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Company Registration Number: 03333029



















BROCKLESBY LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024













img5041.png

 
BROCKLESBY LIMITED
 

COMPANY INFORMATION


Directors
N K Taylor 
I J Jennison 
S O Halinen 
M S Johansson (resigned 17 December 2024)
V H Talvitie 
K J Ylä-Autio (resigned 29 April 2024)
C J J Cowan 
M Eerola (appointed 29 April 2024)
O J Lahdenpera (appointed 17 December 2024)




Registered number
03333029



Registered office
Brocklesby House
Crosslands Lane

North Cave

Brough

North Humberside

HU15 2PG




Independent auditors
Armstrong Watson Audit Limited
Chartered Accountants & Statutory Auditors

Third Floor

10 South Parade

Leeds

West Yorkshire

LS1 5QS





 
BROCKLESBY LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 3
Directors' Report
 
4 - 6
Independent Auditors' Report
 
7 - 10
Statement of Comprehensive Income
 
11
Statement of Financial Position
 
12
Statement of Changes in Equity
 
13
Notes to the Financial Statements
 
14 - 28


 
BROCKLESBY LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
The directors present their strategic report for the year ended 31 December 2024.

Business review
 
The directors aim to present a balanced and comprehensive review of the development and performance of the business during the year and the company's position at the year end. 
The principal activity of the company is the reprocessing and recycling of used fats and oils. The company operates from its registered office of Brocklesby House, Crosslands Lane, North Cave, East Yorkshire, HU15 2PG.
The company continues to recycle used cooking oil and fatty acids into products primarily for use in the biofuels and HVO industry. The directors have reviewed the company’s performance for the year and consider the results to be in line with expectations. 
The Directors consider the Key Performance Indicators to be Turnover, Gross Margin and Operating Profit and use these numbers/ ratios to monitor the Company’s operational and strategic direction.  

31 December 2024
31 December 2023
£
£
Sales

46,219,089

43,117,987
 
Operating (loss)

(2,812,959)

(4,672,982)
 
EBITDA

(774,177)

(2,707,023)
 
Equity shareholders' funds

4,310,273

7,541,367
 

EBITDA is the profit/(loss) for the financial year after tax, adding back tax charge for the year, interest charge for the year, depreciation and amortisation charge for the year and exceptional items for the year.   Operating loss is stated before exceptional items.
Volumes have remained strong during the year to 31 December 2024 and the business has experienced year on year growth against prior year volumes. 
The business continued to keep tight control of it's underlying cost base.
The board believes that good environmental practices support the Company’s strategy by enhancing the reputation of the Company and the quality of the products. The board are acutely aware of good environmental practices, with their business built upon recycling and producing products for use in ‘cleaner’ fuels. Consequently, the Company regularly tests the composition of the land upon which the site is built, to ensure that waste products are not released into the surrounding areas and that local businesses and individuals can eventually benefit from cleaner, greener energy.

Page 1

 
BROCKLESBY LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Principal risks and uncertainties
 
Management continually monitor the key risks facing the company together with assessing the controls used for managing risks.
The Company is committed to ensuring a safe working environment and these risks are managed through the promotion of health and safety policies, work controls and procedures.
The principal risks are the volatility of worldwide fuel commodity prices and the competition in the UK market place. In an effort to manage these risks the Company:
• recognise the importance of quality both in terms of the product and service they supply;
ensures that we have agreements with a wide range of suppliers of raw material where we can prove
appropriate provenance of our products;
annual sales targets are set alongside cost budgets;
monthly reporting of performance and variance analysis to forecasts are undertaken;
monthly assessment of Key Performance Indicators across the full Balanced Business Scorecard;
weekly assessment of cashflow and future requirements.

