Company Registration No. 04344423 (England and Wales)
LONDON ARRAY LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
LONDON ARRAY LIMITED
COMPANY INFORMATION
Directors
S M Menzendorf
S P Baneke
H M Al Meer
D S Wain
L De Haro Izquierdo
R A Crowhurst
M B M Vray
S B Lilley
C W-Y Lee
P M Hernandez De Riquer
L H Rose
(Appointed 1 January 2024)
S J Stanton
(Appointed 1 January 2024)
T V R Moreira
(Appointed 15 August 2024)
Secretary
P A Sainsbury
Company number
04344423
Registered office
Windmill Hill Business Park
Whitehill Way
Swindon
Wiltshire
United Kingdom
SN5 6PB
Auditor
Kreston Reeves LLP
Chartered Accountants and Statutory Auditor
Innovation House
Ramsgate Road
Sandwich
Kent
United Kingdom
CT13 9FF
Business address
Operations & Management Building
Port Of Ramsgate
Military Road
Ramsgate
Kent
United Kingdom
CT11 9LG
LONDON ARRAY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
LONDON ARRAY LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
4
303,869
2,516,791
Cash at bank and in hand
300
300
304,169
2,517,091
Creditors: amounts falling due within one year
5
(303,869)
(2,516,791)
Net current assets
300
300
Capital and reserves
Called up share capital
6
300
300
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 19 September 2024 and are signed on its behalf by:
R A Crowhurst
Director
Company Registration No. 04344423
LONDON ARRAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
London Array Limited is a private company limited by shares incorporated in England and Wales. The registered office is Windmill Hill Business Park, Whitehill Way, Swindon, Wiltshere, United Kingdom, SN5 6PB
The principal activity of the company continued to be that of the operator of the London Array wind farm.
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 as applicable to companies subject to the small companies regime. 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 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.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover comprises amounts recharged to the company's controlling parties in respect of grid use-of-system charges, generation licence payments and any other direct purchases (including payroll costs) incurred by the company, acting as principal or undisclosed agent in respect of the London Array wind farm. Turnover excludes value added tax, and all arises in the United Kingdom.
1.4
Financial instruments
The company applies the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments, which are classified as basic.
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.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in profit or loss.
LONDON ARRAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Derecognition of financial assets
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.
Basic financial liabilities
Basic financial liabilities, including creditors, 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 receipts discounted at a market rate of interest.
1.5
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.
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
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.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
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.
The opinion of the directors is that there are no significant judgements or estimation uncertainty.
LONDON ARRAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
34
The company's payroll was active until April 2023.
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by undertakings with control, joint control or significant influence over the company
2,432,545
Other debtors
253,203
262
Prepayments and accrued income
666
33,984
253,869
2,466,791
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
50,000
50,000
Total debtors
303,869
2,516,791
5
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to undertakings with control, joint control or significant influence over the company
217,742
Taxation and social security
268,606
Other creditors
19,643
Accruals and deferred income
86,127
2,228,542
303,869
2,516,791
LONDON ARRAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
6
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
300 Ordinary shares of £1 each
300
300
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.
The audit report was signed on 20 September 2024 by Mark Attwood FCCA (senior statutory auditor) on behalf of Kreston Reeves LLP.
8
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
2023
2022
£
£
Entities with control, joint control or significant influence over the company
41,752,452
54,678,077
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
217,742
-
2023
2022
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
-
2,432,545
LONDON ARRAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
9
Parent company
At 31 December 2023 the company was jointly owned and controlled by Greencoat London Array Limited (25%), RWE Renewables UK London Array Limited (30%), Masdar Energy UK Limited (20%) and Boreas (Investment) Limited (25%).
The respective ultimate controlling parties were Greencoat UK Wind PLC, a company registered in England and Wales; RWE AG, a company incorporated in Germany; the government of Abu Dhabi, United Arab Emirates; and, Gouvernement of Québec a government controlled financial institution of Québec, Canada.
On 16 August 2023, one of the shareholders, Orsted London Array II Limited, was acquired by Greencoat London Array HoldCo Limited. Following the acquisition, Orsted London Array II Limited was renamed Greencoat London Array Limited. The ultimate controlling party of Orsted London Array II Limited was Orsted A/S, a government controlled company incorporated in Denmark, prior to this acquisition.