Acorah Software Products - Accounts Production 16.3.350 false true true 31 May 2023 1 June 2022 false 1 June 2023 31 May 2024 31 May 2024 11422102 Mr William Alan Davies Mr Richard Meakin Terra Firma (Burtonhead) Ltd true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 11422102 2023-05-31 11422102 2024-05-31 11422102 2023-06-01 2024-05-31 11422102 frs-core:CurrentFinancialInstruments 2024-05-31 11422102 frs-core:Non-currentFinancialInstruments 2024-05-31 11422102 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-06-01 2024-05-31 11422102 frs-core:FurnitureFittings 2024-05-31 11422102 frs-core:FurnitureFittings 2023-06-01 2024-05-31 11422102 frs-core:FurnitureFittings 2023-05-31 11422102 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2024-05-31 11422102 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-06-01 2024-05-31 11422102 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-05-31 11422102 frs-core:OtherResidualIntangibleAssets 2024-05-31 11422102 frs-core:OtherResidualIntangibleAssets 2023-06-01 2024-05-31 11422102 frs-core:OtherResidualIntangibleAssets 2023-05-31 11422102 frs-core:PlantMachinery 2024-05-31 11422102 frs-core:PlantMachinery 2023-06-01 2024-05-31 11422102 frs-core:PlantMachinery 2023-05-31 11422102 frs-core:RevaluationReserve 2023-05-31 11422102 frs-core:RevaluationReserve 2024-05-31 11422102 frs-core:ShareCapital 2024-05-31 11422102 frs-core:RetainedEarningsAccumulatedLosses 2024-05-31 11422102 frs-bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 11422102 frs-bus:FilletedAccounts 2023-06-01 2024-05-31 11422102 frs-bus:SmallEntities 2023-06-01 2024-05-31 11422102 frs-bus:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 11422102 frs-bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 11422102 1 2023-06-01 2024-05-31 11422102 frs-bus:Director1 2023-06-01 2024-05-31 11422102 frs-bus:Director2 2023-06-01 2024-05-31 11422102 frs-countries:EnglandWales 2023-06-01 2024-05-31 11422102 2022-05-31 11422102 2023-05-31 11422102 2022-06-01 2023-05-31 11422102 frs-core:CurrentFinancialInstruments 2023-05-31 11422102 frs-core:Non-currentFinancialInstruments 2023-05-31 11422102 frs-core:RevaluationReserve 2023-05-31 11422102 frs-core:ShareCapital 2023-05-31 11422102 frs-core:RetainedEarningsAccumulatedLosses 2023-05-31
Registered number: 11422102
Burtonhead Road Power Limited
Unaudited Financial Statements
For The Year Ended 31 May 2024
Valentis (UK) Ltd
ACCA
6-8 Great Eastern Street
London
EC2A 3NT
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 11422102
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 502,108 535,032
Tangible Assets 5 12,099,043 12,253,664
12,601,151 12,788,696
CURRENT ASSETS
Debtors 6 2,444,387 2,384,635
Cash at bank and in hand 483,476 371,631
2,927,863 2,756,266
Creditors: Amounts Falling Due Within One Year 7 (1,000,156 ) (833,969 )
NET CURRENT ASSETS (LIABILITIES) 1,927,707 1,922,297
TOTAL ASSETS LESS CURRENT LIABILITIES 14,528,858 14,710,993
Creditors: Amounts Falling Due After More Than One Year 8 (13,089,197 ) (12,081,253 )
NET ASSETS 1,439,661 2,629,740
CAPITAL AND RESERVES
Called up share capital 10 1,000 1,000
Revaluation reserve 11 2,000,000 2,000,000
Profit and Loss Account (561,339 ) 628,740
SHAREHOLDERS' FUNDS 1,439,661 2,629,740
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Page 2
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Richard Meakin
Director
22/04/2025
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Burtonhead Road Power Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11422102 . The registered office is C/O Aticus Law Solicitors, 5 John Dalton Street, Manchester, M2 6ET.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
Intangible fixed assets are stated at cost less accumulated amortisation and any impairment losses. Amortisation is charged to the profit and loss account on a systematic basis over the estimated useful life of each asset, reflecting the pattern in which the asset’s economic benefits are consumed.