One of the key strengths of the company is the fact that it is lean and has employees who are extremely well versed in the industry.
Financial Risks
The company's operations expose it to a variety of financial risks that include the effect of changes in credit, liquidity and interest rate risk. The company undertakes a variety of risk management processes that seek to limit the adverse effects on the financial performance of the company.
Credit Risk
Customer credit risk is controlled by credit checks of all new customers prior to supply and this is reviewed on a regular basis to ensure we manage any emerging issues in a timely manager. This has proven successful to minimise financial loss through bad debts.
Liquidity Risk
The directors believe that the company has sufficient funds available to support its activities in the future. Working capital facilities are provided through cash reserves and bank debt facilities and the company continues to experience a good working relationship with its bankers. The business generates significant money from operating activities, therefore it is of great importance that cash inflows and outflows are monitored continually in order to ensure any potential difficulties can be managed. Cash flow forecasting is prepared and reviewed weekly and any potential risks are highlighted to Senior Management and managed accordingly.

 Development and future performance 
The strategy is to continue to develop the Company to meet its goals and those of the shareholders. The performance expectations are to maintain market share in the markets in which we operate and to develop new products that meet the needs of our current and future clients. 
In order to deliver on our goals we will continue to need the support of our superb staff and we will maintain our focus on their continuous professional development.



 

Page 2

 
BROCKLESBY LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Directors’ statement of compliance with duty to promote the success of the Company
Directors’ Duties
The directors of the Company, as those of all UK companies, must act in accordance with a set of general duties.  These duties are detailed in section 172 of the UK Companies Act 2006 as follows:
A director of a company must act in the way they consider, in good faith, would be the most likely to promote the success of the Company for the benefit of its shareholders as a whole and, in doing so have regard (amongst other matters) to:
• the likely consequences of any decisions in the long-term.
• the interests of the Company’s employees.
• the need to foster the Company’s business relationships with suppliers, customers and others.
• the impact of the Company’s operations on the community and environment
• the desirability of the Company maintaining a reputation for high standards of business conduct, and
• the need to act fairly as between shareholders of the Company.
The board of directors of Brocklesby Limited consider individually and together that they have acted in the way they consider in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole (having regard to shareholders and matters set out in section 172(1) of the Act) in the decisions taken during the year ended 31 December 2024.
Examples of how the directors have oversight of stakeholder matters and have regard for these matters when making decisions are set out below.
Employees
The business engages its employees through regular global and local informative townhalls, a Company-wide intranet providing latest business updates, knowledge sharing through conferences and workshops, quarterly employee engagement surveys with results feedback and actions, and specific tailored employee target, development and appraisal plans.
Customers
The business closely monitors is Customers and relationships through dedicated account management. This includes regular communication and collaboration around product quality and development.
Suppliers
The business engages its suppliers through dedicated account managers who manage the relationships very closely.  This includes regular supplier visits and meetings held to review product quality, specifications and account management, including areas of collaboration and product development.
Others 
The business and its employees are mindful of the environmental impacts of our activity, and live the values of being a responsible corporate citizen.        


This report was approved by the board and signed on its behalf.





................................................
N K Taylor
Director

Date: 20 August 2025

Page 3

 
BROCKLESBY 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.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 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 judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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 2006They 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.

Results and dividends

The loss for the year, after taxation, amounted to £3,231,094 (2023 - loss £4,093,678).

The directors have not recommended a final dividend.

Directors

The directors who served during the year were:

N K Taylor 
I J Jennison 
S O Halinen 
M S Johansson (resigned 17 December 2024)
V H Talvitie 
K J Ylä-Autio (resigned 29 April 2024)
C J J Cowan 
M Eerola (appointed 29 April 2024)
O J Lahdenpera (appointed 17 December 2024)

Page 4

 
BROCKLESBY LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Future developments

The strategy is to continue to develop the Company to meet its goals and those of the shareholders. The performance expectations are to maintain market share in the markets in which we operate and to develop new products that meet the needs of our current and future clients.
In order to deliver on our goals we will continue to need the support of our superb staff and we will maintain our focus on their continuous professional development.

Matters covered in the Strategic Report

Information is not shown in the directors' report because it is shown in the strategic report under s414C(11). The strategic report includes a business review, principal risks and uncertainties and financial key performance indicators.

Streamlined Energy and Carbon Reporting

ole3dd0.png 

Quantification and reporting methodology

We have followed the 2019 HM Government Environmental Reporting Guidelines.
We have also used the GHG Reporting Protocol - Corporate Standard and have used the 2024 UK Government's Conversion Factors for Company Reporting.
The chosen intensity measurement ratio is total gross emissions in tonnes of CO2e per £1,000 turnover.


