Company registration number 11031942 (England and Wales)
EIH PPP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
EIH PPP LIMITED
COMPANY INFORMATION
Directors
J McDonagh
(Appointed 31 August 2023)
JS Gordon
(Appointed 3 May 2023)
Secretary
Resolis Limited
Company number
11031942
Registered office
1 Park Row
Leeds
United Kingdom
LS1 5AB
Independent Auditor
Azets Audit Services Ireland Limited
3rd Floor
40 Mespil Road
Dublin 4
Republic of Ireland
D04 C2N4
Bankers
MUFG Bank Ltd
Ropemaker Place
25 Ropemaker Street
London
EC2Y 9LY
Solicitors
McCann FitzGerald
Riverside One
Sir John Rogerson's Quay
Dublin 2
Republic of Ireland
D02 X576
EIH PPP LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Directors' responsibilities statement
4
Independent auditor's report
5 - 8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 27
EIH PPP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The directors present the strategic report for the year ended 31 March 2024.

Review of the business

The company holds an investment in the share capital of Eriugena Investments Limited, a company incorporated in the United Kingdom. Eriugena Investments Limited holds investments in Eriugena Holdings Limited and indirectly in Eriugena Designated Activity Company, companies incorporated and domiciled in the Republic of Ireland.

 

Eriugena Designated Activity Company’s principal activity is the construction and operation of two university campus buildings at the Grangegorman campus site, Dublin 7. Eriugena Designated Activity Company entered in to a concession contract with the Minister for Education and Skills on 28 March 2018 with a term of 25 years from 25 May 2020.

 

There were no accounting transactions that required reporting within the company Statement of Comprehensive Income for the company in the current financial year. Accordingly, no company Statement of Comprehensive Income has been presented in these financial statements.

Principal risks and uncertainties

The group is obliged to construct the asset within the timeframe prescribed by contracts. If the timeframe is not met the group will incur financial loss. The group has mitigated this risk by entering into a contract with the construction sub-contractor, the provisions of which pass down this risk to the contractor. The group’s revenue is based on a fixed price, subject to adjustments for Harmonised Index of Consumer Prices. Therefore, profit margins are susceptible to inflation rate fluctuations. In order to manage this risk, the group has ensured that costs are fixed wherever possible.

Key performance indicators

The group’s management produce comparisons of actual cash flows against forecast cash flows from the financial model and analyse any fluctuations. The directors believe that there are no other key performance indicators that require disclosure for an understanding of the development, performance or position of the business.

 

In its role as a holding company there are no key performance indicators for the directors to monitor. However the holding company also takes the risk of impairment of its investment. This risk is directly related to the performance of Eriugena Designated Activity Company.

On behalf of the board

.............................................
JS Gordon
Director
Date: .............................................
EIH PPP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -

The directors present their annual report and financial statements for the year ended 31 March 2024.

Principal activities

The group's principal activity is the construction and operation of two university campus buildings at the Grangegorman campus site, Dublin 7. The group entered in to a concession contract with The Minister for Education and Skills on 28 March 2018 with a term of 25 years from 25 May 2020.

Results and dividends

The results for the year are set out on page 9.

No ordinary dividends were paid during the year.

Directors

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

R Osborne
(Resigned 13 July 2023)
A Dunne
(Resigned 31 August 2023)
G McRann
(Appointed 13 July 2023 and resigned 31 August 2023)
J McDonagh
(Appointed 31 August 2023)
JS Gordon
(Appointed 3 May 2023)
Financial instruments

Due to the nature of the group's business, the financial risks the directors consider relevant are interest rate risk, cash flow and liquidity risk, price risk and credit risk. The credit risk is not considered significant as the client is a quasi governmental organisation.

 

Cash Flow and Liquidity Risk

 

Many of the Cash Flow risks are addressed by means of contractual provisions. The group's liquidity risk is principally managed through financing the group by means of long term borrowings.

