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Registered number: 06488873










Thanet Energy Limited










Directors' report and financial statements

For the year ended 31 December 2021



 
Thanet Energy Limited
 

Company Information


Directors
C P Mack 
W J M Grootscholten 
P Van Malkenhorst 




Company secretary
M Huckstep



Registered number
06488873



Registered office
The Packhouse
Barrow Man Road

Birchington

Kent

CT7 0AX




Independent auditors
Kreston Reeves LLP
Chartered Accountants & Statutory Auditor

37 St Margaret's Street

Canterbury

Kent

CT1 2TU




Bankers
HSBC Bank
Lakeview West

Crossways Business Park

Dartford

DA2 6QE




Solicitors
Beachcroft LLP
25 Walbrook

London

EC4N 8AF





 
Thanet Energy Limited
 

Contents



Page
Directors' report
1
Directors' responsibilities statement
2
Independent auditors' report
3 - 6
Statement of income and retained earnings
7
Balance sheet
8
Notes to the financial statements
9 - 15


 
Thanet Energy Limited
 

 
Directors' report
For the year ended 31 December 2021

The directors present their report and the financial statements for the year ended 31 December 2021.

Principal activity

The company is the transmission and connection company for the purchase and supply of electricity between the glasshouses and packhouse on the site and the National Grid. The company holds the connection agreement for the site with UK Power Networks.

Directors

The directors who served during the year were:

C P Mack 
W J M Grootscholten 
P Van Malkenhorst 

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

Under section 487(2) of the Companies Act 2006Kreston Reeves LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.


In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board on 30 August 2022 and signed on its behalf.
 





M Huckstep
Secretary

Page 1

 
Thanet Energy Limited
 

Directors' responsibilities statement
For the year ended 31 December 2021

The directors are responsible for preparing the Directors' report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors 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 Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:

select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;


prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 2

 
Thanet Energy Limited
 

 
Independent auditors' report to the members of Thanet Energy Limited
 

Opinion


We have audited the financial statements of Thanet Energy Limited (the 'Company') for the year ended 31 December 2021, which comprise the Statement of income and retained earnings, the Balance sheet and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the Company's affairs as at 31 December 2021 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 directors' 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 Company'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 directors with respect to going concern are described in the relevant sections of this report.

Other information


The other information comprises the information included in the Annual Report other than the financial statements and  our Auditors' report thereon.  The directors are responsible for the other information contained within the Annual Report.  Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, 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.

We have nothing to report in this regard.

Page 3

 
Thanet Energy Limited
 

 
Independent auditors' report to the members of Thanet Energy Limited (continued)


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

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
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' report and from the requirement to prepare a Strategic report.

Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 2, the directors 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 directors 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 directors are responsible for assessing the Company'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 directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Page 4

 
Thanet Energy Limited
 

 
Independent auditors' report to the members of Thanet Energy Limited (continued)


Auditors' 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 Auditors' 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.

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:

Capability of the audit in detecting irregularities, including fraud
The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks.
Based on our understanding of the company and industry, and through discussion with the directors and other management (as required by auditing standards), we identified that the principal risks of non-compliance with laws and regulations related to health and safety, anti-bribery and employment law. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and taxation legislation. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journals to increase revenue or reduce expenditure and management bias in judgemental areas of the financial statements such as the valuation of work in progress. Audit procedures performed by the engagement team included:
• Discussions with management and assessment of known or suspected instances of non-compliance with   laws and regulations (including health and safety, DEFRA) and fraud; and
• Assessment of identified fraud risk factors; and
• Review of transactions throughout the period to identify any previously undisclosed transactions with    related parties outside the normal course of business; and
• Review of significant and unusual transactions and evaluation of the underlying financial rationale     supporting the transactions

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
Page 5

 
Thanet Energy Limited
 

 
Independent auditors' report to the members of Thanet Energy Limited (continued)


Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' report. However, future events or conditions may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' 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 Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.




Samantha Rouse FCCA DChA (Senior statutory auditor)
  
for and on behalf of
Kreston Reeves LLP
 
Chartered Accountants
Statutory Auditor
  
Canterbury

31 August 2022
Page 6

 
Thanet Energy Limited
 

Statement of income and retained earnings
For the year ended 31 December 2021

2021
2020
£
£

Turnover
  
-
-

Net operating expenses
  
171,245
(12,095)

Operating profit/(loss)
  
171,245
(12,095)

Interest receivable and similar income
  
-
40

Interest payable and expenses
  
(338)
-

Profit/(loss) before tax
  
170,907
(12,055)

Tax on profit/(loss)
  
-
-

Profit/(loss) after tax
  
170,907
(12,055)

  

Retained earnings at the beginning of the year
  
(161,280)
(149,225)

Profit/(loss) for the year
  
170,907
(12,055)

Retained earnings at the end of the year
  
9,627
(161,280)
The notes on pages 9 to 15 form part of these financial statements.

