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Company Registration No. 01421481 (England and Wales)
Third Energy Uk Gas Limited Unaudited accounts for the year ended 31 December 2023
Third Energy Uk Gas Limited Unaudited accounts Contents
Page
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Third Energy Uk Gas Limited Company Information for the year ended 31 December 2023
Directors
Mr Karl Farrow Mr Glynn Gary Williams
Company Number
01421481 (England and Wales)
Registered Office
Keyword House Viking Road Great Yarmouth NR31 0NU England
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Third Energy Uk Gas Limited Statement of financial position as at 31 December 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Intangible assets
1,791,427 
1,708,247 
Tangible assets
2,381,678 
3,008,065 
4,173,105 
4,716,312 
Current assets
Debtors
77,237 
1,138,150 
Cash at bank and in hand
57,005 
171,465 
134,242 
1,309,615 
Creditors: amounts falling due within one year
(74,497,021)
(74,149,724)
Net current liabilities
(74,362,779)
(72,840,109)
Total assets less current liabilities
(70,189,674)
(68,123,797)
Provisions for liabilities
Other provisions
(6,606,821)
(7,085,758)
Net liabilities
(76,796,495)
(75,209,555)
Capital and reserves
Called up share capital
17,389,842 
17,389,842 
Capital contribution reserve
(5,789,842)
(5,789,842)
Profit and loss account
(88,396,495)
(86,809,555)
Shareholders' funds
(76,796,495)
(75,209,555)
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 11 April 2024 and were signed on its behalf by
Mr Karl Farrow Director Company Registration No. 01421481
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Third Energy Uk Gas Limited Notes to the Accounts for the year ended 31 December 2023
1
Statutory information
Third Energy Uk Gas Limited is a private company, limited by shares, registered in England and Wales, registration number 01421481. The registered office is Keyword House, Viking Road, Great Yarmouth, NR31 0NU, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Land and buildings includes Gas Development and Production assets. Fixtures & Fittings includes Decomissioning Assets. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives: Decomissioning assets: 25 years Straight Line Renewable Energy assets: 25 years Straight Line Plant & Machinery: 3-15 years Straight Line Motor Vehicles & Equipment: 3-4 years Straight Line
Intangible fixed assets
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Going concern
The directors have a reasonable expectation that the company has adequate resources through these intercompany loan facilities to continue in operational existence for the foreseeable future and for a period of at least 12 months from the date of approval of these financial statements. Based on the forecasts prepared and the ongoing support from the parent company, Third Energy Onshore Limited, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
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Third Energy Uk Gas Limited Notes to the Accounts for the year ended 31 December 2023
4
Intangible fixed assets
Other 
£ 
Cost
At 1 January 2023
1,708,247 
Additions
83,180 
At 31 December 2023
1,791,427 
Amortisation
At 1 January 2023
- 
At 31 December 2023
- 
Net book value
At 31 December 2023
1,791,427 
At 31 December 2022
1,708,247 
5
Tangible fixed assets
Land & buildings 
Plant & machinery 
Motor vehicles 
Fixtures & fittings 
Total 
£ 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At cost 
At 1 January 2023
6,901,000 
1,228,000 
96,000 
4,972,000 
13,197,000 
Additions
- 
- 
423 
- 
423 
Disposals
(186,808)
(1,179,088)
(96,423)
(606,481)
(2,068,800)
At 31 December 2023
6,714,192 
48,912 
- 
4,365,519 
11,128,623 
Depreciation
At 1 January 2023
6,869,000 
1,218,070 
91,865 
2,010,000 
10,188,935 
Charge for the year
- 
- 
465 
- 
465 
On disposals
(171,480)
(1,178,645)
(92,330)
- 
(1,442,455)
At 31 December 2023
6,697,520 
39,425 
- 
2,010,000 
8,746,945 
Net book value
At 31 December 2023
16,672 
9,487 
- 
2,355,519 
2,381,678 
At 31 December 2022
32,000 
9,930 
4,135 
2,962,000 
3,008,065 
Land & Buildings contains Gas Development and Production Assets.
Motor Vehicles also contains Other equipment
Fixtures & Fittings contains Decommissioning Assets
6
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
2,104 
602,784 
Accrued income and prepayments
75,133 
535,264 
Other debtors
- 
102 
77,237 
1,138,150 
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Third Energy Uk Gas Limited Notes to the Accounts for the year ended 31 December 2023
7
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
VAT
5,700 
2,723 
Trade creditors
451,030 
547,992 
Amounts owed to group undertakings and other participating interests
73,919,623 
73,564,968 
Taxes and social security
- 
7,838 
Other creditors
120,668 
- 
Accruals
- 
26,203 
74,497,021 
74,149,724 
8
Provisions for liabilities
£ 
At 1 January 2023
7,085,758 
Provisions used
(478,937)
At 31 December 2023
6,606,821 
Provision has been made for the discounted cost of restoring the plant and pipelines on the Company's wellsites and at the main generating station to a condition acceptable to the relevant authorities, which is not anticipated to happen until 26 years after the year end. The Company commissioned Dundas Consultants to calculate the current cost of decommissioning the wellsites, in the unlikely event that decommissioning was required immediately, and they reported in October 2019. These calculations have been adopted in these financial statements and revised to reflect current values at 31 December 2022. Actual decommissioning costs will ultimately depend on the future cost of decommissioning which in turn will be affected by market conditions and regulations at the time. Furthermore, the timing of decommissioning will depend on the date the fields cease to produce at commercial rates which is influenced by factors such as future gas prices, which are inherently uncertain.
9
Controlling party
The immediate and the ultimate parent company is Third Energy Onshore Limited as at the date of signing these statements.
10
Average number of employees
During the year the average number of employees was 5 (2022: 6).
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