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for the year ended |
Pages for filing with the Registrar |
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Registered number: |
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Statement of financial position | |||||||
as at |
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Notes | 2020 | 2019 | |||||
£ | £ | ||||||
Fixed assets | |||||||
Tangible assets | 5 |
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Current assets | |||||||
Stocks |
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- | |||||
Debtors | 6 |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year | 7 | ( |
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Net current liabilities | ( |
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Total assets less current liabilities |
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Creditors: amounts falling due after more than one year | 8 | ( |
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Net liabilities | ( |
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Capital and reserves | |||||||
Called up share capital |
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Share premium |
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Profit and loss account | ( |
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Shareholders' funds | ( |
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The financial statements were approved by the board of directors and authorised for issue and are signed on its behalf by: | |||||||
Graham Mackenzie | |||||||
Director | |||||||
Approved by the board on |
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Notes to the Accounts | ||||||||
for the year ended |
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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 shareholders have stated 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. |
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Turnover | ||||||||
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Tangible fixed assets |
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Tangible fixed assets other than freehold land are stated at cost less depreciation. Where a substantial period of time is required to bring an asset into use, attributable finance costs are capitalised and included in the cost of the relevant asset. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows: |
Land & buildings |
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss. | ||||||||
Stocks | ||||||||
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. |
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Cash at bank and in hand | ||||||||
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Financial instruments | ||||||||
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
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Basic financial assets | ||||||||
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Basic financial liabilities | ||||||||
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Equity instruments | ||||||||
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Foreign exchange | ||||||||
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Leases | ||||||||
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2 | Critical accounting judgements and key sources of estimation uncertainty | |||||||
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. |
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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 | ||||||||
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3 | Operating loss | |||||||
2020 | 2019 | |||||||
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 |
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4 | Employees | |||||||
2020 | 2019 | |||||||
Average number of persons employed by the company |
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5 | Tangible fixed assets | |||||||
Land and buildings | ||||||||
£ | ||||||||
Cost | ||||||||
At 1 October 2019 |
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Additions |
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At 30 September 2020 |
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Depreciation | ||||||||
At 1 October 2019 |
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Charge for the year |
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At 30 September 2020 |
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Net book value | ||||||||
At 30 September 2020 |
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At 30 September 2019 |
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6 | Debtors | 2020 | 2019 | |||||
£ | £ | |||||||
Trade debtors |
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Other debtors |
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7 | Creditors: amounts falling due within one year | 2020 | 2019 | |||||
£ | £ | |||||||
Trade creditors |
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Other creditors |
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Iona Environmental Infrastructure Holdco Limited has fixed charges over certain assets of the company as well as a floating charge over the entire property and undertaking of the company. | ||||||||
8 | Creditors: amounts falling due after one year | 2020 | 2019 | |||||
£ | £ | |||||||
Payable by instalments 1 - 5 years | 2,265,758 | 16,760,478 | ||||||
Payable by instalments after 5 years | 17,160,513 | - | ||||||
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Interest of 4% per annum is payable on loans of £250,000 (2019: 250,000). During the year, £10,027 (2019: £6,521) was charged through profit and loss. |
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9 | Deferred Taxation | |||||||
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10 | Called up share capital | 2020 | 2019 | |||||
£ | £ | |||||||
Ordinary share capital Issued and fully paid | ||||||||
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11 | Operating lease commitments | |||||||
Lessee | ||||||||
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12 | Events after the reporting date | |||||||
Capital upgrade loans. Subsequent to the balance sheet date, additional loans totalling £260,000 were received from Iona Environmental Infrastructure Holdco Limited to fund capital upgrade works. |
13 | Related party transactions | |||||||
During the year, loans totalling £450,000 (2019: £932,923) were advanced by Iona Environmental Infrastructure Holdco Limited and £nil (2019: 150,000) was repaid during the year. As at the year end, the company owed Iona Environmental Infrastructure Holdco Limited £19,176,271 (2019: £16,510,478). This balance is included within note 8. Interest of £2,216,706 (2019: £1,877,348) was charged on these loans during the year. |
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Interest of £6,567 (2019: £5,654) has been accrued on the loan from Iona Environmental Infrastructure Holdco Limited and is included within note 7 under "other creditors". | ||||||||
Iona Capital Limited charged directors fees of £16,947 (2019: £16,459) and management charges of £28,034 (2019: £27,364) in the year with an outstanding trade creditor balance at the year end of £26,268 (2019: £25,205). Iona Capital Limited is a member of Iona El (General Partner) LLP, which is the General Partner of Iona Environmental Infrastructure LP, the company's ultimate parent company. |
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Two directors of the company, Christopher Jones and David Jones, are partners in D & J A Jones. During the year, loans totalling £nil (2019: £250,000) were advanced by D & J A Jones. As at the year end, the company owed D & J A Jones £250,000 (2019: 250,000), this balance is included within note 8. Interest of £16,575 (2019: £6,521) was accrued on these loans during the year and is included within note 7 under "other creditors". | ||||||||
Purchases of £845,465 (2019: £565,682) were made between the company and D & J A Jones with an outstanding trade creditor balance at the year end of £291,012 (2019: £246,297). | ||||||||
14 | COVID-19 | |||||||
The company, like many others throughout the UK, has been affected by the COVID-19 pandemic. At the date of approval of the financial statements, the company have prepared and approved up-to-date management accounts, budgets and cash flow projections which include key revenue and cost assumptions that the directors consider reasonable and prudent. Additionally, the shareholders have stated that they will not recall the loans to the company whilst it would damage the interests of external creditors. Having considered the matters above, the company is of the view that it will have sufficient resources to continue to operate and meet debts as they fall due for the foreseeable future. The financial statements have therefore been prepared on a going concern basis. |
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15 | Parent Company | |||||||
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16 | Other information | |||||||
Gravel Pit Biogas Limited is a private company limited by shares and incorporated in England. Its registered office is: | ||||||||
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17 | 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: |
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The audit report was signed on |
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