Company registration number 14055801 (England and Wales)
IBNE FINCO LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
IBNE FINCO LTD
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
IBNE FINCO LTD
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
3
2
2
Current assets
Debtors
5
10,361,105
9,552,887
Cash at bank and in hand
3
5
10,361,108
9,552,892
Creditors: amounts falling due within one year
6
(1,541,761)
(684,911)
Net current assets
8,819,347
8,867,981
Total assets less current liabilities
8,819,349
8,867,983
Creditors: amounts falling due after more than one year
7
(9,374,713)
(9,229,824)
Net liabilities
(555,364)
(361,841)
Capital and reserves
Called up share capital
8
1
1
Profit and loss reserves
(555,365)
(361,842)
Total equity
(555,364)
(361,841)
The notes on pages 3 to 6 form part of these financial statements.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 27 June 2025
Mr William Andrews
Director
Company Registration No. 14055801
IBNE FINCO LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 20 April 2022
-
Period ended 30 September 2023:
Loss and total comprehensive income for the period
-
(361,842)
(361,842)
Issue of share capital
8
1
-
1
Balance at 30 September 2023
1
(361,842)
(361,841)
Year ended 30 September 2024:
Loss and total comprehensive income for the year
-
(193,523)
(193,523)
Balance at 30 September 2024
1
(555,365)
(555,364)
The notes on pages 3 to 6 form part of these financial statements.
IBNE FINCO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
1
Accounting policies
Company information
IBNE Finco Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 128 City Road, London, United Kingdom, EC1V 2NX. The company's registration number is 14055801.
1.1
Reporting period
The company prepares these financial statements for the 12 month period to 30 September 2024. The comparative figures are for the 17 month period to 30 September 2023.
1.2
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.
1.3
Going concern
At the end of the year, the company had net liabilities of £555,364. The company acts as the funding hub for companies focusing on the long term development of energy infrastructure and related resources. The funding has been agreed to be provided through one central company and is then passed on to the subsidiaries developing these. Going forward, the subsidiaries are expected to generate profits and surplus cash which will be passed to IBNE Finco and be utilised to repay the debt funding.
The lender, GCP Programme Funding 1 Limited is in the process of taking control of the business and the directors believe this change of control will complete in the very near future. On completion of this transaction, the lender has indicated its intention to recommence providing investment funding to IBNE Finco and its subsidiaries. The lender has confirmed in writing that, when it takes control of IBNE Finco, it will support to the Company as necessary to enable it to meet its obligations as they fall due and to continue in operational existence for the foreseeable future, being a period of at least twelve months from the date of approval of the Company’s financial statements.
On the basis set out above, the directors believe it appropriate for the accounts to be prepared on the going concern basis
1.4
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 the profit and loss account.
1.5
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.
IBNE FINCO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -
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.
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.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.6
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.
1.7
Taxation
The tax expense represents the sum of the tax currently payable.
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.
2
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
20,000
10,000
IBNE FINCO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
3
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
2
2
4
Subsidiaries
Details of the company's subsidiaries at 30 September 2024 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
IBNE Devco Limited
128 City Road, London, United Kingdom, EC1V 2NX
Holding company
Ordinary
100.00
-
Infra Balance Projects Ltd
128 City Road, London, United Kingdom, EC1V 2NX
Development of energy infrastructure
Ordinary
0
100.00
HM Agecroft Ltd
128 City Road, London, United Kingdom, EC1V 2NX
Development of energy infrastructure
Ordinary
0
100.00
Power Initiatives (1) Limited
128 City Road, London, United Kingdom, EC1V 2NX
Development of energy infrastructure
Ordinary
0
100.00
Infra Balance Developments Limited
128 City Road, London, United Kingdom, EC1V 2NX
Development of energy infrastructure
Ordinary
0
100.00
HM PH (GP) Ltd
128 City Road, London, United Kingdom, EC1V 2NX
Development of energy infrastructure
Ordinary
0
100.00
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
8,987,637
8,955,562
Other debtors
1,373,468
597,325
10,361,105
9,552,887
There is no set repayment dates for the amounts owed by group undertakings.
6
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
27
27
Other creditors
1,541,734
684,884
1,541,761
684,911
There is no set repayment dates for the amounts owed to group undertakings.
IBNE FINCO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Other borrowings
9,374,713
9,229,824
Loan is secured by a fixed and floating charge over all the assets of the company.
Loan maturity date is 30 June 2035. Interest is charged quarterly at an effective rate of interest of 8.24%.
8
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary share of £1
1
1
9
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.
Senior Statutory Auditor:
Brian Thomson BA(Hons) CA
Statutory Auditor:
Consilium Audit Limited
10
Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
No further transactions with related parties were undertaken such as are required to be disclosed under the provisions of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
11
Ultimate controlling party
The company was under the control of the holders of the ordinary share capital in the immediate and ultimate parent company Infra Balance New Energy Limited. The directors are of the opinion that there is no ultimate controlling party.