Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2023
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COMPANY INFORMATION
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CONTENTS
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STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
ACCIONA is a global group that develops and manages sustainable infrastructure solutions, especially in renewable energy. Acciona’s business spans the entire value chain, from design and construction through to operation and maintenance. Acciona’s long history has led to the aspiration to make the planet a better place through activities that provide sustainable solutions to the main challenges that will define the future relationship of humanity with the Earth. Solutions that Acciona consider essential for current and future generations to enjoy a better life in harmony with the planet consist of Energy, Transport, Water, Social, Cities Reals Estate and Finance. With each of these concepts Acciona provides solutions as follows:
∙Energy - Wind power, Solar photovoltaic, Hydroelectric, Solar thermal, Biomass, New energy solutions, Distributed generation, O&M of renewable assets, Sale of energy & Energy services.
∙Transport – Bridges, Tunnels, Railways and railway services Subways and trams, Ports and water channels, Airports and airport services, Transport, infrastructure O&M, Freight forwarding, Data centres & substations and transmission networks.
∙Water - End-to-end water management, Purification, Desalination & Water services for cities, Water reuse.
∙Social – Healthcare, University campuses, Ecosystem regeneration, Museums and exhibitions & Event design and management.
∙Cities - Efficient building, Electric mobility, Circular economy: waste management and recovery & Urban ecosystems.
∙Real Estate - Sustainable and eco-friendly housing, Offices, Hotels, tourist resorts & Industrial properties.
∙Financial - Financial asset management & Capital markets.
To create a positive impact with its activity, ACCIONA invests in technology development and in projects capable of regenerating the planet. Our society is facing the greatest challenges in history, which is why ACCIONA is concentrating its efforts on providing the best solutions to accelerate the decarbonisation of the economy and the mitigation of, and adaptation to, climate change. Essential to this transformation strategy is its investment in caring for biodiversity and in efficient methods of water consumption, access and treatment. ACCIONA is also working on the development of new business models based on circularity, aimed at reducing natural resource consumption and achieving the goal of zero waste.
ACCIONA delivers waste collection and transport services for municipalities, including organic waste, glass, paper, cardboard, packaging, furniture and appliances, and garden waste. Separating waste in this way makes it possible to produce compost, in line with the requirements of the European taxonomy. By managing waste treatment centres, recycling centres and transfer plants, ACCIONA optimises recycling, reuse, reduction and recovery of municipal solid waste.
To expedite the transition to a circular economy, ACCIONA develops waste recovery projects. The advantage of this approach is not only that it reduces the amount of waste disposed of in landfills, as well as pollution, but also provides renewable energy. ACCIONA is currently working on the design, construction, and commissioning of 3 Energy from Waste plants in the United Kingdom (UK) named Ness (Aberdeen, Scotland), Kelvin (Birmingham, England) & North London (North London, England).
The principal business of Acciona Industrial UK Ltd (the company) is the offering of design, construction, and commissioning of Energy from Waste solutions. Acciona Industrial UK Ltd is a wholly owned subsidiary of Acciona Industrial S.A., a company incorporated in Spain. Both entities form part of the wider Acciona group, ultimately wholly owned by Acciona S.A., a company incorporated in Spain, and publicly listed on the Spanish stock exchange IBEX 35.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Market and economic risk
Despite a continued challenging period in the construction industry, whilst managing the complexity in the execution of the waste recovery plants under construction, Acciona is pleased to report that the resilience and commitment of our teams have provided some material successes during the reporting period.
∙Turnover - £107,450,472 / 2022: £112,611,384
∙Operating Profit/(Loss) - £(19,342,831) / 2022: £(50,946,626)
∙Profit/(Loss) after tax - £(15,909,656) / 2022: £(39,064,112)
Notwithstanding this year's financial impact on construction operations, the company is confident that the necessary risk-mitigation procedures have been put in place to lower risk for upcoming construction operations.
With the Ness project in Aberdeen, Scotland, now having completed the commissioning stage, the plant have been accepted by the client and is now officially in operations. This is a key achievement for Acciona in the reporting period and speak to the dedication and commitment of our teams. The works for the Birmingham, England-based Kelvin project is progressing well with major civil works now predominantly finished. Mechanical erection works are ongoing and 2024 will see the majority of disciplines mobilising to the project to drive completion of the works to allow the commissioning processes to commence. Acciona has no doubt that this will be a challenging year for the team but is equally confident that the same drive and dedication presented by our team on the delivery of the Ness project in Aberdeen, Scotland, will drive the successful delivery of the Kelvin works execution. For the Company's activities, the UK remains a market of reference, particularly in the area of projects with a high technological component, like waste recovery plants, continuing to explore more opportunities for further projects in the future.
