Company registration number 09112715 (England and Wales)
CHICHESTER POWER LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
CHICHESTER POWER LIMITED
COMPANY INFORMATION
Directors
Mr H Van den Ende
Mr D Houweling
Secretary
Mr R Searle, Mr M Houweling
Company number
09112715
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 LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 16
CHICHESTER POWER LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
The directors present 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 company makes significant purchases in Euros throughout each year. The company 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.
Mr D Houweling
Director
19 September 2024
CHICHESTER POWER LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
The directors present their annual report and financial statements for the year ended 31 December 2023.
Principal activities
The principal activities of the company 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 £3,350,000. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr H Van den Ende
Mr D Houweling
Financial instruments
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company'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 company 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 company’s auditor 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 company’s auditor is aware of that information.
On behalf of the board
Mr D Houweling
Director
19 September 2024
CHICHESTER POWER LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 judgements 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
CHICHESTER POWER LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CHICHESTER POWER LIMITED
- 4 -
Opinion
We have audited the financial statements of Chichester Power 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 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:
give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit 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.
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 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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our 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.
CHICHESTER POWER LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CHICHESTER POWER LIMITED
- 5 -
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 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, 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.
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:
Obtaining an understanding of the legal and regulatory framework that the company operates in, focusing on those laws and regulations that had a direct effect on the financial statements and operations;
Obtaining an understanding of the company’s policies and procedures on fraud risks, including knowledge of any actual, suspected or alleged fraud; and
Discussing among the engagement team how and where fraud might occur in the financial statements and any potential indicators of fraud through our knowledge and understanding of the company and our sector-specific experience.
As a result of these procedures, we considered the opportunities and incentives that may exist within the company 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 LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CHICHESTER POWER LIMITED
- 6 -
In addition to the above, our procedures to respond to risks identified included the following:
Making enquiries of management about any known or suspected instances of non-compliance with laws and regulations and fraud;
Challenging assumptions and judgements made by management in their significant accounting estimates; and
Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness.
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.
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 LIMITED
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
(702,033)
(785,129)
Operating profit
4
4,744,575
3,129,704
Interest receivable and similar income
99,793
-
Interest payable and similar expenses
-
(3,041)
Profit before taxation
4,844,368
3,126,663
Tax on profit
7
(1,104,325)
(636,545)
Profit for the financial year
3,740,043
2,490,118
The profit and loss account has been prepared on the basis that all operations are continuing operations.
CHICHESTER POWER LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 8 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
9
23,217
26,176
Current assets
Debtors
10
964,141
3,393,811
Cash at bank and in hand
6,129,801
4,471,051
7,093,942
7,864,862
Creditors: amounts falling due within one year
11
(4,288,861)
(5,455,583)
Net current assets
2,805,081
2,409,279
Total assets less current liabilities
2,828,298
2,435,455
Provisions for liabilities
Deferred tax liability
12
48,800
46,000
(48,800)
(46,000)
Net assets
2,779,498
2,389,455
Capital and reserves
Called up share capital
13
1
1
Profit and loss reserves
2,779,497
2,389,454
Total equity
2,779,498
2,389,455
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 19 September 2024 and are signed on its behalf by:
Mr D Houweling
Director
Company registration number 09112715 (England and Wales)
CHICHESTER POWER LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
As restated for the period ended 31 December 2022:
Balance at 1 January 2022
1
1,874,336
1,874,337
Year ended 31 December 2022:
Profit and total comprehensive income
-
2,490,118
2,490,118
Dividends
8
-
(1,975,000)
(1,975,000)
Balance at 31 December 2022
1
2,389,454
2,389,455
Year ended 31 December 2023:
Profit and total comprehensive income
-
3,740,043
3,740,043
Dividends
8
-
(3,350,000)
(3,350,000)
Balance at 31 December 2023
1
2,779,497
2,779,498
CHICHESTER POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
1
Accounting policies
Company information
Chichester Power Limited is a private company limited by shares 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.
This 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:
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have considered relevant information, including the company’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.true
1.3
Turnover
Turnover is recognised at the fair value of the consideration receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of the consideration receivable takes into account trade discounts, settlement discounts and volume rebates.
1.4
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 credited or charged to profit or loss.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include deposits held at call with banks.
CHICHESTER POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 11 -
1.6
Financial instruments
The company 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.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
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.
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.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
1.10
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 company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
CHICHESTER POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
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
-
4
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
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
12,000
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was 3 (2022 - 3).
2023
2022
Number
Number
Directors and other staff
3
3
Total
3
3
CHICHESTER POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
6
Employees
(Continued)
- 13 -
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
48,053
45,949
7
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
4,844,368
3,126,663
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
1,139,395
594,066
Tax effect of expenses that are not deductible in determining taxable profit
133
62
Group relief
(36,903)
(6,480)
Other timing differences
1,700
48,897
Taxation charge for the year
1,104,325
636,545
8
Dividends
2023
2022
£
£
Final paid
3,350,000
1,975,000
CHICHESTER POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
9
Tangible fixed assets
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
10
Debtors
2023
2022
as restated
Amounts falling due within one year:
£
£
Trade debtors
252,884
95,130
Other debtors
98,302
Prepayments and accrued income
612,955
3,298,681
964,141
3,393,811
11
Creditors: amounts falling due within one year
2023
2022
as restated
£
£
Trade creditors
686,197
747,506
Amounts owed to group undertakings
38,592
Corporation tax
1,061,788
638,370
Other taxation and social security
540,668
371,216
Other creditors
1,412,687
1,075,544
Accruals and deferred income
587,521
2,584,355
4,288,861
5,455,583
Obligations under hire purchase agreements included within 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.
CHICHESTER POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
12
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
48,800
46,000
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.
13
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
All of the ordinary shares carry full voting, dividend and capital distribution (including on winding up) rights.
14
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
During the year the company 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 company 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 company 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).
CHICHESTER POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
15
Ultimate controlling party
The immediate and ultimate parent company is Chichester Power Holdings Limited, a company incorporated in England and Wales. The registered office is The Old Airfield City Fields Way, Tangmere, Chichester, United Kingdom, PO20 2FT.
Chichester Power Holdings Limited prepares consolidated financial statements and copies can be obtained from Companies House.
16
Prior period adjustment
Both other creditors and prepayments and accrued income have been increased by £619,398 as a result of a prior period error whereby other creditors were incorrectly classified as prepayments and accrued income within the financial statements. The net effect on the prior year profit and retained earnings is £nil.
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