Company registration number 06860518 (England and Wales)
NUCLEAR ENGINEERING GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
NUCLEAR ENGINEERING GROUP LIMITED
COMPANY INFORMATION
Directors
Mr D J Brockman
Mr M Hawe
Ms F J Reilly
Mr A Basso
Dr R Adinolfi
Secretary
Mr D J Brockman
Company number
06860518
Registered office
PO Box 2944
Spring Road
Ettingshall
Wolverhampton
WV4 6JX
Auditor
Edwards
34 High Street
Aldridge
Walsall
West Midlands
WS9 8LZ
Solicitors
DLA Piper UK LLP
101 Barbirolli Square
Bridgewater
Manchester
M2 3DL
NUCLEAR ENGINEERING GROUP LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 17
NUCLEAR ENGINEERING GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report for the year ended 31 December 2023.

Fair review of the business

The company acts as a holding company for Nuclear Engineering (Holdings) Limited and is the ultimate UK parent company for the group's main trading subsidiary, Ansaldo Nuclear Limited, which provides engineering, manufacturing, commissioning and other services to the nuclear industry. The company also recharges management costs incurred to other group companies.

 

The profit for the financial year, amounted to £1,480 (2022: £1,422). Net assets were £19,020,422 (2022: £6,218,942).

 

The company issued new shares during the year for cash proceeds of £12,800,000 which were used to subscribe for new shares in its subsidiary Nuclear Engineering (Holdings) Limited.

Principal risks and uncertainties

Key risks and uncertainties facing the company relate principally to possible changes in the market driven by general economic conditions and the global nuclear industry. These risks are managed by regular communication with all relevant market participants and appropriate scenario planning.

Key performance indicators

Given the straightforward nature of the business, the company's directors are of the opinion that analysis using KPls is not necessary for an understanding of the development, performance or position of the business.

Financial risk management objectives and policies

The company is funded through intercompany loans. The main trading subsidiary in the UK is the company's indirect subsidiary undertaking, Ansaldo Nuclear Limited and further details of policies in relation to external financial risks can be found in the annual report and financial statements of that company.

 

This report was approved by the board on 8 March 2024 and signed on its behalf by:

Mr A Basso
Director
NUCLEAR ENGINEERING GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the company is that of a holding company

Results and dividends

The results for the year are set out on page 7.

 

No interim dividends were paid. The directors do not recommend payment of a final dividend.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr D J Brockman
Mr M Hawe
Ms F J Reilly
Mr A Basso
Mr N Baldwin
(Resigned 9 February 2023)
Dr R Adinolfi
Qualifying third party indemnity provisions

The company maintained throughout the year, and at the date of approval of the financial statements, liability insurance for its directors and officers. This is a qualifying provision for the purposes of the Companies Act 2006.

Future developments

The activities of the company are expected to continue on a similar basis in the future acting as a holding company.

Auditor

In accordance with the company's articles, a resolution proposing that Edwards be reappointed as auditor of the company will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

This report was approved by the board on
8 March 2024
08 March 2024
and signed on its behalf by:
Mr A Basso
Director
NUCLEAR ENGINEERING GROUP LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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:

 

 

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 enable them to ensure that the financial statements comply with the Companies Act 2006. They 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.

NUCLEAR ENGINEERING GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF NUCLEAR ENGINEERING GROUP LIMITED
- 4 -
Opinion

We have audited the financial statements of Nuclear Engineering Group Limited (the 'company') for the year ended 31 December 2023 which comprise the profit and loss account, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The 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:

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 Auditor's 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 UK, including the FRC’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 auditor's 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.

Opinions on other matters prescribed by the Companies Act 2006

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

NUCLEAR ENGINEERING GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF NUCLEAR ENGINEERING GROUP LIMITED
- 5 -
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 strategic report or 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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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.

Auditor's 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 auditor's 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.

We obtained an understanding of the legal and regulatory frameworks within which the Company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, Taxation legislation and Health & Safety regulations compliance.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be in the following areas: timing of recognition of income, the override of controls by management, inappropriate treatment of non-routine transactions and areas of estimation uncertainty. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, review and discussion of non-routine transactions, sample testing on the posting of journals and income transactions and review of accounting estimates for biases.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

NUCLEAR ENGINEERING GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF NUCLEAR ENGINEERING GROUP LIMITED
- 6 -

Use of our report

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

Paul Tonks BSc (Econ) FCA
Senior Statutory Auditor
For and on behalf of Edwards
11 March 2024
Chartered Accountants
Statutory Auditor
34 High Street
Aldridge
Walsall
West Midlands
WS9 8LZ
NUCLEAR ENGINEERING GROUP LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
2023
2022
Notes
£
£
Turnover
3
31,069
29,863
Administrative expenses
(29,589)
(28,441)
Profit before taxation
1,480
1,422
Tax on profit
6
-
0
-
0
Profit for the financial year
1,480
1,422

The profit and loss account has been prepared on the basis that all operations are continuing operations.

