| Registered number |
| for the year ended |
| Pages for filing with the Registrar |
| Registered number: | |||||||
| Statement of financial position | |||||||
| as at |
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| Notes | 2024 | 2023 | |||||
| £ | £ | ||||||
| Fixed assets | |||||||
| Tangible assets | 6 | ||||||
| Current assets | |||||||
| Stocks | |||||||
| Debtors | 8 | ||||||
| Cash at bank and in hand | |||||||
| Creditors: amounts falling due within one year | 9 | ( |
( |
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| Net current liabilities | ( |
( |
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| Total assets less current liabilities | |||||||
| Creditors: amounts falling due after more than one year | 10 | ( |
( |
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| Net liabilities | ( |
( |
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| Capital and reserves | |||||||
| Called up share capital | |||||||
| Share premium | |||||||
| Profit and loss account | ( |
( |
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| Shareholders' funds | ( |
( |
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| 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 |
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| Notes to the Accounts | ||||||||
| for the year ended |
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| 1 | Accounting policies | |||||||
| Accounting convention | ||||||||
| 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 | ||||||||
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 |
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| Turnover | ||||||||
| Tangible fixed assets | ||||||||
| 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. |
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| 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. | ||||||||
| Equity instruments | ||||||||
| 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 | ||||||||
| 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 | ||||||||
| 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. |
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| 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. |
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| 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 | ||||||||
| 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 | ||||||||
| 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 | ||||||||
| Additions | - | |||||||
| At 31 December 2024 | ||||||||
| Depreciation | ||||||||
| At 1 January 2024 | ||||||||
| Charge for the year | - | |||||||
| At 31 December 2024 | ||||||||
| Net book value | ||||||||
| At 31 December 2024 | - | |||||||
| At 31 December 2023 | - | |||||||
| 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 | - | |||||||
| 8 | Debtors | 2024 | 2023 | |||||
| £ | £ | |||||||
| Trade debtors | ||||||||
| Amounts owed by group undertakings | ||||||||
| Other debtors | ||||||||
| 9 | Creditors: amounts falling due within one year | 2024 | 2023 | |||||
| £ | £ | |||||||
| Loan notes within 1 year | ||||||||
| Bank loans | ||||||||
| Obligations under finance lease and hire purchase contracts | ||||||||
| Trade creditors | ||||||||
| Other creditors | ||||||||
| 10 | Creditors: amounts falling due after one year | 2024 | 2023 | |||||
| £ | £ | |||||||
| Bank loans | ||||||||
| Obligations under finance lease and hire purchase contracts | - | |||||||
| Loan notes due 1 - 5 years | ||||||||
| Loan notes due after 5 years | ||||||||
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. |
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| 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 | ||||||||
Future minimum lease payments under non-cancellable operating leases are as follows: |
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| 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: |
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| Amounts due to related parties | 1,930,682 | 2,046,570 | ||||||
| 14 | Parent Entity | |||||||
| 15 | Other information | |||||||
| New Mill Biogas Limited is a private company limited by shares and incorporated in England. Its registered office is: | ||||||||
| 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: |
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| The audit report was signed on | ||||||||