Company Registration No. 13065665 (England and Wales)
Redstow Renewables HoldCo Ltd
Financial statements
for the period ended 31 December 2021
Pages for filing with the Registrar
Redstow Renewables HoldCo Ltd
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 9
Redstow Renewables HoldCo Ltd
Statement of financial position
As at 31 December 2021
Page 1
2021
Notes
£
£
Fixed assets
Investments
4
1,289,748
Current assets
Debtors
6
19,781,081
Creditors: amounts falling due within one year
7
(1,699,091)
Net current assets
18,081,990
Total assets less current liabilities
19,371,738
Creditors: amounts falling due after more than one year
8
(19,553,852)
Net liabilities
(182,114)
Capital and reserves
Called up share capital
9
1
Profit and loss reserves
(182,115)
Total equity
(182,114)
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 2 September 2022 and are signed on its behalf by:
Anthony Peter Sharpe
Director
Company Registration No. 13065665
Redstow Renewables HoldCo Ltd
Notes to the financial statements
For the period ended 31 December 2021
Page 2
1
Accounting policies
Company information
Redstow Renewables HoldCo Ltd is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
The Corn Store, Hyde Hall Farm, Buntingford, Hertfordshire, SG9 0RU.
The company was incorporated on 6 December 2020.
1.1
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 a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Business combinations
The company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated accounts
, on the basis that the group of which this is the parent qualifies as a small group
. The
financial statements
present information about the company as an individual entity and not about its group
.
1.3
Going concern
These financial statements have been prepared on a going concern basis. The directors, having
true
considered the financial position and performance of the company for the period of at least twelve
months from the
d
ate of approval of these financial statements, have no reason to believe that a
material uncertainty exists that may cast doubt about the ability of the company to continue as a going
concern.
In addition, the directors have received a letter of support from their parent company, stating that financial support will be available and the loan, interest and accrued interest that is outstanding will not be repayable within twelve months from the signing of the financial statements.
Accordingly, the directors have a reasonable expectation that the company will continue in
operational existence and thus the adopt the going concern basis of accounting in preparing the
financial statements.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in
profit
or
loss
.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
Redstow Renewables HoldCo Ltd
Notes to the financial statements (continued)
For the period ended 31 December 2021
1
Accounting policies (continued)
Page 3
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its 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.
Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Redstow Renewables HoldCo Ltd
Notes to the financial statements (continued)
For the period ended 31 December 2021
1
Accounting policies (continued)
Page 4
1.7
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
1.8
Interest income is recognised in the Statement of Comprehensive Income using the effective interest
method.
Redstow Renewables HoldCo Ltd
Notes to the financial statements (continued)
For the period ended 31 December 2021
Page 5
2
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant
effect on amounts recognised in the financial statements.
Impairment of investments in subsidiaries
The company conducts
an
impairment review of
the
investment in
the
subsidiary whenever events or changes
in circumstances indicate that their carrying amounts may not be recoverable or tests for impairment
annually in accordance with the relevant accounting standards. Determining whether an asset is
impaired requires an estimation of the recoverable amount which requires the company to estimate
the value in use which is based on future cash flows and a suitable discount factor in order to calculate
the present value. Where the actual cash flows are less than expected, an impairment loss may arise.
After reviewing the business environment and the company's strategies and past performance of its
cash generating units, management concluded that there was no impairment of investments in
subsidiaries at the current year end.
Recoverability of amounts due from group undertakings
In conducting the impairment review of investment in the subsidiary, the company is also determining whether the amounts receivable from the subsidiary require impairment or whether a provision against the amounts is required. Determining whether the amounts receivable are impaired is based on the ability of the subsidiary to generate sufficient cash in the future to enable repayment of the debt. Where expected cash generated is lower than the amounts due to the company, an impairment loss may arise, or a provision may be required to reflect the risk that the full amount is not recovered. After reviewing the business environment and the company's expected future cash flows, management concluded that there was no impairment of amounts due from group undertakings at the current year end.