Foreign exchange risk
The company manages its exposure to fluctuations in foreign currency through appropriate treasury management. To mitigate exposure to fluctuation in foreign currency exposure the company negotiates multiple currency contracts with clients and in the absences of multi-currency contracts the appropriate heding relationships are established with the banks.
Liquidity risk
Forecasts are produced to assist management in identifying liquidity requirements. Liquidity is managed within the group to mitigate any risk to the operational activities.
Interest rate risk
There is minimal interes rate risk to the company.
Credit risk
The company's principal financial assets are bank balances & trade receivables. The company's credit risk is primarily attributable to its trade receivables. The company deem this credit risk to be low.
The directors consider the key financial performance indicators to be turnover, operating profit and profit after tax.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Section 172 (1) (a) to (f) requires the company directors to consider, both individually and collectively, that they have acted in the way that they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole in the decisions taken during the current year.
When making these decisions the directors have given regard to: • The likely consequences of any decisions on the long-term; • The interests of the company’s employees; • The need to foster the company’s business relationships with suppliers, customers and others; • The impact of the company’s operations on the community and environment; • The desirability of the company maintaining a reputation for high standards of business conduct and • The need to act fairly between shareholders of the company The majority of stakeholder engagement is carried out by the board of directors who meet on a regular basis. The board considers and discusses information from across the organisation to help it understand the impact of the company’s operations, and the interests and views of our key stakeholders. It also reviews strategy, financial and operational performance as well as information covering areas such as key risks, and legal and regulatory compliance. As a result of these activities, the Board has an overview of engagement with stakeholders, and other relevant factors, which enables the directors to comply with their legal duty under section 172 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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DIRECTORS' REPORT
OFFICERS REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The directors present their report and the financial statements for the year ended 31 December 2023.
The loss for the year, after taxation, amounted to £15,909,656 (2022 - loss £39,064,112).
There were no dividends paid in the year (2022 - £NIL).
The directors who served during the year were:
ACCIONA invests in technology development and initiatives capable of regenerating the world in order to make a beneficial influence with its activities, ultimately promoting the objective of transitioning to a circular economy. The United Kingdom has been selected as a reference market for ACCIONA 's activities, particularly in the field of projects with a high technology component, such as waste recovery plants. The waste to energy sector, in which the company operates, is a highly competitive and challenging one, but the technology available at the moment is the most effective at creating a circular economy while reducing the environmental impact of waste disposal in landfills. During 2023, as part of its long-term business strategy, the corporation planned to make large investments in the industry which is evident with new projects now onboarded and in the early stage of execution.
The Company can acquire the best value, service, and quality by cultivating close relationships with suppliers. The Company works with suppliers who are familiar with our industry and follow our procedures. Our procurement and operations teams work hard to understand our supply chain and build stronger, more strategic relationships with important vendors.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
The Directors undertook the reporting in line with the GHG reporting protocol and is reported in tonnes of carbon dioxide equivalent (TCO2e) and energy usage in Gigajoule (GJ). The first submission covers the period 1 January 2023 – 31 December 2023.
The following gross emissions / intensity ratios are noted below:
UK energy use predominantly cover the construction activities undertaken for the development of Energy from Waste projects in the UK. Energy have increased during the prior year due to construction activities for new builds increasing.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Energy Efficiency action taken in financial year 2023 The company is planning towards a net zero future and are also proactive in identifying and implementing energy saving projects where possible. The company implements measures to reduce CO2 emission in the construction operations. These measures included, but not limited to; priority given to renewable energy suppliers for temporary electrical supply; selective no use of diesel generators, where possible; carbon reduction in design, reducing concrete and utilising precast options; sustainable procurement; concrete wash out recycling & water and powerless wheel wash for delivery vehicles.
There have been no significant events affecting the Company since the year end.
