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Registered number: SC627859













ACCIONA INDUSTRIAL UK LIMITED






ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 

 
ACCIONA INDUSTRIAL UK LIMITED
 

COMPANY INFORMATION


Directors
A M Bustamante Garay 
M A Heras Llorente 
C A Ledesma Lardies 




Registered number
SC627859



Registered office
37 Albyn Place

Aberdeen

Aberdeen City

AB10 1YN




Independent auditor
Anderson Anderson & Brown Audit LLP

Kingshill View

Prime Four Business Park

Kingswells

Aberdeen

AB15 8PU





 
ACCIONA INDUSTRIAL UK LIMITED
 

CONTENTS



Page
Strategic report
1 - 3
Directors' report
4 - 6
Directors' responsibilities statement
7
Independent auditor's report
8 - 11
Statement of comprehensive income
12
Balance sheet
13
Statement of changes in equity
14
Notes to the financial statements
15 - 30


 
ACCIONA INDUSTRIAL UK LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
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).

Business review
 
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.  

Page 1
 

 
ACCIONA INDUSTRIAL UK LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Principal risks and uncertainties
 
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.

Financial key performance indicators
 
The directors consider the key financial performance indicators to be turnover, operating profit and profit after tax.

Page 2
 

 
ACCIONA INDUSTRIAL UK LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Directors' statement of compliance with duty to promote the success of the Company
 
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.





A M Bustamante Garay
Director

Date: 28 March 2024

Page 3
 

 
ACCIONA INDUSTRIAL UK LIMITED
 
 
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.

Results and dividends

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).

Directors

The directors who served during the year were:

A M Bustamante Garay 
M A Heras Llorente 
C A Ledesma Lardies 

Future developments

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.

Engagement with suppliers, customers and others

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.

Page 4
 

 
ACCIONA INDUSTRIAL UK LIMITED
 

DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Greenhouse gas emissions, energy consumption and energy efficiency action

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:

ole6e45.png

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. 
 
Page 5
 

 
ACCIONA INDUSTRIAL UK LIMITED
 

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.

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditor

The auditor, Anderson Anderson & Brown Audit LLPwill 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.
 





A M Bustamante Garay
Director

Date: 28 March 2024

Page 6
 

 
ACCIONA INDUSTRIAL UK LIMITED
 

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 2006They 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.

Page 7
 

 
ACCIONA INDUSTRIAL UK LIMITED
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ACCIONA INDUSTRIAL UK LIMITED
 

Opinion


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 policiesThe 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).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2023 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


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 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.


Conclusions relating to going concern


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.


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 directors are responsible for the other information contained within the Annual ReportOur 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.


Page 8
 

 
ACCIONA INDUSTRIAL UK LIMITED

 

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ACCIONA INDUSTRIAL UK LIMITED (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006
 

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.


Matters on which we are required to report by exception
 

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.


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:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 7, the directors are 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 directors determine 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 directors are responsible for assessing the 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 directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 9
 

 
ACCIONA INDUSTRIAL UK LIMITED

 

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ACCIONA INDUSTRIAL UK LIMITED (CONTINUED)

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:

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.


Page 10
 

 
ACCIONA INDUSTRIAL UK LIMITED

 

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ACCIONA INDUSTRIAL UK LIMITED (CONTINUED)

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 2006Our 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.





James Pirrie (Senior statutory auditor)
  
for and on behalf of
Anderson Anderson & Brown Audit LLP
 
Statutory Auditor
  
Kingshill View
Prime Four Business Park
Kingswells
Aberdeen
AB15 8PU

28 March 2024
Page 11
 

 
ACCIONA INDUSTRIAL UK LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
107,450,472
112,611,384

Cost of sales
  
(89,666,646)
(130,700,729)

Gross profit/(loss)
  
17,783,826
(18,089,345)

Administrative expenses
  
(37,126,657)
(32,857,281)

Operating loss
 5 
(19,342,831)
(50,946,626)

Interest receivable and similar income
 8 
1,255,807
218,706

Interest payable and expenses
 9 
(994,182)
(646,566)

Loss before tax
  
(19,081,206)
(51,374,486)

Tax on loss
 10 
3,171,550
12,310,374

Loss for the financial year
  
(15,909,656)
(39,064,112)

Other comprehensive income:
  

Tax relating to components of other comprehensive income
  
-
(546,199)

Gain/(loss) on hedge transactions
  
-
2,328,533

  
-
1,782,334

Total comprehensive income for the year
  
(15,909,656)
(37,281,778)

The notes on pages 15 to 30 form part of these financial statements.

