Registered number: 08833435
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Carlton Power Limited
Financial statements
Information for filing with the registrar
31 December 2023
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Balance sheet
At 31 December 2023
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Debtors: amounts falling due after more than one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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1
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Balance sheet (continued)
At 31 December 2023
The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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 comprehensive income 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 on 4 September 2024.
Company registered number: 08833435
The notes on pages 3 to 7 form part of these financial statements.
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Notes to the financial statements
Year ended 31 December 2023
Carlton Power Limited is a private company limited by shares incorporated and domiciled in England and Wales. The registered office is 26 Ellerbeck Court, Stokesley, Middlesbrough, England, TS9 5PT.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
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.
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Current and deferred taxation
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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 balance sheet date in the countries where the company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the company can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
3
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Notes to the financial statements
Year ended 31 December 2023
2.Accounting policies (continued)
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, as detailed below.
Depreciation is provided on the following basis:
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.
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
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Provisions for liabilities
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Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.
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 banks and other third parties, loans to related parties and investments in ordinary shares.
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The average monthly number of employees, including directors, during the year was 20 (2022 - 19).
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4
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Notes to the financial statements
Year ended 31 December 2023
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Investments in subsidiary companies
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5
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Notes to the financial statements
Year ended 31 December 2023
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Due after more than one year
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Amounts owed by group undertakings
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Amounts owed by connected companies
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Creditors: amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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6
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Notes to the financial statements
Year ended 31 December 2023
In 2014, the company acquired 100% of the share capital in Thorpe Marsh Power Limited. In addition to the purchase price of £1, the sale and purchase agreement defines a number of amounts that become payable by Carlton Power Limited if Thrope Marsh Power Limited achieves a specified milestone.
Achievement of the specified milestone is subject to a number of conditions outside the control of both Carlton Power Limited and Thorpe Marsh Power Limited and therefore the directors have considered the likelihood of achieving the milestones and consider it remote. Consequently, a potential maximum liability of £15,935,957 (2022 : £15,935,957) has not been provided for in these financial statements.
As part of the acquisition of Thorpe Marsh Power Limited in 2014 the shareholder loan that was payable by Thorpe Marsh Power Limited to the seller was assigned to the company. The loan amounted to £7,465,512 (2022 : £7,465,512), but is not included in the loan accounts above. This loan has not been recognised in these financial statements as Thorpe Marsh Power Limited is unlikely to have the resources to pay unless it achieves future milestones, which is considered improbable.
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Allotted, called up and fully paid
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7 (2022 - 7) ordinary shares of £0.01 each
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During the year the company operated a loan account with one of its directors. At the year end the amount owed to the company by the director was £157,683 (2022: £174,395). Loan interest of £3,558 (2022 : £595) was accrued during the year.
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The company is a subsidiary of Carlton Energy Limited by virtue of it holding all share capital.
The registered office of Carlton Energy Limited is 26 Ellerbeck Court, Stokesley, Middlesbrough, England, TS9 5PT.
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