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Registered number: 10166467
















CELTIC SEA POWER LIMITED
FORMERLY KNOWN AS WAVE HUB DEVELOPMENT SERVICES LIMITED 




FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

































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CELTIC SEA POWER LIMITED
REGISTERED NUMBER:10166467

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
33,307
38,149

Investments
 5 
1
1

  
33,308
38,150

Current assets
  

Debtors: amounts falling due within one year
 6 
1,248,283
676,267

Cash at bank and in hand
 7 
455,604
473,368

  
1,703,887
1,149,635

Creditors: amounts falling due within one year
 8 
(737,194)
(1,185,587)

Net current assets/(liabilities)
  
 
 
966,693
 
 
(35,952)

Total assets less current liabilities
  
1,000,001
2,198

Creditors: amounts falling due after more than one year
 9 
(1,000,000)
(2,197)

  

Net assets
  
1
1


Capital and reserves
  

Called up share capital 
 11 
1
1

  
1
1


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 have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 





S C Jermy
Director

Date: 9 October 2023

The notes on pages 2 to 9 form part of these financial statements.
Page 1


CELTIC SEA POWER LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


GENERAL INFORMATION

Celtic Sea Power Limited is a company incorporated in England and Wales, company number 10166467. The company was formerly known as Wave Hub Development Services Limited and changed its name after the year end, on 1 June 2022.
The registered office is Chi Gallos, Hayle Renewables Business Park, North Quay, Hayle, Cornwall, TR27 4DD. The principal activity during the year was that of development in the offshore  renewable energy sector.

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 following principal accounting policies have been applied:

 
2.2

GOING CONCERN

Cornwall Council has confirmed its intention to continue to support the Company financially for a period of not less than 12 months from the date on which the financial statements for the year ended 31 March 2023 are approved by the Directors.
 
Specifically the Directors have taken into account of the following matters where considering the appropriateness of the going concern basis: 
• Cornwall Council letter of support 
• Parental guarantee as and when required 
• Cash-flow facility
Taking account of these factors, the directors have prepared the accounts on a going concern basis.

Page 2


CELTIC SEA POWER LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.ACCOUNTING POLICIES (continued)

  
2.3

INCOME

Income is recognised in respect of services supplied during the year, exclusive of Value Added Tax. It includes:
OPERATIONAL INCOME
Income received from Cornwall Council for the operational management of Celtic Sea Power Limited is matched to the expenditure incurred by the company during the period of the accounts.
DEMONSTRATION ZONES INCOME
Demonstration Zone Income represents funding for the Pembrokeshire Demonstration Zone – Phase 2, Consenting & Detailed Design. The Income is matched to expenditure incurred by the company during the period of the accounts. This is a project part funded by European Regional Development Fund and Pembrokeshire County Council.
CORNWALL FLOATING OFFSHORE WIND ACCELERATOR INCOME
Cornwall Floating Offshore Wind Accelerator income represents funding for the Cornwall FLOW Accelerator Project. The Income is matched to expenditure incurred by the company during the period of the accounts. This is a project part funded by the European Regional Development Fund.
CONSULTANCY
Developer Services Agreement Income is for services to provide expedited guidance, advice and information. The income is matched to expenditure incurred by the company during the period of the accounts.
MHPA income is for services to provide research into the skills gap in Cornwall. The income is matched to expenditure incurred by the company during the period of the accounts.
CENTRICA RECHARGES
High Voltage Electricity costs covered by Centrica as part of the Battery Project Agreement. Income is matched to expenditure incurred by the company during the period of the accounts.
ANCHOR BLOCKS REMOVAL
Income received from Cornwall Council to remove the six Anchor Blocks from the Twin Hub site as required by The Crown Estate.
MISSING MIDDLE
Missing Middle income represents income received from the Cornwall & Isles of Scilly Local Enterprise Partnership for services provided to undertake a study to understand how to maximise local content in Celtic Sea Floating Offshore Wind Farms. Income is matched to expenditure incurred by the company during the period of the accounts.

Page 3


CELTIC SEA POWER LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.ACCOUNTING POLICIES (continued)

 
2.4

OPERATING LEASES: THE COMPANY AS LESSEE

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

GOVERNMENT GRANTS

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

 
2.6

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.

 
2.7

BORROWING COSTS

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

 
2.8

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

 
2.9

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 reporting date in the countries where the company operates and generates income.

Page 4


CELTIC SEA POWER LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.ACCOUNTING POLICIES (continued)

 
2.10

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
Office equipment
-
3 year straight line
Computer equipment
-
1 - 3 years straight line

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.