The auditor, Anderson Anderson & Brown Audit LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ACCIONA INDUSTRIAL UK LIMITED
We have audited the financial statements of Acciona Industrial UK Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’ (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ACCIONA INDUSTRIAL UK LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ACCIONA INDUSTRIAL UK LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 and Taxation legislation. We identified the greatest risk of material impact on the financial statements from irregularities including fraud to be: • Management override of controls to manipulate the company’s key performance indicators to meet targets • Timing and completeness of revenue recognition • Management judgement applied in calculating provisions, particularly in relation to revenue recognition and loss provisions • Compliance with relevant laws and regulations which directly impact the financial statements and those that the company needs to comply with for the purpose of trading Our audit procedures to respond to these risks included: • Testing of journal entries and other adjustments for appropriateness • Evaluating the business rationale of significant transactions outside the normal course of business • Reviewing judgments made by management in their calculation of accounting estimates for potential management bias • Enquiries of management about litigation and claims and inspection of relevant correspondence • Reviewing legal and professional fees to identify indications of actual or potential litigation, claims and any non-compliance with laws and regulations Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ACCIONA INDUSTRIAL UK LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Statutory Auditor
Kingshill View
Prime Four Business Park
Kingswells
AB15 8PU
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STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
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BALANCE SHEET
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 15 to 30 form part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The Company is a private limited company and is incorporated and domiciled in the United Kingdom. The address of its registered office is 37 Albyn Place, Aberdeen, Aberdeen City, United Kingdom, AB10 1YN.
2.Accounting policies
The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions under FRS 101:
∙the requirements of IFRS 7 Financial Instruments: Disclosures
∙the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers
∙the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:
- paragraph 73(e) of IAS 16 Property, Plant and Equipment;
- paragraph 118(e) of IAS 38 Intangible Assets;
- paragraphs 76 and 79(d) of IAS 40 Investment Property; and
∙the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements
∙the requirements of IAS 7 Statement of Cash Flows
∙the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
∙the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures
∙the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member
This information is included in the consolidated financial statements of Acciona Industrial S.A. as at 31 December 2023 and these financial statements may be obtained from www.acciona.com.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
The Company has net current liabilities of £36,045,574 (2022 - £24,290,112), and net liabilities of £37,312,756 (2022 - £38,704,468).
Parent company guarantees have been provided in relation to the company's key contracts. These contracts require that adequate financial resources must be made available during the execution of these contracts. The Directors are also confident that contracts that will be delivered in future accounting periods will generate profits that will enable the company to return to a much stronger balance sheet position. Taking this into consideration, the directors, having made due and careful enquiry, are of the opinion that the Company has adequate working capital to execute its operations over the next 12 months. The directors, therefore, have made an informed judgement, at the time of approving the financial statements, that there is a reasonable expectation that the Company had adequate resources to continue in operational existence for the foreseeable future. As a result, the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements.
Functional and presentation currency
Transactions and balances
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
The Company contributes to 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 Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Intangible assets comprise of bid costs and are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
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:
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Company recognises financial instruments when it becomes a party to the contractual arrangements of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire. The Company's accounting policies in respect of financial instruments transactions are explained below:
Financial assets and financial liabilities are initially measured at fair value.
Financial assets
All recognised financial assets are subsequently measured in their entirety at either fair value or amortised cost, depending on the classification of the financial assets.
Fair value through profit or loss
Debt instruments at fair value through other comprehensive income
Financial liabilities
Fair value through profit or loss
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
At amortised cost
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Long term contracts Profit on long-term contracts is taken as the work is carried out if the final outcome can be assessed with reasonably certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year-end by recording turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs incurred to date bear to total expected costs for that contract. Turnover derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for losses on all contracts in the year which they are first foreseen. Hedge accounting As described in note 2.19, the company uses foreign currency contracts to manage its exposure to exchange rate fluctuations. Although in the current period the reported values are low, there is potential for changes based on large currency shifts or increased use of foreign currency contracts. As such they are a source of estimation uncertainty with a potentially significant impact. Deferred tax Management estimation is required to determine the amount of deferred tax assets that can be recognised, based upon likely timing and level of future taxable profits together with an assessment of the effect of future tax planning strategies.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
10.Taxation (continued)
The deferred tax charge for the derivative financial instrument has been calculated based on the tax rate substantively enacted at the balance sheet date of 19%. The deferred tax charge for accelerated capital allowances and tax losses carried forward has been calculated based on the expected future tax rate of 25%. See note 20 for further explanation.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
17.Deferred taxation (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £58,419 (2022 - £9,029). The amount outstanding at the balance sheet date amounted to £nil (2022 - £nil).
The Company is an undertaking of Acciona Industrial S.A. The ultimate controlling party is the shareholders of Acciona S.A..
The largest and smallest group, in which the results of the Company are consolidated is that headed by the Acciona S.A., incorporated in Madrid, Spain. No other financial statements include the results of the Company. There are no other related undertakings to be disclosed other than the immediate and ultimate parent companies.
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