASS POWER PLANT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TEMPLEBOROUGH BIOMASS POWER PLANT LIMITED
- 11 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

Because of 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.  The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Andrew Howells
Senior Statutory Auditor
For and on behalf of Azets Audit Services
21 May 2025
Chartered Accountants
Statutory Auditor
Ty Derw
Lime Tree Court
Cardiff Gate Business Park
Cardiff
South Glamorgan
United Kingdom
CF23 8AB
TEMPLEBOROUGH BIOMASS POWER PLANT LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
2024
2023
Notes
£
£
Turnover
3
45,298,410
41,867,301
Cost of sales
(12,338,714)
(10,083,549)
Gross profit
32,959,696
31,783,752
Administrative expenses
(28,330,955)
(25,428,250)
Other operating income
28,716
3,006,007
Operating profit
4
4,657,457
9,361,509
Interest payable and similar expenses
6
(19,030,380)
(18,205,822)
Loss before taxation
(14,372,923)
(8,844,313)
Tax on loss
7
935,890
569,808
Loss for the financial year
(13,437,033)
(8,274,505)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

TEMPLEBOROUGH BIOMASS POWER PLANT LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 13 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
8
133,491,519
141,525,878
Investments
9
1
1
133,491,520
141,525,879
Current assets
Stocks
11
105,841
58,347
Debtors
13
17,338,027
16,891,696
Cash at bank and in hand
6,176,147
9,710,074
23,620,015
26,660,117
Creditors: amounts falling due within one year
14
(7,396,382)
(9,342,958)
Net current assets
16,223,633
17,317,159
Total assets less current liabilities
149,715,153
158,843,038
Creditors: amounts falling due after more than one year
15
(179,025,934)
(173,011,944)
Provisions for liabilities
Provisions
17
2,160,408
2,972,527
Deferred tax liability
18
14,016,307
14,909,030
(16,176,715)
(17,881,557)
Net liabilities
(45,487,496)
(32,050,463)
Capital and reserves
Called up share capital
19
3,575,000
3,575,000
Share premium account
1,932,133
1,932,133
Capital redemption reserve
57,628
57,628
Profit and loss reserves
(51,052,257)
(37,615,224)
Total equity
(45,487,496)
(32,050,463)
The financial statements were approved by the board of directors and authorised for issue on 20 May 2025 and are signed on its behalf by:
H A Unwin
Director
Company Registration No. 07239700
TEMPLEBOROUGH BIOMASS POWER PLANT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 January 2023
3,575,000
1,932,133
57,628
(29,340,719)
(23,775,958)
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
-
-
(8,274,505)
(8,274,505)
Balance at 31 December 2023
3,575,000
1,932,133
57,628
(37,615,224)
(32,050,463)
Year ended 31 December 2024:
Loss and total comprehensive income for the year
-
-
-
(13,437,033)
(13,437,033)
Balance at 31 December 2024
3,575,000
1,932,133
57,628
(51,052,257)
(45,487,496)
TEMPLEBOROUGH BIOMASS POWER PLANT LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
22
7,901,177
19,766,952
Interest paid
(12,302,651)
(9,263,049)
Income taxes refunded/(paid)
1,464,896
(652,851)
Net cash (outflow)/inflow from operating activities
(2,936,578)
9,851,052
Investing activities
Purchase of tangible fixed assets
-
0
(366,848)
Net cash used in investing activities
-
(366,848)
Financing activities
Repayment of borrowings
(597,349)
(4,996,950)
Net cash used in financing activities
(597,349)
(4,996,950)
Net (decrease)/increase in cash and cash equivalents
(3,533,927)
4,487,254
Cash and cash equivalents at beginning of year
9,710,074
5,222,820
Cash and cash equivalents at end of year
6,176,147
9,710,074
TEMPLEBOROUGH BIOMASS POWER PLANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
1
Accounting policies
Company information

Templeborough Biomass Power Plant Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 London Wall Place, London, Greater London, England, EC2Y 5AU

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

As at 31 December 2024, the Company had current assets of £16 million (2023: £17 million) including cash balances of £6.2 million (2023:£9.7 million). The Company continues to meet its day-to-day liquidity requirements thtruerough its cash resources. As at 31 December 2024, the Company owed parent company Greencoat Mermaid Ltd £179 million (2023: £173 million) as disclosed in note 15. The Company has received confirmation from Greencoat Mermaid Ltd that it will not demand repayment of the loan or seek repayment of interest on this loan for at least 12 months from the date of approval of this report in line with the terms of the shareholder loan.

 

The Company will continue making repayments in the coming year.

 

The Directors and Manager have reviewed the Company’s forecasts and projections taking into account foreseeable changes in investment and trading performance, as well as consideration to worse case outcomes, which show that the Company has sufficient financial resources to meet its current obligations as they fall due for a period of at least 12 months from the date of approval of this report.

