REGISTERED NUMBER: 10582155 (England and Wales)

Gascorp (Plaxton) Limited

Unaudited Financial Statements for the Year Ended 31 December 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M Bradley

D H Jones

REGISTERED OFFICE:

Office 71

The Colchester Centre

Hawkins Road

Colchester

CO2 8JX

REGISTERED NUMBER:

10582155 (England and Wales)

ACCOUNTANTS:

Smailes Goldie

Chartered Accountants

Regent's Court

Princess Street

Hull

East Yorkshire

HU2 8BA

FIXED ASSETS

Tangible assets

4

15,747,822

16,617,380

Investments

5

100

100

15,747,922

16,617,480

CURRENT ASSETS

Debtors

6

8,439,208

7,755,812

Cash at bank

259,446

472,618

8,698,654

8,228,430

CREDITORS

Amounts falling due within one year

7

6,200,637

5,478,594

NET CURRENT ASSETS

2,498,017

2,749,836

TOTAL ASSETS LESS CURRENT LIABILITIES

18,245,939

19,367,316

CREDITORS

Amounts falling due after more than one year

8

31,388,025

29,344,840

NET LIABILITIES

(13,142,086

)

(9,977,524

)

CAPITAL AND RESERVES

Called up share capital

9

1

1

Retained earnings

(13,142,087

)

(9,977,525

)

SHAREHOLDERS' FUNDS

(13,142,086

)

(9,977,524

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 September 2025 and were signed on its behalf by:

D H Jones - Director

1.	STATUTORY INFORMATION

Gascorp (Plaxton) 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 financial statements have been prepared on a going concern basis. Following a period of reliance on group funding, the plant is now operational and generating stable income. This will ultimately allow the company to generate sufficient cash to sustain itself as a going concern for the foreseeable future.

The directors, having considered the available information, including forecasts for the period to September 2026 and beyond, have a reasonable expectation that the company has adequate resources to continue in operational existence for a period of 12 months from the date of approval of these financial statements and therefore have prepared the financial statements on a going concern basis.

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

Tangible fixed assets consist of development costs in relation to the construction of a 2.7MW biogas plant which have been incurred since incorporation. Depreciation on assets is calculated using the straight-line method to allocate the cost to their residual values over their estimated useful lives. Assets are not depreciated until they are brought into use.

Development costs

- 5% on cost

Fixed assets are reviewed for potential impairment, which are triggered by either the existence of potential indicators of impairment at a given point in time. When an impairment review is deemed to be required, the recoverable amount of the asset is assessed. This assessment is made with reference to the present value of the future cash flows expected to be derived from its value in use, or its expected fair value on sale.

Assumptions that underpin the assessment of value in use are based on the most recent management forecasts. The forecasts include all the necessary costs expected to be incurred

to generate the cash inflows from the relevant assets in their current state and condition.

The discount rates applied to the underlying forecasts (to take account of future risk and the time value of money) also represent an important assumption. These rates are reviewed annually with input from external experts. Market volatility, interest rates and inflation rates all impact the underlying calculation of these discount rates.

Impairment arises where management determines that the carrying amount of an asset exceeds its recoverable amount.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Accordingly, the Company has not recognised a deferred tax asset in respect of carry forward tax losses, as it is not currently probable that relevant taxable profits will be available in the future.

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.

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.

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.

Creditors

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

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Development

costs

£

COST

At 1 January 2024

16,827,707

Additions

(30,000

)

At 31 December 2024

16,797,707

DEPRECIATION

At 1 January 2024

210,327

Charge for year

839,558

At 31 December 2024

1,049,885

NET BOOK VALUE

At 31 December 2024

15,747,822

At 31 December 2023

16,617,380

Fixed assets are recognised on a historical cost basis.

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2024

and 31 December 2024

100

NET BOOK VALUE

At 31 December 2024

100

At 31 December 2023

100

The company owns 100% share capital of Woodmansey Farming Company Limited.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

425,818

207,799

Amounts owed by group undertakings

7,567,413

7,105,122

Other debtors

445,977

442,891

8,439,208

7,755,812

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

115,954

92,876

Taxation and social security

3,777

3,582

Other creditors

6,080,906

5,382,136

6,200,637

5,478,594

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Amounts owed to group undertakings

30,703,025

28,659,840

Amounts owed to associates

685,000

685,000

31,388,025

29,344,840

On 11 August 2022, the existing loan agreement owed to group undertakings was terminated and refinanced. The company and the note holder refinanced the existing loan notes and regularised the terms on which the additional funding was provided by the noteholder to the company. This is held over security on the assets which the company holds.

The company received a loan from Greenzone Consulting Limited totalling £685,000 during the year ended 31 December 2023.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

1

Ordinary

£1

1

1

10.	PENSION COMMITMENTS

During the year the company paid contributions of £3,019 (2023: £1,966) to money purchase pension schemes. The amount of outstanding contributions at 31 December 2023 was £716 (2023: £557).

11.	OTHER FINANCIAL COMMITMENTS

Total operating lease commitments which are not included in the balance sheet amounted to £1,760,000 (2023: £800,000).

12.	RELATED PARTY DISCLOSURES

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.

13.	ULTIMATE CONTROLLING PARTY

The immediate and ultimate parent company is Solar 21 Renewable Energy Limited, a company registered in Ireland, of which M Bradley is the majority shareholder.