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Registered number: 09434307
THORNFIELD 001 LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2025
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THORNFIELD 001 LIMITED
REGISTERED NUMBER: 09434307
BALANCE SHEET
AS AT 31 DECEMBER 2025
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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THORNFIELD 001 LIMITED
REGISTERED NUMBER: 09434307
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2025
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 June 2026.
The notes on pages 3 to 11 form part of these financial statements.
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THORNFIELD 001 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Thornfield 001 Limited is a private company limited by shares, incorporated in England and Wales (Registration number: 09434307). The registered office address is Control Tower, Hemswell Cliff Industrial Estate, Hemswell Cliff, Gainsborough, DN21 5TU.
The principal activity of the Company is the construction and operation of an anaerobic digestion facility.
2.Accounting policies
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Basis of preparation of financial statements
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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 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
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 in accordance with FRS 102 as published by the Financial Reporting Council 31 January 2022 and amendments to that standard effective for period up to 31 December 2025. They do not (and are not required to) comply with the amendment published 27 March 2024, effective for periods commencing 1 January 2026, or the current version of FRS 102 published 10 September 2024. Early adoption of those standards is permitted, but the directors have chosen not to do so and will adopt them from the effective date 1 January 2026.
The following principal accounting policies have been applied:
At 31 December 2025 the Company had net current liabilities of £834,144 (2024: £1,530,546) and net liabilities of £37,433,183 (2024: £33,334,438). It is dependent upon the funds provided by its Parent company, GVO B-1 Limited. GVO B-1 Limited has been provided with a letter of support from its parent company, Hansa Aktiengesellschaft, that will allow it to make available such funds as are needed by the Company to continue in operational existence for at least 12 months from signing off so the Company can meet its liabilities that fall due for payment, should it be needed.
Having reviewed the Company's current position and cash flow projections for the next twelve months and beyond, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and to be profitable. Accordingly, the going concern basis has been adopted in preparing the financial statements.
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THORNFIELD 001 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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Foreign currency translation
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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.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
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.
Revenue from the sale of gas is recognised at the point at which the gas is produced. Revenue from gas sales that is contingent on future notification of past events is recognised when notification is received.
Revenue from the receipt of waste services via gate fees, is recognised on the date that food waste is received.
Management charges receivable within other operating income is recognised in the period that the service is provided.
Rental income included within other operating income is recognised in the period that the rental period relates to.
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THORNFIELD 001 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
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.
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
Tangible fixed assets under the cost model are stated at historical 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.
No depreciation has been provided as the asset is still under construction at the balance sheet date.
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Short-term leasehold property
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Impairment of fixed assets and goodwill
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Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which an asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and its value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which they are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.
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THORNFIELD 001 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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Impairment of fixed assets and goodwill
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Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.
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 balance sheet 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.
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.
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Cash and cash equivalents
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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.
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.
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THORNFIELD 001 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
The asset under construction will take a substantial period of time to be ready for its intended use
and as such, interest costs have been capitalised as part of the cost of assets under construction.
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Judgements in applying accounting policies and key sources of estimation uncertainty
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The estimates and judgements that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the financial period are as follows:
Depreciation
Tangible fixed assets are depreciated over their useful lives taking into account residual values where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. Residual values consider matters such as future market conditions, the remaining estimated life of the asset and the discount required to apply cash flows on estimated disposal values to calculate their net present values.
Carrying value of fixed assets
The fixed assets of the company are not currently in use, the site having been mothballed throughout the financial year. In the prior year, a professional impairment review was undertaken by an independent third party, Hilco. The Directors consider that this valuation remains the best estimate of the carrying value of fixed assets at the Balance Sheet date except for the Oil Separation units in the business, which have been written down to £nil as the assets are de-commissioned and will be removed from the site with no sell on value. This impairment has been included as an exceptional item.
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The average monthly number of employees, including directors, during the year was 1 (2024 - 5).
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THORNFIELD 001 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Short-term leasehold property
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Capital works in progress
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THORNFIELD 001 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Amounts owed by group undertakings
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Prepayments and accrued income
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Details of amounts owed by group undertakings and related parties are included below in Note 12.
The Company has an unprovided deferred tax asset at 31 December 2025, in respect of carried forward tax losses of £32,140,824 and timing differences of £2,167,323, on the basis that it is not sufficiently certain that future profits will arise against which to offset the liability. The related unprovided deferred tax asset is £8,577,037.
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Details of amounts owed to group undertakings and related parties are included below in Note 12.
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THORNFIELD 001 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Creditors: Amounts falling due after more than one year
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Amounts owed to group undertakings
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Loans from group undertakings are secured by a fixed and floating charge over all the assets of the Company and by a specific debenture over all land and buildings of the Company. Interest is charged at 12% and the balance will be repayable over 15 years.
Included as part of the amounts owed to group undertakings at the year end, there is accumulated unpaid interest of £17,490,358 (2024: £13,471,619).
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The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £1,245 (2024: £6,146). Contributions totalling £294 (2024: £294) were payable to the fund at the balance sheet date and are included in creditors.
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Commitments under operating leases
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At 31 December 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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THORNFIELD 001 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Related party transactions
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The Company had transactions with fellow subsidiary companies which have all been concluded under normal market conditions. The amount outstanding from fellow subsidiaries at the year end was £24,229 (2024: £13,121) and the amount owing to these subsidiaries was £1,284,303 (2024: £1,267,607).
The Company has received loans from its Parent, GVO B-1 Limited, the balance of which at the year end was £41,700,931 (2024: £36,995,192).
During the year, the Company made purchases of £Nil (2024: £94,348) from entities who had common key management personnel, who were deemed able to exercise significant influence over both entities.
The above balances can be seen in Notes 6, 8 and 9 respectively as amounts owed by/to group undertakings.
Amounts due within one year between related parties and group undertakings are unsecured, interest free, and repayable on demand. No amounts with related parties have been waived or written off.
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The parent undertaking at the balance sheet date is GVO B-1 Limited, by virtue of its majority shareholding in the company. The registered office of GVO B-1 Limited is Control Tower Hemswell Cliff Industrial Estate, Hemswell Cliff, Gainsborough, DN21 5TU.
In April 2025, Hansa Aktiengesellschaft, a Swiss company limited by shares, acquired the majority shareholding in GVO B-1 Limited. Prior to this date, Emily Von Opel was the ultimate controlling party.
At the balance sheet date, Georg Von Opel was the company's ultimate controlling party by virtue of his majority shareholding in Hansa Aktiengesellschaft via various Trust holdings.
The auditors' report on the financial statements for the year ended 31 December 2025 was unqualified.
The audit report was signed on 26 June 2026 by Andrew Cameron (Senior Statutory Auditor) on behalf of Ryecroft Glenton.
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