On the basis of this review, and after making due enquiries, the directors and the Manager have a reasonable expectation that the Company has adequate resources to continue in operational existence for at least 12 months from the date of approval of this report. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

The directors have considered the adoption of the going concern basis in preparing the financial statements given the continued uncertainty in the economic climate and have formed the opinion there are no material uncertainties with respect to the company's ability to continue as a going concern for the foreseeable future. In forming this view, the directors have considered the company's current and forecasted performance, including the impact of reasonable downside sensitivities and all foreseeable uncertainties. The directors have also received a letter of support from parent company Greencoat Mermaid Limited as the principal support for the going concern assumption, giving confirmation that the parent will support ongoing operations from at least 12 months of the date of the signing of the financial statements. Accordingly they continue to adopt the going concern basis of accounting in preparing the financial statements.

 

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

TEMPLEBOROUGH BIOMASS POWER PLANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land
not depreciated
Plant and equipment
25 years
Office equipment
5 Years
Decommission provision
45 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.6
Borrowing costs related to fixed assets

Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.

The interest rate applied has been 10.8%

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

TEMPLEBOROUGH BIOMASS POWER PLANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

TEMPLEBOROUGH BIOMASS POWER PLANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

TEMPLEBOROUGH BIOMASS POWER PLANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 20 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.11
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

TEMPLEBOROUGH BIOMASS POWER PLANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 21 -
1.13
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

 

Provision for the future cost of decommissioning and demobilization of plant and is recognised in full in the year in which the legal obligation is incurred. When the liability is initially recorded, this cost is capitalised by increasing the carrying value of the related assets.

 

The amount recognised is the present value of the estimated future expenditure determined in accordance with statutory conditions and requirements. The provision increases as the discount factors applied in calculating the present value of estimated future expenditure unwind. The unwinding of the discount is included within interest payable in the profit and loss account. The capitalised cost is depreciated as part of the overall capital costs of related assets.

1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.15
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.16
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

TEMPLEBOROUGH BIOMASS POWER PLANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount 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 to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Useful economic life of property, plant and equipment

Property, plant and equipment are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and the residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessment considers issues such as future market conditions, remaining life of the asset and project disposal values.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Provisions

The present value of the future costs associated with the closure and restoration of sites is estimated by management through consideration of the known costs of comparable processes. Management have estimated the cost of decommissioning and restoration activities in future periods and discounted the estimate cost to present value using an appropriate discount rate.

Accrued income

The valuation of renewables obligations certificates is a combination of a determined quantity and an expected recycle value. The actual recycle value is not published by Ofgem until October each year. As such, management have used judgement based on their knowledge and experience of the business to determine the expected recycle value at the year end.

3
Turnover
2024
2023
£
£
Turnover analysed by class of business
Direct Sales
19,198,099
20,382,879
ROC Income
25,093,680
17,849,110
Other income
1,006,631
3,635,312
45,298,410
41,867,301

All revenue arose within the United Kingdom. All revenue arises from continuing activities and is attributable to the Company's principal activity and single class of business being the generation and sale of electricity and related services.

TEMPLEBOROUGH BIOMASS POWER PLANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
22,000
20,400
Depreciation of owned tangible fixed assets
6,757,497
6,753,334
Operating lease charges
25,128
14,869
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
2
2

The company has no employees other than directors in current and prior years.

6
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Other interest on financial liabilities
18,913,990
18,064,930
Other finance costs:
Unwinding of discount on provisions
116,391
140,892
19,030,380
18,205,822
7
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
(43,167)
(577,143)
Deferred tax
Origination and reversal of timing differences
479,822
721,359
Changes in tax rates
-
0
45,374
Adjustment in respect of prior periods
(1,372,545)
(759,398)
Total deferred tax
(892,723)
7,335
Total tax credit
(935,890)
(569,808)
TEMPLEBOROUGH BIOMASS POWER PLANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
7
Taxation
(Continued)
- 24 -

