Company registration number SC249331 (Scotland)
THE EUROPEAN MARINE ENERGY CENTRE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
THE EUROPEAN MARINE ENERGY CENTRE LIMITED
COMPANY INFORMATION
Directors
C Butterfield
R Chapman
SA David
N Kermode
I Littlejohn
D Ritch
Secretary
D Ritch
Company number
SC249331
Registered office
The Charles Clouston Building
ORIC
Back Road
Stromness
Orkney
KW16 3AW
Auditor
A J B Scholes Ltd
8 Albert Street
Kirkwall
Orkney
KW15 1HP
Bankers
Bank of Scotland
56 Albert Street
Kirkwall
Orkney
KW15 1HJ
THE EUROPEAN MARINE ENERGY CENTRE LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 27
THE EUROPEAN MARINE ENERGY CENTRE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -
The directors present the strategic report for the year ended 30 June 2024.
Review of the business
The company’s key financial statements and other performance indicators during the year were as follows:
2024 2023 Change
£000’s £000’s £000’s
Turnover 1,425 3,284 (1,859)
Other operating income 7,772 5,184 2,588
Surplus/(deficit) before tax 232 (830) 1,062
Net assets 2,904 2,672 232
Number Number Change
Average number of employees 79 87 (8)
The principal activity of the business continued to be that of provision of test facilities for technology developers of full-scale marine energy devices and the conduct of associated R&D activities, including the development of green fuels and energy systems.
The company is a private company limited by guarantee.
The conduct of grant-funded projects on a cost-reimbursement basis contributed the majority of income to the company, disclosed above as other operating income. Berth fees from marine energy technology developers on site during the year increased which will continue to be a future trend, assisted by the return of government funding for marine energy. The decrease in turnover follows a significant one-off commercial project last year and there is a corresponding decrease to cost of sales. Whilst the majority of the activity is on a cost-reimbursement basis, a pre-tax surplus was achieved.
On the balance sheet, whilst the company continues to invest in infrastructure development, the completion of an integrated tidal energy and hydrogen production facility and subsequent release of the majority of capital funding saw a linked reduction in carrying value of these fixed assets. The increase in cash balance is partly due to the end of long claim periods leading to reduced working capital.
The company benefits from having employees who are dedicated to achieving the company’s strategic goals, which the directors recognise as a key success factor. As anticipated, average staff numbers decreased to reflect the demands of the changing project mix, and it is expected that numbers will stabilise going forward.
Sustainability is one of the company’s key drivers and a Sustainability Strategy has been developed to ensure that the principles held are followed when doing and engaging in business.
EMEC continued to drive the clean energy transition across ocean energy, green hydrogen, e-fuel R&D, offshore wind and island decarbonisation. On the ocean energy front, the UK tidal sector is progressing toward multi-turbine arrays and EMEC is preparing to expand its infrastructure to accommodate this growth. Orbital Marine Power continues to test at the Fall of Warness tidal test site and a pipeline of wave and tidal energy projects are gearing up to deploy at EMEC’s sites in the coming years. EMEC continues to expand into offshore wind, with the launch of a research and innovation programme and is advocating for the development of a dedicated national floating wind test centre, positioning Orkney as a hub for offshore innovation and development. The centre is also exploring hydrogen’s role in the production of synthetic fuels and hard-to-electrify sectors and is leading the Islands Centre for Net Zero (ICNZ) to support Orkney, Shetland, and the Outer Hebrides on their path to net zero.
Read more about how EMEC are pioneering the clean energy transition in our 2024 review: https://www.emec.org.uk/2024-waves-of-change/
The company finished the financial year with a strong pipeline of awarded contracts extending through to 2029, which puts it in a good position to continue to address the risks identified below.
THE EUROPEAN MARINE ENERGY CENTRE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
Principal risks and uncertainties
The management of the business and the execution of the company’s strategy are subject to various risks. The key business risks and uncertainties affecting the company are considered to be:
Funding
Following Brexit, EMEC’s opportunity to participate in EU funded projects was curtailed. The loss of this revenue has presented a significant risk to EMEC’s operations. EMEC is seeking to continue to build up other government funded activities to replace the revenue lost from Brexit and to identify actions to reduce costs.