Page 12
 

 
ACCIONA INDUSTRIAL UK LIMITED

REGISTERED NUMBER:SC627859

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 11 
846,592
1,357,725

  
846,592
1,357,725

Current assets
  

Debtors: amounts falling due within one year
 12 
88,746,240
71,277,826

Cash at bank and in hand
 13 
6,683,998
12,335,963

  
95,430,238
83,613,789

Creditors: amounts falling due within one year
 14 
(131,475,812)
(107,903,901)

Net current liabilities
  
 
 
(36,045,574)
 
 
(24,290,112)

Total assets less current liabilities
  
(35,198,982)
(22,932,387)

Other provisions
  
(2,113,774)
(15,772,081)

  
 
 
(2,113,774)
 
 
(15,772,081)

Net liabilities
  
(37,312,756)
(38,704,468)


Capital and reserves
  

Called up share capital 
 19 
37,190,572
19,889,204

Profit and loss account
  
(74,503,328)
(58,593,672)

  
(37,312,756)
(38,704,468)


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




A M Bustamante Garay
Director

Date: 28 March 2024

The notes on pages 15 to 30 form part of these financial statements.

Page 13
 

 
ACCIONA INDUSTRIAL UK LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Cash flow hedging reserve
Profit and loss account
Total equity

£
£
£
£


At 16 January 2022
6,000
(2,328,533)
(19,529,560)
(21,852,093)


Comprehensive income for the year

Loss for the year
-
-
(39,064,112)
(39,064,112)

Repayment on hedge
-
2,328,533
-
2,328,533
Total comprehensive income for the year
-
2,328,533
(39,064,112)
(36,735,579)

Shares issued during the year
19,883,204
-
-
19,883,204



At 1 January 2023
19,889,204
-
(58,593,672)
(38,704,468)


Comprehensive income for the year

Loss for the year
-
-
(15,909,656)
(15,909,656)
Total comprehensive income for the year
-
-
(15,909,656)
(15,909,656)


Contributions by and distributions to owners

Shares issued during the year
17,301,368
-
-
17,301,368


At 31 December 2023
37,190,572
-
(74,503,328)
(37,312,756)


The notes on pages 15 to 30 form part of these financial statements.

Page 14
 

 
ACCIONA INDUSTRIAL UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

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

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 101 'Reduced Disclosure Framework'  and the Companies Act 2006.

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:

 
2.2

Financial Reporting Standard 101 - reduced disclosure exemptions

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.

Page 15
 

 
ACCIONA INDUSTRIAL UK LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Going concern

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.

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 16
 

 
ACCIONA INDUSTRIAL UK LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Revenue

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. The following criteria must also be met before revenue is recognised:

The Company has contracts where the period between the transfer of the promised goods or services to the customer and payment by the customer exceeds one year. As a consequence, the Company adjusts the transaction prices of these contracts for the time value of money.

Rendering of services

Revenue from providing services is recognised in the accounting period in which the services are rendered.

For fixed-price contracts, revenue is recognised based on the actual service provided to the end of the reporting period as a proportion of the total services to be provided because the customer receives and uses the benefits simultaneously.

 
2.6

Leases

The Company as a lessee

The Company assesses whether a contract is or contains a lease, at inception of a contract. The Company recognises a right-of-use asset and a corresponding lease liability with respect to all lease agreements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the Company recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Company uses its incremental borrowing rate.

Lease payments included in the measurement of the lease liability comprise:

fixed lease payments (including in-substance fixed payments), less any lease incentives;


The lease liability is included in 'Creditors' on the Balance sheet.

The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made.

The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses.

Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Company expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease.

Page 17
 

 
ACCIONA INDUSTRIAL UK LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.6
Leases (continued)

The right-of-use assets are included in the 'Tangible Fixed Assets' line in the Balance sheet.

The Company applies IAS 36 to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss as described in note 2.12.

As a practical expedient, IFRS 16 permits a lessee not to separate non-lease components, and instead account for any lease and associated non-lease components as a single arrangement. The Company has used this practical expedient.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Finance costs

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.

 
2.9

Pensions

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.

 
2.10

Current and deferred taxation

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; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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.

Page 18
 

 
ACCIONA INDUSTRIAL UK LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

Intangible assets

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.

 
2.12

Tangible fixed assets

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.

The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

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:

Freehold property
-
Over life of project
Right-of-use assets
-
Over lease term

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.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.15

Creditors

Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.

Page 19
 

 
ACCIONA INDUSTRIAL UK LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.16

Provisions for liabilities

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.

 
2.17

Financial instruments


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

All of the Company's financial assets other than those which meet the criteria to be measured at fair value through other comprehensive income are subsequently measured at fair value at the end of each reporting period, with any fair value gains or losses being recognised in profit or loss to the extent they are not part of a designated hedging relationship. The net gain or loss recognised in profit or loss includes any dividend or interest earned on the financial asset. 