 

Price Risk

 

The group has entered in to various contracts which fix the amounts due under contract and therefore there is minimal volatility expected in respect of forecast costs.

 

Credit Risk

 

The group was not exposed to the risk of late payment of debts during the financial year as revenue represents the capitalised cost of construction and associated costs and therefore is not currently exposed to credit risk.

Post reporting date events

There were no significant events affecting the group or company since year end.

Auditor

The auditor, Azets Audit Services Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

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

EIH PPP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
Directors' Compliance Statement
The directors acknowledge that they are responsible for securing the company's compliance with its relevant obligations. The directors confirm that there are relevant procedures in place to ensure its compliance.
On behalf of the board
..............................
JS Gordon
Director
Date: .................................
2024-10-09
EIH PPP LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -

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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

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

EIH PPP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF EIH PPP LIMITED
- 5 -
Opinion

We have audited the financial statements of EIH PPP Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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 group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the 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 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:

EIH PPP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF EIH PPP LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and parent company and their environment obtained in the course of the audit, we have not identified material misstatements in 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:

 

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 parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent 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.

EIH PPP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF EIH PPP LIMITED
- 7 -

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 assessed the risks of material misstatement of the financial statements, whether due to fraud or error, and then designed and performed audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide the basis for our opinion. We planned and conducted our audit so as to obtain reasonable assurance of detecting any material misstatements in the financial statements resulting from irregularities or fraud.

 

All engagement team members were briefed on relevant laws and regulations and potential fraud risks at the planning stage of the audit. However, the primary responsibility for the prevention and detection of fraud rests with the directors.

 

We obtained an understanding of the legal and regulatory frameworks that are applicable to the group and company focusing on provision of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The most relevant frameworks we identified include:

 

 

We gained an understanding of how the group and company is complying with these laws and regulations by making enquires of management and those charges with governance. We corroborated these through our review of any relevant correspondence with regulatory bodies and board meetings minutes.

 

We assessed the susceptibility of the group and company’s financial statements to material misstatement, including how fraud might occur by meeting with management and those charged with governance where it was considered there was a susceptibility to fraud. This evaluation also considered how management and those with governance were remunerated and whether this provided an incentive for fraudulent activity. We considered the overall control environment and how management and those charged with governance oversee the implementation and operation of controls. In areas of the financial statements where the risks were considered to be higher, we performed procedures to address each identified risk.

 

The following procedures were performed to provide reasonable assurance that the financial statements were free material fraud and error;

 

 

There are inherent limitations in the audit procedures described above and the further removed non‑compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

 

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.

EIH PPP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF EIH PPP LIMITED
- 8 -

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

...................................
David McGarry
for and on behalf of
Azets Audit Services Limited
3rd Floor
40 Mespil Road
Dublin 4
D04 C2N4
EIH PPP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
2024
2023
Notes
€'000
€'000
Turnover
3
5,077
3,385
Cost of sales
(4,828)
(3,372)
Gross profit
249
13
Administrative expenses
(316)
(380)
Operating loss
(67)
(367)
Interest receivable and similar income
5
9,457
9,120
Interest payable and similar expenses
6
(7,893)
(7,922)
Profit before taxation
1,497
831
Tax on profit
7
(229)
(104)
Profit for the financial year
15
1,268
727
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.

All the activities of the group are from continuing operations.

 

There are no gains or losses for the current period other than the loss as stated above.

The notes on pages 15 to 27 form part of these financial statements.

EIH PPP LIMITED
GROUP BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 10 -
2024
2023
Notes
€'000
€'000
€'000
€'000
Current assets
Debtors falling due after more than one year
9
202,626
207,897
Debtors falling due within one year
9
8,061
8,624
Cash at bank and in hand
16,943
14,898
227,630
231,419
Creditors: amounts falling due within one year
10
(15,059)
(13,078)
Net current assets
212,571
218,341
Creditors: amounts falling due after more than one year
11
(212,190)
(219,228)
Net assets/(liabilities)
381
(887)
Capital and reserves
Called up share capital
14
50
50
Profit and loss reserves
15
331
(937)
Total shareholders' deficit
381
(887)

The notes on pages 15 to 27 form part of these financial statements.