Decommissioning
The regulatory authorities remain responsible for making financial arrangements with developers placing devices in the sea; arrangements to which EMEC is not party.
Working capital
The majority of EMEC’s reserves are deployed as working capital across a number of publicly backed projects. EMEC seeks to ensure that the invoicing cycle is short enough to enable sufficient cashflow. Where possible pre-finance is sought to remove the drain on reserves, but where not possible EMEC seeks to mitigate expenditure through timely placement of orders and ensuring claims are submitted promptly.
Resourcing
Recruitment of staff with key technical specialisms in the current employment market is a challenge for the business. Mitigation strategies are in place utilising associates and subcontractors whilst continuing to focus on recruitment.
R Chapman
Director
5 February 2025
THE EUROPEAN MARINE ENERGY CENTRE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
The directors present their annual report and financial statements for the year ended 30 June 2024.
Principal activities
The principal activities of the company were the operation of a testing centre for the development of marine power devices and delivering R&D projects related to the development of green hydrogen and energy systems.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
C Butterfield
R Chapman
SA David
N Kermode
I Littlejohn
D Ritch
Results and dividends
The results for the year are set out on page 8.
Statement of directors' responsibilities
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 company and of the surplus or deficit of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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 company’s auditor 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 company’s auditor is aware of that information.
THE EUROPEAN MARINE ENERGY CENTRE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
On behalf of the board
R Chapman
Director
5 February 2025
THE EUROPEAN MARINE ENERGY CENTRE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE EUROPEAN MARINE ENERGY CENTRE LIMITED
- 5 -
Opinion
We have audited the financial statements of The European Marine Energy Centre Limited (the 'company') for the year ended 30 June 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the 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:
give a true and fair view of the state of the company's affairs as at 30 June 2024 and of its surplus for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
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 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 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.
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. 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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
THE EUROPEAN MARINE ENERGY CENTRE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE EUROPEAN MARINE ENERGY CENTRE LIMITED (CONTINUED)
- 6 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or 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:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
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 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 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identify and assess the risks of material misstatement in the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
the nature of the industry and sector, and control environment;
results of our enquiries of management;
any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to:
identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations.
the matters discussed among the audit engagement team.
THE EUROPEAN MARINE ENERGY CENTRE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE EUROPEAN MARINE ENERGY CENTRE LIMITED (CONTINUED)
- 7 -
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and irregularities. Key areas of focus included: Income recognition; existence and valuation of fixed assets; and recognition of grant income. In common with all audits under ISA's (UK), we are also required to perform specific procedures to respond to the risk of management override.
We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements, such as tax legislation and relevant acts.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. These include laws and regulations pertaining to employment regulations; and health and safety legislation.
In addition to the above, our procedures to respond to risks identified included the following:
reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
enquiring of management concerning actual potential litigation and claims;
performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
reading minutes of meetings of those charged with governance; and
in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
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.
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.
Ivan Houston
Senior Statutory Auditor
For and on behalf of A J B Scholes Ltd
5 February 2025
Chartered Accountants
Statutory Auditor
8 Albert Street
Kirkwall
Orkney
KW15 1HP
THE EUROPEAN MARINE ENERGY CENTRE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
1,425,029
3,284,195
Cost of sales
(1,114,647)
(3,980,898)
Gross surplus/(deficit)
310,382
(696,703)
Administrative expenses
(7,858,593)
(5,302,523)
Other operating income
7,771,842
5,183,927
Operating surplus/(deficit)
4
223,631
(815,299)
Interest receivable and similar income
7
12,079
2,690
Interest payable and similar expenses
8
(3,684)
(1,031)
Amounts written off investments
9
(89)
(16,054)
Surplus/(deficit) before taxation
231,937
(829,694)
Tax on surplus/(deficit)
10
54,035
Surplus/(deficit) for the financial year
231,937
(775,659)
The income and expenditure account has been prepared on the basis that all operations are continuing operations.
