REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 December 2023 |
for |
CGN Energy UK Two Limited |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 December 2023 |
for |
CGN Energy UK Two Limited |
CGN Energy UK Two Limited (Registered number: 11737207) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
CGN Energy UK Two Limited |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Certified Accountants |
and Statutory Auditors |
9 St Clare Street |
London |
EC3N 1LQ |
CGN Energy UK Two Limited (Registered number: 11737207) |
Statement of Financial Position |
31 December 2023 |
31.12.23 | 31.12.22 |
Notes | $'000 | $'000 | $'000 | $'000 |
FIXED ASSETS |
Investments | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Share premium |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
CGN Energy UK Two Limited (Registered number: 11737207) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
CGN Energy UK Two Limited is a |
The presentation currency of the financial statements is the US Dollar ($). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going Concern |
The company had net current assets of $15 million and net assets of $204 million. As an investment holding company, the management have given due consideration to historical and current trading, together with future projections on the investments held by the company. The director has a reasonable considered that the company has adequate resources to continue its operational existence for the foreseeable future, furthermore the intermediate holding company has confirmed in writing to continue support the company for 12 months from the date of signing the financial statements where necessary, hence the company continues to adopt the going concern basis in preparing its financial statements. |
Taxation |
Taxation on the profit or loss for the year 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, in which case it is recognised directly in equity or other comprehensive income. 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 statement of financial position date. Current tax is the expected tax payable or receivable on the taxable income or loss for the period, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Distributions to equity holders |
Dividends and other distributions to the group’s shareholders are recognised as a liability in the financial statements in the period in which the dividends and other distributions are approved by the shareholders. These amounts are recognised in the statement of changes in equity. |
Dividend income |
Dividend income is recognised when the right to receive payment is established. |
CGN Energy UK Two Limited (Registered number: 11737207) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments. |
Financial instruments are recognised 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 and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest. |
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
Basic financial liabilities |
Basic financial liabilities, including trade and other payables, and loans from 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. |
Debt instruments are subsequently carried at amortised cost, using the effective interest method. |
Other financial liabilities |
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. |
Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless they are included in a hedging arrangement. |
Share capital |
Financial instruments issued by the company are classified as equity only to the extent that they do not meet the definition of a financial liability or financial asset. |
The company's ordinary shares are classified as equity instruments. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
CGN Energy UK Two Limited (Registered number: 11737207) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
4. | FIXED ASSET INVESTMENTS |
Interest |
in other |
participating |
interests |
$'000 |
COST |
At 1 January 2023 |
and 31 December 2023 | 189,508 |
NET BOOK VALUE |
At 31 December 2023 | 189,508 |
At 31 December 2022 | 189,508 |
The interest represent 10.32% shareholding in CGN Brasil Energias e Participacoes S.A.. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
$'000 | $'000 |
Amounts owed by group undertakings |
Amounts owed by associates |
Other debtors |
Included in the amounts owed by group undertaking, $20,062,486 (2022: $16,345,387 shown as amounts owed by associate) represent the dividends receivable from CGN Brasil Energias e Participacoes S.A. which are unsecured and repayable on demand. |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
$'000 | $'000 |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
Amounts owed to group undertakings are unsecured, carry no fixed interest charge and are repayable on demand. |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.23 | 31.12.22 |
value: | $'000 | $'000 |
Ordinary | $1 | 1 | 1 |
CGN Energy UK Two Limited (Registered number: 11737207) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
7. | CALLED UP SHARE CAPITAL - continued |
There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital. The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the company. |
On incorporation, 100 ordinary shares of $1 each were issued and fully paid by the immediate parent company, Always Fine International Limited, a company registered in British Virgin Islands. |
On 30 December 2019, the 100 ordinary shares of $1 shares were redenominated into US$1.31 each and are sub-divided into 13,100 ordinary shares of $0.01 each, a further 86,900 of ordinary shares of $0.01 were allotted at $2,294.42 each and fully paid by Always Fine International Limited, the total ordinary shares of 100,000 of $0.01 each were consolidated into 1,000 ordinary shares of $1.00 each on the same day. |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
9. | RELATED PARTY DISCLOSURES |
Except for the disclosure in Note 7, the company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
10. | ULTIMATE CONTROLLING PARTY |
The immediate parent company is Always Fine International Limited, a company registered in British Virgin Islands. |
The ultimate controlling party is State-owned Assets Supervision and Administration Commission of the State Council ("SASAC" ), P.R. China. |
The smallest group for which consolidated financial statements are prepared is CGN Energy International Holding Co., Limited. The consolidated financial statements of CGN Energy International Holding Co., Limited are prepared in accordance with P.R.C. GAAP and are available to the public and may be obtained from 15th floor, Harbour Centre, 25 Harbour Road, Wanchai, Hong Kong. |