Brocklesby Biogas Limited - Filleted accounts

Registered number

10263543

Brocklesby Biogas Limited

Financial statements

for the year ended 31 December 2025

Pages for filing with the Registrar

Brocklesby Biogas Limited
Registered number:		10263543
Statement of financial position
as at 31 December 2025

Notes			2025			2024

£				£
Fixed assets
Tangible assets	5		12,306,839			13,066,110
Investments	6		25,000			-
			12,331,839			13,066,110

Current assets
Stocks		56,168			52,870
Debtors	7	1,785,323			1,335,901
Cash at bank and in hand		640,677			1,004,019
		2,482,168			2,392,790

Creditors: amounts falling due within one year	8	(2,444,023)			(7,311,678)

Net current assets/(liabilities)			38,145			(4,918,888)

Total assets less current liabilities			12,369,984			8,147,222

Creditors: amounts falling due after more than one year	9		(43,611,219)			(33,971,237)

Net liabilities			(31,241,235)			(25,824,015)

Capital and reserves
Called up share capital			100			100
Profit and loss account			(31,241,335)			(25,824,115)

Shareholders' funds			(31,241,235)			(25,824,015)

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

The profit and loss account has not been delivered to the Registrar of Companies.

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



Philip Davies
Director
Date:	21/05/2026

Brocklesby Biogas Limited
Notes to the Accounts
for the year ended 31 December 2025


1	Accounting policies

	Accounting convention
	These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

	The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

	The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

	Going concern
	The company meets its day to day working capital requirements through loans from shareholders.
	The loan note holders provided a fund shareholder support letter stating that they will not recall the loans to the company whilst it would damage the interests of external creditors. On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis.

	Turnover
	Turnover represents amounts receivable from the generation of electricity through anaerobic digestion, net of VAT. Turnover from the sale of electricity is recognised when it is exported, that being the point at which the significant risks and rewards of ownership have passed to the buyer.

	Tangible fixed assets
	Tangible fixed assets are initially measured at cost. Cost includes all directly attributable expenditure necessary to bring the asset to the location and condition necessary for it to be capable of operating as intended by management.

	Subsequent to initial recognition, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.

	Depreciation is recognised so as to write off the cost of assets less their estimated residual values over their estimated useful economic lives on a straight-line basis.

	The principal annual depreciation rates applied are as follows:

	Leasehold Land and buildings	5 - 20%
	Plant and equipment	5 - 33%

	The depreciation rates are determined based on the estimated useful economic lives of the individual assets. Useful lives and residual values are reviewed at each reporting date and adjusted prospectively, if appropriate.

	Depreciation commences in the month following the date the asset is available for use or brought into operational condition.

	The gain or loss arising on disposal of an asset is determined as the difference between the net disposal proceeds and the carrying amount of the asset and is recognised in profit or loss.

	Impairment of fixed assets

At each reporting period end, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication of impairment. If there is any such indication, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). There were no indicators of impairment in the year.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

	If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

	Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

	Cash at bank and in hand
	Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

	Financial instruments
	Basic financial assets
	Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

	Classification of financial liabilities
	Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

	Basic financial liabilities

	Basic financial liabilities, including creditors, loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
	Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
	Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.


	Parent loan notes
	All interest bearing loans are initially recognised at net proceeds. After initial recognition debt is increased by the financial cost in respect of the reporting period and reduced by repayment made in the period. Interest is recognised on an accruals basis.

	Equity instruments
	Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

	Stocks
	Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

	Deferred tax
	Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
	The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

	Leases
	Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

	Foreign exchange
	Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the income statement for the period.

2	Critical accounting judgements and key sources of estimation uncertainty

	In the 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 these 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.

	Critical judgements
	The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

	Impairment of Fixed Assets
	At each reporting period end, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication of impairment. If there is any such indication, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

	Deferred Tax
	The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

3	Operating loss
					2025		2024
£						£
	Operating loss for the year is stated after charging:

	Fees payable to the company's auditor for the audit of the company's financial statements				9,300		9,000

4	Employees
					2025		2024

	The company had no employees during the current or prior year.				-		-


5	Tangible fixed assets
			Leasehold Land and buildings		Plant and machinery etc		Total
£				£		£
	Cost
	At 1 January 2025		18,800,584		311,910		19,112,494
	Additions		102,720		218,127		320,847
	Disposals		-		-		-
	At 31 December 2025		18,903,304		530,037		19,433,341

	Depreciation
	At 1 January 2025		5,935,658		110,726		6,046,384
	Charge for the year		948,658		131,460		1,080,118
	On disposals		-		-		-
	At 31 December 2025		6,884,316		242,186		7,126,502

	Net book value
	At 31 December 2025		12,018,988		287,851		12,306,839
	At 31 December 2024		12,864,926		201,184		13,066,110

	Included within the cost of leasehold land and buildings is loan interest totalling £2,394,598 (2024: £2,583,645).