 
2.11

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.12

ASSOCIATES AND JOINT VENTURES

Associates and Joint Ventures are held at cost less impairment.

 
2.13

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.

 
2.14

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.

 
2.15

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.
 
 
2.16

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 related parties and investments in ordinary shares.

Page 5


CELTIC SEA POWER LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 20 (2022: 11).


4.


TANGIBLE FIXED ASSETS





Freehold property
Office equipment
Computer equipment
Total

£
£
£
£



COST


At 1 April 2022
22,797
2,375
16,475
41,647


Additions
-
-
16,984
16,984


Disposals
-
-
(1,274)
(1,274)



At 31 March 2023

22,797
2,375
32,185
57,357



DEPRECIATION


At 1 April 2022
-
371
3,127
3,498


Charge for the year on owned assets
-
792
20,060
20,852


Disposals
-
-
(300)
(300)



At 31 March 2023

-
1,163
22,887
24,050



NET BOOK VALUE



At 31 March 2023
22,797
1,212
9,298
33,307



At 31 March 2022
22,797
2,004
13,348
38,149


5.


FIXED ASSET INVESTMENTS





Investment in joint ventures

£



COST


At 1 April 2022
1



At 31 March 2023
1




Page 6


CELTIC SEA POWER LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


DEBTORS

2023
2022
£
£


Trade debtors
5,148
92,831

Amounts owed by group undertakings
40
-

Other debtors
85,630
642

Prepayments and accrued income
1,157,465
582,794

1,248,283
676,267



7.


CASH AND CASH EQUIVALENTS

2023
2022
£
£

Cash at bank and in hand
455,604
473,368



8.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
2022
£
£

Trade creditors
51,821
83,030

Other taxation and social security
27,124
69,767

Accruals and deferred income
658,249
1,032,790

737,194
1,185,587



9.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023
2022
£
£

Other loans
1,000,000
-

Accruals and deferred income
-
2,197


Page 7


CELTIC SEA POWER LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

10.


LOANS


Analysis of the maturity of loans is given below:


2023
2022
£
£



AMOUNTS FALLING DUE 2-5 YEARS

Other loans
1,000,000
-


1,000,000
-



11.


SHARE CAPITAL

2023
2022
£
£
ALLOTTED, CALLED UP AND FULLY PAID



1 (2022: 1) Ordinary share of £1.00
1
1



12.


PENSION COMMITMENTS

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in a independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £39,342 (2022: £14,999. Contributions totalling £nil (2022: £2,374) were payable to the fund at the balance sheet date.


13.


COMMITMENTS UNDER OPERATING LEASES

At 31 March 2023 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
12,680
21,679

Later than 1 year and not later than 5 years
1,620
14,672

14,300
36,351

Page 8


CELTIC SEA POWER LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

14.


RELATED PARTY TRANSACTIONS

During the year Celtic Sea Power Limited made purchases of £70,888 (2022: £48,384) and recognised income of £347,588 (2022: £444,352) from Cornwall Council, the ultimate controlling party and sole shareholder. At the year end the company owed £26,058 (2022: £20,184) to Cornwall Council.
During the year, Celtic Sea Power Limited drew down a working capital loan of £1,000,000 from Cornwall Council and paid interest of £18,500 in respect of this loan. 
During the year Celtic Sea Power Limited paid £1,710 (2022: £49,215) to Cornwall Development Company Limited for consultancy and vice chair services. Cornwall Development Company Limited is another wholly owned subsidiary of Cornwall Council. At the year end, the company owed £Nil  (2022: £3,393) to Cornwall Development Company Limited. One of the directors of Celtic Sea Power Limited was employed by Cornwall Development Company Limited as at 31 March 2023.
During the year Celtic Sea Power received funding of £24,900 (2022: £nil) from Cornwall & Isles of Scilly Local Enterprise Partnership for a project. A director of Celtic Sea Power is also a director of Cornwall & Isles of Scilly Local Enterprise Partnership.
At the year end, £40 (2022: £nil) was owed to Celtic Sea Power by Wave Hub Grid Connections Limited, a joint venture of Celtic Sea Power. 


15.


CONTROLLING PARTY

Cornwall Council, the direct parent undertaking, is considered the ultimate controlling party due to its 100% shareholding of the company.


16.


AUDITORS' INFORMATION

The auditors' report on the financial statements for the year ended 31 March 2023 was unqualified.

The audit report was signed on 10 October 2023 by Tim Borton FCA (Senior statutory auditor) on behalf of Bishop Fleming LLP.

 
Page 9