Energy Efficiency Action Taken

During the financial period we have invested in new efficient heat rooms that will reduce the site’s energy consumption and carbon footprint.  In addition, we have invested in a new factory roof along with solar panels that will reduce our electricity usage.  
The business adopts a continuous improvement culture, which includes identifying energy reduction and efficiency opportunities.  

Page 5

 
BROCKLESBY LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and
the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There were no post balance sheet events affecting the company.

Auditors

Under section 487(2) of the Companies Act 2006Armstrong Watson Audit Limited will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board and signed on its behalf.
 





................................................
N K Taylor
Director

Date: 20 August 2025

Page 6

 
BROCKLESBY LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BROCKLESBY LIMITED
 

Opinion


We have audited the financial statements of Brocklesby 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 policiesThe 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).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


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.


Conclusions relating to going concern


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.


Other information


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 ReportOur 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.


Page 7

 
BROCKLESBY LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BROCKLESBY LIMITED (CONTINUED)


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

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 Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 8

 
BROCKLESBY LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BROCKLESBY LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

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:

• We obtained an understanding of laws and regulations that affect the Company, focusing on those that had a
direct effect on the financial statements or that had a fundamental effect on its operations. Key laws and
regulations that we identified included the UK Companies Act, employment and tax legislation.
• We enquired of the directors and reviewed correspondence with HMRC for evidence of non-compliance with
relevant laws and regulations. We also reviewed controls the directors have in place to ensure compliance.
• We gained an understanding of the controls that the directors have in place to prevent and detect fraud. We
enquired of the directors about any incidences of fraud that had taken place during the accounting period.
• The risk of fraud and non-compliance with laws and regulations and fraud was discussed within the audit team
and tests were planned and performed to address these risks. We identified the potential for fraud in the
following areas: revenue recognition and management override of controls.
• We reviewed financial statements disclosures and tested to supporting documentation to assess compliance
with relevant laws and regulations discussed above.
• We enquired of the directors about actual and potential litigation and claims.
• We performed analytical procedures to identify any unusual or unexpected relationships that might indicate
risks of material misstatement due to fraud.
• In addressing the risk of fraud due to management override of internal controls we tested the appropriateness
of journal entries and assessed whether the judgements made in making accounting estimates were indicative
of a potential bias.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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.


Page 9

 
BROCKLESBY LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BROCKLESBY LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's shareholders, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's shareholders 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 shareholders, as a body, for our audit work, for this report, or for the opinions we have formed.





Steven Williams (Senior Statutory Auditor)
for and on behalf of
Armstrong Watson Audit Limited
Chartered Accountants
Statutory Auditors
Leeds

21 August 2025
Page 10

 
BROCKLESBY LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
  
46,219,089
43,117,987

Cost of sales
  
(41,717,626)
(41,750,584)

Gross profit
  
4,501,463
1,367,403

Distribution costs
  
(2,054,094)
(2,073,489)

Administrative expenses
  
(5,599,552)
(4,348,288)

Exceptional administrative expenses
  
(40,127)
(229,061)

Other operating income
  
379,351
381,392

Operating loss
 6 
(2,812,959)
(4,902,043)

Interest payable and similar expenses
 10 
(912,000)
(406,105)

Loss before tax
  
(3,724,959)
(5,308,148)

Tax on loss
 11 
493,865
1,214,470

Loss for the financial year
  
(3,231,094)
(4,093,678)

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 14 to 28 form part of these financial statements.

Page 11

 
BROCKLESBY LIMITED
REGISTERED NUMBER: 03333029

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

Restated
2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 13 
71,686
174,160

Tangible assets
 14 
11,168,124
11,284,848

  
11,239,810
11,459,008

Current assets
  

Stocks
 15 
8,936,977
7,020,191

Debtors: amounts falling due within one year
 16 
1,820,094
3,454,182

Cash and cash equivalents
  
81,304
245,935

  
10,838,375
10,720,308

Creditors: amounts falling due within one year
 18 
(15,041,038)
(14,466,173)

Net current liabilities
  
 
 
(4,202,663)
 
 
(3,745,865)

Total assets less current liabilities
  
7,037,147
7,713,143

Creditors: amounts falling due after more than one year
 19 
(2,726,874)
-

Provisions for liabilities
  

Deferred tax
 20 
-
(171,776)

Net assets
  
4,310,273
7,541,367


Capital and reserves
  

Called up share capital 
 21 
15,039
15,039

Revaluation reserve
 22 
159,502
159,502

Profit and loss account
 22 
4,135,732
7,366,826

  
4,310,273
7,541,367


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
N K Taylor
Director

Date: 20 August 2025

The notes on pages 14 to 28 form part of these financial statements.