The financial statements were approved by the board of directors and authorised for issue on ......................... and are signed on its behalf by:
2024-10-09
..............................
JS Gordon
Director
Company registration number 11031942 (England and Wales)
EIH PPP LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 11 -
2024
2023
Notes
€'000
€'000
€'000
€'000
Fixed assets
Investments
8
50
50
Capital and reserves
Called up share capital
14
50
50

The notes on pages 15 to 27 form part of these financial statements.

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was €nil (2023: €nil).

The financial statements were approved by the board of directors and authorised for issue on ......................... and are signed on its behalf by:
2024-10-09
..............................................
JS Gordon
Director
Company registration number 11031942 (England and Wales)
EIH PPP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
Share capital
Profit and loss reserves
Total
€'000
€'000
€'000
Balance at 1 April 2022
50
(1,664)
(1,614)
Year ended 31 March 2023:
Profit and total comprehensive income
-
727
727
Balance at 31 March 2023
50
(937)
(887)
Year ended 31 March 2024:
Profit and total comprehensive income
-
1,268
1,268
Balance at 31 March 2024
50
331
381

The notes on pages 15 to 27 form part of these financial statements.

EIH PPP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
Share capital
Profit and loss reserves
Total
€'000
€'000
€'000
Balance at 1 April 2022
50
-
0
50
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
-
0
Balance at 31 March 2023
50
-
0
50
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
-
-
0
Balance at 31 March 2024
50
-
0
50
EIH PPP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
2024
2023
Notes
€'000
€'000
€'000
€'000
Cash flows from operating activities
Cash generated from operations
6,886
6,839
Interest paid
(7,893)
(7,922)
Income taxes paid
(223)
-
Net cash outflow from operating activities
(1,230)
(1,083)
Investing activities
Interest received
9,457
9,120
Net cash generated from investing activities
9,457
9,120
Financing activities
Repayment of borrowings
328
1,822
Repayment of bank loans
(6,510)
(6,534)
Net cash used in financing activities
(6,182)
(4,712)
Net increase in cash and cash equivalents
2,045
3,325
Cash and cash equivalents at beginning of year
14,898
11,573
Cash and cash equivalents at end of year
16,943
14,898
The notes on pages 15 to 27 form part of the Annual Report and Financial Statements.
EIH PPP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 15 -
1
Accounting policies
Company information

EIH PPP Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 1 Park Row, Leeds, United Kingdom, LS1 5AB.

 

The company holds an investment in the share capital of Eriugena Investments Limited, a company incorporated and domiciled in England (registration number 11033966).

1.1
Accounting convention

These financial statements are prepared on a going concern basis, under the historical cost convention, as modified by the revaluation of certain financial assets and liabilities.

 

The preparation of financial statements in conformity with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the group’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed further in the accounting policies.

 

There were no accounting transactions that required reporting within the Statement of Comprehensive Income for the company in the current period.

The financial statements are prepared in euros, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest €'000.

The financial statements are prepared on a going concern basis, under the historical cost convention.

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

 

EIH PPP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 16 -
1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company EIH PPP Limited together with all entities controlled by the parent company, its subsidiaries.

 

All financial statements are made up to 31 March 2024.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.4
Going concern

The group has net assets at 31 March 2024 of €381,000 (2023: net liabilities of €887,000). The directors have reviewed the budget for the foreseeable future and have considered the projected cash flows based on the contractual receipts and payments of cash by reference to a financial model covering accounting periods up to March 2045. They project that the loan covenant terms will be met until the loan is repaid in full.

