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Registered number: 10166467
















CELTIC SEA POWER LIMITED




FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024


































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CELTIC SEA POWER LIMITED
REGISTERED NUMBER:10166467

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
34,131
33,307

Investments
 5 
1
1

  
34,132
33,308

Current assets
  

Debtors: amounts falling due within one year
 6 
139,241
1,248,283

Cash at bank and in hand
  
995,259
455,604

  
1,134,500
1,703,887

Creditors: amounts falling due within one year
 7 
(663,485)
(737,194)

Net current assets
  
 
 
471,015
 
 
966,693

Total assets less current liabilities
  
505,147
1,000,001

Creditors: amounts falling due after more than one year
 8 
(500,000)
(1,000,000)

Provisions for liabilities
  

Deferred tax
  
(2,943)
-

Net assets
  
2,204
1


Capital and reserves
  

Called up share capital 
 11 
1
1

Revaluation reserve
 12 
2,203
-

  
2,204
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: 16 July 2024

The notes on pages 2 to 10 form part of these financial statements.

Page 1


CELTIC SEA POWER LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


GENERAL INFORMATION

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 2024 are approved by the Directors.
Cornwall Council have approved the 4-year Business plan 24-28.
Specifically, the Directors have taken into account of the following matters were considering the appropriateness of the going concern basis: -
• Cornwall Council letter of support
• Cornwall Council approval of the 4-year Business plan 24-28
• 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 2024

2.ACCOUNTING POLICIES (continued)

  
2.3

INCOME

IIncome 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 finished 30.06.23 and Pembrokeshire County Council. 
 
SWANSEA BAY CITY INCOME
 
Demonstration Zone Income represents funding for the Pembrokeshire Demonstration Zone – The Income is matched to expenditure incurred by the company during the period of the accounts. This is a project part funded by the Swansea Bay City Deal, funding managed by Pembrokeshire County Council.
 
CORNWALL FLOATING OFFSHORE WIND ACCELERATOR INCOME
 
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 and finished 30.06.23.
PERMAGOV 
Income represents funding for the Multi-Layer governance performance of marine policies Project. The Income is matched to expenditure incurred by the company during the period of the accounts. This project is funded by Innovate UK (Horizon Europe Guarantee)
CORNWALL FLOW COMMISSION
Income represents funding for the Cornwall FLOW Commission Project. The Income is matched to expenditure incurred by the company during the period of the accounts. This project is part funded by the Cornwall & Isles of Scilly Good Growth Shared Prosperity Fund.
FUTURE IS GREEN
Income represents funding for the Future is Green Project. The Income is matched to expenditure incurred by the company during the period of the accounts. This project is part funded by the Cornwall & Isles of Scilly Good Growth Shared Prosperity Fund.
CONSULTANCY
 
Commercial Consultancy Income is for services to provide expedited guidance, advice, and information

Page 3


CELTIC SEA POWER LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

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

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. 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 2024

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 Land
-
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

REVALUATION OF TANGIBLE FIXED ASSETS

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.12

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.13

ASSOCIATES AND JOINT VENTURES

Associates and Joint Ventures are held at cost less impairment.

 
2.14

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.

Page 5


CELTIC SEA POWER LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.ACCOUNTING POLICIES (continued)

 
2.15

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.

 
2.16

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.
 
 
2.17

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.


3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 21 (2023: 20).


4.


TANGIBLE FIXED ASSETS





Freehold land
Office equipment
Computer equipment
Total

£
£
£
£



COST OR VALUATION


At 1 April 2023
22,797
2,375
32,185
57,357


Additions
-
-
7,771
7,771


Revaluations
2,203
-
-
2,203



At 31 March 2024

25,000
2,375
39,956
67,331



DEPRECIATION


At 1 April 2023
-
1,163
22,887
24,050


Charge for the year on owned assets
-
792
8,358
9,150



At 31 March 2024

-
1,955
31,245
33,200



NET BOOK VALUE



At 31 March 2024
25,000
420
8,711
34,131



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

Page 6


CELTIC SEA POWER LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


FIXED ASSET INVESTMENTS





Investment in joint ventures

£



COST


At 1 April 2023
1



At 31 March 2024
1





6.


DEBTORS

2024
2023
£
£


Trade debtors
-
5,148

Amounts owed by group undertakings
53
40

Other debtors
-
85,630

Prepayments and accrued income
60,693
1,157,465

Tax recoverable
78,495
-

139,241
1,248,283



7.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Trade creditors
27,893
51,821

Other taxation and social security
96,146
27,124

Accruals and deferred income
539,446
658,249

663,485
737,194



8.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024
2023
£
£

Other loans
500,000
1,000,000


Page 7


CELTIC SEA POWER LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


LOANS


Analysis of the maturity of loans is given below:


2024
2023
£
£


AMOUNTS FALLING DUE 1-2 YEARS

Other loans
500,000
-


500,000
-

AMOUNTS FALLING DUE 2-5 YEARS

Other loans
-
1,000,000


500,000
1,000,000



10.


DEFERRED TAXATION




2024


£






Charged to profit or loss
(2,943)



AT END OF YEAR
(2,943)

The deferred taxation balance is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(2,943)
-

(2,943)
-


11.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



1 (2023: 1) Ordinary share of £1.00
1
1


Page 8


CELTIC SEA POWER LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

12.


RESERVES

Revaluation reserve

During the year, the company revalued their land. The revaluation reserve relates to the gain made on revaluation.


13.


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 £44,756 (2023: £39,432) Contributions totalling £nil (2023: £nil) were payable to the fund at the balance sheet date.


14.


COMMITMENTS UNDER OPERATING LEASES

At 31 March 2024 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
28,277
12,680

Later than 1 year and not later than 5 years
74,847
1,620

Later than 5 years
13,875
-

116,999
14,300


15.


RELATED PARTY TRANSACTIONS

During the year Celtic Sea Power Limited made purchases of £95,706 (2023: £70,888) and recognised income of £935,254 (2022: £728,301) from Cornwall Council, the ultimate controlling party and sole shareholder. At the year end the company owed £9,397 (2023: £26,058) to Cornwall Council.
During the year, Celtic Sea Power Limited drew down a further £1,000,000 of working capital loan from Cornwall Council taking the total to £2,000,000. Celtic Sea Power repaid £1,500,000 of this loan and paid interest of £51,125 (2023: £18,500) in respect of this loan to Cornwall Council. 
During the year Celtic Sea Power Limited paid £Nil (2023: £1,710) 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  (2023: £Nil) to Cornwall Development Company Limited.
During the year Celtic Sea Power received funding of £74,500 (2023: £24,900) 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, £13 (2022: £40) was owed to Celtic Sea Power by Wave Hub Grid Connections Limited, a joint venture of Celtic Sea Power. 

Page 9


CELTIC SEA POWER LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

16.


CONTROLLING PARTY

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


17.


AUDITORS' INFORMATION

The auditors' report on the financial statements for the year ended 31 March 2024 was unqualified.

The audit report was signed on 17 July 2024 by Nathan Coughlin FCA (Senior statutory auditor) on behalf of Bishop Fleming LLP.

 
Page 10