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REGISTERED NUMBER: 07034699 (England and Wales)















Financial Statements for the Year Ended 31 March 2024

for

Enviroparks (Wales) Limited

Enviroparks (Wales) Limited (Registered number: 07034699)






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 (Wales) Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Mr D R Williams
Mr A M Williams
Mr R M J Healey
Mr P K Emery





REGISTERED OFFICE: 1sr Floor Offices
Park Chambers
10 Hereford Road
ABERGAVENNY
NP7 5PR





REGISTERED NUMBER: 07034699 (England and Wales)





AUDITORS: Ashmole & Co
First Floor
1 St John's Court
Upper Fforest Way
Enterprise Park
Swansea
SA6 8QQ

Enviroparks (Wales) Limited (Registered number: 07034699)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 5,155,753 5,155,760
Investments 5 110 110
5,155,863 5,155,870

CURRENT ASSETS
Debtors 6 6,905,702 6,853,256
Cash at bank and in hand 2,629 839
6,908,331 6,854,095
CREDITORS
Amounts falling due within one year 7 39,409,358 2,296,003
NET CURRENT (LIABILITIES)/ASSETS (32,501,027 ) 4,558,092
TOTAL ASSETS LESS CURRENT
LIABILITIES

(27,345,164

)

9,713,962

CREDITORS
Amounts falling due after more than one
year

8

-

35,027,210
NET LIABILITIES (27,345,164 ) (25,313,248 )

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 11 (27,345,264 ) (25,313,348 )
SHAREHOLDERS' FUNDS (27,345,164 ) (25,313,248 )

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 March 2025 and were signed on its behalf by:





Mr D R Williams - Director


Enviroparks (Wales) Limited (Registered number: 07034699)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Enviroparks (Wales) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on cost and at varying rates on cost

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Enviroparks (Wales) Limited (Registered number: 07034699)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Construction Plant and and
Costs machinery fittings
£    £    £   
COST
At 1 April 2023 5,155,752 3,000 3,926
Disposals - (3,000 ) (3,926 )
At 31 March 2024 5,155,752 - -
DEPRECIATION
At 1 April 2023 - 2,998 3,925
Charge for year - 2 1
Eliminated on disposal - (3,000 ) (3,926 )
At 31 March 2024 - - -
NET BOOK VALUE
At 31 March 2024 5,155,752 - -
At 31 March 2023 5,155,752 2 1

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2023 346 8,838 5,171,862
Disposals - (8,838 ) (15,764 )
At 31 March 2024 346 - 5,156,098
DEPRECIATION
At 1 April 2023 345 8,834 16,102
Charge for year - 4 7
Eliminated on disposal - (8,838 ) (15,764 )
At 31 March 2024 345 - 345
NET BOOK VALUE
At 31 March 2024 1 - 5,155,753
At 31 March 2023 1 4 5,155,760

Enviroparks (Wales) Limited (Registered number: 07034699)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 April 2023
and 31 March 2024 110
NET BOOK VALUE
At 31 March 2024 110
At 31 March 2023 110

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Enviroparks Hirwaun Limited 6,417,544 6,417,444
Enviroparks Limited Loan Note 366,849 366,849
Enviroparks Hirwaun Properties Limited 2,760 2,760
Other debtor - 164
VAT 115,097 60,883
Prepayments 3,452 5,156
6,905,702 6,853,256

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 1,124,188 793,076
Social security and other taxes 231 -
Enviroparks Limited 104 104
Envirotrade Limited 18,907 18,907
Zeus Renewables Limited 119,574 118,000
WAG Loan 3,000,000 -
Enviroparks Bond Ltd 12,995,705 -
Enviroparks Bond II Limited 5,441,059 -
Enviroparks Bond III Limited 5,383,569 -
Enviroparks Bond IV Limited 5,499,015 -
Enviroparks Bond V Limited 5,039,382 -
Other creditors and accruals 787,624 1,365,916
39,409,358 2,296,003

Enviroparks (Wales) Limited (Registered number: 07034699)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Welsh Assembly Government Loan - 3,000,000
Enviroparks Bond Limited - 11,770,581
Enviroparks Bond II Limited - 5,165,091
Enviroparks Bond III Limited - 5,110,503
Enviroparks Bond IV Limited - 5,220,089
Enviroparks Bond V Limited - 4,760,946
- 35,027,210

Funds have been raised by the issue of Corporate Bonds under Section 21 of the Financial Services and Markets Act 2000. The corporate bonds are for a five to seven year term and attract interest of between 7.73% and 9.5%.

A formal offer of funding from the Welsh Government was agreed and initially signed on 10 February 2015 with a subsequent amended document signed on 28 July 2015. The loan amount is up to a maximum of £3,500,000 for a term of seven years, with zero interest. A condition of the finance from the Welsh Government is that security is granted when requested by the Welsh Government over the Hirwaun site, subordinated to the Corporate Bond holders. The Welsh Government loan become due on 28 July 2022. The company are currently in discussions with the Welsh Government to allow an additional variation to the terms of the loan.

The company with full title guarantee as security hereby charges to the Trustee (as security trustee for the Secured Parties) as a continuing security for the payment or discharge of the Secured Liabilities by way of a legal mortgage, all assets or interests in the freehold and leasehold property together with all present and future buildings, fixtures (including trade and tenants fixtures), plant and machinery which are at any time on any such property.

9. 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.

Enviroparks (Wales) Limited (Registered number: 07034699)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

11. RESERVES
Retained
earnings
£   

At 1 April 2023 (25,313,348 )
Deficit for the year (2,031,916 )
At 31 March 2024 (27,345,264 )

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

S K Keith (Senior Statutory Auditor)
for and on behalf of Ashmole & Co

13. ULTIMATE CONTROLLING PARTY

At the balance sheet date, Zeus Renewables Ltd was the Ultimate controlling entity.