Crofthead AD Limited - Period Ending 2022-12-31

Crofthead AD Limited

Contents

Balance Sheet	1
Notes to the Financial Statements	2

Crofthead AD Limited

(Registration number: SC492232)
Balance Sheet as at 31 December 2022

	Note	2022 £	2021 £
Fixed assets
Tangible assets	4	613,306	661,553
Current assets
Debtors	5	98,173	78,786
Cash at bank and in hand		40,371	58,989
		138,544	137,775
Creditors: Amounts falling due within one year	6	(59,151)	(14,720)
Net current assets		79,393	123,055
Total assets less current liabilities		692,699	784,608
Creditors: Amounts falling due after more than one year	6	(1,091,251)	(1,117,647)
Net liabilities		(398,552)	(333,039)
Capital and reserves
Allotted, called up and fully paid share capital		1,000	1,000
Profit and loss account		(399,552)	(334,039)
Total equity		(398,552)	(333,039)

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 31 October 2023 and signed on its behalf by:
 

.........................................

M Hornhuber

Director

Crofthead AD Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

1	General information

The company is a private company limited by share capital, incorporated in Scotland.

The principal place of business is:
Crofthead
Crocketford
DUMFRIES
DG2 8QW

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern
As a result of losses incurred and the net liabilities position of the company at 31 December 2022, the going concern assumption and the ability to continue to trade is largely dependent on the provision of continued financial support by way of loans from shareholders, Biogas4farmers Beteiligungs GmbH and BIOGEST Invest S.A.S. Both shareholders have provided confirmations pertaining to the provision of continued support and non-withdrawal of loans. On the basis of this support, the directors consider it appropriate to prepare the financial statements on the going concern basis.

However, should the company not have the support of its shareholders, and therefore be unable to continue trading, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for any further liabilities which might arise, and to reclassify fixed assets and long term liabilities as current assets and current liabilities.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 31 October 2023 was Steven Barnes, who signed for and on behalf of Dodd & Co Audit Limited.

Crofthead AD Limited

Notes to the Financial Statements for the Year Ended 31 December 2022 (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation, including finance costs.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	5% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Crofthead AD Limited

Notes to the Financial Statements for the Year Ended 31 December 2022 (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2021 - 2).

4	Tangible assets

	Plant and machinery  £	Total £
Cost or valuation
At 1 January 2022	957,745	957,745
At 31 December 2022	957,745	957,745
Depreciation
At 1 January 2022	296,192	296,192
Charge for the year	48,247	48,247
At 31 December 2022	344,439	344,439
Carrying amount
At 31 December 2022	613,306	613,306
At 31 December 2021	661,553	661,553

5

Debtors

Crofthead AD Limited

Notes to the Financial Statements for the Year Ended 31 December 2022 (continued)

	2022 £	2021 £
Trade debtors	23,500	7,512
Other debtors	74,673	71,274
	98,173	78,786

Crofthead AD Limited

Notes to the Financial Statements for the Year Ended 31 December 2022 (continued)

6

Creditors

		2022 £	2021 £
Due within one year
Trade creditors		42,196	11,040
Other creditors		16,955	3,680
		59,151	14,720
Due after one year
Amounts owed to group undertakings and undertakings in which the company has a participating interest		1,091,251	1,117,647

Following a shareholding restructure and refinancing of borrowings during 2021, loan terms have changed with the capital repayment profile now dependent on a number of variable factors, including the availability of surplus cash subsequent to satisfying working capital requirements. As such it is not possible to quantify the amounts repayable after 5 years.

7	Parent and ultimate parent undertaking

There is no immediate or ultimate controlling party.