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Registration number: 06422434

C.GEN Killingholme Limited

Unaudited Financial Statements

for the Year Ended 31 December 2023

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

C.GEN Killingholme Limited

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

C.GEN Killingholme Limited

Company Information

Directors

F S Maes

H N Gates

B D Dove-Seymour

F van Bellingen

Registered office

130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

Accountants

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

C.GEN Killingholme Limited

Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

11,849,734

11,805,734

Tangible assets

5

9,856,876

9,856,876

 

21,706,610

21,662,610

Current assets

 

Debtors

6

4,077,702

3,708,812

Cash at bank and in hand

 

306,934

294,720

 

4,384,636

4,003,532

Creditors: Amounts falling due within one year

7

(1,171,418)

(608,331)

Net current assets

 

3,213,218

3,395,201

Net assets

 

24,919,828

25,057,811

Capital and reserves

 

Called up share capital

27,250,000

27,250,000

Retained earnings

(2,330,172)

(2,192,189)

Shareholders' funds

 

24,919,828

25,057,811

For the financial 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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

 

C.GEN Killingholme Limited

Statement of Financial Position as at 31 December 2023

Approved and authorised by the Board on 24 October 2024 and signed on its behalf by:
 

.........................................

F S Maes

Director

Company registration number: 06422434

 

C.GEN Killingholme Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

The principal activity of the company is that of energy development.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Going concern

The company had net assets at 31 December 2023 amounting to £25,155,710.

The directors have considered the potential impact of the current economic downturn. The company continues to incur costs in relation to its energy project, which is considered to be long term in nature.

Having made sufficient enquiries, and based upon the above, the directors have reasonable expectation that the company has adequate resources to continue operating in the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

C.GEN Killingholme Limited

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

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives.No depreciation is provided until the development is complete are providing economic benefit .

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life. No amortisation is provided until the development is complete and providing economic benefit.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company during the year, was 1 (2022 - 1).

 

C.GEN Killingholme Limited

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

4

Intangible assets

Development costs
£

Cost or valuation

At 1 January 2023

11,805,734

Additions

44,000

At 31 December 2023

11,849,734

Carrying amount

At 31 December 2023

11,849,734

At 31 December 2022

11,805,734

5

Tangible assets

Freehold land
£

Assets under construction
£

Total
£

Cost or valuation

At 1 January 2023

9,260,266

596,610

9,856,876

At 31 December 2023

9,260,266

596,610

9,856,876

Carrying amount

At 31 December 2023

9,260,266

596,610

9,856,876

At 31 December 2022

9,260,266

596,610

9,856,876

 

C.GEN Killingholme Limited

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

6

Debtors

2023
£

2022
£

Trade debtors

782

782

Other debtors

4,076,920

3,708,030

4,077,702

3,708,812

Details of non-current trade and other debtors

Other debtors includes an amount of £Nil (2022: £1,330,395) which is non-current.

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Trade creditors

 

59,378

24,505

Amounts owed to group undertakings and undertakings in which the company has a participating interest

9

144,510

-

Taxation and social security

 

9,606

51,723

Accruals and deferred income

 

957,924

532,103

 

1,171,418

608,331

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the statement of financial position

The total amount of contracted capital commitments not included in the statement of financial position is £1,068,620 (2022 - £1,068,620).

Guarantees

Included in cash at bank is an amount of £259,771 (2022: £260,706) which has been placed on deposit as security for the issue of a performance guarantee in favour of a third party. A performance guarantee has been issued for an amount of £4,300,000.

9

Related party transactions

In accordance with FRS 102 paragraph 1AC.35, exemption is taken not to disclose transactions in the year or amounts falling due between undertakings where 100% of the voting rights are controlled within the group.