REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 March 2024 |
for |
Enviroparks (Hirwaun Properties) Limited |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 March 2024 |
for |
Enviroparks (Hirwaun Properties) Limited |
Enviroparks (Hirwaun Properties) Limited (Registered number: 06026061) |
Contents of the Financial Statements |
for the Year Ended 31 March 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Enviroparks (Hirwaun Properties) Limited |
Company Information |
for the Year Ended 31 March 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
First Floor |
1 St John's Court |
Upper Fforest Way |
Enterprise Park |
Swansea |
SA6 8QQ |
Enviroparks (Hirwaun Properties) Limited (Registered number: 06026061) |
Balance Sheet |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 9 |
Retained earnings | 9 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Enviroparks (Hirwaun Properties) Limited (Registered number: 06026061) |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Enviroparks (Hirwaun Properties) Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Tangible fixed assets |
Depreciation has not been provided as the directors consider the useful economic life of tangible fixed assets to be greater than 50 years. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
Enviroparks (Hirwaun Properties) Limited (Registered number: 06026061) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
4. | TANGIBLE FIXED ASSETS |
Freehold |
property |
£ |
COST OR VALUATION |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
The freehold land and buildings have been pledged as security for borrowings of the company and the Enviroparks Wales Group. Full details of the Charges have been registered at Companies House. |
Cost or valuation at 31 March 2024 is represented by: |
Freehold |
property |
£ |
Valuation in 2013 | 1,348,920 |
Valuation in 2014 | 5,651,080 |
Valuation in 2015 | 11,265,000 |
18,265,000 |
If freehold land and buildings had not been revalued they would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 1,348,920 | 1,348,920 |
Freehold land and buildings were valued on an open market basis on 30 October 2015 by Savills. . |
No professional valuation has been undertaken since this date. The director considers that the market value of freehold land and buildings on a going concern basis at 31 March 2024 is £18,265,000. |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Owed to group undertaking | 1,747,033 | 1,747,033 |
Enviroparks (Hirwaun Properties) Limited (Registered number: 06026061) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
6. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Owed to Group Undertakings | 1,747,033 | 1,747,033 |
Greyfriars Administration Services Limited (as security trustee) hold by way of a fixed and floating charge, the land on the North side of Fifth Avenue, Hirwaun Industrial Estate, Hirwaun, Aberdare and land lying to the North West Side of Ninth Avenue, Hirwaun Industrial Estate, Hirwaun, Aberdare |
7. | GOING CONCERN |
These accounts have been prepared under the going concern basis. The company has the support of other companies within the Enviroparks group. The Enviroparks group has provided security for the loans to the company by way of a charge on a property owned by a wholly owned subsidiary, Enviroparks (Hirwaun Properties) Limited. The Enviroparks group required refinancing in August 2024 to enable the debts of the company to be repaid and to continue trading until its waste processing facility becomes operational. The Enviroparks group have entered into a series of corporate actions to extend the re finance date to 30 November 2025, six resolutions under the corporate action are required and at the date of signing the financial statements five of the resolutions have been passed with the final meeting due to be held on 31 March 2025. The Enviroparks group are currently in discussions with various parties regarding refinance packages. The directors are confident that refinancing will be obtained before the bonds fall due for payment. However as at the date of approving the financial statement no refinance package has been agreed. If the accounts were not prepared on a going concern basis but instead on the break up basis then fixed assets would be recognised as current assets and long term liabilities would be recognised as current liabilities. As a result it is likely that the net recoverable amount of assets would be significantly less than reflected in the financial statements. |
8. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 4,229,020 | 4,229,020 |
Deferred |
tax |
£ |
Balance at 1 April 2023 |
Balance at 31 March 2024 |
Enviroparks (Hirwaun Properties) Limited (Registered number: 06026061) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
9. | RESERVES |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1 April 2023 | ( |
) | 12,288,946 |
Profit for the year | - |
At 31 March 2024 | ( |
) | 12,288,946 |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was qualified on the following basis: |
Basis for qualified 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 Auditors' 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. As explained in note 4 to the accounts, Freehold property with a value of £18,265,000 as at 31 March 2024 is based upon a directors valuation. A professional valuation has not been undertaken since 30 October 2015. As a result we were unable to obtain sufficient, appropriate and relevant audit evidence as to the carrying value of the property at the year end through alternative audit procedures to ensure that the historic valuation remained materially correct. |
for and on behalf of |
11. | ULTIMATE CONTROLLING PARTY |
The controlling party is Zeus Renewables Ltd. |