 

Having considered the risks and uncertainties of the business, their projections for the future performance of the company, and the current uncertain economic environment, 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 financial statements.

EIH PPP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 17 -
1.5
Turnover

Turnover represents the fair value of construction services incurred in order to recognise a Financial Asset in accordance with FRS 102 Section 34c. The group recognises revenue on the gross cost of construction incurred including other fees associated in the mobilisation of the concession.

 

The project agreement with The Minister for Education and Skills provides for the charging of a unitary fee from the date of Service Comment are made available until the end of the service delivery agreement. The unitary fee is fixed subject to performance and inflation indexation. During the construction phase, construction costs incurred are recorded as cost of sales. Turnover is also recognised in relation to the construction work performed at fixed margin. The turnover recognised is included within the 'financial asset' described below. If construction costs are forecast to exceed amounts which can be subsequently recovered, a loss is recognised as soon as this is foreseen. Amounts recoverable on long-term contracts, which are included in debtors, represent future amounts due over the life of the service delivery contract for the fair value of the construction work on the housing units. This financial asset comprises the construction turnover recognised up to the balance sheet date, other directly attributable costs, interest on loan facilities used to finance the construction less amounts collected to date. Interest is recorded on the financial asset at a constant rate based on the carrying amount. The unitary fee charged is split between services provided (which is recorded as turnover), collection of the financial asset, payment of interest on the financial asset and deferred income. Turnover in relation to both construction and services provided is recorded net of VAT and arises entirely in Ireland.

1.6
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

EIH PPP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 18 -
1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

 

The company is obligated to keep cash reserves at the balance sheet date in respect of requirements in the company’s funding agreements. The restricted cash balance, which is shown with the "cash at bank and in hand" balances amounts to €14,122,000 (2023: €13,087,000) as at the balance sheet date.

1.8
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial asset

The group is accounting for the concession asset as a Financial Asset as defined by FRS 102 section 34c. The Financial Asset is accounted for based on the fair value of the construction and directly associated services provided. The group recognises interest receivable on this asset over the life of the project.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

EIH PPP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 19 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

 

Basic financial instruments are initially recognised at the transaction price and subsequently at amortised cost, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

Debt instruments are subsequently measured at amortised cost.

 

Other financial instruments are subsequently measured at fair value, with any changes recognised in the Statement of Comprehensive Income, with the exception of hedging instruments in a designated hedging relationship.

 

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Comprehensive Income immediately.

 

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Borrowings

Borrowings are recognised at amortised cost using the effective interest rate method. Under the effective interest rate method, any transaction fees, costs, discounts and premiums directly related to the borrowings are recognised in the Statement of Comprehensive Income over the life of the borrowings. Borrowings with maturities greater than twelve months after the reporting date are classified as non-current liabilities.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.10
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. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

EIH PPP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 20 -
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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Foreign exchange

Transactions in currencies other than euros 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.

1.12

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

1.13

Impairment of assets

Where there is objective evidence that recoverable amounts of an asset is less than its carrying value the carrying amount of the asset is reduced to its recoverable amount resulting in an impairment loss. Impairment losses are recognised immediately in the profit and loss account. Where the circumstances causing an impairment of an asset no longer apply, then the impairment is reversed through the profit and loss account.

1.14

Provisions and liabilities

Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

 

Provisions are charged as an expense to the Profit and Loss Account in the year that the company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

EIH PPP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 21 -
2
Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

 

The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:

 

ii) Deferred taxation

 

Deferred tax is recognised on all timing differences at the reporting date except for certain exceptions. Judgement is required in the case of the recognition of deferred taxation assets, the directors have to form an opinion as to whether it is probable that the deferred taxation asset recognised is recoverable against future taxable profits arising. This exercise of judgement requires the directors to consider forecast information over a long time horizon having regard to the risks that the forecasts may not be achieved and then form a reasonable opinion as to the recoverability of the deferred taxation asset.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Accounting for service concession arrangements

Accounting for the service concession contract and finance debtors requires estimation of service margins, finance debtor interest rates and associated amortisation profile which is based on forecast results of the contract.

