Company registration number 12348329 (England and Wales)
CHICHESTER POWER HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
CHICHESTER POWER HOLDINGS LIMITED
COMPANY INFORMATION
Director
Mr D Houweling
Secretary
Mr R Searle, Mr M Houweling
Company number
12348329
Registered office
The Old Airfield
City Fields Way
Tangmere
Chichester
West Sussex
PO20 2FT
Auditor
Sumer Audit
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
CHICHESTER POWER HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1
Director's report
2
Director's responsibilities statement
3
Independent auditor's report
4 - 6
Group statement of comprehensive income
7
Group balance sheet
8
Company balance sheet
9
Group statement of changes in equity
10
Company statement of changes in equity
11
Group statement of cash flows
12
Notes to the financial statements
13 - 21
CHICHESTER POWER HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The director presents the strategic report for the year ended 31 December 2023.

Review of the business

Turnover:

Slightly down on 2022 (10%). The business has been able to balance the enormous volatility in the energy market, with the heat exported to our horticultural partners and by fixing forward prices at critical moments.

 

Gross Profit Margin (GPM):

The improvement in GPM is due to the businesses ability to take advantage of favourable forward gas and electric prices.

 

Net Profit Percentage (NPP):

The improvement from GPM has largely trickled down to NPP, due to the fixed assets being carefully maintained through our planned preventative maintenance program and minimum overhead spend.

Principal risks and uncertainties

Energy prices

Operating in the energy industry has an inherent risk associated with the market forces affecting supply and demand, and the resultant price fluctuations. This is common of any commodity industry. The business mitigates this uncertainty and risk by investing in applications and market experts to closely monitor the fluctuating prices, which enables us to cherry pick the best moments to generate electricity and heat. The business will also take advantage of hedging products to remove risk and uncertainty.

 

Equipment downtime

It is critical that the engines are available and functioning to the highest level of performance possible. Equipment downtime could result in lost revenue, high reactive maintenance costs and the potential for fines if certain outputs are not achieved. The business employs two dedicated onsite engineers and performs an extensive schedule of planned preventative maintenance.

 

Exchange rates

The group makes significant purchases in Euros throughout each year. The group closely monitors exchange rate movements and utilises hedging techniques to obtain elements of certainty.

 

Changes in regulation

The energy market is subject to significant regulation and we are seeing more and more developments relating to environmental factors. The business engages with multiple energy consultants and experts to ensure that we remain compliant and stay abreast of potential future changes.

Development and performance

The core of the business is our combined heat and power engines, where the ongoing strategy continues to be a focus on sound preventative maintenance to maximise the engines useful operational life. This is coupled with continually staying abreast of the ever evolving global energy market, to take advantage of opportunities for gains and minimise exposure to downside risk.

On behalf of the board

Mr D Houweling
Director
19 September 2024
CHICHESTER POWER HOLDINGS LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

The director presents his annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the group continued to be that of the generation and sale of heat, carbon dioxide and electricity.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £1,050,000. The director does not recommend payment of a further dividend.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

Mr D Houweling
Financial instruments

The group has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of financial instruments.

Future developments

The directors believe that there are no future developments that require disclosure.

Auditor

Sumer Audit were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
Mr D Houweling
Director
19 September 2024
CHICHESTER POWER HOLDINGS LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

The director is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

 

 

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

CHICHESTER POWER HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CHICHESTER POWER HOLDINGS LIMITED
- 4 -
Opinion

We have audited the financial statements of Chichester Power Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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 group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's 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 group's and parent 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

CHICHESTER POWER HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CHICHESTER POWER HOLDINGS LIMITED
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of director

As explained more fully in the director's responsibilities statement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the parent company or to cease operations, or has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

 

 

As a result of these procedures, we considered the opportunities and incentives that may exist within the group for fraud. We are also required to perform specific procedures to respond to the risk of management override. As a result of performing the above, we identified the following areas as those most likely to have an impact on the financial statements: health & safety, employment law and compliance with the UK Companies Act.