Page 12

 
BROCKLESBY LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 January 2023
15,039
159,502
11,460,504
11,635,045



Loss for the year
-
-
(4,093,678)
(4,093,678)



At 1 January 2024
15,039
159,502
7,366,826
7,541,367



Loss for the year
-
-
(3,231,094)
(3,231,094)


At 31 December 2024
15,039
159,502
4,135,732
4,310,273


The notes on pages 14 to 28 form part of these financial statements.



Page 13

 
BROCKLESBY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

The company is a private company limited by shares, incorporated and domiciled in the United Kingdom. The company is a tax resident in the United Kingdom.
The principal activity of the company is the reprocessing and recycling of used fats and oils. The company operates from its registered office of Brocklesby House, Crosslands Lane, North Cave, East Yorkshire, HU15 2PG.
The financial statements have been prepared in Pound Sterling as this is the currency of the primary economic environment in which the company operates.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).

This information is included in the consolidated financial statements of St1 Nordic Oy as at 31 December 2024 and these financial statements may be obtained from the company website.

 
2.3

Going concern

After consideration of all factors, the directors continue to adopt the going concern basis in preparing the financial statements. A letter of support has been provided from the parent company and the directors have assesed the support will be forthcoming.
The company’s current trading information is extremely positive; and the company’s clients and customers operate within sectors that are considered critical to the UK and Europe. In reaching their conclusion, the directors have considered cash flow forecasts covering a period of 12 months from the date of approval of the financial statements.
Financial statements of the parent entity St1 Nordic Oy, year ended 31 December 2024, may be obtained from the company website.

Page 14

 
BROCKLESBY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.6

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 15

 
BROCKLESBY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.7

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a systematic basis per class of assets.

Depreciation is provided on the following basis:

Freehold property
-
2 - 5% straight line
Buildings and site
-
5 - 50% straight line
Plant and machinery
-
10 - 100% straight line
Motor vehicles
-
20 - 100% straight line
Fixtures and fittings
-
15 - 33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 16

 
BROCKLESBY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

  
2.11

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.14

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 17

 
BROCKLESBY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.16

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


 
2.17

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.18

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Page 18

 
BROCKLESBY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In 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 those 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.
The directors consider the key accounting estimates to be the expected yield of finished goods, the capitalisation and carrying value of development costs and depreciation of tangible fixed assets.
The directors make judgements on the expected yield of finished goods from raw materials based on their knowledge of the composition of the raw material purchased, and previous yields attained from similar products. This is a key source of estimation uncertainty when valuing year end stocks, mitigated by the directors' extensive knowledge of their industry.
Development costs are capitalised in accordance with the company's accounting policies where future economic benefit can be generated and the residual value is reviewed for impairment on an ongoing basis. The directors use their specific knowledge and industry experience to make these estimates.
Depreciation is charged over the useful life of the asset which is estimated from the directors knowledge of each tangible fixed asset class.


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Sales and processing income
46,219,089
43,117,987

46,219,089
43,117,987


Processing income is considered to be minimal. 


5.


Other operating income

2024
2023
£
£



Fees and other income
379,351
381,392

379,351
381,392

Page 19

 
BROCKLESBY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Operating loss

The operating loss is stated after charging:

2024
2023
£
£

Amortisation of intangible assets, including goodwill
102,475
144,316

Depreciation charge
1,825,917
1,723,707


7.