THE EUROPEAN MARINE ENERGY CENTRE LIMITED
BALANCE SHEET
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
12
316,950
211,237
Tangible assets
13
7,159,052
9,960,297
Investments
14
2
91
7,476,004
10,171,625
Current assets
Debtors
16
2,373,549
4,870,418
Cash at bank and in hand
1,914,118
519,670
4,287,667
5,390,088
Creditors: amounts falling due within one year
17
(579,255)
(848,206)
Net current assets
3,708,412
4,541,882
Total assets less current liabilities
11,184,416
14,713,507
Provisions for liabilities
Provisions
18
486,580
1,292,311
(486,580)
(1,292,311)
Deferred income
20
(7,793,940)
(10,749,237)
Net assets
2,903,896
2,671,959
Reserves
Income and expenditure account
2,903,896
2,671,959
Members' funds
2,903,896
2,671,959
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 5 February 2025 and are signed on its behalf by:
D Ritch
Director
Company registration number SC249331 (Scotland)
THE EUROPEAN MARINE ENERGY CENTRE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 10 -
Income and expenditure
£
Balance at 1 July 2022
3,447,618
Year ended 30 June 2023:
Loss and total comprehensive income for the year
(775,659)
Balance at 30 June 2023
2,671,959
Year ended 30 June 2024:
Profit and total comprehensive income for the year
231,937
Balance at 30 June 2024
2,903,896
THE EUROPEAN MARINE ENERGY CENTRE LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
- 11 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
25
2,186,276
(342,406)
Interest paid
(3,684)
(1,031)
Income taxes refunded
261,804
219,965
Net cash inflow/(outflow) from operating activities
2,444,396
(123,472)
Investing activities
Purchase of intangible assets
(114,485)
(34,388)
Purchase of tangible fixed assets
(1,100,900)
(1,160,162)
Proceeds on disposal of tangible fixed assets
153,358
54,562
Interest received
12,079
2,690
Net cash used in investing activities
(1,049,948)
(1,137,298)
Financing activities
Repayment of borrowings
(69,041)
Net cash used in financing activities
-
(69,041)
Net increase/(decrease) in cash and cash equivalents
1,394,448
(1,329,811)
Cash and cash equivalents at beginning of year
519,670
1,849,481
Cash and cash equivalents at end of year
1,914,118
519,670
THE EUROPEAN MARINE ENERGY CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 12 -
1
Accounting policies
Company information
The European Marine Energy Centre Limited is a private company limited by guarantee incorporated in Scotland. The registered office is The Charles Clouston Building, ORIC, Back Road, Stromness, Orkney, KW16 3AW.
1.1
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.
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.
The company has taken advantage of the exemption under section 402 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
The company is a medium-sized company in terms of the Companies Act 2006. These financial statements are therefore presented in accordance with the requirements of the medium-sized company reporting regime.
1.2
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.
1.3
Income and expenditure
Income and expenses are included in the financial statements as they become receivable or due.
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
Berth fee income is recognised evenly over the period of the lease.
Income from research and consultancy arises over the course of the respective contract as the company satisfies its contractual obligations.
Turnover includes amounts charged to developers for the transfer of contractual decommissioning obligations to the company.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred.
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.
THE EUROPEAN MARINE ENERGY CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 13 -
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
25% - 33% straight line basis
Property leases
2% - 10% straight line basis
Development costs
25% straight line basis
Site capacity upgrade
6% straight line basis
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation 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:
Land and buildings Freehold
2% - 10% straight line basis
Land and buildings Leasehold
8% - 10% straight line basis
Plant and machinery
3% - 50% straight line basis
Fixtures, fittings & equipment
20% straight line basis
Computer equipment
33% straight line basis
Motor vehicles
25% - 50% straight line basis
Assets in the course of construction are not depreciated.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to surplus or deficit.
