Members' Report and Financial Statements
9 Month Period Ended
Registered Number OC353216
Rainbarrow Farm AD LLP (formerly JV Energen LLP)
Information
Designated members
ENGIE UK Holdings Limited
LLP registered number
OC353216
Registered office
Independent auditor
Constantin, 200 Aldersgate Street, London, EC1A4HD
Rainbarrow Farm AD LLP (formerly JV Energen LLP)
Contents
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Page |
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Members' Report |
1 -3 |
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Independent Auditor's Report |
4-7 |
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Statement of Comprehensive Income |
8 |
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Balance Sheet |
9-10 |
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Reconciliation of Members' Interests |
11 |
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Notes to the Financial Statements |
12-30 |
Rainbarrow Farm AD LLP (formerly JV Energen LLP)
Members' Report
For the 9 Month Period Ended 31 December 2024
The members present their report together with the audited financial statements of Rainbarrow Farm AD LLP (formerly JV Energen LLP) (the "LLP") for the 9 month period ended 31 December 2024. The comparative information is for the year ended 31 March 2024.
The LLP changed its name from JV Energen LLP to Rainbarrow Farm AD LLP on 15 April 2025 .
The LLP shortened its accounting period to 31 December 2024 in order to achieve alignment with the ENGIE group reporting period end.
Rainbarrow Farm AD LLP (formerly JV Energen LLP) is a member of the Group headed by ENGIE S.A. (the "Group").
Principal activity
The principal activity of the LLP is the generation and sale of renewable energy, renewable energy certificates, the provision of associated services and the trading of feedstock.
Members' drawings, contributions and repayments
The members participate in the firm's profits and contribute to the firm's capital. A member's capital requirement is linked to their share of profit. There is no opportunity for appreciation of the capital subscribed. Just as incoming members introduce their capital at "par", so the retiring members are repaid their capital at "par".
The designated member shall decide to allocate the profits and losses of the LLP between the members in the capital proportions.
The members' drawing policy allows each member to draw a proportion of their profit share, subject to the cash requirements of the business.
Designated members
The designated members who held office during the period and up to the date of signature of the financial statements were as follows:
ENGIE Renewable Gases UK Limited (formerly Ixora Energy Limited)
ENGIE UK Holdings Limited
Going concern
The members have assessed the LLP's ability to continue as a going concern for a period of at least twelve months from the date of approval of these financial statements. This assessment has considered the LLP's financial position, forecast cash flows, liquidity requirements, and the support available from the Group through its parent undertaking, ENGIE Renewable Gases UK Limited.
In making their assessment, the members have reviewed the LLP's latest forecasts and budgets, including downside scenarios. These demonstrate that the LLP has adequate financial resources to meet its liabilities as they fall due. The members have also considered reasonably possible changes in trading performance, including market price variability, cost changes, and working capital movements.
Based on this review, and taking account of the confirmed financial support, the members consider that the LLP will have adequate resources to continue in operational existence for the foreseeable future. For this reason, the financial statements have been prepared on a going concern basis.
Rainbarrow Farm AD LLP (formerly JV Energen LLP)
Members' Report (continued)
For the 9 Month Period Ended 31 December 2024
Members' responsibilities statement
The members are responsible for preparing the Members' Report and financial statements in accordance with applicable law and regulations.
The Limited Liability Partnerships (Accounts and Audit) (Application of the Companies Act 2006) Regulations 2008 require the members to prepare financial statements for each financial year. Under these regulations, the members have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 101 'Reduced Disclosure Framework' ('FRS 101'). Under these regulations, the members 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 LLP and of the profit or loss of the LLP for that period.
In preparing these financial statements, the members are required to:
•
select suitable accounting policies and then apply them consistently;
•
make judgements and accounting estimates that are reasonable and prudent; and
•
prepare the Members' Report and financial statements on the going concern basis unless it is inappropriate to presume that the LLP will continue in business.
Disclosure of information to auditor
Each of the members at the time when this Members' Report is approved has confirmed that:
•
so far as the members are aware, there is no relevant audit information of which the LLP's auditor is unaware; and
•
the members have taken all the steps that ought to have been taken as members in order to be aware of any relevant audit information and to establish that the LLP's auditor is aware of that information.
Auditor
The auditor, Constantin, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
Rainbarrow Farm AD LLP (formerly JV Energen LLP)
Members' Report (continued)
For the 9 Month Period Ended 31 December 2024
Small LLP note
This report has been prepared in accordance with the special provisions relating to small LLPs within Part 15 of the Companies Act 2006.
This report was approved by the members and signed on their behalf by:
Mr D Stockley
on behalf of ENGIE Renewable Gases UK Limited
(formerly Ixora Energy Limited)
Designated member
Date: 25 September 2026
Rainbarrow Farm AD LLP (formerly JV Energen LLP)
Independent Auditor's Report to the Members of Rainbarrow Farm AD LLP (formerly JV Energen LLP)
Report on the audit of the financial statements
Opinion
In our opinion the financial statements of Rainbarrow Farm AD LLP (the ‘Limited Liability Partnership’):
•
give a true and fair view of the state of the Limited Liability Partnership’s affairs as at 31 December 2024 and of its profit for the 9-month period then ended;
•
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 101 “Reduced Disclosure Framework”; and
•
have been prepared in accordance with the requirements of the Companies Act 2006 as applied to limited liability partnerships.
