REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 March 2024 |
for |
Enviroparks (Wales) Limited |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Retained earnings | 11 | ( |
) | ( |
) |
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 Board of Directors and authorised for issue on |
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 |
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 |
Plant and machinery etc | - |
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 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Construction | Plant and | and |
Costs | machinery | fittings |
£ | £ | £ |
COST |
At 1 April 2023 |
Disposals | ( |
) | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 April 2023 |
Disposals | ( |
) | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
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 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
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 |
Prepayments |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Social security and other taxes |
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 |
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 |
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 |
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: | £ | £ |
Ordinary | £1 | 100 | 100 |
11. | RESERVES |
Retained |
earnings |
£ |
At 1 April 2023 | ( |
) |
Deficit for the year | ( |
) |
At 31 March 2024 | ( |
) |
12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
13. | ULTIMATE CONTROLLING PARTY |
At the balance sheet date, Zeus Renewables Ltd was the Ultimate controlling entity. |