Auditors's remuneration

2024
2023
£
£

Fees payable to the Company's auditors and its associates in respect of:


Audit of the financial statements
23,000
20,000

Taxation compliance services
2,695
2,695

All other non-audit services
2,000
2,250

27,695
24,945


8.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
3,857,469
3,751,483

Employers NI
429,054
406,438

Cost of defined contribution scheme
234,939
213,203

4,521,462
4,371,124


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023







Administration
24
27



Factory
43
40



Drivers
14
14

81
81

Page 20

 
BROCKLESBY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
685,565
788,564

Company contributions to defined contribution pension schemes
44,312
15,150

729,877
803,714


During the year retirement benefits were accruing to 3 directors (2023 - 3) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £307,804 (2023 - £248,138).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £6,953 (2023 - £3,750).


10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
912,000
406,105

912,000
406,105


11.


Taxation


2024
2023
£
£



Total current tax
-
-

Deferred tax


Origination and reversal of timing differences
(493,865)
(1,261,349)

Prior periods
-
46,879

Total deferred tax
(493,865)
(1,214,470)


Tax on loss
(493,865)
(1,214,470)
Page 21

 
BROCKLESBY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is the same as (2023 - the same as) the standard rate of corporation tax in the UK of 23.5% (2023 - 23.5%) as set out below:

2024
2023
£
£


Loss on ordinary activities before tax
(3,724,959)
(5,308,148)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5% (2023 - 23.5%)
(931,240)
(1,247,415)

Effects of:


Fixed asset differences
104,864
-

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
9,877
932

Other permanent differences
230
-

Movement in deferred tax not recognised
322,404
63,081

Change in deferred tax rate
-
(78,378)

Adjustments to tax charge in respect of prior periods
-
46,879

Other timing differences leading to an increase (decrease) in taxation
-
431

Total tax charge for the year
(493,865)
(1,214,470)


12.


Exceptional items

2024
2023
£
£


Exceptional costs
40,127
229,061

40,127
229,061

The above items have been classified as exceptional due to their non-recurring nature. The costs related to an incentive scheme with some redundancy costs in both years. 

Page 22

 
BROCKLESBY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

13.


Intangible assets




Restated
Development costs
Goodwill
Restated
Total

£
£
£



Cost


At 1 January 2024
1,211,899
36,000
1,247,899



At 31 December 2024

1,211,899
36,000
1,247,899



Amortisation


At 1 January 2024
1,037,738
36,000
1,073,738


Charge for the year on owned assets
102,475
-
102,475



At 31 December 2024

1,140,213
36,000
1,176,213



Net book value



At 31 December 2024
71,686
-
71,686



At 31 December 2023
174,160
-
174,160



Page 23

 
BROCKLESBY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

14.


Tangible fixed assets





Restated
Land
Restated
Plant and machinery
Restated
Motor vehicles
Restated
Fixtures and fittings
Assets under construction
Restated
Buildings and site
Restated
Total

£
£
£
£
£
£
£



Cost or valuation


At 1 January 2024
1,861,370
13,258,558
1,832,221
458,049
132,457
2,932,735
20,475,390


Additions
-
405,862
229,775
32,936
556,086
574,925
1,799,584


Disposals
-
(73,145)
(132,300)
-
-
-
(205,445)



At 31 December 2024

1,861,370
13,591,275
1,929,696
490,985
688,543
3,507,660
22,069,529



Depreciation


At 1 January 2024
142,272
6,729,984
1,024,373
361,310
-
932,602
9,190,541


Charge for the year on owned assets
20,273
1,353,773
242,978
39,269
-
169,626
1,825,919


Disposals
-
(64,122)
(50,933)
-
-
-
(115,055)



At 31 December 2024

162,545
8,019,635
1,216,418
400,579
-
1,102,228
10,901,405



Net book value



At 31 December 2024
1,698,825
5,571,640
713,278
90,406
688,543
2,405,432
11,168,124



At 31 December 2023
1,719,098
6,528,574
807,847
96,739
132,457
2,000,133
11,284,848

Page 24

 
BROCKLESBY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024



15.


Stocks

2024
2023
£
£

Raw materials and consumables
515,565
428,133

Work in progress (goods to be sold)
1,070,823
949,536

Finished goods and goods for resale
7,350,589
5,642,522

8,936,977
7,020,191



16.