The actual credit for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Loss before taxation
(14,372,923)
(8,844,313)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
(3,593,231)
(2,080,182)
Tax effect of expenses that are not deductible in determining taxable profit
422,977
259,568
Tax effect of income not taxable in determining taxable profit
(43,166)
-
0
Unutilised tax losses carried forward
3,882,202
3,308,149
Adjustments in respect of prior years
(1,372,545)
(1,336,540)
Effect of change in corporation tax rate
-
0
45,324
Group relief
-
0
(471,598)
Decommission provision movement
(232,127)
(294,529)
Taxation credit for the year
(935,890)
(569,808)
8
Tangible fixed assets
Freehold land
Assets under construction
Plant and equipment
Office equipment
Decommission provision
Total
£
£
£
£
£
£
Cost
At 1 January 2024
1,900,000
348,354
170,342,028
39,796
2,547,470
175,177,648
Disposals
-
0
(348,354)
-
0
-
0
-
0
(348,354)
Revaluation
-
0
-
0
-
0
-
0
(928,508)
(928,508)
At 31 December 2024
1,900,000
-
0
170,342,028
39,796
1,618,962
173,900,786
Depreciation and impairment
At 1 January 2024
-
0
-
0
33,339,315
34,126
278,329
33,651,770
Depreciation charged in the year
-
0
-
0
6,821,565
1,397
56,610
6,879,572
Revaluation
-
0
-
0
-
0
-
0
(122,075)
(122,075)
At 31 December 2024
-
0
-
0
40,160,880
35,523
212,864
40,409,267
Carrying amount
At 31 December 2024
1,900,000
-
0
130,181,148
4,273
1,406,098
133,491,519
At 31 December 2023
1,900,000
348,354
137,002,713
5,670
2,269,141
141,525,878
TEMPLEBOROUGH BIOMASS POWER PLANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
9
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
10
1
1
10
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Templeborough Biomass Power Plant OPCO Limited
1 London Wall Place, London, Greater London, England, EC2Y 5AU
Ordinary
100.00
11
Stocks
2024
2023
£
£
Raw materials and consumables
105,841
58,347
12
Financial instruments
2024
2023
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
13,862,769
11,483,249
Carrying amount of financial liabilities
Measured at amortised cost
175,033,808
205,417,816
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
212,745
2,314,997
Corporation tax recoverable
-
0
1,421,730
Other debtors
302,492
302,492
Prepayments and accrued income
16,822,790
12,852,477
17,338,027
16,891,696
TEMPLEBOROUGH BIOMASS POWER PLANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
14
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
350,847
1,883,714
Amounts owed to group undertakings
11,214
1,405
Taxation and social security
1,569,587
2,179,395
Other creditors
12,393
470,588
Accruals and deferred income
5,452,341
4,807,856
7,396,382
9,342,958
15
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Other borrowings
16
179,025,934
173,011,944
Amounts included above which fall due after five years are as follows:
Payable other than by instalments
179,025,934
173,011,944
16
Loans and overdrafts
2024
2023
£
£
Loans from group undertakings
179,025,934
173,011,944
Payable after one year
179,025,934
173,011,944

The long-term loans are unsecured.

The loan is repayable in 2039 and interest is accrued at a rate of 10.83%. Interest is payable on a quarterly basis and upon repayment of the loan. Accrued interest may be capitalised when agreed in writing between borrower and lender.

17
Provisions for liabilities
2024
2023
£
£
2,160,408
2,972,527
TEMPLEBOROUGH BIOMASS POWER PLANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
17
Provisions for liabilities
(Continued)
- 27 -
Movements on provisions:
£
At 1 January 2024
2,972,527
Unwinding of discount
116,389
Adjustment for change in discount rate
(928,508)
At 31 December 2024
2,160,408

The provision recognised relates to decommissioning costs expected to be incurred in future periods in relation to the power plant. No decommissioning costs are currently expected to be incurred within the next year. The directors have formed an expectation of the future costs expected to be incurred in future periods based on the best available evidence.

18
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Balances:
£
£
£
£
Accelerated capital allowances
17,261,118
17,826,803
-
-
Tax losses
-
-
3,244,813
2,917,773
17,261,118
17,826,803
3,244,813
2,917,773
2024
Movements in the year:
£
Liability at 1 January 2024
14,909,030
Credit to profit or loss
(892,723)
Liability at 31 December 2024
14,016,307

The deferred tax set out above is expected to reverse in a period greater than one year and relates to accelerated capital allowances and losses that are expected to mature within future periods.

19
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
3,575,000
3,575,000
3,575,000
3,575,000
TEMPLEBOROUGH BIOMASS POWER PLANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 28 -
20
Related party transactions
Transactions with related parties

During the year the Company entered into transactions in the ordinary course of business with other related parties. The Company has taken advantage of the exemption under FRS 102.33.1A which states "Disclosures need not be given of transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member."

21
Ultimate controlling party

The immediate parent company is Greencoat Mermaid Limited.

The ultimate parent company and controlling party is Greencoat Mermaid Limited, a company incorporated in England and Wales. The registered address for the company and from which the financial statements can be obtained is 1 London Wall Place, London, Greater London, England, EC2Y 5AU. Greencoat Mermaid heads the largest and smallest group of which the company is a member.

22
Cash generated from operations
2024
2023
£
£
Loss for the year after tax
(13,437,033)
(8,274,505)
Adjustments for:
Taxation credited
(935,890)
(569,808)
Finance costs
19,030,380
18,205,822
Loss on disposal of tangible fixed assets
348,354
-
Depreciation and impairment of tangible fixed assets
6,757,497
6,753,334
Movements in working capital:
(Increase)/decrease in stocks
(47,494)
13,833
(Increase)/decrease in debtors
(1,868,061)
2,050,915
(Decrease)/increase in creditors
(1,946,576)
1,587,361
Cash generated from operations
7,901,177
19,766,952
23
Analysis of changes in net debt
1 January 2024
Cash flows
Interest capitalised
31 December 2024
£
£
£
£
Cash at bank and in hand
9,710,074
(3,533,927)
-
6,176,147
Borrowings excluding overdrafts
(173,011,944)
12,900,000
(18,913,990)
(179,025,934)
(163,301,870)
9,366,073
(18,913,990)
(172,849,787)
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