1.7
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in surplus or deficit.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.8
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Where a reasonable and consistent basis of allocation can be identified, assets are allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified.
THE EUROPEAN MARINE ENERGY CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 14 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
1.9
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, and other short-term liquid investments.
1.10
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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. 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 surplus or deficit, 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.
Impairment of financial assets
Financial assets 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 surplus or deficit.
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 surplus or deficit.
THE EUROPEAN MARINE ENERGY CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 15 -
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 company 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
Financial liabilities are classified according to the substance of the contractual arrangements entered into.
Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in surplus or deficit in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.11
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 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 is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes.
THE EUROPEAN MARINE ENERGY CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 16 -
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.
1.12
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in surplus or deficit in the period in which it arises.
1.13
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.14
Retirement benefits
The company contributes to personal pension plans for the benefit of employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.15
Leases
Rentals payable under operating leases are charged to income on a straight line basis over the term of the relevant lease.
Amounts due from lessees under finance leases are recognised as receivables at the amount of the company’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the company’s net investment outstanding in respect of leases.
Rental income from operating leases is recognised in turnover on a straight line basis over the term of the relevant lease.
THE EUROPEAN MARINE ENERGY CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 17 -
1.16
Public sector grants
Public sector grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Public sector grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Turnover and other revenue
The total turnover of the company for the year has been derived from services rendered.
2024
2023
£
£
Other significant revenue
Interest income
12,079
2,690
Grants received
7,771,842
5,183,927
4
Operating surplus/(deficit)
2024
2023
Operating surplus/(deficit) for the year is stated after charging/(crediting):
£
£
Public sector grants
(7,771,842)
(5,183,927)
Fees payable to the company's auditor for the audit of the company's financial statements
9,800
8,800
Depreciation of owned tangible fixed assets
3,397,747
980,529
Impairment of owned tangible fixed assets
205,733
Profit on disposal of tangible fixed assets
(108,628)
(50,122)
Amortisation of intangible assets
11,334
24,921
Operating lease charges
180,870
172,604
THE EUROPEAN MARINE ENERGY CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 18 -
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Management and Board
9
8
Project and Commercial
32
25
Technical
20
32
Support and Marketing
18
22
Total
79
87
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
2,855,545
2,940,772
Social security costs
273,796
308,458
Pension costs
275,879
260,756
3,405,220
3,509,986
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
221,811
222,283
Company pension contributions to defined contribution schemes
68,518
68,292
290,329
290,575
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
75,269
74,136
Company pension contributions to defined contribution schemes
40,527
40,414
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
12,079
2,690
THE EUROPEAN MARINE ENERGY CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
7
Interest receivable and similar income
(Continued)
- 19 -
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through surplus or deficit
12,079
2,690
8
Interest payable and similar expenses
2024
2023
£
£
Other finance costs:
Other interest
3,684
1,031
9
Amounts written off investments
2024
2023
£
£
Amounts written back to/(written off) current loans
-
(16,054)
Other gains and losses
(89)
-
(89)
(16,054)
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
(49,738)
Adjustments in respect of prior periods
(4,297)
Total current tax
(54,035)
THE EUROPEAN MARINE ENERGY CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
10
Taxation
(Continued)
- 20 -
The actual charge/(credit) for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit/(loss) before taxation
231,937
(829,694)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
57,984
(207,424)
Tax effect of expenses that are not deductible in determining taxable profit
1,466
2,353
Tax effect of income not taxable in determining taxable profit
(858,096)
(197,254)
Gains not taxable
(36,757)
(12,531)
Unutilised tax losses carried forward
(27,333)
271,054
Permanent capital allowances in excess of depreciation
(41,093)
(63,777)
Depreciation on assets not qualifying for tax allowances
900,871
245,132
Amortisation on assets not qualifying for tax allowances
1,219
2,246
Research and development tax credit
21,845
13,668
R&D additional deduction
(29,698)
(49,332)
Loss surrendered for tax credit
(54,035)
Accrued pension contributions
9,592
(8,149)
Loan between associated undetrakings written off
4,014
Taxation charge/(credit) for the year
-
(54,035)
11
Impairments
Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in surplus or deficit:
2024
2023
Notes
£
£
In respect of:
Property, plant and equipment
13
205,733
Fixed asset investments
14
89
-
Recognised in:
Administrative expenses
205,733
-
Amounts written off investments
89
-
The impairment losses in respect of financial assets are recognised in other gains and losses in the profit and loss account.
