Registered number
09905642
New Mill Biogas Limited
Financial statements
for the year ended 31 December 2024
Pages for filing with the Registrar
New Mill Biogas Limited
Registered number: 09905642
Statement of financial position
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 6 5,023,107 5,571,922
Current assets
Stocks 517,014 455,438
Debtors 8 952,599 821,853
Cash at bank and in hand 177,164 264,124
1,646,777 1,541,415
Creditors: amounts falling due within one year 9 (4,740,101) (4,379,202)
Net current liabilities (3,093,324) (2,837,787)
Total assets less current liabilities 1,929,783 2,734,135
Creditors: amounts falling due after more than one year 10 (20,508,485) (19,240,563)
Net liabilities (18,578,702) (16,506,428)
Capital and reserves
Called up share capital 100 100
Share premium 9,925 9,925
Profit and loss account (18,588,727) (16,516,453)
Shareholders' funds (18,578,702) (16,506,428)
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors and authorised for issue and are signed on its behalf by:
John Kutner
Director
Approved by the board on 31 May 2025
New Mill Biogas Limited
Notes to the Accounts
for the year ended 31 December 2024
1 Accounting policies
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
Non-consolidation
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
Going concern
At the date of approval of the financial statements, the company have prepared and approved up-to-date management accounts, budgets and cash flow projections which include key revenue and cost assumptions that the directors consider reasonable and prudent. Additionally, the loan note holders have stated that they will not recall the loans to the company whilst it would damage the interests of external creditors and will provide additional funding as required.

The directors, also mindful of the extent of related party creditors due on demand at the end of the financial period, have sought and received assurances that such debt will not be recalled within a 12 month period from the date of approval of the 2024 financial statements where this would be detrimental to the going concern status of the company.

Having considered the matters above, the company is of the view that it will have sufficient resources to continue to operate and meet debts as they fall due for the foreseeable future. The financial statements have therefore been prepared on a going concern basis
Turnover
Turnover represents amounts receivable from the generation of electricity through anaerobic digestion, net of VAT. Turnover from the sale of electricity is recognised when it is exported to the grid, that being the point at which the significant risks and rewards of ownership have passed to the buyer.
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.
Tangible fixed assets other than leasehold land are stated at cost less depreciation. Where a substantial period of time is required to bring an asset into use, attributable finance costs are capitalised and included in the cost of the relevant asset. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Leasehold land and buildings 5 - 20% straight line
Plant and machinery 20% - 33%straight line
Motor vehicles 20% straight line
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.
Stocks
Stocks are stated at the lower of cost and estimated selling prices less costs to complete and sell. Cost comprises feedstock and, where applicable, direct 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.
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.
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.
Cash at bank and in hand
Cash at bank and in hand 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.
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 statement of financial position 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.
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.
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.
Parent loan notes
All interest bearing loans are initially recognised at net proceeds. After initial recognition debt is increased by the financial cost in respect of the reporting period and reduced by repayment made in the period. Interest is recognised on an accruals basis.
Tax
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 income statement 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.
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 are included in the income statement for the period.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the asset's fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the income statement so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2 Exceptional items 2024 2023
£ £
Fixed asset impairment provision - 1,552,558
- 1,552,558
In accordance with the company's accounting policy, at the year end, the directors reviewed the carrying value of tangible fixed assets for indicators of impairment. This review considered future operating net cash inflows discounted using an appropriate discount rate. As a consequence of this review, the director's have identified an impairment of £Nil (2023: £1,552,558) which has been recognised in these financial statements as an exceptional item.
3 Critical accounting 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.
Impairment of Fixed Assets
At each reporting period end, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication of impairment. If there is any such indication, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Deferred Tax
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.
4 Operating loss
2024 2023
Operating loss for the year is stated after charging: £ £
Fees payable to the company's auditor for the audit of the company's financial statements 9,500 7,500
5 Employees
2024 2023
Average number of persons employed by the company - -
6 Tangible fixed assets
Leasehold land and buildings Plant and Machinery Motor vehicles Total
£ £ £ £
Cost
At 1 January 2024 10,981,953 46,984 79,431 11,108,368
Additions 17,023 2,099 - 19,122
At 31 December 2024 10,998,976 49,083 79,431 11,127,490
Depreciation
At 1 January 2024 5,416,984 40,031 79,431 5,536,446
Charge for the year 563,699 4,238 - 567,937
At 31 December 2024 5,980,683 44,269 79,431 6,104,383
Net book value
At 31 December 2024 5,018,293 4,814 - 5,023,107
At 31 December 2023 5,564,969 6,953 - 5,571,922
Included within the carrying value of leasehold land and buildings is loan interest totalling £712,572 (2023: £767,386).
7 Subsidiary
Details of the company's subsidiary at 31 December 2024 are as follows:
Name of undertaking Registered office Nature of business Class of shares held % Held
New Mill Feedstocks Ltd England Wholesale of grain,
un-manufactured tobacco, seeds and animal feeds
Ordinary shares 100
The aggregate capital and reserves and the result for the year to 31 December 2024 of the subsidiary noted above was as follows:
Profit Capital and Reserves
£ £
New Mill Feedstocks Ltd - 1
8 Debtors 2024 2023
£ £
Trade debtors 1,548 1,607
Amounts owed by group undertakings 6,940 3,613
Other debtors 944,111 816,633
952,599 821,853
9 Creditors: amounts falling due within one year 2024 2023
£ £
Loan notes within 1 year 2,124,259 1,685,209
Bank loans 10,221 9,952
Obligations under finance lease and hire purchase contracts 9,969 11,490
Trade creditors 2,112,249 2,192,975
Other creditors 483,403 479,576
4,740,101 4,379,202
10 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 12,231 22,435
Obligations under finance lease and hire purchase contracts - 9,969
Loan notes due 1 - 5 years 2,492,985 2,177,676
Loan notes due after 5 years 18,003,269 17,030,483
20,508,485 19,240,563
Other creditors include £22,620,513 (2023: £20,893,368) of long-term loans advanced by shareholders, which are secured by fixed and floating charges over the assets of the company.