 

There is no comprehensive income for the financial years other than as included above. Accordingly, no separate statement of comprehensive income is presented.

NUCLEAR ENGINEERING GROUP LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 8 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
7
27,886,401
15,086,401
Current assets
Debtors
9
575,445
572,238
Creditors: amounts falling due within one year
10
(9,441,424)
(9,439,697)
Net current liabilities
(8,865,979)
(8,867,459)
Net assets
19,020,422
6,218,942
Capital and reserves
Called up share capital
12
19,101,964
6,301,964
Share premium account
25,730
25,730
Profit and loss reserves
(107,272)
(108,752)
Total equity
19,020,422
6,218,942
The financial statements were approved by the board of directors and authorised for issue on 8 March 2024 and are signed on its behalf by:
Mr A Basso
Director
Company Registration No. 06860518
NUCLEAR ENGINEERING GROUP LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
6,301,964
25,730
(110,174)
6,217,520
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
1,422
1,422
Balance at 31 December 2022
6,301,964
25,730
(108,752)
6,218,942
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
1,480
1,480
Issue of share capital
12
12,800,000
-
0
-
12,800,000
Balance at 31 December 2023
19,101,964
25,730
(107,272)
19,020,422
NUCLEAR ENGINEERING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
1
Accounting policies
Company information

Nuclear Engineering Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is PO Box 2944, Spring Road, Ettingshall, Wolverhampton, WV4 6JX.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

 

Nuclear Engineering Group Limited is a wholly owned subsidiary of Ansaldo Nucleare S.p.A and the results of Nuclear Engineering Group Limited are included in the consolidated financial statements of Ansaldo Energia S.p.A which are available from are available from Via Nicola Lorenzi, 8, Genova, Italy.

1.2
Going concern

The company is reliant on thetrue revolving credit facility provided by Ansaldo Energia S.p.A, a fellow group undertaking. The directors have received a written commitment of support from Ansaldo Energia S.p.A that it will continue to provide financial support to the company to enable it to meet in full its financial obligations as and when they fall due to enable the company to carry on its operations for a period of at least 12 months from the date of approval of these financial statements.

1.3
Turnover

Turnover comprises revenue recognised by the company in respect of intercompany trading during the year, exclusive of value added tax. The company recharges management costs incurred to other group companies. Revenue is measured at the fair value of the consideration received or receivable.

NUCLEAR ENGINEERING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 11 -
1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances and amounts owed by group undertakings, are initially measured at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment is recognised in the profit and loss account.

 

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Impairment of financial assets

At each balance sheet date non-financial assets not carried at fair value are assessed to determine whether there is an indication that the asset may be impaired. If there is such an indication the recoverable amount of the asset is compared to the carrying amount of the asset (or asset's cash generating unit).

 

The recoverable amount of the asset is the higher of the fair value less costs to sell and value in use. Value in use is defined as the present value of the future pre-tax and interest cash flows obtainable as a result of the asset's continued use. The pre-tax and interest cash flows are discounted using a pre-­tax discount rate that represents the current market risk free rate and the risks inherent in the asset.

 

If the recoverable amount of the asset is estimated to be lower than the carrying amount, the carrying amount is reduced to its recoverable amount.

NUCLEAR ENGINEERING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 12 -
Basic financial liabilities

Basic financial liabilities, including trade and other payables and amounts owed to group undertakings are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

 

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price.

1.7
Equity instruments

Ordinary shares are classified as equity. Dividends and other distributions to the company's shareholders are recognised as a charge in the financial statements in the period in which the dividend and other distributions are approved by the shareholders. These amounts are recognised in the statement of changes in equity.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

NUCLEAR ENGINEERING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 13 -
1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Impairment of investments

The directors are required to consider whether the carrying value of investments are supported by the estimated future cash flows of the business. In performing this review, the key assumptions used in this review relate to the cash flows extracted from the subsidiaries' budgets and forecasts, the discount rate and the annual terminal growth rate during the period of reference. The carrying value of investments as at 31 December 2023 is £27,886,401 (2022 - £15,086,401).