We have audited the financial statements which comprise:
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the Statement of Comprehensive Income;
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the Balance Sheet;
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the Reconciliation of Members’ Interests;
•
the material accounting policy information; and
•
the related notes 1 to 22.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 “Reduced Disclosure Framework” (United Kingdom Generally Accepted Accounting Practice).
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 auditor's responsibilities for the audit of the financial statements section of our report.
We are independent of the Limited Liability Partnership in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the Financial Reporting Council’s (the ‘FRC’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 members’ 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 Limited Liability Partnership’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 members with respect to going concern are described in the relevant sections of this report.
Rainbarrow Farm AD LLP (formerly JV Energen LLP)
Independent Auditor's Report to the Members of Rainbarrow Farm AD LLP (formerly JV Energen LLP) (continued)
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The members are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and 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.
Responsibilities of members
As explained more fully in the members’ responsibilities statement, the members 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 members 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 members are responsible for assessing Limited Liability Partnership’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 members either intend to liquidate the Limited Liability Partnership or to cease operations, or have no realistic alternative but to do so.
Auditor’s 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 auditor's 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.
www.frc.org.uk/auditorsresponsibilities
. This description forms part of our auditor’s report.
Extent to which the audit was considered capable of detecting irregularities, including fraud
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 considered the nature of the Limited Liability Partnership’s industry and its control environment, and reviewed the Limited Liability Partnership’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management and the members about their own identification and assessment of the risks of irregularities, including those that are specific to the Limited Liability Partnership’s business sector.
Rainbarrow Farm AD LLP (formerly JV Energen LLP)
Independent Auditor's Report to the Members of Rainbarrow Farm AD LLP (formerly JV Energen LLP) (continued)
Extent to which the audit was considered capable of detecting irregularities, including fraud (continued)
We obtained an understanding of the legal and regulatory framework that the Limited Liability Partnership operates in, and identified the key laws and regulations that:
•
had a direct effect on the determination of material amounts and disclosures in the financial statements. These included UK Companies Act 2006 as applied to Limited Liability Partnerships, and tax legislation;
•
do not have a direct effect on the financial statements but compliance with which may be fundamental to the Limited Liability Partnership’s ability to operate or to avoid a material penalty.
We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.
In addition to the above, our procedures to respond to the risks identified included the following:
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reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
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performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
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enquiring of management and legal counsel concerning actual and potential litigation and claims, and instances of non-compliance with laws and regulations; and
•
reading minutes of meetings of those charged with governance.
Report on other legal and regulatory requirements
Matters on which we are required to report by exception
Under the Companies Act 2006 as applied to Limited Liability Partnerships we are required to report in respect of the following matters if, in our opinion:
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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
•
we have not received all the information and explanations we require for our audit;
Rainbarrow Farm AD LLP (formerly JV Energen LLP)
Independent Auditor's Report to the Members of Rainbarrow Farm AD LLP (formerly JV Energen LLP) (continued)
Use of our report
This report is made solely to the Limited Liability Partnership’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 as applied to Limited Liability Partnerships. Our audit work has been undertaken so that we might state to the Limited Liability Partnership’s members those matters we are required to state to them in an auditor’s 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 Limited Liability Partnership and the Limited Liability Partnership’s members as a body, for our audit work, for this report, or for the opinions we have formed.
(Senior Statutory Auditor)
For and on behalf of Constantin
Statutory Auditor
200 Aldersgate Street
EC1A4HD
Date: 25 September 2026
Rainbarrow Farm AD LLP (formerly JV Energen LLP)
Statement of Comprehensive Income
For the 9 Month Period Ended 31 December 2024
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9 month |
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period ended |
Year ended |
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31 December |
31 March |
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2024 |
2024 |
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Note |
£ |
£ |
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Turnover |
5 |
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Cost of sales |
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( |
( |
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Gross profit |
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Administrative expenses |
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( |
( |
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Operating profit |
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Interest receivable and similar income |
9 |
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Interest payable and similar expenses |
10 |
( |
( |
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Profit for the financial period/year before members' remuneration and profit shares |
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62,738 |
881,659 |
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Profit for the financial period/year before members' remuneration and profit shares |
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62,738 |
881,659 |
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Members' remuneration charged as an expense |
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(62,738) |
(881,659) |
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Result for the financial period/year available for discretionary division among members |
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The accounting reference period has been shortened so as to end on 31 December 2024 in order to achieve alignment with the ENGIE group reporting period end. In which case, the 9 month current period and 12 month prior period reported in the Statement of Comprehensive Income are not directly comparable.
There was no other comprehensive income for the 9 month period ended 31 December 2024 (year ended 31 March 2024 - £Nil).
All amounts relate to continuing activities.
The notes on pages 12 to 30 form part of these financial statements.