Interest of 8% per annum is payable on the loans. During the year, £1,727,523 (2023: £1,591,473) interest was accrued and taken to profit or loss.
11 Called up share capital 2024 2023
£ £
Ordinary share capital Issued and fully paid
100 Ordinary shares of £1 each 100 100
12 Operating lease commitments
Lessee
The company has entered into an agreement for the lease of land until 30 September 2041, with a break option on the 1 October 2036.

Future minimum lease payments under non-cancellable operating leases are as follows:
2024 2023
£ £
Not later than one year 100,000 100,000
Later than 1 year and not later than 5 years 400,000 400,000
Later than five years 1,175,890 1,276,164
1,675,890 1,776,164
13 Related party transactions
As at the year end, the company owes IRI LP £22,620,513 (2023: £20,893,368). During the year, interest of £1,727,523 (2023: £1,591,473) was charged on these loans, of which £1,727,145 (2023: £1,591,124) was capitalised. At year end £4,957 (2023: £4,579) has been accrued and is included in note 9 under other creditors.
Transactions with related parties 2024 2023
£ £
Purchases made from entities with common control or common significant influence:
Feedstock 151,114 668,798
Services 823,941 899,050
In addition to the disclosures above, further trading balances due from related parties are set out
below:
Amounts due to related parties 1,930,682 2,046,570
14 Parent Entity
In the opinion of the directors, the immediate controlling party is Iona Renewable Infrastructure LP due to it being the sole shareholder of the company. Iona Capital Limited is a member of Iona EI (General Partner) LLP, which is the General Partner of Iona Environmental Infrastructure LP.
15 Other information
New Mill Biogas Limited is a private company limited by shares and incorporated in England. Its registered office is:
123 Pall Mall
London
SW1Y 5EA
16 Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the
following information in relation to the audit report on the statutory financial statements is provided
in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The senior statutory auditor was Kenneth McDowell.
The auditor was Saffery LLP.
The audit report was signed on 06/06/2025
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