Recoverability of amounts on long term contracts

The group makes judgements on the recoverability of the amounts recoverable on long term contracts, based on the receipt of the unitary fee in accordance with the contractual payment mechanisms contained in the project agreement with Eriugena Designated Activity Company's client, Dublin City Council.

EIH PPP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 22 -
3
Turnover and other revenue
2024
2023
€'000
€'000
Turnover analysed by class of business
Operational revenue
4,877
3,299
Pass through income
200
86
5,077
3,385

The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the Republic of Ireland.

4
Employees

The group and company had no employees during the year and directors received no emoluments.

5
Interest receivable and similar income
2024
2023
€'000
€'000
Interest income
Interest on bank deposits
338
-
0
Other interest income
9,119
9,120
Total income
9,457
9,120
6
Interest payable and similar expenses
2024
2023
€'000
€'000
Interest on bank overdrafts and loans
5,359
5,516
Interest payable to group undertakings
2,534
2,406
Total finance costs
7,893
7,922
EIH PPP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 23 -
7
Taxation
2024
2023
€'000
€'000
Current tax
UK corporation tax on profits for the current period
250
222
Deferred tax
Origination and reversal of timing differences
(21)
(118)
Total tax charge
229
104

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:

2024
2023
€'000
€'000
Profit before taxation
1,497
831
Expected tax charge based on the standard rate of corporation tax in the UK of 12.50% (2023: 12.50%)
187
104
Tax effect of expenses that are not deductible in determining taxable profit
-
0
355
Tax effect of utilisation of tax losses not previously recognised
-
0
(237)
Effect of bank interest taxable at 25% as passive income
42
-
-
0
(118)
Taxation charge
229
104
8
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
€'000
€'000
€'000
€'000
Investments in subsidiaries
-
0
-
0
50
50

The company's investment represents its 100% shareholding in Eriugena Investments Limited. Eriugena Investments Limited holds its own investment in Eriugena Holdings Limited, which holds 100% of the share capital in Eriugena Designated Activity Company. Eriugena Investments Limited is a limited company incorporated in the United Kingdom and Eriugena Holdings Limited and Eriugena Designated Activity Company are companies incorporated in the Republic of Ireland.

 

Eriugena Designated Activity Company’s principal activity is the construction and operation of two university campus buildings at the Grangegorman campus site, Dublin 7. Eriugena Designated Activity Company entered in to a concession contract with The Minister for Education and Skills on 28 March 2018 with a term of 25 years from completion of construction.

EIH PPP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 24 -
9
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
€'000
€'000
€'000
€'000
Trade debtors
525
226
-
0
-
0
Other debtors
5,179
6,245
-
0
-
0
Prepayments and accrued income
1,980
1,798
-
0
-
0
7,684
8,269
-
-
Deferred tax asset (note 13)
377
355
-
0
-
0
8,061
8,624
-
-
Amounts falling due after more than one year:
Amounts owed by group undertakings
(200)
-
-
-
Other debtors
202,826
207,897
-
0
-
0
202,626
207,897
-
-
Total debtors
210,687
216,521
-
-
10
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
€'000
€'000
€'000
€'000
Bank loans
12
7,074
6,599
-
0
-
0
Other borrowings
12
3,013
2,832
-
0
-
0
Trade creditors
20
76
-
0
-
0
Corporation tax payable
250
222
-
0
-
0
Other taxation and social security
32
9
-
-
Accruals and deferred income
4,670
3,340
-
0
-
0
15,059
13,078
-
0
-
0
11
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
€'000
€'000
€'000
€'000
Bank loans and overdrafts
12
188,952
195,937
-
0
-
0
Other borrowings
12
23,438
23,291
-
0
-
0
Amounts owed to group undertakings
(200)
-
0
-
0
-
0
212,190
219,228
-
-
EIH PPP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
11
Creditors: amounts falling due after more than one year
(Continued)
- 25 -

Bank loans comprise of a term loan with the European Investment Bank. The company has drawn down €109,871,987 of term loan. The term loan expires on 31 March 2043.

