REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE PERIOD 3 MARCH 2022 TO 31 MARCH 2023 |
FOR |
CCR ENERGY LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE PERIOD 3 MARCH 2022 TO 31 MARCH 2023 |
FOR |
CCR ENERGY LIMITED |
CCR ENERGY LIMITED (REGISTERED NUMBER: 13951868) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 3 MARCH 2022 TO 31 MARCH 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
CCR ENERGY LIMITED |
COMPANY INFORMATION |
FOR THE PERIOD 3 MARCH 2022 TO 31 MARCH 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Chartered Certified Accountants |
Orbit Business Centre |
Rhydycar Business Park |
Merthyr Tydfil |
CF48 1DL |
CCR ENERGY LIMITED (REGISTERED NUMBER: 13951868) |
BALANCE SHEET |
31 MARCH 2023 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
PROVISIONS FOR LIABILITIES | 10 | ( |
) |
NET LIABILITIES | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) |
( |
) |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
CCR ENERGY LIMITED (REGISTERED NUMBER: 13951868) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 3 MARCH 2022 TO 31 MARCH 2023 |
1. | STATUTORY INFORMATION |
CCR Energy Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Tangible fixed assets |
Plant and machinery etc | - |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Capitalisation of borrowing costs |
Loan interest is being incurred on a loan, which has been drawn down for the sole purpose of the purchase and remediation of the site known as Aberthaw Power Station. These borrowing costs have therefore been capitalised. |
Borrowing costs of £69,889 have been incurred during the period, and have been capitalised. Additional borrowing costs will occur over the lifetime of the project, and these have been provided for with the provision for future development costs of £27.8m. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
CCR ENERGY LIMITED (REGISTERED NUMBER: 13951868) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 3 MARCH 2022 TO 31 MARCH 2023 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
Additions |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
5. | INVESTMENT PROPERTY |
The Investment Property valuation stated at the period end comprises of costs defrayed to date, including site acquisition, of £9,145,174, plus a provision for future costs of £27,847,646. Please refer to note 10. |
6. | DEBTORS |
£ |
Amounts falling due within one year: |
Other debtors |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
Included within debtors is an amount receivable after more than one year of £1,413,760. A bond has been deposited with Natural Resources Wales, and this will be retained until the company has fulfilled various obligations pertaining to the remediation of the site at Aberthaw. |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Trade creditors |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
£ |
Other creditors |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Other loans more than 5 years - Non-instalments |
CCR ENERGY LIMITED (REGISTERED NUMBER: 13951868) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 3 MARCH 2022 TO 31 MARCH 2023 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
£ |
Other loans |
Borrowings have been secured from The County Council of the City and County of Cardiff on behalf of Cardiff Capital Region. These borrowings are secured via a fixed and floating charge on the assets of CCR Energy Limited. |
The terms of the borrowing do not contain a repayment schedule. The borrowings will become due for repayment, as and when the company has generated sufficient profits, to enable it to commence repayment. This is not expected to be within 5 years. |
Interest charged on the borrowings is not repayable when incurred, but will be repaid together with the loan capital, when repayments commence. |
10. | PROVISIONS FOR LIABILITIES |
£ |
Other provisions | 27,847,646 |
Remediatio |
n at |
Aberthaw |
£ |
Capitalisation of provision | 27,847,646 |
Balance at 31 March 2023 |
CCR Energy Limited has an obligation to remediate the site at Aberthaw Power Station, and to return the land to a safe, reusable condition. |
Initial calculations suggest that the cost of these works, including the cost of acquiring the site, will be in the region of £38m. |
Some of these costs have been defrayed in this financial year, with a provision being recognised for the balance of the remaining estimated costs. |
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
12. | ULTIMATE CONTROLLING PARTY |
At the year-end, 100% of CCR Energy Limited shares were held by Cardiff Council on behalf of Cardiff Capital Region. It is anticipated that, on 1 April 2024, the sole shareholding will be transferred from Cardiff Council to the new South East Wales Corporate Joint Committee (CJC). The CJC is governed by the Leaders of each of the ten constituent local authorities of Cardiff Capital Region. |
CCR ENERGY LIMITED (REGISTERED NUMBER: 13951868) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 3 MARCH 2022 TO 31 MARCH 2023 |
13. | GOING CONCERN |
The company has agreed financing with The County Council of the City and County of Cardiff on behalf of Cardiff Capital Region, which will allow it to carry out the purchase and remediation work at the site at Aberthaw. |
This work is likely to be carried out over several years, and the maximum funding initially agreed upon from The County Council of the City and County of Cardiff on behalf of Cardiff Capital Region is in the region of £38 million. |