THE EUROPEAN MARINE ENERGY CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 21 -
12
Intangible fixed assets
Software
Property leases
Development costs
Site capacity upgrade
Total
£
£
£
£
£
Cost
At 1 July 2023
479,339
12,472
124,005
126,411
742,227
Additions
3,300
130,920
(17,172)
117,048
Disposals
(116,803)
(116,803)
At 30 June 2024
365,836
12,472
254,925
109,239
742,472
Amortisation and impairment
At 1 July 2023
474,981
6,516
49,493
530,990
Amortisation charged for the year
4,927
595
5,813
11,335
Disposals
(116,803)
(116,803)
At 30 June 2024
363,105
7,111
55,306
425,522
Carrying amount
At 30 June 2024
2,731
5,361
199,619
109,239
316,950
At 30 June 2023
4,358
5,956
74,512
126,411
211,237
More information on impairment movements in the year is given in note 11.
Amortisation of intangible assets is shown within administrative expenses in the statement of comprehensive income.
THE EUROPEAN MARINE ENERGY CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 22 -
13
Tangible fixed assets
Land and buildings Freehold
Land and buildings Leasehold
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 July 2023
1,711,937
100,913
23,313,766
114,794
887,705
1,030,075
27,159,190
Additions
744,892
10,624
33,453
57,996
846,965
Disposals
(35,403)
(333)
(34,464)
(464,089)
(534,289)
At 30 June 2024
1,711,937
100,913
24,023,255
125,085
886,694
623,982
27,471,866
Depreciation and impairment
At 1 July 2023
199,978
97,648
15,678,158
92,458
770,165
360,486
17,198,893
Depreciation charged in the year
36,117
1,674
3,018,814
9,894
93,583
237,665
3,397,747
Impairment losses
205,733
205,733
Eliminated in respect of disposals
(24,982)
(333)
(34,464)
(429,780)
(489,559)
At 30 June 2024
236,095
99,322
18,877,723
102,019
829,284
168,371
20,312,814
Carrying amount
At 30 June 2024
1,475,842
1,591
5,145,532
23,066
57,410
455,611
7,159,052
At 30 June 2023
1,511,959
3,265
7,635,608
22,336
117,540
669,589
9,960,297
THE EUROPEAN MARINE ENERGY CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
13
Tangible fixed assets
(Continued)
- 23 -
More information on impairment movements in the year is given in note 11.
14
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
15
2
91
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 July 2023
91
Disposals
(89)
At 30 June 2024
2
Carrying amount
At 30 June 2024
2
At 30 June 2023
91
15
Subsidiaries
Details of the company's subsidiaries at 30 June 2024 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
EMEC Hydrogen Limited
United Kingdom
Dormant
Ordinary
100.00
Stronsay Tidal Company
United Kingdom
Dormant
Ordinary
100.00
16
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
223,214
296,496
Corporation tax recoverable
311,927
311,589
Other debtors
1,351,427
4,048,564
Prepayments and accrued income
460,564
187,352
2,347,132
4,844,001
THE EUROPEAN MARINE ENERGY CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
16
Debtors
(Continued)
- 24 -
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset (note 19)
26,417
26,417
Total debtors
2,373,549
4,870,418
17
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
288,192
605,980
Taxation and social security
87,299
86,543
Accruals and deferred income
203,764
155,683
579,255
848,206
18
Provisions for liabilities
2024
2023
£
£
Decommissioning
486,580
1,292,311
The company recognises a provision for the estimated cost of decommissioning when there is a contractual or constructive obligation to decommission specific test sites.