 

The company entered into a Noteholder Purchase Agreement with the Noteholders on 28 March 2018. The company has drawn €114,344,439 of loan notes. The Loan Notes expire on 31 March 2045.

 

Noteholders comprise the following entities:

 

 

Issue costs of €2,524,000 were incurred for both EIB and the Noteholder Purchase Agreement and are being amortised over the life of the debt using the effective interest rate of the debt. The residual balance of the issue costs and accumulated interest as at 31 March 2024 was €3,236,000 (2023: €3,326,000).

 

The company entered into a Loan Note Agreement with Dalmore Capital 28 GP Limited on 28 March 2018. The company has drawn €31,236,580 of loan notes. The Loan Notes expire on 31 March 2045. Issue costs are being amortised over the life of the Loan Note using the effective interest rate of the debt. The residual balance of the issue costs and accumulated interest as at 31 March 2024 was €3,645,000 (2023: €3,792,000).

12
Loans and overdrafts
Group
Company
2024
2023
2024
2023
€'000
€'000
€'000
€'000
Bank loans
199,352
205,940
-
0
-
0
Loans from group undertakings
26,451
26,123
-
0
-
0
225,803
232,063
-
-
Payable within one year
10,087
9,431
-
0
-
0
Payable after one year
215,716
222,632
-
0
-
0

The Bank Loans and Loan Notes are secured over the assets of the company.

 

EIH PPP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 26 -
13
Deferred taxation

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

Assets
Assets
2024
2023
Group
€'000
€'000
Tax losses
377
355
Group
Company
2024
2024
Movements in the year:
€'000
€'000
Asset at 1 April 2023
(355)
-
Credit to other comprehensive income
(22)
-
Asset at 31 March 2024
(377)
-

 

EIH PPP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 27 -
14
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
€'000
€'000
Issued and fully paid
of €1.136958 each
43,977
43,977
50
50

The Ordinary shares have been translated in to Euro at the balance sheet date of 31 March 2024 using the spot exchange rate.

 

The company has only one class of Ordinary shares. The holders of the Ordinary shares are entitled to receive dividends and are entitled to one vote per share at meetings of the company.

15
Reserves
Profit and loss reserves

Retained earnings records retained earnings and accumulated losses.

16
Related party transactions
During the year, payments totalling €2,205,826 (2023: €584,796) were received from the Company's subsidiary for accrued interest. At the year end, a loan balance of €28,644,731 (2023: €28,644,731) was due from the subsidiary and €3,013,131 (2023: €2,831,838) interest was accrued on the balance.

During the year, payments totalling €2,205,826 (2023: €584,796) were made to the Company's loan note holders for accrued interest. At the year end, a loan balance of €28,644,731 (2023: €28,644,731) was due to the loan note holders and €3,013,131 (2023: €2,831,838) interest was accrued on the balance.

During the year, payments totalling €2,205,826 (2023: €584,796) were made to the Group's loan note holders for accrued interest. At the year end, a loan balance of €28,644,731 (2023: €28,644,731) was due to the loan note holders and €3,013,131 (2023: €2,831,838) interest was accrued on the balance.
17
Events after the reporting date

There were no significant events affecting the group or company since year end.

18
Controlling party

The immediate parent undertaking of the company is Euro II PPP Platform Limited Partnership, whose ultimate parent undertaking and ultimate controlling party, is Dalmore Intermediate Limited.

 

The registered office of Dalmore Intermediate Limited is 1 Park Row, Leeds, England, LS1 5AB.

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