Elmya Energy UK 17 Limited
Financial Statements
For the period ended 31 March 2024
Pages for Filing with Registrar
Company Registration No. 14535687 (England and Wales)
Elmya Energy UK 17 Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 6
Elmya Energy UK 17 Limited
Balance Sheet
As at 31 March 2024
Page 1
2024
Notes
£
£
Fixed assets
Tangible assets
3
71,644
Current assets
Debtors
4
67,388
Cash at bank and in hand
2,474
69,862
Creditors: amounts falling due within one year
5
(237,615)
Net current liabilities
(167,753)
Net liabilities
(96,109)
Capital and reserves
Called up share capital
6
100
Profit and loss reserves
(96,209)
Total equity
(96,109)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 11 September 2024 and are signed on its behalf by:
C  Pinar Celestino
Director
Company Registration No. 14535687
Elmya Energy UK 17 Limited
Notes to the Financial Statements
For the period ended 31 March 2024
Page 2
1
Accounting policies
Company information

Elmya Energy UK 17 Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor 9 Appold Street, London, United Kingdom, EC2A 2AP.

1.1
Reporting period

These accounts cover the 16 month period from 12 December 2022 to 31 March 2024 due to the company being incorporated on 12 December 2022.

1.2
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 as applicable to companies subject to the small companies regime.

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.

1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that thetrue company has adequate resources to continue in operational existence for the foreseeable future. The parent company Elmya Energy SLU has indicated it will provide sufficient financial support to Elmya Energy UK 17 Limited to enable it to continue to trade and to meet its liabilities as they fall due, for a period of at least 12 months from the date of signing the report.

 

The company had net loss of £72,867 for the period and has a net liability position of £72,767. The company is not expected to generate revenue for the next 12 months. However it is still the expectation of the directors that there are sufficient resources in place to satisfy all costs expected to be incurred.

 

Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

During 2022 site set up costs have been capitalised at cost and no depreciation provided as site is not yet in use. The depreciation will commence once the site is in use.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Elmya Energy UK 17 Limited
Notes to the Financial Statements (Continued)
For the period ended 31 March 2024
1
Accounting policies
(Continued)
Page 3

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
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.

1.7
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 debtors 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 transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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.

Elmya Energy UK 17 Limited
Notes to the Financial Statements (Continued)
For the period ended 31 March 2024
1
Accounting policies
(Continued)
Page 4
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
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
Employees
There were no employees during the year.
3
Tangible fixed assets
Assets under construction
£
Cost
At 12 December 2022
-
0
Additions
71,644
At 31 March 2024
71,644
Depreciation and impairment
At 12 December 2022 and 31 March 2024
-
0
0
Carrying amount
At 31 March 2024
71,644
Elmya Energy UK 17 Limited
Notes to the Financial Statements (Continued)
For the period ended 31 March 2024
Page 5
4
Debtors
2024
Amounts falling due within one year:
£
Prepayments and accrued income
67,388
5
Creditors: amounts falling due within one year
2024
£
Amounts owed to group undertakings
218,280
Other creditors
5,670
Accruals and deferred income
13,665
237,615

Amount owed to group undertakings are repayable on demand and an interest rate of 4% charged.

6
Called up share capital
2024
2024
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of £1 each
100
100
7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Darren Jordan
Statutory Auditor:
Moore Kingston Smith LLP
8
Related party transactions

The company has taken advantage of the exemption in Financial Reporting Standard 102 Section 33.1A from the requirement to disclose transactions with group companies on the grounds that all entities which were party to such transactions are wholly owned members of the group.

Elmya Energy UK 17 Limited
Notes to the Financial Statements (Continued)
For the period ended 31 March 2024
Page 6
9
Parent company

The immediate and ultimate parent undertaking is Elmya Energy SLU, a company incorporated in Spain. 

 

Group accounts are prepared but are not publicly available.

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