Debt instruments at fair value through other comprehensive income

Debt instruments are subsequently measured at fair value through other comprehensive income where they are financial assets held within a business model whose objective is achieved by both collecting contractual cash flows and selling the financial assets, and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

The Company recognises a loss allowance for expected credit losses on investments in debt instruments that are measured at amortised or at FVOCI. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument.

Financial liabilities

Fair value through profit or loss

Financial liabilities are classified as at fair value through profit or loss, when the financial liability is held for trading, or is designated as at fair value through profit or loss. This designation may be made if such designation eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise, or the financial liability forms part of a group of financial instruments which is managed and its performance is evaluated on a fair value basis, or the financial liability forms part of a contract containing one or more embedded derivatives, and IFRS 9 permits the entire combined
Page 20
 

 
ACCIONA INDUSTRIAL UK LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.17
Financial instruments (continued)

contract to be designated as at fair value through profit or loss. Any gains or losses arising on changes in fair value are recognised in profit or loss to the extent that they are not part of a designated hedging relationship.

At amortised cost

Financial liabilities which are neither contingent consideration of an acquirer in a business combination, held for trading, nor designated as at fair value through profit or loss are subsequently measured at amortised cost using the effective interest method. This is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or where appropriate a shorter period, to the amortised cost of a financial liability.

 
2.18

Hedge accounting

The Company uses foreign currency forward contracts to manage its exposure to cash flow risk on its purchases.. These derivatives are designated as hedging instruments and are measured at fair value at each balance sheet date.

Changes in fair value on hedging instruments in fair value hedges are recognised in profit or loss except where the hedging instrument hedges an equity instrument designated at fair value through other comprehensive income in which case these are recognised in other comprehensive income.

To the extent the cash flow hedge is effective, movements in the fair value of hedging instruments are recognised in other comprehensive income and presented in a separate cash flow hedge reserve, limited to the cumulative change in fair value of the hedged item from inception of the hedge. Any ineffective portions of those movements are recognised immediately in profit or loss for the year.

Page 21
 

 
ACCIONA INDUSTRIAL UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of financial statements, requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the Balance sheet date and the amounts reported during the year for revenue and costs. However, the nature of estimation means that actual outcomes could differ from those estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. 
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.


4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Rendering of services
107,450,472
112,611,384


All turnover arose within the United Kingdom.


5.


Operating loss

The operating loss is stated after charging:

2023
2022
£
£

Depreciation of tangible fixed assets
580,239
669,811

Exchange differences
(14,576)
293

Defined contribution pension cost
58,419
54,906

Page 22
 

 
ACCIONA INDUSTRIAL UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Auditor's remuneration

2023
2022
£
£

Fees payable to the Company's auditor and its associates for the audit of the Company's financial statements
17,000
15,400
The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


7.


Employees

Staff costs were as follows:


2023
2022
£
£

Wages and salaries
4,787,824
5,700,188

Social security costs
195,421
166,675

Cost of defined contribution scheme
58,419
54,906

5,041,664
5,921,769


The average monthly number of employees during the year was as follows:


        2023
        2022
            No.
            No.







Construction
10
27



Management
25
12



Administration
11
14

46
53

There is no directors remuneration paid by Acciona Industrial UK Limited as this is paid by a group company.


8.


Interest receivable

2023
2022
£
£


Group interest receivable
327,405
151,637

Bank and other interest receivable
928,402
67,069

1,255,807
218,706

Page 23
 

 
ACCIONA INDUSTRIAL UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Interest payable and similar expenses

2023
2022
£
£


Loans from group undertakings
245,205
187,451

Interest on lease liabilities
1,259
2,623

Other interest payable
747,718
456,492

994,182
646,566


10.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
-
(1,510,281)


Group taxation relief
(6,353,543)
-


(6,353,543)
(1,510,281)

Total current tax
(6,353,543)
(1,510,281)

Deferred tax


Origination and reversal of timing differences
3,190,098
(10,800,093)

Over/(under) provided
(8,105)
-

Total deferred tax
3,181,993
(10,800,093)


Taxation on loss on ordinary activities
(3,171,550)
(12,310,374)
Page 24
 

 
ACCIONA INDUSTRIAL UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - lower than) the standard rate of corporation tax in the UK of 23.52% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Loss on ordinary activities before tax
(19,081,206)
(51,374,486)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
(4,488,004)
(9,761,152)

Effects of:


Expenses not deductible for tax purposes
471
455

Capital allowances for year in excess of depreciation
79,716
30,030

Remeasurement of deferred tax for changes in tax rates
122,535
(2,462,878)

Movement in deferred tax not recognised
1,119,485
(131,088)

Other differences
2,352
6,159

Adjustment to tax charge in respect of previos period - deferred tax
(8,105)
8,100

Total tax charge for the year
(3,171,550)
(12,310,374)


Factors that may affect future tax charges

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. 