CHICHESTER POWER HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CHICHESTER POWER HOLDINGS LIMITED
- 6 -

In addition to the above, our procedures to respond to risks identified included the following:

 

Due to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For instance, the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognise the non-compliance.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Other matters which we are required to address

The comparative figures for the year ended 31 December 2022 were not subject to audit.

Use of our report

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.

Alex Chidwick FCCA (Senior Statutory Auditor)
For and on behalf of Sumer Audit
20 September 2024
Chartered Accountants
Statutory Auditor
Worthing
Sumer Audit is the trading name of Sumer Auditco Limited
CHICHESTER POWER HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
2023
2022
Notes
£
£
Turnover
3
15,657,450
17,385,520
Cost of sales
(10,210,842)
(13,470,687)
Gross profit
5,446,608
3,914,833
Administrative expenses
(1,224,968)
(1,310,149)
Operating profit
5
4,221,640
2,604,684
Interest receivable and similar income
99,793
-
0
Interest payable and similar expenses
7
(154,850)
(33,041)
Profit before taxation
4,166,583
2,571,643
Tax on profit
8
(1,104,325)
(636,545)
Profit for the financial year
3,062,258
1,935,098
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
CHICHESTER POWER HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 8 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
10
3,210,708
3,731,363
Tangible assets
11
23,217
26,176
3,233,925
3,757,539
Current assets
Debtors
14
964,141
3,423,892
Cash at bank and in hand
6,312,826
4,501,535
7,276,967
7,925,427
Creditors: amounts falling due within one year
15
(8,289,941)
(5,477,073)
Net current (liabilities)/assets
(1,012,974)
2,448,354
Total assets less current liabilities
2,220,951
6,205,893
Creditors: amounts falling due after more than one year
16
-
(6,000,000)
Provisions for liabilities
Deferred tax liability
17
48,800
46,000
(48,800)
(46,000)
Net assets
2,172,151
159,893
Capital and reserves
Called up share capital
18
100
100
Profit and loss reserves
2,172,051
159,793
Total equity
2,172,151
159,893

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved and signed by the director and authorised for issue on 19 September 2024
19 September 2024
Mr D Houweling
Director
Company registration number 12348329 (England and Wales)
CHICHESTER POWER HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
12
7,150,000
7,150,000
Current assets
Debtors
14
-
0
68,674
Cash at bank and in hand
183,025
30,484
183,025
99,158
Creditors: amounts falling due within one year
15
(4,001,080)
(60,082)
Net current (liabilities)/assets
(3,818,055)
39,076
Total assets less current liabilities
3,331,945
7,189,076
Creditors: amounts falling due after more than one year
16
-
(6,000,000)
Net assets
3,331,945
1,189,076
Capital and reserves
Called up share capital
18
100
100
Profit and loss reserves
3,331,845
1,188,976
Total equity
3,331,945
1,189,076

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £3,192,869 (2022 - £1,940,635 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved and signed by the director and authorised for issue on 19 September 2024
19 September 2024
Mr D Houweling
Director
Company registration number 12348329 (England and Wales)
CHICHESTER POWER HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2022
100
199,695
199,795
Year ended 31 December 2022:
Profit and total comprehensive income
-
1,935,098
1,935,098
Dividends
9
-
(1,975,000)
(1,975,000)
Balance at 31 December 2022
100
159,793
159,893
Year ended 31 December 2023:
Profit and total comprehensive income
-
3,062,258
3,062,258
Dividends
9
-
(1,050,000)
(1,050,000)
Balance at 31 December 2023
100
2,172,051
2,172,151
CHICHESTER POWER HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2022
100
1,223,341
1,223,441
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
1,940,635
1,940,635
Dividends
9
-
(1,975,000)
(1,975,000)
Balance at 31 December 2022
100
1,188,976
1,189,076
Year ended 31 December 2023:
Profit and total comprehensive income
-
3,192,869
3,192,869
Dividends
9
-
(1,050,000)
(1,050,000)
Balance at 31 December 2023
100
3,331,845
3,331,945
CHICHESTER POWER HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
20
5,594,455
3,994,215
Interest paid
(154,850)
(33,041)
Income taxes (paid)/refunded
(678,107)
15,692
Net cash inflow from operating activities
4,761,498
3,976,866
Investing activities
Interest received
99,793
-
0
Net cash generated from/(used in) investing activities
99,793
-
Financing activities
Repayment of borrowings
(2,000,000)
-
Payment of finance leases obligations
-
(283,248)
Dividends paid to equity shareholders
(1,050,000)
(1,975,000)
Net cash used in financing activities
(3,050,000)
(2,258,248)
Net increase in cash and cash equivalents
1,811,291
1,718,618
Cash and cash equivalents at beginning of year
4,501,535
2,782,917
Cash and cash equivalents at end of year
6,312,826
4,501,535
CHICHESTER POWER HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
1
Accounting policies
Company information