Rainbarrow Farm AD LLP (formerly JV Energen LLP)
Registered number: OC353216
Balance Sheet
As at 31 December 2024
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31 December |
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As restated 31 March |
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2024 |
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2024 |
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Note |
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£ |
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£ |
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Fixed assets |
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Tangible fixed assets |
11 |
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Investments |
12 |
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Current assets |
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Stocks |
13 |
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Debtors: amounts falling due within one year |
14 |
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Cash and cash equivalents |
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Current liabilities |
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Creditors: amounts falling due within one year |
15 |
( |
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( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: amounts falling due after more than one year |
16 |
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( |
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( |
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Net assets attributable to members |
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Represented by: |
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Loans and other debts due to members within one year |
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Members' capital classified as a liability |
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1,200,000 |
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1,820,000 |
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Other amounts |
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5,589,449 |
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5,526,711 |
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6,789,449 |
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7,346,711 |
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Members' other interests |
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Other reserves classified as equity |
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( |
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( |
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Total members' interests |
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Loans and other debts due to members |
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6,789,449 |
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7,346,711 |
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Members' other interests |
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( |
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( |
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Total equity |
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Rainbarrow Farm AD LLP (formerly JV Energen LLP)
Registered number: OC353216
Balance Sheet (continued)
As at 31 December 2024
The accounting reference period has been shortened so as to end on 31 December 2024 in order to achieve alignment with the ENGIE group reporting period end. In which case, the Balance Sheet as at 31 December 2024 for the current period and as at 31 March 2024 for the prior period are not directly comparable.
Refer to note 4 for details of the prior period adjustment.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.
The financial statements were approved and authorised for issue by the members and were signed on their behalf by:
Mr D Stockley
on behalf of ENGIE Renewable Gases UK Limited (formerly Ixora Energy Limited)
Designated member
Date: 25 September 2026
The notes on pages 12 to 30 form part of these financial statements.
Rainbarrow Farm AD LLP (formerly JV Energen LLP)
Reconciliation of Members' Interests
For the 9 Month Period Ended 31 December 2024
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Members other interests |
Loans and other debts due to members less any amounts due from members in debtors |
Total members' interests | ||
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Other reserves classified as equity £ |
Members' capital classified as a liability £ |
As restated Other amounts classified as a liability £ |
Total £ |
Total £ |
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Amounts due to members |
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- |
10,562,637 |
10,562,637 |
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Amounts due from members |
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- |
- |
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Balance at |
( |
1,200,000 |
10,562,637 |
11,762,637 |
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Members' remuneration charged as an expense |
|
- |
881,659 |
881,659 |
881,659 |
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Profit for the financial year available for discretionary division among members |
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- |
- |
- |
- |
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Members' interests after loss and remuneration for the year |
( |
1,200,000 |
11,444,296 |
12,644,296 |
11,688,914 |
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Introduction by members |
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620,000 |
- |
620,000 |
620,000 |
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Drawings |
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- |
(487,875) |
(487,875) |
(487,875) |
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Repayments to members |
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- |
(356,682) |
(356,682) |
(356,682) |
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Prior period adjustment (note 4) |
- |
- |
(5,073,028) |
(5,073,028) |
(5,073,028) |
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Amounts due to members (as restated) |
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1,820,000 |
5,526,711 |
7,346,711 |
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Amounts due from members |
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- |
- |
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Balance at |
( |
1,820,000 |
5,526,711 |
7,346,711 |
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Members' remuneration charged as an expense |
|
- |
62,738 |
62,738 |
62,738 |
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Profit for the financial period available for discretionary division among members |
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- |
- |
- |
- |
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Members' interests after loss and remuneration for the period |
( |
1,820,000 |
5,589,449 |
7,409,449 |
6,454,067 |
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Repayment of capital |
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(620,000) |
- |
(620,000) |
(620,000) |
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Amounts due to members |
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1,200,000 |
5,589,449 |
6,789,449 |
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Amounts due from members |
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- |
- |
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Balance at 31 December 2024 |
( |
1,200,000 |
5,589,449 |
6,789,449 |
|
The notes on pages 12 to 30 form part of these financial statements.
Rainbarrow Farm AD LLP (formerly JV Energen LLP)
Notes to the Financial Statements
For the 9 Month Period Ended 31 December 2024
1.
General information
Rainbarrow Farm AD LLP (formerly JV Energen LLP) (the "LLP") is a Limited Liability Partnership incorporated in England and Wales under the Companies Act 2006. The address of the registered office is given on the Information page and the nature of the LLP's operations and its principal activity are set out in the Members' Report.
2.
Accounting policies
2.1
Basis of preparation of financial statements
The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the LLP's accounting policies (see note 3).
The presentational and functional currency of these accounts is GBP. The level of rounding is to the nearest pound.
The following principal accounting policies have been applied:
2.2
Transition to FRS 101
These are the LLP’s first financial statements prepared in accordance with FRS 101 and consequently the LLP has applied the transition requirements of paragraphs 6 to 33 of IFRS 1, except for the requirements of paragraphs 6 and 21. The LLP previously prepared its annual financial statements under Section 1A of Financial Reporting Standard 102 ("FRS 102"), the Financial Reporting Standard applicable in the UK and the Republic of Ireland.
The transition to FRS 101 has not resulted in any adjustments to the LLP’s financial position or performance, other than the adoption of IFRS 16 Leases as set out below.
Adoption of IFRS 16
The LLP adopted IFRS 16 Leases on 1 April 2024 using the modified retrospective approach. Comparative information has not been restated.
On initial application, lease liabilities were measured at the present value of remaining lease payments, discounted using the LLP’s incremental borrowing rate, with corresponding right-of-use assets recognised at an amount equal to the lease liabilities, adjusted for any prepaid or accrued lease payments.
