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REGISTERED NUMBER: 13951868 (England and Wales)















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: O R Thomas



REGISTERED OFFICE: Aberthaw Power Station
The Leys
Aberthaw
Barry
CF62 4ZW



REGISTERED NUMBER: 13951868 (England and Wales)



SENIOR STATUTORY AUDITOR: Richard Phillips FCCA



AUDITORS: Baker Knoyle Audit Limited
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 34,420
Investment property 5 36,992,820
37,027,240

CURRENT ASSETS
Debtors 6 3,167,360
Cash at bank 4,094,709
7,262,069
CREDITORS
Amounts falling due within one year 7 727,467
NET CURRENT ASSETS 6,534,602
TOTAL ASSETS LESS CURRENT
LIABILITIES

43,561,842

CREDITORS
Amounts falling due after more than one
year

8

(15,769,889

)

PROVISIONS FOR LIABILITIES 10 (27,847,646 )
NET LIABILITIES (55,693 )

CAPITAL AND RESERVES
Called up share capital 1
Retained earnings (55,694 )
(55,693 )

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 2 March 2024 and were signed by:





O R Thomas - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance

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 1 .

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 34,420
At 31 March 2023 34,420
NET BOOK VALUE
At 31 March 2023 34,420

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 1,753,600

Amounts falling due after more than one year:
Other debtors 1,413,760

Aggregate amounts 3,167,360

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 453,179
Other creditors 274,288
727,467

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
£   
Other creditors 15,769,889

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Other loans more than 5 years -
Non-instalments

15,769,889

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 15,769,889

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 27,847,646

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.

Richard Phillips FCCA (Senior Statutory Auditor)
for and on behalf of Baker Knoyle Audit Limited

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.