Chichester Power Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is The Old Airfield, City Fields Way, Tangmere, Chichester, West Sussex, PO20 2FT.

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.

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 £1.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Chichester Power Holdings Limited together with all entities controlled by the parent company (its subsidiaries). The business combination in a prior year was accounted for under the acquisition method. The excess of the cost of the business combination over the fair value of the identifiable assets and liabilities acquired is recognised as goodwill.

 

All financial statements are made up to 31 December 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation.

1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. The directors have considered relevant information, including the group’s principal risks and uncertainties, the annual budget, forecast future cash flows, and the impact of subsequent events in making their assessment.  Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

CHICHESTER POWER HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -
1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

1.6
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.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
on a straight line basis per annum over 4, 7 and 12 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.7
Fixed asset investments

In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals are recognised immediately in profit or loss.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

1.9
Financial instruments

The group 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.

Basic financial assets

Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.

Basic financial liabilities

Basic financial liabilities, including trade and other creditors and loans from fellow group companies, 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.

1.10
Equity instruments

Equity instruments issued by the group 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 group.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year.

CHICHESTER POWER HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

1.13
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
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the director is 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.

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Sale of heat, carbon dioxide and electricity
15,657,450
17,385,520
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
15,657,450
17,385,520
2023
2022
£
£
Other revenue
Interest income
99,793
-
CHICHESTER POWER HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
4
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
3,000
-
Audit of the financial statements of the company's subsidiaries
12,000
-
15,000
-
5
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses/(gains)
1,700
(252)
Depreciation of owned tangible fixed assets
2,959
23,113
Depreciation of tangible fixed assets held under finance leases
-
226,848
Amortisation of intangible assets
520,655
520,655
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Directors and other staff
3
3
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
48,053
45,949
-
0
-
0
7
Interest payable and similar expenses
2023
2022
£
£
Other interest on financial liabilities
154,850
30,000
Interest on finance leases and hire purchase contracts
-
3,041
Total finance costs
154,850
33,041
CHICHESTER POWER HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
8
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
1,101,525
633,345
Deferred tax
Origination and reversal of timing differences
2,800
3,200
Total tax charge
1,104,325
636,545