3
Turnover and other revenue

 

Turnover is attributable to the principal activity of the company and arose entirely within the United Kingdom.

 

4
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
3,300
2,550
For other services
Taxation compliance services
1,200
950

The audit and related fees have been paid through a subsidary of this company, and as such the actual expense has not been recognised in these financial statements

NUCLEAR ENGINEERING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
5
Employees / directors' remuneration

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Directors
5
6

The directors aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
24,700
23,750
Social security costs
2,198
2,588
Pension costs
2,691
2,085
29,589
28,423

In addition to the remuneration as noted above, the directors received benefits in kind amounting to £2,703 (2022 - £2,883) during the year.

 

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2022 - 1).

NUCLEAR ENGINEERING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
6
Taxation
2023
2022
£
£
Current tax
Total current tax
-
0
-
0
Deferred tax
Total deferred tax
-
0
-
0

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
1,480
1,422
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2022: 19.00%)
370
270
Tax effect of utilisation of tax losses not previously recognised
(370)
(270)
Change in unrecognised deferred tax assets
34,697
-
0
Effect of change in corporation tax rate
(34,697)
-
0
Taxation charge for the year
-
-

No deferred tax asset has been recognised in respect of trading losses as it is considered unlikely that the asset will be recoverable in the foreseeable future.

 

The potential deferred tax asset in respect of trading losses at 31 December 2023 is £145,740 (2022 - £111,043). Potential deferred tax for the year ended 31 December 2023 is calculated at 25% (2022 - 19%).

 

There are no factors to note which may affect future tax charges.

NUCLEAR ENGINEERING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
7
Fixed asset investments
2023
2022
Notes
£
£
Investments in subsidiaries
8
27,886,401
15,086,401
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 January 2023
15,086,401
Additions
12,800,000
At 31 December 2023
27,886,401
Carrying amount
At 31 December 2023
27,886,401
At 31 December 2022
15,086,401

On 19 December 2023, the company subscribed to a further 12,800,000 Ordinary shares of £1 each in its subsidiary undertaking Nuclear Engineering (Holdings) Limited, for a total consideration of £12,800,000.

8
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Address
Class of
% Held
shares held
Direct
Indirect
Nuclear Engineering (Holdings) Limited
Note 1
Ordinary
100
-
Ansaldo Nuclear Limited
Note 1
Ordinary
-
100

Registered office addresses:

Note 1
PO Box 2944, Spring Road, Ettingshall, Wolverhampton, WV4 6JX

The directors believe that the carrying value of the investments is supported by their value in use.

9
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
575,445
572,238

Amounts owed by group undertakings are unsecured, interest free with no fixed repayment date and includes a balance of £575,445 (2022 - £572,238) due from Nuclear Engineering (Holdings) Limited.

 

All financial instruments that are financial assets are measured at amortised cost.

NUCLEAR ENGINEERING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
10
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
9,441,424
9,439,697

Amounts owed to group undertakings are unsecured, interest free with no fixed repayment date and includes a balance of £9,441,424 (2022 - £9,439,697) due to Ansaldo Nuclear Limited.

 

All financial instruments that are financial liabilities are measured at amortised cost.

11
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
2,691
2,085

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

12
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
19,101,964
6,301,964
19,101,964
6,301,964

On 19 December 2023, 12,800,000 Ordinary shares of £1 each were issued at par and were fully paid in cash.

13
Related party transactions

The company has taken advantage of the exemption under FRS102 33.1A for the non-disclosure of related party transactions with other group entities. The company and all other group entities are wholly owned subsidiaries.

14
Ultimate controlling party

The immediate parent undertaking is Ansaldo Nucleare S.p.A., a company incorporated in Italy.

 

The ultimate parent undertaking is Ansaldo Energia S.p.A., a company incorporated in Italy.

 

Ansaldo Energia S.p.A. is the parent undertaking of the largest and smallest group of undertakings to consolidate these financial statements at 31 December 2023. The consolidated financial statements of Ansaldo Energia S.p.A. are available from Via Nicola Lorenzi, 8, Genova, Italy.

 

Ansaldo Energia S.p.A. is 88.6% owned by CDP Equity in the Cassa Depositi e Prestiti Group, an Italian state-owned entity (the ultimate controlling party) and 11.4% owned by Shanghai Electric Hong Kong Co Ltd.

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