Releases to the profit and loss during the year consist of differences between the actual costs of decommissioning specific test sites and the previous estimates of those costs.
Movements on provisions:
Decommissioning
£
At 1 July 2023
1,292,311
Additional provisions in the year
64,380
Reversal of provision
(396,511)
Utilisation of provision
(473,600)
At 30 June 2024
486,580
THE EUROPEAN MARINE ENERGY CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 25 -
19
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Assets
Assets
2024
2023
Balances:
£
£
Accelerated capital allowances
(89,550)
(25,704)
Tax losses
106,289
43,886
Accrued pension contributions
9,678
8,235
26,417
26,417
There were no deferred tax movements in the year.
20
Deferred income
2024
2023
£
£
Arising from public sector grants
6,649,833
9,384,084
Other deferred income
1,144,107
1,365,153
7,793,940
10,749,237
Grant funding relating to non-current assets is deferred and released as income over the useful economic life of the associated asset.
Other deferred income includes revenue grant funding and trading income relating to future periods.
21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
275,879
260,756
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
22
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.
THE EUROPEAN MARINE ENERGY CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 26 -
23
Financial commitments, guarantees and contingent liabilities
The company leases seabed sites from The Crown Estate. The company is required to return the seabed to its original state at the end of each lease. Developers who sign an agreement to test their marine energy converter (MEC) at EMEC facilities normally assume a contractual obligation to decommission their MEC and restore the Marine Test Facilities (including without limitation the seabed, and any other affected property of EMEC), and must make good all physical damage occasioned by the removal of the MEC in accordance with a Decommissioning Plan agreed with the regulator as part of the licensing agreement, and to the satisfaction of EMEC and shall leave the Marine Test Facilities (and any other property of EMEC) in substantially the same condition (fair wear and tear excluded) as it was in prior to commencement of the Installation and Testing Works.
Provision has been made for decommissioning EMEC’s equipment and the appropriate licences and consents for its operations have been obtained. EMEC permits developers to access its site in order for them to undertake their activities. The acquisition of the consents for such operations is a matter between the regulators and the developer. The directors are therefore firmly of the opinion that the responsibility for ensuring decommissioning provision for projects sits squarely with the appropriate regulator.
In certain circumstances a contract with a developer may subsequently be varied so that, in return for a consideration, EMEC will accept the obligation to decommission a specific test site. In such circumstances, provision is made for the estimated cost of decommissioning the site in question.
24
Operating lease commitments
Lessee
The company is party to leases for the rental of certain land, property and vehicles
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within one year
85,245
126,333
Between two and five years
176,823
262,062
In over five years
106,306
96,752
368,374
485,147
THE EUROPEAN MARINE ENERGY CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 27 -
25
Cash generated from/(absorbed by) operations
2024
2023
£
£
Surplus/(deficit) for the year after tax
231,937
(775,659)
Adjustments for:
Taxation charged/(credited)
(54,035)
Finance costs
3,684
1,031
Investment income
(12,079)
(2,690)
Gain on disposal of tangible fixed assets
(108,628)
(50,122)
Amortisation and impairment of intangible assets
11,334
24,921
Depreciation and impairment of tangible fixed assets
3,603,480
980,529
Other gains and losses
89
16,054
Decrease in provisions
(805,731)
-
(Decrease)/increase in deferred income
(2,955,297)
336,688
Movements in working capital:
Decrease/(increase) in debtors
2,235,066
(467,876)
Decrease in creditors
(17,579)
(351,247)
Cash generated from/(absorbed by) operations
2,186,276
(342,406)
26
Analysis of changes in net debt
2024
£
Opening net funds
Cash at bank and in hand
519,670
Changes in net debt arising from:
Cash flows of the entity
1,394,448
Closing net funds as analysed below
1,914,118
Closing net funds
Cash at bank and in hand
1,914,118
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