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
4,166,583
2,571,643
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
979,980
488,612
Tax effect of expenses that are not deductible in determining taxable profit
187
111
Amortisation on assets not qualifying for tax allowances
122,458
98,925
Other timing differences
1,700
48,897
Taxation charge
1,104,325
636,545
9
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Final paid
1,050,000
1,975,000
10
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
5,206,552
Amortisation and impairment
At 1 January 2023
1,475,189
Amortisation charged for the year
520,655
At 31 December 2023
1,995,844
CHICHESTER POWER HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
10
Intangible fixed assets
(Continued)
- 18 -
Carrying amount
At 31 December 2023
3,210,708
At 31 December 2022
3,731,363
The company had no intangible fixed assets at 31 December 2023 or 31 December 2022.
11
Tangible fixed assets
Group
Plant and equipment
£
Cost
At 1 January 2023 and 31 December 2023
2,842,314
Depreciation and impairment
At 1 January 2023
2,816,138
Depreciation charged in the year
2,959
At 31 December 2023
2,819,097
Carrying amount
At 31 December 2023
23,217
At 31 December 2022
26,176
The company had no tangible fixed assets at 31 December 2023 or 31 December 2022.
12
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
7,150,000
7,150,000
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023 and 31 December 2023
7,150,000
Carrying amount
At 31 December 2023
7,150,000
At 31 December 2022
7,150,000
CHICHESTER POWER HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
13
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Chichester Power Limited
The Old Airfield City Fields Way, Tangmere, Chichester, West Sussex, PO20 2FT
Ordinary
100.00
14
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
252,884
95,129
-
0
-
0
Amounts owed by group undertakings
-
-
-
38,592
Other debtors
98,302
30,082
-
0
30,082
Prepayments and accrued income
612,955
3,298,681
-
0
-
0
964,141
3,423,892
-
68,674
15
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade creditors
687,277
747,506
1,080
-
0
Corporation tax payable
1,061,788
638,370
-
0
-
0
Other taxation and social security
540,668
371,216
-
-
Other creditors
5,412,687
1,135,626
4,000,000
60,082
Accruals and deferred income
587,521
2,584,355
-
0
-
0
8,289,941
5,477,073
4,001,080
60,082

Obligations under hire purchase agreements included within the group's other creditors were fully repaid in the prior year and had no carrying value in the current or comparative year ends. The assets were previously secured on the assets to which they related.

16
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Other creditors
-
0
6,000,000
-
0
6,000,000

See note 19 for details of the amount included within other creditors.

CHICHESTER POWER HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
17
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
48,800
46,000
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 January 2023
46,000
-
Charge to profit or loss
2,800
-
Liability at 31 December 2023
48,800
-

The directors have considered the deferred tax liabilities notes above and concluded that it is not possible to state the estimated liabilities which will reverse within the next 12 months. This is due to the level of reversal being dependant on events which are not yet known.

18
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100

All of the ordinary shares carry full voting, dividend and capital distribution (including on winding up) rights.

CHICHESTER POWER HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
19
Related party transactions

During the year the group provided services to a company under common control totalling £3,965,648 (2022 - £2,640,772) and also received services from this company totalling £2,559,163 (2022 - £2,677,937). At the balance sheet date the amount this company owed totalled £98,302 (2022 - £nil) and this amount is included within other debtors. The company also owed an amount of £169,497 (2022 - £302,389) included within prepayments and accrued income. The group was due £66,491 (2022 - £1,272,444) included within accruals and deferred income, and £500,000 (2022 - £619,398) included within other creditors.

 

During the year the group received services from a company under common control totalling £57,628 (2022 - £55,398). At the balance sheet date the company was owed £4,932 (2022 - £nil).

 

At the balance sheet date the group had a loan note outstanding with the company of a former director totalling £4,000,000 and this amount is included within other creditors falling due within one year. In 2022 this was held in the name of the former director and totaled £6,000,000 and this amount was included within other creditors falling due after more than one year. Interest was charged on this loan during the year at 3.0% (2022 - 0.5%). This loan has been repaid since the year end and a charge held against a connected company through common ownership has been satisfied.

20
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
3,062,258
1,935,098
Adjustments for:
Taxation charged
1,104,325
636,545
Finance costs
154,850
33,041
Investment income
(99,793)
-
0
Amortisation and impairment of intangible assets
520,655
520,655
Depreciation and impairment of tangible fixed assets
2,959
249,961
Movements in working capital:
Decrease/(increase) in debtors
2,459,751
(55,583)
(Decrease)/increase in creditors
(1,610,550)
674,498
Cash generated from operations
5,594,455
3,994,215
21
Analysis of changes in net funds/(debt) - group
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
4,501,535
1,811,291
6,312,826
Borrowings excluding overdrafts
(6,000,000)
2,000,000
(4,000,000)
(1,498,465)
3,811,291
2,312,826
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