|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STATEMENTS |
|
FOR THE YEAR ENDED 31 DECEMBER 2017 |
|
FOR |
|
BIOTECH ENERGY SERVICES LTD |
|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STATEMENTS |
|
FOR THE YEAR ENDED 31 DECEMBER 2017 |
|
FOR |
|
BIOTECH ENERGY SERVICES LTD |
BIOTECH ENERGY SERVICES LTD (REGISTERED NUMBER: 10129577) |
|
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
|
|
|
|
|
|
|
|
|
|
Page |
|
Company Information | 1 |
|
Balance Sheet | 2 |
|
Notes to the Financial Statements | 3 |
|
BIOTECH ENERGY SERVICES LTD |
|
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
|
|
|
|
|
|
|
DIRECTORS: |
|
|
|
|
|
|
|
SECRETARY: |
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
AUDITORS: |
|
Chartered Accountants and |
Statutory Auditors |
17 George Street |
St Helens |
Merseyside |
WA10 1DB |
BIOTECH ENERGY SERVICES LTD (REGISTERED NUMBER: 10129577) |
|
BALANCE SHEET |
31 DECEMBER 2017 |
|
2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
|
|
Tangible assets | 5 |
|
|
Investments | 6 |
|
|
|
|
|
CURRENT ASSETS |
Stocks | 7 |
|
|
Debtors | 8 |
|
|
Cash at bank and in hand |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 9 |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
|
( |
) |
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
( |
) |
|
CREDITORS |
Amounts falling due after more than one year | 10 |
|
|
NET ASSETS/(LIABILITIES) |
|
( |
) |
|
CAPITAL AND RESERVES |
Called up share capital | 12 |
|
|
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
|
( |
) |
|
|
|
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
|
The financial statements were approved by the Board of Directors on
|
|
|
|
|
|
|
|
BIOTECH ENERGY SERVICES LTD (REGISTERED NUMBER: 10129577) |
|
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
|
|
1. | STATUTORY INFORMATION |
|
Biotech Energy Services Ltd is a
|
registered number and registered office address can be found on the Company Information page. |
|
The presentation currency of the financial statements is the Pound Sterling (£). |
|
2. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
|
|
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies |
have been consistently applied to all years presented unless otherwise stated. |
|
The directors do not consider Biotech Energy Services Limited to be a going concern, and have therefore prepared the |
financial statements on a break up basis. |
|
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial |
Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly |
owned subsidiaries within the group. |
|
Turnover |
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. |
|
Turnover from energy analysis work on waste and digestate is recognised on completion of work, when the amount of |
turnover can be measured reliably and it is probable that the economic benefits associated with the transaction will flow to |
the company. |
|
Goodwill |
Goodwill being the amount paid in connection with the rights to acquire both tangible and intangible assets is being |
amortised over its expected useful life of 5 years. |
|
Intangible assets |
Intangibles assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any |
accumulated amortisation and any accumulated impairment losses. |
|
Intellectual property is being amortised evenly over it's estimated useful life of five years. |
|
Tangible fixed assets |
Tangible fixed assets are stated at cost less accumulated depreciation. |
|
Depreciation is provided on all property, plant and equipment, at rates calculated to write off the cost, less estimated residual |
value, of each asset on a systematic basis over its expected useful life as follows: |
|
Plant and machinery - 5 years straight line |
Computer equipment - 2 years straight line |
Motor vehicles - 3 years straight line |
|
The carrying values of tangible assets are reviewed for impairment when events or changes in circumstances indicate the |
carrying value may not be recoverable. |
BIOTECH ENERGY SERVICES LTD (REGISTERED NUMBER: 10129577) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
|
|
2. | ACCOUNTING POLICIES - continued |
|
Investments in subsidiaries |
Investments in subsidiary undertakings are initially recognised at cost. At each reporting date an assessment is made as to |
whether there is any indication that the investment may be impaired. If such an indication exists, the company estimates the |
investment's recoverable amount and writes it down to the recoverable amount if this is lower than its carrying value. The |
impairment loss is recognised in the company's income statement. |
|
Debtors and creditors receivable / payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. |
Any losses arising from impairment are recognised in the profit and loss account in administrative expenses. |
|
Interest-bearing loans and borrowings |
All loans and borrowings classified as basic financial instruments are initially recognised at the fair value of the consideration |
less directly attributable transaction costs. After initial recognition, interest-bearing loans and borrowings are subsequently |
measured at amortised cost using the effective interest method. |
|
Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of |
purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is |
calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where |
appropriate. |
|
