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REGISTERED NUMBER: 09413852 (England and Wales)













Financial Statements

for the Year Ended 31 December 2023

for

Tecnicas Reunidas UK Limited

Tecnicas Reunidas UK Limited (Registered number: 09413852)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Tecnicas Reunidas UK Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: E J S M Gonzalez De Heredia
M A P Marquez
J A R Rodriguez
G J P Mocoroa



SECRETARY: P Gallego De La Fuente



REGISTERED OFFICE: Suite 1, 7th floor
50 Broadway
LONDON
SW1H OBL



REGISTERED NUMBER: 09413852 (England and Wales)



SENIOR STATUTORY AUDITOR: Kevin Shotton BA BFP FCA



AUDITORS: Clive Owen LLP
Chartered Accountants
& Statutory Auditors
140 Coniscliffe Road
Darlington
County Durham
DL3 7RT

Tecnicas Reunidas UK Limited (Registered number: 09413852)

Balance Sheet
31 December 2023

2023 2022
Notes £    £   
CURRENT ASSETS
Debtors 5 33,227,481 32,893,964
Cash at bank 50,617 227,992
33,278,098 33,121,956
CREDITORS
Amounts falling due within one year 6 110,096,413 109,385,148
NET CURRENT LIABILITIES (76,818,315 ) (76,263,192 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(76,818,315

)

(76,263,192

)

CAPITAL AND RESERVES
Called up share capital 7 25,000 25,000
Retained earnings (76,843,315 ) (76,288,192 )
SHAREHOLDERS' FUNDS (76,818,315 ) (76,263,192 )

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 September 2024 and were signed on its behalf by:





E J S M Gonzalez De Heredia - Director


Tecnicas Reunidas UK Limited (Registered number: 09413852)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Tecnicas Reunidas UK Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The place of business is Teesrep Biomass Power Station, Tees Dock Road, Middlesbrough, TS6 6AF.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

There were no material departures from that standard.

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.

Going concern
The group in which the results of this company are consolidated is Tecnicas Reunidas S.A, a company incorporated in Spain. Consolidated financial statements are available at Parque Empresarial Adecua 6 Avenida Burgos, 89 28050 Madrid (Spain).

As at the 31 December 2023 the company was in a net liability position and there is financial uncertainty surrounding the contingent liabilities as disclosed in note 8. The directors have received confirmation from the parent company, Tecnicas Reunidas S.A, that it will make available financial support as may be required for the 12 months from the date of signing these financial statements. After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Income recognition
Income from the rendering of services is recognised when the outcome of a transaction can be estimated reliably and by reference to the stage of completion at the balance sheet date.

Amounts recoverable on contract
The amount of profit attributable to the stage of completion of a long term contract is recognised when the
outcome of the contract can be foreseen with reasonable certainty. Turnover for such contracts is stated at the cost appropriate to their stage of completion plus attributable profits, less amounts recognised in previous years. Provision is made for any losses as soon as they are foreseen. Contract work in progress is stated at costs incurred less those transferred to the profit and loss account after deducting foreseeable losses and payments on account not matched with turnover. Amounts recoverable on contracts are included in debtors and represent turnover recognised in excess of payments on account.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on cost
Computer equipment - 25% on cost

Tangible fixed assets are recognised at cost then subsequently at cost less accumulated depreciation and impairment.

Tecnicas Reunidas UK Limited (Registered number: 09413852)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
Basic financial instruments are measured at amortised cost with changes recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 January 2023 192 47,761 47,953
Disposals (192 ) (47,761 ) (47,953 )
At 31 December 2023 - - -
DEPRECIATION
At 1 January 2023 192 47,761 47,953
Eliminated on disposal (192 ) (47,761 ) (47,953 )
At 31 December 2023 - - -
NET BOOK VALUE
At 31 December 2023 - - -
At 31 December 2022 - - -

Tecnicas Reunidas UK Limited (Registered number: 09413852)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 3,300,000 3,325,991
Amounts recoverable on contract 29,529,184 29,141,505
Other debtors 4,149 32,311
Prepayments and accrued income 394,148 394,157
33,227,481 32,893,964

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 1,170,544 6,740,837
Amounts owed to group undertakings 106,255,930 98,462,518
Other creditors - 622
Accruals and deferred income 2,669,939 4,181,171
110,096,413 109,385,148

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
25,000 Ordinary £1 25,000 25,000

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

We draw attention to note 9 of the financial statements, which describes uncertainties in relation to the major construction contract. Our opinion is not modified in respect of these matters.

Kevin Shotton BA BFP FCA (Senior Statutory Auditor)
for and on behalf of Clive Owen LLP

Tecnicas Reunidas UK Limited (Registered number: 09413852)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

9. CONTINGENT LIABILITIES

Late delivery penalties and contract debtor
Tecnicas Reunidas UK Limited was undertaking project management of a long-term contract. The contract includes late delivery penalty clauses which amount to up to £328,000 per day. As at 31 December 2023 the contract had ran approximately 18 months over schedule and during a prior year Tecnicas had left the site. In February 2024 the contract issuer pleaded a claim based on allegation of wilful default. Management have sought legal opinion to confirm that this claim is excluded by the terms of the contract and is not supported by the facts.
The matters above and some elements of the contract remain subject to arbitration. This is also causing a delay in the recovery of the contract related debtors on the balance sheet, albeit management have sought legal opinion to confirm these amounts are due and payable. At this stage, as the likelihood of the potential penalty arising is considered remote, it is considered impracticable to recognise a liability in accordance with FRS102. The contract debtor is included in full on the balance sheet, however this is also subject to dispute from the end customer.

Subcontractor claims
Tecnicas Reunidas UK Limited used a number of subcontractors to carry out works as part of their long-term contract. A number of subcontractors have raised millions of pounds in claims for additional monies in relation to various contract disputes. Whilst several of these claims have been settled and the costs recognised in the financial statements the company is actively defending the remaining claims and does not believe there is any legal obligation to pay. As a result of this any potential liability cannot be reliably estimated, and may be prejudicial to do so.

10. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

11. ULTIMATE PARENT COMPANY

The ultimate parent company is Tecnicas Reunidas S.A, a company registered in Spain, the registered office is Parque Empresarial Adecua 6 Avenida Burgos, 89 28050 Madrid (Spain).