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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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BPF ENERGY LIMITED
COMPANY INFORMATION
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BPF ENERGY LIMITED
CONTENTS
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BPF ENERGY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The directors are responsible for preparing the Directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
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 to 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.
The company’s affairs are directed by the BPF Council and executed by the directors who are remunerated by the BPF.
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BPF ENERGY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
BPF Energy Limited was incorporated 26 June 2009 for the purpose inter alia of managing the Plastics Sector Climate Change Agreement (CCA) on behalf of The British Plastics Federation (BPF).
The first Plastics Sector CCA was signed on 1 October 2009 between the BPF and the then Department of Energy and Climate Change (DECC) and remained in place until 31 March 2013. After a protracted consultation period, a new CCA scheme came into place and an umbrella agreement was signed by the BPF on 1 April 2013 which will continue until 2033. The operation of the CCA is solely administered by the BPF. No staff or fixed assets are employed by the company. During 2024, the priority of BPF Energy was the continued support, provision of information, education and communication to CCA partners. As well as regular written communications and publications, a series of seminars and workshops were undertaken throughout the country to achieve this aim. BPF Energy continued the development of its carbon measurement tool as well as its other reporting systems to give partners the tools to measure and report carbon emissions and to potentially achieve a ‘net zero’ status. BPF Energy continues to work closely with the Department for Energy Security and Net Zero(DESNZ) and the Environment Agency (EA). In the year, BPF Energy sponsored a number of energy communications and the BPF Annual Dinner at which the BPF Energy Award was presented. Total income for 2024 was £1,335,361 (2023 - £1,320,781) and administrative expenses for 2024 were £1,321,635 (2023 - £1,313,511), leaving a £14,002 surplus after tax (2023 - £9,973).
The profit for the year, after taxation, amounted to £14,002 (2023 - £9,973).
The directors decided that no dividend was payable and accordingly £14,002 has been transferred to reserves.
The directors who served during the year were:
TBC
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BPF ENERGY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The auditors, Barnes Roffe LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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BPF ENERGY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BPF ENERGY LIMITED
We have audited the financial statements of BPF Energy Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity and the related notes, including a summary of 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).
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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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.
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.
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BPF ENERGY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BPF ENERGY LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Directors' report has been prepared in accordance with applicable legal requirements.
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 Directors' report.
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BPF ENERGY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BPF ENERGY LIMITED (CONTINUED)
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 Auditors' 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, includingfraud and non-compliance with laws and regulations, was as follows:
∙The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
∙We identified the laws and regulations applicable to the company through discussions with the director and other management, and from our commercial knowledge and experience of the relevant sector;
∙We focused on specific laws and regulations, which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006 and ISOstandards;
∙We assessed the extent of compliance with laws and regulations identified above through making enquires of management and inspecting legal correspondence and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, includingobtaining an understanding of how fraud might occur, by:
∙Making enquires of management as to where they considered there was susceptibility to fraud, theirknowledge of actual suspected and alleged fraud; and
∙Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws andregulations.
To address the risk of fraud through management bias and override of controls, we:
∙Performed analytical procedures to identify and unusual or unexpected relationships;
∙Tested journal entries to identify unusual transactions;
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BPF ENERGY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BPF ENERGY LIMITED (CONTINUED)
∙Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
∙Investigated the rationale behind significant or unusual transactions.
There are inherent limitations in our audit procedures described above. The more removed that laws andregulations are from financial statements, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures to identify non-compliance with laws and regulations to enquiryof the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect that those that arise from errors as theymay involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' 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 Auditors' 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.
for and on behalf of
Chartered Accountants
Leytonstone House
3 Hanbury Drive
London
E11 1GA
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BPF ENERGY LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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BPF ENERGY LIMITED
REGISTERED NUMBER: 06945400
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 11 to 17 form part of these financial statements.
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BPF ENERGY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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BPF ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
BPF Energy Limited is a private company, limited by shares, domiciled and incorporated in England.
The address of the company's registered office and pricipal place of business is 6 Bath Place, Rivington Street, London, EC2A 3JE. BPF Energy Limited administers the plastics sector climate change agreement on behalf of the British Plastics Federation (BPF). It is committed to promoting good practice in energy efficiency, conservation and sustainability. The company’s affairs are directed by the BPF Council and executed by the directors who are remunerated by the BPF.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:
The financial statements have been prepared on a going concern basis. The directors have considered the operating surplus for the period and statement of financial position at the accounting date and reviewed forecasts and are satisfied that the company is in a position to meet its liabilities as they fall due over the next twelve months. In arriving at this conclusion, the Directors have taken account of current and anticipated financial performance in the current economic conditions, and the company’s reserves position. The Directors have reviewed in detail the company’s position and the appropriate basis on which to prepare the financial statements. The Directors have concluded that it remains appropriate to prepare the financial statements of BPF Energy on the going concern basis.
Partner fees are recognised at full selling price for which the company has a right to consideration and represents amounts receivable in respect of annual fees and joining fees less any appropriate discounts, excluding Value Added Tax. Other income Other income is recognised at full selling price for all work carried out for which the company has a right to consideration and comprises income from sources other than CCA partner fees.
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BPF ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
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BPF ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Basic 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 the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
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BPF ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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BPF ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
There were no factors that may affect future tax charges.
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BPF ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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BPF ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Accumulated fund
The immediate and ultimate parent company is the British Plastics Federation, a company registered in England and Wales with registered office address 6 Bath Place, Rivington street, London, EC2A 3JE.
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