Taxation |
Current tax is calculated on the results for the period as adjusted for items which are non-assessable or disallowed. |
|
Deferred tax is provided in full, using the liability method, in respect of all timing differences between the tax bases of assets |
and liabilities and their carrying amounts in the financial statements, except that deferred tax assets are recognised only where |
it is probable that future taxable profit will be available against which the temporary differences can be utilised. |
|
Deferred tax is determined on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing |
differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date |
|
Employee benefits |
Short-term benefits |
Wages, salaries, commissions, bonuses, social security contributions, paid annual leave and non-monetary benefits are |
accrued in the period in which the associated services are rendered by employees of the company. |
|
Pensions |
Permanent staff are eligible for a contribution by the company to their personal pension schemes equal to a fixed percentage |
of staff member's basic salary. The cost to the company is charged to the income statement. |
|
3. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was
|
BIOTECH ENERGY SERVICES LTD (REGISTERED NUMBER: 10129577) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
|
|
4. | INTANGIBLE FIXED ASSETS |
Intellectual |
property |
held for |
Goodwill | resale | Totals |
£ | £ | £ |
COST |
At 1 January 2017 |
|
|
|
Impairments | (80,000 | ) | - | (80,000 | ) |
At 31 December 2017 |
|
|
|
AMORTISATION |
At 1 January 2017 |
|
|
|
Amortisation for year |
|
|
|
Impairments | ( |
) |
|
( |
) |
At 31 December 2017 |
|
|
|
NET BOOK VALUE |
At 31 December 2017 |
|
|
|
At 31 December 2016 |
|
|
|
|
5. | TANGIBLE FIXED ASSETS |
Plant and | Motor | Computer |
machinery | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2017 |
|
|
|
|
Disposals | ( |
) | ( |
) |
|
( |
) |
Impairments | (93,942 | ) | (9,325 | ) | (8,175 | ) | (111,442 | ) |
Reclassification | ( |
) | ( |
) | ( |
) | ( |
) |
At 31 December 2017 |
|
|
|
|
DEPRECIATION |
At 1 January 2017 |
|
|
|
|
Charge for year |
|
|
|
|
Eliminated on disposal | ( |
) | ( |
) |
|
( |
) |
Impairments | ( |
) | ( |
) | ( |
) | ( |
) |
Reclassification | ( |
) |
|
( |
) | ( |
) |
At 31 December 2017 |
|
|
|
|
NET BOOK VALUE |
At 31 December 2017 |
|
|
|
|
At 31 December 2016 |
|
|
|
|
|
The net book value of tangible fixed assets includes £Nil (2016 - £7,028) in respect of assets held under hire purchase |
contracts. |
BIOTECH ENERGY SERVICES LTD (REGISTERED NUMBER: 10129577) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
|
|
6. | FIXED ASSET INVESTMENTS |
|
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
|
|
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
|
|
|
|
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
|
100.00 |
|
Biotech Energy (Esco 34) Limited |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
Ordinary | 100.00 |
|
|
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
Ordinary | 100.00 |
|
7. | STOCKS |
2017 | 2016 |
£ | £ |
Stocks |
|
|
Plant and equipment held for resale | 24,526 | - |
|
|
|
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
|
|
Amounts due from group companies | 112,091 | 107,224 |
VAT |
|
|
Prepayments and accrued income |
|
|
|
|
BIOTECH ENERGY SERVICES LTD (REGISTERED NUMBER: 10129577) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
|
|
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Other loan |
|
|
Trade creditors |
|
|
Social security and other |
taxes |
|
|
Other creditors |
|
|
Amounts due to group companies | 4,847 | 996,826 |
Accrued expenses |
|
|
|
|
|
10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2017 | 2016 |
£ | £ |
Other loan |
|
|
Amounts due to group companies | - | 304,443 |
|
|
|
11. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
2017 | 2016 |
£ | £ |
Amounts due to group companies | - | 1,104,050 |
|
The amounts due to group companies are secured by a fixed and floating charge over the assets of the company. |
|
12. | CALLED UP SHARE CAPITAL |
|
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2017 | 2016 |
value: | £ | £ |
|
Ordinary | £1 | 1 | 1 |
|
Preference | £1 | 2,700,000 | 2,700,000 |
2,700,001 | 2,700,001 |
|
13. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
|
The Report of the Auditors was unqualified. |
|
We draw attention to note 2 in the financial statements, which indicates that in the opinion of the directors, the company is no |
longer a going concern and the financial statements have therefore been prepared on a break up basis. Our opinion is not |
modified in respect of this matter. |
|
Andrew McMinnis ACA FCCA (Senior Statutory Auditor) |
for and on behalf of Livesey Spottiswood Ltd |
BIOTECH ENERGY SERVICES LTD (REGISTERED NUMBER: 10129577) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
|
|
14. | RELATED PARTY DISCLOSURES |
|
During the year the company was granted permission to write off loans of £1,800,509 (2016: £Nil) due to fellow subsidiary |
companies within the Privilege group. |
|
Also during the year the company has written off loans of £94,622 (2016: £Nil) due from fellow subsidiary companies within |
the Privilege group. |
|
15. | ULTIMATE CONTROLLING PARTY |
|
At 31 December 2017, ultimate control rested with the board of Privilege Holdings Limited. |