Page 7

 
Thanet Energy Limited
Registered number: 06488873

Balance sheet
As at 31 December 2021

2021
2020
Note
£
£

  

Fixed assets
  

Tangible assets
 4 
863,100
902,849

Current assets
  

Debtors: amounts falling due within one year
 5 
152,189
167,157

Cash at bank and in hand
  
27,217
16,071

  
179,406
183,228

Creditors: amounts falling due within one year
 6 
(1,017,179)
(1,246,657)

Net current liabilities
  
 
 
(837,773)
 
 
(1,063,429)

  

Creditors: amounts falling due after more than one year
 7 
(15,000)
-

  
10,327
(160,580)

Net assets/(liabilities)
  
10,327
(160,580)


Capital and reserves
  

Called up share capital 
 9 
700
700

Profit and loss account
 10 
9,627
(161,280)

  
10,327
(160,580)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 August 2022.




P Van Malkenhorst
Director

The notes on pages 9 to 15 form part of these financial statements.

Page 8

 
Thanet Energy Limited
 

 
Notes to the financial statements
For the year ended 31 December 2021

1.


General information

Thanet Energy Limited is a limited liability company incorporated in England and Wales.
The address of the registered office is The Packhouse, Barrow Man Road, Birchington, Kent, CT7 0AX. The company's registered number is 06488873.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.

The financial statements are presented to the nearest pound. 

The following principal accounting policies have been applied:

 
2.2

Going concern

At 31 December 2021, the company has net assets of £10,327. The accounts have been prepared on the going concern basis as the company has received an indication from its shareholders that they will provide such financial support as the company requires for its continued operations for a period not less than 12 months from the date these financial statements are approved.
The directors have considered the impact of the COVID-19 virus on the shareholders ability to provide financial support, so far as reasonably possible, due to its unprecedented impact on the wider economy, it is difficult to evaluate with any certainty the potential outcomes on the shareholder’s trade, its customers and suppliers. However, taking into consideration the UK Government’s response and the shareholders planning, added to the fact the shareholders are vital in the provision of providing fruit and vegetables to the public, the directors have a reasonable expectation that the shareholders will continue in operational existence for the foreseeable future, and will therefore be able to provide the financial support if required by the company.

Page 9

 
Thanet Energy Limited
 

 
Notes to the financial statements
For the year ended 31 December 2021

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs 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.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 10

 
Thanet Energy Limited
 

 
Notes to the financial statements
For the year ended 31 December 2021

2.Accounting policies (continued)

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.8

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
Not depreciated
Plant and machinery
-
25 years

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.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 11

 
Thanet Energy Limited
 

 
Notes to the financial statements
For the year ended 31 December 2021

2.Accounting policies (continued)

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2021
        2020
            No.
            No.







Directors
3
3

Page 12

 
Thanet Energy Limited
 

 
Notes to the financial statements
For the year ended 31 December 2021

4.


Tangible fixed assets





Freehold land
Plant and machinery
Total

£
£
£



Cost or valuation


At 1 January 2021
35,000
993,721
1,028,721



At 31 December 2021

35,000
993,721
1,028,721



Depreciation


At 1 January 2021
-
125,872
125,872


Charge for the year on owned assets
-
39,749
39,749



At 31 December 2021

-
165,621
165,621



Net book value



At 31 December 2021
35,000
828,100
863,100



At 31 December 2020
35,000
867,849
902,849


5.


Debtors

2021
2020
£
£


Trade debtors
2,744
-

Amounts owed by group undertakings
2,742
4,170

Other debtors
146,703
162,987

152,189
167,157



6.


Creditors: Amounts falling due within one year

2021
2020
£
£

Other loans
36,000
-

Trade creditors
196,448
-

Amounts owed to group undertakings
118,188
-

Amounts owed to connected companies
12,362
306,060

Other creditors
654,181
940,597

1,017,179
1,246,657


Page 13

 
Thanet Energy Limited
 

 
Notes to the financial statements
For the year ended 31 December 2021

7.


Creditors: Amounts falling due after more than one year

2021
2020
£
£

Other loans
15,000
-

15,000
-



8.


Loans


Analysis of the maturity of loans is given below:


2021
2020
£
£

Amounts falling due within one year

Other loans
36,000
-


36,000
-

Amounts falling due 1-2 years

Other loans
15,000
-


15,000
-



51,000
-



9.


Share capital

2021
2020
£
£
Allotted, called up and fully paid



700 (2020 - 700) Ordinary shares of £1.00 each
700
700



10.


Reserves

Profit and loss account

This reserve comprises all current and prior period retained profits and losses after deducting and distributions made to the company's shareholders. 

Page 14

 
Thanet Energy Limited
 

 
Notes to the financial statements
For the year ended 31 December 2021

11.


Controlling party

The company is a subsidiary of TG1 Holding Ltd, a company incorporated in England and Wales, due to TG1 Holding Ltd holding a majority of the voting rights. 
In the opinion of the directors there is no controlling party.
Copies of the consolidated financial statements of TG1 Holding Ltd can be obtained from the company secretary at The Packhouse, Barrow Man Road, Birchington, Kent CT7 0AX.


Page 15