6	Investments

Other
investments
£
	Cost
	At 1 January 2025						-
	Additions						25,000
	At 31 December 2025						25,000

	During the year, the company acquired shares and loan notes issued by Haworth ASL Ltd. The investment is held at cost, comprising £1 share capital and £24,999 loan notes. Refer to note 12 for further detail.


7	Debtors				2025		2024
£						£

	Trade debtors				212,053		211,371
	Other debtors				1,573,270		1,124,530
					1,785,323		1,335,901


8	Creditors: amounts falling due within one year				2025		2024
£						£

	Loan notes within 1 year				1,838,966		6,798,600
	Bank loans and overdrafts				10,462		10,204
	Trade creditors				417,017		345,329
	Other creditors				177,578		157,545
					2,444,023		7,311,678


9	Creditors: amounts falling due after one year				2025		2024
£						£

	Bank loans				1,769		12,231
	Loan notes 1-5 years				10,339,342		9,863,543
	Loan notes after 5 years				33,270,108		24,095,463
					43,611,219		33,971,237

	Interest of 12% per annum is payable on the loans of £45,448,416 (2024: £40,757,607). During the period, £5,090,810 (2024: £4,565,186) was charged. The company has granted a standard security and floating charge in favour of Iona Renewable Infrastructure LP. In addition, a standard security and floating charge secured over the company's loan was granted to Kanadevia Inova Capital Limited, as security trustee.

10	Called up share capital				2025		2024
£						£
	Ordinary share capital Issued and fully paid
	200 Ordinary shares of 50p each				100		100

11	Operating lease commitments

	Lessee
	The company has entered into an agreement for the lease of land until 14 July 2038, with a break option on the 20th anniversary of the project's commercial operations date. Future minimum lease payments under non-cancellable operating leases are as follows:

					2025		2024
£						£

	Not later than one year				145,269		140,559
	Later than 1 year and not later than 5 years				581,076		562,235
	Later than five years				1,095,687		1,200,719
					1,822,032		1,903,513


12	Related party transactions

	As at the year end, the company owes Iona Renewable Infrastructure LP £45,448,416 (2024: £40,757,607). During the year, interest of £5,090,810 (2024: £4,565,186) was charged on these loans, of which £400,000 (2024: £200,00) was paid and the remainder capitalised. At year end, £14,942 (2024: £13,400) has been accrued and is included in note 7 under other creditors.
	Kanadevia Inova Capital Limited is a member of Iona EI (General Partner) 3 LLP, which is the General Partner of Iona Renewable Infrastructure LP.
	During the year, the company paid £25,000 to purchase shares and loan notes issued by Haworth ASL Ltd from Iona North West Environmental Infrastructure LP, a fund managed by Kanadevia Inova Capital Limited.
	The company has made a provision for bad debts for £22,032 of the amounts due from related parties.

					2025		2024
£						£
	Transactions with related parties

	During the year the company entered into the following transactions with related parties:

	Sales made to entities with common control or common significant influence				81,827		65,603

	Purchases made from entities with common control or common significant influence:
	Feedstock				149,475		193,978
	Services				2,133,697		1,671,370

	In addition to the disclosures above, further trading balances due from related parties are set out below:

					2025		2024
					£		£

	Amounts due from related parties				37,304		37,042

	Amounts due to related parties				207,884		142,767

13	Parent Entity

	In the opinion of the directors, the immediate controlling party is Iona Renewable Infrastructure LP due to it being the majority shareholder of the company. Further details of the general partner is disclosed in note 12.

14	Other information

	Brocklesby Biogas Limited is a private company limited by shares and incorporated in England. Its registered office is:
	123 Pall Mall
	London
	SW1Y 5EA


15	Audit report information

	As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
	The auditor's report was unqualified.
	The senior statutory auditor was Harry Kendall ACA.
	The auditor was Saffery LLP.
	The audit report was signed on	22 May 2026