In applying IFRS 16, the LLP applied available practical expedients and recognition exemptions, including those for short-term leases and leases of low-value assets.
The adoption of IFRS 16 has resulted in the recognition of right-of-use assets and lease liabilities on the Balance Sheet. There was no material impact on opening retained earnings.
Rainbarrow Farm AD LLP (formerly JV Energen LLP)
Notes to the Financial Statements
For the 9 Month Period Ended 31 December 2024
2.
Accounting policies (continued)
2.3
Financial Reporting Standard 101 - reduced disclosure exemptions
In preparing these financial statements, the LLP has taken advantage of certain disclosure exemptions conferred by FRS 101 and has not provided:
•
o
•
•
A statement of compliance with IFRS (a statement of compliance with FRS 101 is provided instead);
•
Additional comparative information for narrative disclosures and information, beyond IFRS requirements;
•
•
•
•
•
Certain disclosures required under IFRS 15 Revenue from Contracts with Customers, including disaggregation of revenue, details of changes in contract assets and liabilities, and details of incomplete performance obligations;
•
The amount of lease income recognised on operating leases as lessor; and
•
The maturity analysis of lease liabilities, as required by paragraph 58 of IFRS 16 Leases, has not been disclosed separately as details of indebtedness required by Companies Act has been presented separately for lease liabilities in note 17.
Where required, equivalent disclosures are given in the consolidated financial statements of ENGIE S.A. as at 31 December 2024 and these financial statements may be obtained from 1, Place Samuel de Champlain, 92930 Paris La Defense Cedex, France.
2.4
New standards, interpretations and amendments adopted from 1 April 2024
The following new standards and amendments are effective for the period beginning 1 April 2024:
•
Supplier Finance Arrangements (Amendments to IAS 7 & IFRS 7);
•
Lease Liability in a Sale and Leaseback (Amendments to IFRS 16);
•
Classification of Liabilities as Current or Non-Current (Amendments to IAS 1); and
•
Non-current Liabilities with Covenants (Amendments to IAS 1).
None of these amendments had any impact on the LLP's financial statements for the 9 month period ended 31 December 2024.
International Tax reform - Pillar 2 Model rules (Amendment to IAS 12 Income taxes)
Rainbarrow Farm AD LLP (formerly JV Energen LLP)
Notes to the Financial Statements
For the 9 Month Period Ended 31 December 2024
2.
Accounting policies (continued)
2.5
Exemption from preparing consolidated financial statements
The LLP has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the LLP as an individual entity and not about its group.
2.6
Going concern
The members have assessed the LLP's ability to continue as a going concern for a period of at least twelve months from the date of approval of these financial statements. This assessment has considered the LLP's financial position, forecast cash flows, liquidity requirements, and the support available from the Group through its parent undertaking, ENGIE Renewable Gases UK Limited.
In making their assessment, the members have reviewed the LLP's latest forecasts and budgets, including downside scenarios. These demonstrate that the LLP has adequate financial resources to meet its liabilities as they fall due. The members have also considered reasonably possible changes in trading performance, including market price variability, cost changes, and working capital movements.
2.7
Turnover
Turnover represents the fair value of the consideration received or receivable for the supply of goods and services in the ordinary course of business, net of value added tax and other sales related taxes.
To determine whether to recognise revenue, the LLP follows a 5-step process as follows:
•
Identifying the contract with a customer;
•
Identifying the performance obligations;
•
Determining the transaction price;
•
Allocating the transaction price to the performance obligations; and
•
Recognising revenue when / as performance obligation(s) are satisfied.
Turnover is recognised when control of the goods or services has transferred to the customer and the amount of revenue can be measured reliably. The LLP’s principal revenue streams arise from the production and sale of biomethane, electricity and associated environmental certificates, together with government support mechanisms.
2.8
Interest receivable and similar income
Interest receivable and similar income is recognised in profit or loss using the effective interest rate method.
Rainbarrow Farm AD LLP (formerly JV Energen LLP)
Notes to the Financial Statements
For the 9 Month Period Ended 31 December 2024
2.
Accounting policies (continued)
2.9
Interest payable and similar expenses
Interest payable and similar expenses 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.
2.10
Pensions
Defined contribution pension plan
The LLP operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the LLP pays fixed contributions into a separate entity. Once the contributions have been paid the LLP 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 Balance Sheet. The assets of the plan are held separately from the LLP in independently administered funds.
2.11
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the reporting date.
Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.
2.12
Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed remuneration and profits).
Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with FRS 101 Reduced Disclosure Framework. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.
2.13
Tangible fixed assets
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.
Rainbarrow Farm AD LLP (formerly JV Energen LLP)
Notes to the Financial Statements
For the 9 Month Period Ended 31 December 2024
2.
Accounting policies (continued)
2.13
Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.
Depreciation is provided on the following basis:
|
Plant and machinery |
- 5% - |
|
|
|
|
Right of use assets |
- |
Depreciation charged on assets during the period is recognised in "administrative expenses" in profit or loss. Work in progress is not depreciated until they come into use at which point they are transferred to the asset class under which they will be reported and depreciated.
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.
2.14
Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
2.15
Impairment of fixed assets
Assets that are subject to depreciation are assessed at each reporting 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 as 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 there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.