Page 25
 

 
ACCIONA INDUSTRIAL UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Tangible fixed assets





Freehold property
Right-of-use assets
Total

£
£
£



Cost or valuation


At 1 January 2023
1,941,436
1,020,315
2,961,751


Additions
-
69,106
69,106


Disposals
-
(460,206)
(460,206)



At 31 December 2023

1,941,436
629,215
2,570,651



Depreciation


At 1 January 2023
676,593
927,433
1,604,026


Charge for the year on owned assets
447,218
-
447,218


Charge for the year on right-of-use assets
-
133,021
133,021


Disposals
-
(460,206)
(460,206)



At 31 December 2023

1,123,811
600,248
1,724,059



Net book value



At 31 December 2023
817,625
28,967
846,592



At 31 December 2022
1,264,843
92,882
1,357,725


12.


Debtors

2023
2022
£
£


Trade debtors
1,503,207
1,500,812

Amounts owed by group undertakings
36,941,759
51,035,174

Other debtors
35,455,637
334,733

Prepayments and accrued income
535,367
746,649

Tax recoverable
293,136
460,670

Deferred taxation
14,017,134
17,199,788

88,746,240
71,277,826


Page 26
 

 
ACCIONA INDUSTRIAL UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
6,683,998
12,335,963



14.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
27,211,411
38,862,324

Amounts owed to group undertakings
1,069,661
2,600,651

Other taxation and social security
1,794,445
3,593,960

Lease liabilities
29,794
92,535

Other creditors
10,067
940

Accruals and deferred income
101,360,434
62,753,491

131,475,812
107,903,901



15.

Leases

Company as a lessee

The leases held by the Company which are for a period of more than 12 months and not classified as low value assets relate to land, property and motor vehicles. 

Lease liabilities are due as follows:

2023
2022
£
£

Not later than one year
29,794
92,535

29,794
92,535


The following amounts in respect of leases, where the Company is a lessee, have been recognised in profit or loss:

2023
2022
£
£

Interest expense on lease liabilities
1,259
2,623

Page 27
 

 
ACCIONA INDUSTRIAL UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
6,683,998
12,335,963

Financial assets that are debt instruments measured at amortised cost
73,958,912
52,870,719

80,642,910
65,206,682


Financial liabilities


Financial liabilities measured at amortised cost
(50,043,748)
(55,761,319)


Financial assets measured at fair value through profit or loss comprise of cash at bank and in hand.


Financial assets that are debt instruments measured at amortised cost comprise of amounts owed by group undertakings, other debtors and accrued income. 


Financial liabilities measured at amortised cost comprise of trade creditors, currency forward market revaluation from group undertakings, other creditors and accruals.


17.


Deferred taxation




2023
2022


£

£






At beginning of year
17,199,788
6,945,894


Charged to profit or loss
(3,182,654)
10,800,093


Charged to other comprehensive income
-
(546,199)



At end of year
14,017,134
17,199,788

Page 28
 

 
ACCIONA INDUSTRIAL UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
17.Deferred taxation (continued)

The deferred tax asset is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(54,095)
(81,169)

Tax losses carried forward
14,071,229
17,280,957

14,017,134
17,199,788

The deferred tax asset for the derivative financial instrument was unwound within FY22. 
From 1 April 2023, the corporation tax rate will increase to 25%. The tax losses carried forward are expected to be utilised against the taxable profits made on future projects. The deferred tax asset will be unwound in future periods based on the actual performance of the project execution and the realisation of the taxable profit. The deferred tax asset for accelerated capital allowances and tax losses carried forward has therefore been calculated based on the expected future tax rate of 25%


18.


Provisions




Onerous contracts

£





At 1 January 2023
15,772,081


Charged to profit or loss
(13,658,307)



At 31 December 2023
2,113,774

Page 29
 

 
ACCIONA INDUSTRIAL UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

19.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



6,000 (2022 - 6,000) Ordinary shares of £1.00 each
6,000
6,000
37,184,572 (2022 - 19,883,204) Ordinary shares of £1.00 each
37,184,572
19,883,204

37,190,572

19,889,204





20.


Pension commitments

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).


21.


Related party transactions

As the Company is a wholly owned subsidiary of Acciona, S.A., it has taken advantage of the exemption given by paragraph 17 of FRS 101 which allows exemption from disclosure of related party transactions with other group companies. The Company has also taken advantage of the exception given by paragraph 17 of FRS 101 which allows exemption from disclosure of compensation for key management personnel. 


22.


Controlling party

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.  


Page 30