Redstow Renewables HoldCo Ltd
Notes to the financial statements (continued)
For the period ended 31 December 2021
Page 6
3
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2021
Number
Total
4
4
Fixed asset investments
2021
£
Shares in group undertakings and participating interests
1,289,748
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 6 December 2020
-
Additions
1,289,748
At 31 December 2021
1,289,748
Carrying amount
At 31 December 2021
1,289,748
5
Subsidiaries
Details of the company's subsidiaries at 31 December 2021 are as follows:
Name of undertaking
Address
Nature of business
Class of shares held
% Held
Direct
Indirect
Redstow Renewables Limited
England & Wales
Anaerobic digestion plant
Ordinary
100.00
-
Redstow Renewables HoldCo Ltd
Notes to the financial statements (continued)
For the period ended 31 December 2021
5
Subsidiaries (continued)
Page 7
Registered office addresses (all UK unless otherwise indicated):
10-12 Frederick Sanger Road, Guildford, Surrey, GU2 7YD
The aggregate capital and reserves and the result for the period end 31 December 2021 of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Redstow Renewables Limited
(3,258,738)
(493,287)
6
Debtors
2021
Amounts falling due within one year:
£
Amounts owed by group undertakings
1,091,737
Amounts owed by group undertakings include interest receivable totalling £1,091,737 due on the loan provided to a subsidiary.
2021
Amounts falling due after more than one year:
£
Amounts owed by group undertakings
18,689,344
Total debtors
19,781,081
Amounts owed by
group
undertaking are unsecured, interest bearing at 1
0
% per annum and repayable
by 20
51
. While the capital is repayable in 20
51
, interest is repayable on a quarterly basis.
Redstow Renewables HoldCo Ltd
Notes to the financial statements (continued)
For the period ended 31 December 2021
Page 8
7
Creditors: amounts falling due within one year
2021
£
Amounts owed to group undertakings
1,699,091
Amounts owed to group undertakings includes interest payable totalling
£
1,169,024
due to the parent company which is repayable on demand with interest being charged at 10% per annum
.
The remaining balance of £530,867 due to group undertakings is unsecured, interest free and repayable on demand.
8
Creditors: amounts falling due after more than one year
2021
£
Amounts owed to group undertakings
19,553,852
A
mounts owed to group undertakings
includes an amount of £19,488,941 which is
unsecured, interest bearing at 1
0
% per annum and payable by
20
51
. This amount falls due after more than 5 years.
The remaining balance of £104,911 due to group undertakings is unsecured, interest free and repayable on demand.
9
Called up share capital
2021
2021
Ordinary share capital
Number
£
Issued and fully paid
Ordinary Shares of £1 each
1
1
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Jamie Cassell and the auditor was Saffery Champness LLP.
Redstow Renewables HoldCo Ltd
Notes to the financial statements (continued)
For the period ended 31 December 2021
Page 9
11
Related party transactions
Redstow Renewables HoldCo Ltd has taken the exemption in accordance with FRS102 section 33 for
subsidiary undertakings to not disclose related party transactions with other entities where the
relationship is as such that they are wholly owned. Therefore, transactions of this nature have not been disclosed.
12
Parent company
The immediate parent undertaking is Bio Capital
2
Limited, a company incorporated in England and
Wales. The address of its registered office is The Corn Store, Hyde Hall Farm, Buntingford, Hertfordshire,
United Kingdom, SG9 0RU.
The directors do not consider there to be an ultimate controlling party.
2021-12-31
2020-12-06
false
02 September 2022
CCH Software
CCH Accounts Production 2022.100
No description of principal activity
This audit opinion is unqualified
Egan Archer
Erez Gissin
Ron Rappaport
Anthony Sharpe
Paul Gill
Mary Czulowski
13065665
2020-12-06
2021-12-31
13065665
2021-12-31
13065665
core:CurrentFinancialInstruments
core:WithinOneYear
2021-12-31
13065665
core:Non-currentFinancialInstruments
core:AfterOneYear
2021-12-31
13065665
core:ShareCapital
2021-12-31
13065665
core:RetainedEarningsAccumulatedLosses
2021-12-31
13065665
bus:Director4
2020-12-06
2021-12-31
13065665
core:Subsidiary1
2020-12-06
2021-12-31
13065665
core:Subsidiary1
1
2020-12-06
2021-12-31
13065665
core:Non-currentFinancialInstruments
2021-12-31
13065665
core:CurrentFinancialInstruments
2021-12-31
13065665
bus:PrivateLimitedCompanyLtd
2020-12-06
2021-12-31
13065665
bus:SmallCompaniesRegimeForAccounts
2020-12-06
2021-12-31
13065665
bus:FRS102
2020-12-06
2021-12-31
13065665
bus:Audited
2020-12-06
2021-12-31
13065665
bus:Director1
2020-12-06
2021-12-31
13065665
bus:Director2
2020-12-06
2021-12-31
13065665
bus:Director3
2020-12-06
2021-12-31
13065665
bus:Director5
2020-12-06
2021-12-31
13065665
bus:Director6
2020-12-06
2021-12-31
13065665
bus:FullAccounts
2020-12-06
2021-12-31
xbrli:pure
xbrli:shares
iso4217:GBP