Rainbarrow Farm AD LLP (formerly JV Energen LLP)
Notes to the Financial Statements
For the 9 Month Period Ended 31 December 2024
2.
Accounting policies (continued)
2.16
Stocks
Stocks consist of feedstocks and maintenance spares.
Feedstocks are stated at the lower of cost and net realisable value. Cost is based on the cost of purchase on a first in, first out basis. Feedstocks are written off to "cost of sales" as they are added to the biogas digester.
At each reporting date, feedstocks are assessed for impairment. If feedstocks is impaired, the carrying amount is reduced to net realisable value. The impairment loss is recognised immediately in profit or loss.
Maintenance spares represent specific spare parts which are held for the purpose of lifecycle, repairs and maintenance activity. These items are held at the lower of cost and net realisable value after making allowance for obsolete and slow moving items. Cost is based on the purchase price, not including delivery. Net realisable value is based on estimated selling price, less selling costs expected to be incurred.
2.17
Financial assets
The LLP classifies its financial assets into one of the categories below, depending on the purpose for which the asset was acquired. The LLP’s accounting policy for each category is as follows:
Fair value through profit or loss
The LLP does not have any assets held for trading nor does it voluntarily classify any financial assets as being at fair value through profit or loss.
Amortised cost
These assets arise from financial assets where the objective is to hold these assets in order to collect contractual cash flows and the contractual cash flows are solely payments of principal and interest. They are initially recognised at fair value plus transaction costs that are directly attributable to their acquisition or issue and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment.
Rainbarrow Farm AD LLP (formerly JV Energen LLP)
Notes to the Financial Statements
For the 9 Month Period Ended 31 December 2024
2.
Accounting policies (continued)
2.17
Financial assets (continued)
Impairment provisions for current trade debtors are recognised based on the simplified approach within IFRS 9 using a provision matrix in the determination of the lifetime expected credit losses. During this process the probability of the non-payment of the trade debtors is assessed. This probability is then multiplied by the amount of the expected loss arising from default to determine the lifetime expected credit loss for the trade debtors. For trade debtors, which are reported net, such provisions are recorded in a separate provision account with the loss being recognised within cost of sales in profit or loss. On confirmation that the trade debtor will not be collectable, the gross carrying value of the asset is written off against the associated provision.
The LLP’s financial assets measured at amortised cost comprise trade and other debtor and cash and cash equivalents in the Balance Sheet. Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short term highly liquid investments with original maturities of three months or less.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.
2.18
Financial liabilities
•
Trade creditors and other short-term monetary liabilities, which are initially recognised at fair value and are subsequently carried at amortised cost using the effective interest method.
Derecognition of financial liabilities
Rainbarrow Farm AD LLP (formerly JV Energen LLP)
Notes to the Financial Statements
For the 9 Month Period Ended 31 December 2024
2.
Accounting policies (continued)
2.19
Leases
The LLP leases land, plant and equipment and motor vehicles used in its operations.
All leases are accounted for by recognising a right-of-use asset and a lease liability except for:
•
Leases of low value assets; and
•
Leases with a duration of 12 months or less.
For contracts that both convey a right to the LLP to use an identified asset and require services to be provided to the LLP by the lessor, the LLP has elected to account for the entire contract as a lease, i.e. it does allocate any amount of the contractual payments to, and account separately for, any services provided by the supplier as part of the contract.
Lease measurement
Lease liabilities are measured at the present value of the contractual payments due to the lessor over the lease term, with the discount rate determined by reference to the rate inherent in the lease unless (as is typically the case) this is not readily determinable, in which case the LLP’s incremental borrowing rate on commencement of the lease is used. Variable lease payments are only included in the measurement of the lease liability if they depend on an index or rate. In such cases, the initial measurement of the lease liability assumes the variable element will remain unchanged throughout the lease term. Other variable lease payments are expensed in the period to which they relate.
On initial recognition, the carrying value of the lease liability also includes:
•
amounts expected to be payable under any residual value guarantee;
•
the exercise price of any purchase option granted in favour of the LLP if it is reasonably certain to assess that option; and
•
any penalties payable for terminating the lease, if the term of the lease has been estimated on the basis of termination option being exercised.
Right-of-use assets are initially measured at the amount of the lease liability, reduced for any lease incentives received, and increased for:
•
lease payments made at or before commencement of the lease;
•
initial direct costs incurred; and
•
the amount of any provision recognised where the LLP is contractually required to dismantle, remove or restore the leased asset.
Subsequent to initial measurement lease liabilities increase as a result of interest charged at a constant rate on the balance outstanding and are reduced for lease payments made. Right-of-use assets are amortised on a straight-line basis over the remaining term of the lease or over the remaining economic life of the asset if, rarely, this is judged to be shorter than the lease term.
Rainbarrow Farm AD LLP (formerly JV Energen LLP)
Notes to the Financial Statements
For the 9 Month Period Ended 31 December 2024
2.
Accounting policies (continued)
2.19
Leases (continued)
When the LLP revises its estimate of the term of any lease (because, for example, it reassesses the probability of a lessee extension or termination option being exercised), it adjusts the carrying amount of the lease liability to reflect the payments to make over the revised term, which are discounted using a revised discount rate. The carrying value of lease liabilities is similarly revised when the variable element of future lease payments dependent on a rate or index is revised, except the discount rate remains unchanged. In both cases an equivalent adjustment is made to the carrying value of the right-of-use asset, with the revised carrying amount being amortised over the remaining (revised) lease term. If the carrying amount of the right-of-use asset is adjusted to zero, any further reduction is recognised in profit or loss.
