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REGISTERED NUMBER: 07252948 (England and Wales)










Financial Statements for the Year Ended 31 March 2024

for

Chartwell Energy Solutions Limited

Chartwell Energy Solutions Limited (Registered number: 07252948)






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


Chartwell Energy Solutions Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: L G Wash
B Freeman
N J Fowler





REGISTERED OFFICE: Swift House, Ground Floor
18 Hoffmanns Way
Chelmsford
Essex
CM1 1GU





REGISTERED NUMBER: 07252948 (England and Wales)





AUDITORS: Shorts
Chartered Accountants and Registered Auditors
Cedar House
63 Napier Street
Sheffield
S11 8HA

Chartwell Energy Solutions Limited (Registered number: 07252948)

Balance Sheet
31 March 2024

31.3.23 31.3.24
£    £    Notes £    £   
FIXED ASSETS
3,587 Tangible assets 4 -

CURRENT ASSETS
376,337 Debtors 5 282,153
5,637 Cash at bank 1,836
381,974 283,989
CREDITORS
77,497 Amounts falling due within one year 6 25,793
304,477 NET CURRENT ASSETS 258,196
308,064 TOTAL ASSETS LESS CURRENT
LIABILITIES

258,196

CREDITORS
22,500 Amounts falling due after more than one
year

7

-
285,564 NET ASSETS 258,196

CAPITAL AND RESERVES
120 Called up share capital 120
285,444 Retained earnings 258,076
285,564 258,196

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 March 2025 and were signed on its behalf by:





N J Fowler - Director


Chartwell Energy Solutions Limited (Registered number: 07252948)

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

1. STATUTORY INFORMATION

Chartwell Energy Solutions 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Turnover from a contract to provide goods and services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract.

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 reducing balance

Financial instruments
Basic financial liabilities, including trade and other payables, bank loans, loans from fellow companies are
initially recognised at transaction price, unless the arrangement constitutes a financial transaction, where the debt instrument is measured at the present value of the future receipt discounted at a market rate.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers, Accounts 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 payables are recognised initially at transaction price and subsequently measured at amortised costing using the effective interest method.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial
instruments.

Derivative 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 are recognised in the financial costs or financial income as appropriate, unless they are included in a hedging arrangement.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.


Chartwell Energy Solutions Limited (Registered number: 07252948)

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

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Going concern
The financial statements have been prepared on a basis other than the going concern basis. This basis includes, where applicable, writing the company's assets down to net realisable value. During the year the trade of the company has been transferred to Chartwell Controls Limited and it is the intention to transfer the remaining assets and liabilities to Chartwell Controls Limited in due course.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - 4 ).

Chartwell Energy Solutions Limited (Registered number: 07252948)

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

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023 30,000
Disposals (30,000 )
At 31 March 2024 -
DEPRECIATION
At 1 April 2023 26,413
Charge for year 897
Eliminated on disposal (27,310 )
At 31 March 2024 -
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 3,587

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 27,026 76,145
Amounts owed by group undertakings 255,127 298,312
Other debtors - 1,880
282,153 376,337

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts - 10,000
Trade creditors 25,605 13,852
Taxation and social security 188 43,145
Other creditors - 10,500
25,793 77,497

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Bank loans - 22,500

Chartwell Energy Solutions Limited (Registered number: 07252948)

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

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

The Report of the Auditors was qualified on the following basis:

Basis for opinion
Following the acquisition of the company by the Albireo Group in April 2021, the day to day accounting for the company was transferred to the United States in June 2022. At that time the accounting records for the company were merged with the other two Chartwell UK companies (Chartwell Controls Limited and Chartwell Controls (Midlands) Limited) and overlaid with a number of US GAAP adjustments, including acquisition accounting entries. This has resulted in management being unable to provide detailed supporting information behind significant figures in the financial statements, including work in progress, debtors, creditors, sales and purchases. We were unable to satisfy ourselves via alternative means of the accuracy and integrity of these figures in the financial statements. As a result of these matters, we were unable to determine whether any adjustments might have been found necessary in respect of recorded or unrecorded work in progress, debtors, creditors, sales and purchases and the elements making up the Statement of Income and Retained Earnings and the Balance Sheet.

Andrew Irvine (Senior Statutory Auditor)
for and on behalf of Shorts

9. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Albireo Energy LLC, incorporated in the United States.

10. OPERATING LEASE COMMITMENT

2024 2023
£    £   
> 1 year 3,690 14,042
1-5 years - 8,753
> 5 years - -
3,690 22,795