Debtors

2024
2023
£
£


Trade debtors
550,550
1,343,762

Other debtors
631,354
1,628,532

Prepayments and accrued income
316,101
481,888

Deferred taxation
322,089
-

1,820,094
3,454,182



17.


Cash and cash equivalents

2024
2023
£
£



Cash and cash equivalents
81,304
245,935

81,304
245,935


18.


Creditors: Amounts falling due within one year

Restated
2024
2023
£
£

Trade creditors
1,878,255
2,429,476

Amounts owed to group undertakings - cash pooling facility
11,382,873
10,208,848

Other taxation and social security
69,641
106,537

Other creditors
17,072
51,152

Accruals and deferred income
1,693,197
1,670,160

15,041,038
14,466,173


Page 25

 
BROCKLESBY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

19.


Creditors: Amounts falling due after more than one year

Restated
2024
2023
£
£

Amounts owed to parent - long term loan
2,726,874
-

2,726,874
-



20.


Deferred taxation




2024
2023


£

£






At beginning of year
(171,776)
(1,386,246)


Charged to profit or loss
493,865
1,214,470



At end of year
322,089
(171,776)

The deferred taxation balance is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(1,448,293)
(1,386,246)

Tax losses carried forward
1,721,832
1,214,470

Short term timing differences
48,550
-

322,089
(171,776)


21.


Share capital

2024
2023
£
£
Authorised, allotted, called up and fully paid



10 (2023 - 10) Ordinary shares of £0.10 each
1
1
75,190 (2023 - 75,190) Ordinary "A" shares of £0.10 each
7,519
7,519
75,190 (2023 - 75,190) Ordinary "B" shares of £0.10 each
7,519
7,519

15,039

15,039

All share classes rank pari passu.
The holders of Ordinary shares shall not have the right, and the holders of the A shares and B shares shall each have the right, to appoint one person to act as a director of the Company.


Page 26

 
BROCKLESBY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

22.


Reserves

Revaluation reserve

The revaluation reserve represents the cumulative effect of revaluations of tangible fixed assets where a policy of revaluation has been adopted.

Profit and loss account

The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.


23.


Prior year adjustment

The directors have reassessed the split of tangible fixed assets between asset categories to reflect the true nature of the assets. There have been no changes to the previously reported net book value of the tangible fixed assets and therefore no effect on the reported net assets for the year ended 31 December 2023.
The directors have assessed that the cash pooling facility is short term in nature and therefore have reclassified the amount of this liability of £10,208,848 at 31 December 2023 as due within one year, having previously reported the liability as due after more than one year. This prior year reclassification has not changed the previously reported net assets at 31 December 2023. The previously reported net current assets position has changed to a net current liability position of £3,745,865.


24.


Capital commitments


At 31 December 2024 the Company had capital commitments as follows:

2024
2023
£
£


Contracted for but not provided in these financial statements
185,558
91,211

185,558
91,211


25.


Pension commitments

The Company operates a defined contribution scheme for its employees. The amount recognised as an expense during the period was £234,939 (2023 - £213,203). Outstanding pension contributions at the year end totalled £19,150 (2023 - £36,579).

Page 27

 
BROCKLESBY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

26.


Related party transactions

Brocklesby Limited owns a 10% shareholding held at the nominal value of £10 in Brocklesby Biogas Limited and N K Taylor is a director of the company. During the year the company purchased goods from Brocklesby Biogas Limited amounting to £65,603 (2023 - £85,036). Sales to Brocklesby Biogas Limited during the year amounted to £23,804 (2023 - £17,003), at the year end included trade debtors is an amount of £3,401 (2023 - NIL).
Brocklesby Limited is owned by St1 Nordic Oy. During the year the company noted recharges to St1 Nordic Oy amounting to £351,307 (2023 - £233,519). Recharges from St1 Nordic Oy to Brocklesby Limited was £10,489 (2023 - £245,262). At the year end included in trade debtors is an amount of £23,105 (2023 - £62,899). During the year the company sold goods to St1 Sverige amounting to £16,411,278 (2023 - £2,757,548). At the year end included in trade debtors is an amount of £69,391 (2023 - £130,271).


27.


Controlling party

The ultimate controlling party is St1 Nordic Oy, a company incorporated in Finland.


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