When the LLP renegotiates the contractual terms of a lease with the lessor, the accounting depends on the nature of the modification:
•
if the renegotiation results in one or more additional assets being leased for an amount commensurate with the standalone price for the additional rights-of-use obtained, the modification is accounted for as a separate lease in accordance with the above policy;
•
in all other cases where the renegotiation increases the scope of the lease (whether that is an extension to the lease term, or one or more additional assets being leased), the lease liability is remeasured using the discount rate applicable on the modification date, with the right-of-use asset being adjusted by the same amount; and
•
if the renegotiation results in a decrease in the scope of the lease, both the carrying amount of the lease liability and right-of-use asset are reduced by the same proportion to reflect the partial of full termination of the lease with any difference recognised in profit or loss.
3.
Critical accounting judgements and key sources of estimation uncertainty
The preparation of these financial statements requires members to make judgements, estimates and assumptions that affect the application of the LLP's accounting policies and the reported amounts of assets and liabilities at the reporting date. Actual outcomes may differ from these estimates.
The areas involving the most significant judgement and estimation uncertainty are set out below.
Critical judgements
•
Revenue recognition - judgement in identifying performance obligations and determining the timing of recognition for energy generation and associated certificates.
•
Rainbarrow Farm AD LLP (formerly JV Energen LLP)
Notes to the Financial Statements
For the 9 Month Period Ended 31 December 2024
3.
Critical accounting judgements and key sources of estimation uncertainty (continued)
Key sources of estimation uncertainty
The following are key assumptions concerning the future, and other key sources of estimation uncertainty at the Balance Sheet date, that present a significant risk of material adjustment to the carrying amounts of assets and liabilities within the next financial year.
•
Impairment of tangible fixed assets - estimates include assumptions over plant performance, production volumes, commodity prices, subsidy income, operating costs, discount rates and forecast cash generation.
•
•
•
•
Lease liabilities - the incremental borrowing rate is estimated by reference to the lease term and the nature of the underlying asset.
4.
Prior period adjustment
During the preparation of the financial statements, management identified that financing arrangements entered into following the acquisition of the LLP by the ENGIE Group on 29 February 2024 had been incorrectly reflected in the comparative financial information.
As at 31 March 2024, a balance of £5,073,028 had been presented within Other amounts of loans and other debts due to members. Following the acquisition, existing member loan balances were repaid and replaced by a £5,200,000 loan facility provided by ENGIE CC S.A. As a result, the balance no longer represented amounts due to members and should have been classified as amounts owed to a group undertaking within creditors.
Accordingly, the comparative information has been restated to derecognise the balance reported within Loans and other debts due to members within Total members' interests and to recognise the financing arrangement with ENGIE CC S.A. within amounts owed to group undertakings within Creditors: amounts falling due within one year and Creditors: amounts falling due after more than one year. A receivable of £126,972 has also been recognised within debtors falling due within one year, representing funds held in the solicitors' client account at 31 March 2024 which were subsequently remitted to the LLP via ENGIE Renewable Gases UK Limited in accordance with the acquisition completion arrangements.
The correction relates solely to the classification and presentation of balances within the Balance Sheet with the net assets and loans and other debts due to members being reduced by £5,073,028. There is no impact on the LLP's profit for the period, total assets or cash flows.
Rainbarrow Farm AD LLP (formerly JV Energen LLP)
Notes to the Financial Statements
For the 9 Month Period Ended 31 December 2024
4.
Prior period adjustment (continued)
Effect of the restatement on the Balance Sheet as at 31 March 2024
|
|
As previously reported £ |
Restatement £ |
As restated £ |
|
|
|
|
|
|
Debtors: amounts owed by group undertakings |
|
|
|
|
Loans and other debts due to members |
5,073,028 |
(5,073,028) |
- |
|
Creditors: amounts owed to group undertakings falling due within one year |
|
|
|
|
Creditors: amounts owed to group undertakings falling due after more than one year |
|
|
|
The total increase in amounts owed to group undertakings was £5,073,028 when netting off the balance of £126,972 recognised in debtors falling due within one year.
5.
Turnover
An analysis of turnover by class of business is as follows:
|
|
9 month period ended 31 December 2024 £ |
Year ended 31 March 2024 £ |
|
|
|
|
|
Generation and sale of renewable gas and certificates |
|
|
|
Generation and sale of renewable electricity and certificates |
|
|
|
Generation and sale of CO2 |
|
|
|
Generation and sale of digestate |
|
|
|
Other revenue |
|
|
|
|
|
|
|
|
|
|
All turnover during the current period and prior year arose within the United Kingdom.
Rainbarrow Farm AD LLP (formerly JV Energen LLP)
Notes to the Financial Statements
For the 9 Month Period Ended 31 December 2024
6.
