Twinwoods Heat & Power Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 06799288 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 July 2024

for

Twinwoods Heat & Power Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M A Buckle

S P Colgan

A G Mallin

REGISTERED OFFICE:

15th Floor

33 Cavendish Square

London

W1G 0PW

REGISTERED NUMBER:

06799288 (England and Wales)

FIXED ASSETS

Tangible assets

4

5,909,775

6,058,712

CURRENT ASSETS

Debtors

5

1,324,224

1,443,513

Cash at bank

1,337,567

1,260,079

2,661,791

2,703,592

CREDITORS

Amounts falling due within one year

6

668,396

974,928

NET CURRENT ASSETS

1,993,395

1,728,664

TOTAL ASSETS LESS CURRENT
LIABILITIES

7,903,170

7,787,376

CREDITORS

Amounts falling due after more than one
year

7

7,371,406

7,483,906

NET ASSETS

531,764

303,470

CAPITAL AND RESERVES

Called up share capital

9

1,002

Share premium

6,523,552

Retained earnings

(5,992,790

)

(6,221,084

)

SHAREHOLDERS' FUNDS

531,764

303,470

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 August 2025 and were signed on its behalf by:

M A Buckle - Director

1.	STATUTORY INFORMATION

Twinwoods Heat & Power Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going Concern

The Directors have reviewed the company's strategy and trading since the year end, and potential future developments including the expectation of increased revenue from processing hazardous waste wood. The Shareholders remain supportive on the basis that the plant continues to operate. For these reasons, there is a reasonable expectation that the company will have adequate resources to continue in operations for at least 12 months from the date of signing these Financial Statement. The Directors therefore have adopted the Going Concern basis in preparing the Financial Statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant - 5% straight line

Equipment & machinery - 10% straight line

Fixtures & fittings 3 years - 33% straight line

Fixtures & fittings 5 years - 20% straight line

Computer equipment - 33% straight line

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments

The finance cost of borrowing are allocated to periods over the term of the borrowings at a constant rate on the carrying amount. Accrued interest charges are added to the carrying amount.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2023 - 14 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 August 2023

9,371,845

Additions

393,917

At 31 July 2024

9,765,762

DEPRECIATION

At 1 August 2023

3,313,133

Charge for year

542,854

At 31 July 2024

3,855,987

NET BOOK VALUE

At 31 July 2024

5,909,775

At 31 July 2023

6,058,712

5.

DEBTORS

2024

2023

£

Amounts falling due within one year:

Trade debtors

245,387

248,971

Amounts owed by group undertakings

212,404

Other debtors

-

28,556

Prepayments and accrued income

129,058

216,207

586,849

706,138

Amounts falling due after more than one year:

Deferred tax asset

737,375

Aggregate amounts

1,324,224

1,443,513

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Bank loans and overdrafts

-

50,000

Trade creditors

255,561

269,103

Taxation and social security

105,194

39,568

Other creditors

307,641

616,257

668,396

974,928

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

2024

2023

£

Bank loans

-

112,500

Other creditors

7,371,406

7,483,906

The Company has entered into an agreement for funding of £7,371,406 fixed rate secured against the assets of the company. As at July 2024 £7,371,406 had been advanced to the company on which no interest (2023: £0) had been accrued. The loan notes are redeemable on 31 March 2026 or earlier at the option of the company.

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023

£

Within one year

66,242

Between one and five years

264,970

In more than five years

68,239

134,481

399,451

465,693

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

302

Ordinary share capital A

£1

302

200

Ordinary share capital B

£1

200

500

Ordinary share capital C

£1

500

1,002

10.	RELATED PARTY DISCLOSURES

At the year-end, an amount of £212,404 (2023: £212,404) was owed to the company by its parent company.

At the year end the balance owed to the directors in relation to their directors loan accounts was £477 (2023: £477)

Included within creditors due in more than one year is an amount of £3,000,000 (2023: £3,000,000) due to a director of the company, £462,435 (2023: £462,435) due to a company in which a director has a controlling interest and £3,462,238 (2023: £3,462,238) due to a close family member of a director.

Included within trade creditors are amounts of £10,821 (2023: £3,600) due to a company in which a director has a controlling interest.

Included within trade debtors are amounts of £10,208 (2023: £2,506 in trade creditors) due from a company in which a director has a controlling interest.

11.	ULTIMATE CONTROLLING PARTY

The ultimate parent company is European Generation Limited, which is controlled by A G Mallin and S P Colgan.