The company’s intangible assets include:
Capacity Market Agreement – This represents a contract with the National Grid and is fixed for a minimum period of 14 years. It is amortised on a straight-line basis over its useful economic life.
Property Rights and Planning Permission – These relate to consents and rights obtained in relation to the site and are amortised on a straight-line basis over the remaining term of the associated lease.
Amortisation policies and useful lives are reviewed annually and adjusted if necessary.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost or valuation, less accumulated depreciation and any impairment losses. Cost includes the purchase price and any directly attributable costs of bringing the asset into working condition for its intended use.
The company uses the revaluation model in respect of its gas peaking generators. These assets are treated as a separate class due to their specialist nature, high value, and operational importance, and are revalued annually on a consistent basis.
Other classes of tangible fixed assets, such as transformers and auxiliary equipment, are accounted for using the cost model.
Depreciation is applied as follows:
Leasehold Costs Straight-line - Over the lease term
Plant & Machinery Revaluation / usage-based or straight-line
Site Infrastructure & Set-up Straight-line - Over the lease term
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Intangible Assets
Licences & Agreements
£
Cost
As at 1 June 2023 569,758
As at 31 May 2024 569,758
Amortisation
As at 1 June 2023 34,726
Provided during the period 32,924
As at 31 May 2024 67,650
Net Book Value
As at 31 May 2024 502,108
As at 1 June 2023 535,032
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Page 5
5. Tangible Assets
Land & Property
Leasehold Costs Plant & Machinery Site Infrastructure & Set-up Total
£ £ £ £
Cost or Valuation
As at 1 June 2023 65,499 9,168,089 3,035,377 12,268,965
Additions - 2,016 - 2,016
As at 31 May 2024 65,499 9,170,105 3,035,377 12,270,981
Depreciation
As at 1 June 2023 7,171 8,130 - 15,301
Provided during the period 2,620 32,602 121,415 156,637
As at 31 May 2024 9,791 40,732 121,415 171,938
Net Book Value
As at 31 May 2024 55,708 9,129,373 2,913,962 12,099,043
As at 1 June 2023 58,328 9,159,959 3,035,377 12,253,664
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 4,630 29,568
Prepayments and accrued income 333,782 249,092
338,412 278,660
Due after more than one year
Deferred tax current asset 2,105,975 2,105,975
2,444,387 2,384,635
Deferred tax adjustment relates to unrelieved losses. This will be reversed by future taxable profits.
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 324,048 356,268
Close Leasing loan - CY 406,000 290,000
Other taxes and social security 135,789 39,879
VAT 13,697 34,268
Other creditors 27,000 27,000
Accruals and deferred income 93,622 86,554
1,000,156 833,969
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8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Close Leasing loan 7,746,000 6,750,000
Amounts owed to connected companies 5,343,197 5,331,253
13,089,197 12,081,253
Amounts Owed to Connected Companies
At the balance sheet date, the company owed a total of £5,343,197 (2023: £5,331,253) to connected companies. These balances are unsecured, interest-free, and repayable on demand.
9. Secured Creditors
At the balance sheet date, the company had a secured loan facility with Close Leasing Limited. The loan is secured by a fixed charge over the company’s leasehold land and a floating charge over all assets and undertakings of the company. The facility also includes a negative pledge, restricting the company from creating further charges over its assets without the lender’s prior consent.
The loan is repayable in accordance with the agreed terms. Amounts falling due after more than one year are classified as long-term creditors, with any amounts due within 12 months presented within current liabilities.
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1,000 1,000
11. Reserves
Revaluation Reserve
£
As at 1 June 2023 2,000,000
As at 31 May 2024 2,000,000
12. Ultimate Controlling Party
The company’s immediate controlling party is Terra Firma (Burtonhead) Ltd, by virtue of its ownership of 100% of the issued share capital.
The company’s ultimate controlling party is Terra Firma Energy Ltd, which holds a majority interest in Terra Firma (Burtonhead) Ltd.
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