Operating profit
The operating profit is stated after charging/(crediting):
|
|
9 month |
|
|
|
period ended |
Year ended |
|
|
31 December |
31 March |
|
|
2024 |
2024 |
|
|
£ |
£ |
|
|
|
|
|
Staff costs |
|
|
|
Depreciation of tangible fixed assets |
|
|
|
Depreciation on right of use assets |
|
|
|
Loss on disposal of tangible fixed assets |
|
|
|
Impairment of trade debtors |
|
|
|
Short term lease expense |
|
|
|
Foreign exchange losses/(gains) |
|
( |
|
Audit fees |
|
|
7.
Employees
Staff costs were as follows:
|
|
9 month period ended 31 December 2024 £ |
Year ended 31 March 2024 £ |
|
|
|
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Cost of defined contribution scheme |
|
|
|
|
|
|
|
|
|
|
The average number of persons (excluding members) employed by the partnership during the period was Nil (year ended 31 March 2024 - 7 ).
Rainbarrow Farm AD LLP (formerly JV Energen LLP)
Notes to the Financial Statements
For the 9 Month Period Ended 31 December 2024
8.
Members’ remuneration
The average number of members during the period was 2 (year ended 31 March 2024 - 2).
|
|
9 month |
|
|
|
period ended |
Year ended |
|
|
31 December |
31 March |
|
|
2024 |
2024 |
|
|
£ |
£ |
|
|
|
|
|
Profit attributable to the member with the largest entitlement |
|
|
9.
Interest receivable and similar income
|
|
9 month |
|
|
|
period ended |
Year ended |
|
|
31 December |
31 March |
|
|
2024 |
2024 |
|
|
£ |
£ |
|
|
|
|
|
Interest receivable from group undertakings |
|
|
10.
Interest expense and similar expenses
|
|
9 month |
|
|
|
period ended |
Year ended |
|
|
31 December |
31 March |
|
|
2024 |
2024 |
|
|
£ |
£ |
|
|
|
|
|
Bank interest payable |
|
|
|
Interest on loans from group undertakings |
|
|
|
Hire purchase interest payable |
|
|
|
Interest on lease liabilities |
|
|
|
|
|
|
|
|
|
|
Rainbarrow Farm AD LLP (formerly JV Energen LLP)
Notes to the Financial Statements
For the 9 Month Period Ended 31 December 2024
11.
Tangible fixed assets
|
|
Plant and |
Right of use |
Work in |
|
|
|
machinery |
assets |
progress |
Total |
|
|
£ |
£ |
£ |
£ |
|
Cost |
|
|
|
|
|
At 1 April 2024 |
|
|
|
|
|
Additions |
|
|
|
|
|
Transition adjustment |
( |
|
|
|
|
|
|
|
|
|
|
At 31 December 2024 |
|
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
|
|
|
|
At 1 April 2024 |
|
|
|
|
|
Charge for the period |
|
|
|
|
|
Transition adjustment |
( |
|
|
|
|
|
|
|
|
|
|
At 31 December 2024 |
|
|
|
|
|
|
|
|
|
|
|
Net book value |
|
|
|
|
|
|
|
|
|
|
|
At 31 December 2024 |
|
|
|
|
|
|
|
|
|
|
|
At 31 March 2024 |
|
|
|
|
Included within the FRS 101 transition adjustments are the reclassification of SGN leased assets with a cost of £3,245,463 and accumulated depreciation of £1,869,227 from Plant and machinery to Right of use assets. The reclassification had no impact on net book value.
Rainbarrow Farm AD LLP (formerly JV Energen LLP)
Notes to the Financial Statements
For the 9 Month Period Ended 31 December 2024
12.
Fixed asset investments
|
|
Investment in subsidiary company £ |
|
|
|
|
Cost |
|
|
At 1 April 2024 and 31 December 2024 |
|
|
|
|
|
Impairment |
|
|
At 1 April 2024 and 31 December 2024 |
|
|
|
|
|
Net book value |
|
|
|
|
|
At 31 December 2024 |
|
|
|
|
|
At 31 March 2024 |
|
Subsidiary undertaking
The following was a direct subsidiary undertaking of the LLP:
|
Name |
Registered office |
Class of shares |
Holding |
|
West Country Soil Improvements Limited |
Broadgate Tower Floor 4, 20 Primrose Street, London, England, EC2A 2EW |
|
|
13.
Stocks
|
|
31 December 2024 £ |
31 March 2024 £ |
|
|
|
|
|
Raw materials and consumables |
|
|
|
Maintenance spares |
|
|
|
|
|
|
|
|
|
|
Rainbarrow Farm AD LLP (formerly JV Energen LLP)
Notes to the Financial Statements
For the 9 Month Period Ended 31 December 2024
14.
Debtors: amounts falling due within one year
|
|
31 December 2024 £ |
As restated 31 March 2024 £ |
|
|
|
|
|
Trade debtors |
|
|
|
Amounts owed by group undertakings |
|
|
|
Other debtors |
|
|
|
Prepayments and accrued income |
|
|
|
|
|
|
|
|
|
|
Amounts owed by group undertakings are unsecured, interest free and repayable on demand.
The members have determined that the expected credit losses are immaterial (year ended 31 March 2024 - immaterial) to the financial statements.
15.
