Company registration number 11357910 (England and Wales)
CROWN GAS AND POWER 2 LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
CROWN GAS AND POWER 2 LIMITED
COMPANY INFORMATION
Directors
A J Greenhalgh
M C Greensmith
T W Day
D R Marriott
Company number
11357910
Registered office
The Oil Centre
Bury New Road
Heap Bridge
Bury
Lancashire
United Kingdon
BL9 7HY
Accountants
Azets
Ship Canal House
98 King Street
Manchester
M2 4WU
CROWN GAS AND POWER 2 LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
CROWN GAS AND POWER 2 LIMITED
BALANCE SHEET
AS AT
31 JULY 2024
31 July 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
197,445
-
0
Current assets
Debtors
4
7,563,757
38,955
Cash at bank and in hand
2,036,339
30,372
9,600,096
69,327
Creditors: amounts falling due within one year
5
(7,788,190)
(147,451)
Net current assets/(liabilities)
1,811,906
(78,124)
Total assets less current liabilities
2,009,351
(78,124)
Provisions for liabilities
(21,292)
-
0
Net assets/(liabilities)
1,988,059
(78,124)
Capital and reserves
Called up share capital
7
1,000
1,000
Profit and loss reserves
1,987,059
(79,124)
Total equity
1,988,059
(78,124)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial period ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 29 October 2024 and are signed on its behalf by:
T W Day
Director
Company Registration No. 11357910
CROWN GAS AND POWER 2 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2024
- 2 -
1
Accounting policies
Company information

Crown Gas and Power 2 Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Oil Centre, Bury New Road, Heap Bridge, Bury, Lancashire, United Kingdon, BL9 7HY.

1.1
Reporting period

The financial statements represent a 14 month period to 31 July 2024 to align with other related entities.

1.2
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Going concern

Atruet 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. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Turnover includes amounts receivable on contracts relating to the supply of electricity to external consumers. Turnover is recognised in the period in which the services are provided to the end consumers and the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred can be measured reliably.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Software costs
10% Straight Line
1.6
Financial instruments

The company uses only basic financial instruments, which are initially measured at transaction price including transaction cost.

 

Financial assets and financial liabilities are subsequently carried at amortised cost using the effective interest rate method.

CROWN GAS AND POWER 2 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 3 -
1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

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 period. 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 periods and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

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 when the company has 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.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the period was 4 (2023: 4).

CROWN GAS AND POWER 2 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2024
- 4 -
3
Intangible fixed assets
Software costs
£
Cost
At 1 June 2023
-
0
Additions
209,431
At 31 July 2024
209,431
Amortisation and impairment
At 1 June 2023
-
0
Amortisation charged for the period
11,986
At 31 July 2024
11,986
Carrying amount
At 31 July 2024
197,445
At 31 May 2023
-
0
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,702,641
-
0
Other debtors
2,926,724
7,887
Prepayments and accrued income
2,934,392
6,360
7,563,757
14,247
Deferred tax asset (note 6)
-
0
24,708
7,563,757
38,955
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
35,500
10,014
Corporation tax
642,727
-
0
Other taxation and social security
662,792
-
0
Other creditors
3,683,261
136,013
Accruals and deferred income
2,763,910
1,424
7,788,190
147,451
CROWN GAS AND POWER 2 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2024
- 5 -
6
Deferred taxation

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

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Balances:
£
£
£
£
Accelerated capital allowances
21,385
-
-
-
Tax losses
-
-
-
24,708
Short term timing differences
(93)
-
-
-
21,292
-
-
24,708
2024
Movements in the period:
£
Asset at 1 June 2023
(24,708)
Charge to profit or loss
46,000
Liability at 31 July 2024
21,292
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share Class A of £1 each
300
300
300
300
Ordinary share Class B of £1 each
300
300
300
300
Ordinary share Class C of £1 each
300
300
300
300
Ordinary share Class S of £1 each
100
100
100
100
1,000
1,000
1,000
1,000
8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
20,000
27,000
CROWN GAS AND POWER 2 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2024
- 6 -
9
Related party transactions

The company has taken advantage of the exemption in Financial Reporting Standard 102, section 33, and has not disclosed transactions with related parties unless they have not taken place on an arms' length basis. Closing balances only (with corresponding comparatives) are disclosed as set out below.

 

At the balance sheet date, the company owed £2,548,916 (2023: £135,937) to Crown Gas and Power Limited, a company related by common familial control. The balance is unsecured and repayable on demand. The balance is held within other creditors.

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