Creditors: amounts falling due within one year
|
|
31 December 2024 £ |
As restated 31 March 2024 £ |
|
|
|
|
|
Trade creditors |
|
|
|
Amounts owed to group undertakings |
|
|
|
Other taxation and social security |
|
|
|
Obligations under finance lease |
|
|
|
Other creditors |
|
|
|
Accruals |
|
|
|
Lease liabilities |
|
|
|
|
|
|
|
|
|
|
Amounts owed to group undertakings are unsecured, interest free and repayable on demand.
Refer to note 4 for details of the prior period adjustment.
Rainbarrow Farm AD LLP (formerly JV Energen LLP)
Notes to the Financial Statements
For the 9 Month Period Ended 31 December 2024
16.
Creditors: amounts falling due after more than one year
|
|
31 December 2024 £ |
As restated 31 March 2024 £ |
|
|
|
|
|
Obligations under finance leases |
|
|
|
Lease liabilities |
|
|
|
Amounts owed to group undertakings |
|
|
|
|
|
|
|
|
|
|
Refer to note 4 for details of the prior period adjustment.
17.
Leases
The LLP leases land, plant and equipment and motor vehicles used in its operations. The total number of active leases in the period was 15 (year ended 31 March 2024 - 7).
Lease liabilities
|
|
31 December 2024 £ |
|
Cost |
|
|
|
|
|
At 1 April 2024 |
|
|
Transition adjustment |
2,172,108 |
|
Interest expense |
|
|
Lease payments |
( |
|
|
|
|
|
|
The carrying amount of lease liabilities at the Balance Sheet date is repayable as follows:
|
|
31 December 2024 £ |
|
|
|
|
Within one year |
|
|
Between one and two years |
|
|
Between two and five years |
|
|
After five years |
|
|
|
|
|
|
|
Rainbarrow Farm AD LLP (formerly JV Energen LLP)
Notes to the Financial Statements
For the 9 Month Period Ended 31 December 2024
17.
Leases (continued)
Amounts recognised in profit or loss are as follows:
|
|
9 month period ended 31 December 2024 £ |
|
|
|
|
Depreciation of right of use assets |
|
|
Interest on lease liabilities |
|
|
|
|
|
|
|
The LLP adopted IFRS 16 on transition to FRS 101 using the modified retrospective approach. Lease liabilities and corresponding right of use assets were recognised in respect of leases previously accounted for under FRS 102. Comparative information has not been restated.
Total cash outflow for leases during the period amounted to £503,172 (year ended 31 March 2024 - £537,434), comprising repayments of lease liabilities, interest paid and payments relating to short-term and low-value leases.
18.
Pension commitments
In the prior year, the LLP operated a defined contribution pension scheme . The pension cost charge recognised in profit or loss as an expense in relation to defined contribution schemes is £Nil (year ended 31 March 2024 - £8,779 ). There were no amounts owing at the period end (31 March 2024 - £Nil).
19.
Related party transactions
The LLP has taken advantage of the exemption conferred by FRS 101 section 8(k) not to disclose any transactions entered into between two or more members of the Group where any subsidiary which is a party to the transactions is wholly owned by such a member.
20.
Post balance sheet events
There have been no significant events affecting the LLP since the period end.
21.
Controlling party
The LLP's immediate parent undertaking is ENGIE Renewable Gases UK Limited (previously Ixora Energy Limited) which holds at least 95% of the members' interests in the LLP. ENGIE UK Holdings Limited holds the remaining interest. ENGIE Renewable Gases Limited's registered office is Broadgate Tower Floor 4, 20 Primrose Street, London, England, EC2A2EW.
The smallest and largest group in which the results of the LLP are consolidated is that of ENGIE S.A 1, Place Samuel de Champlain, 92930 Paris La Defense Cedex, France.
Rainbarrow Farm AD LLP (formerly JV Energen LLP)
Notes to the Financial Statements
For the 9 Month Period Ended 31 December 2024
22.
Transition to FRS 101
Background
The LLP has transitioned from FRS 102 to FRS 101 for the period ended 31 December 2024. The transition has primarily impacted the accounting for leases, with the LLP applying IFRS 16. There have been no other material impacts on the financial statements.
Transition approach
The LLP adopted IFRS 16 on 1 April 2024 using the modified retrospective approach. Comparative information has not been restated.
The date of transition to FRS 101 is therefore 1 April 2024. The cumulative effect of initially applying IFRS 16 has been recognised in retained earnings at that date, resulting in a £Nil change in retained earnings.
On transition, the LLP recognised right-of-use assets and corresponding lease liabilities in respect of leases previously accounted for as operating leases under FRS 102.
On initial application, lease liabilities were measured at the present value of remaining lease payments, discounted using the LLP’s incremental borrowing rate, with corresponding right-of-use assets recognised at an amount equal to the lease liabilities, adjusted for any prepaid or accrued lease payments.
The adoption of IFRS 16 has resulted in the recognition of right-of-use assets and lease liabilities on the Balance Sheet.
Practical expedients
In applying IFRS 16 at the transition date, the LLP applied available practical expedients and recognition exemptions, including those for short-term leases and leases of low-value assets.
Impact on profit or loss
The impact of adopting IFRS 16 on the current period profit or loss is set out below:
|
|
31 December 2024 £ |
|
|
|
|
Additional depreciation charge on right-of-use assets |
|
|
Additional interest expense on lease liabilities |
|
|
Reduction in operating lease expenses (under the previous policy) |
( |
|
|
|
|
Reduction in profit for the period |
|