REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 31 March 2024 |
for |
Chartwell Controls Limited |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 31 March 2024 |
for |
Chartwell Controls Limited |
Chartwell Controls Limited (Registered number: 06895100) |
Contents of the Financial Statements |
for the Year Ended 31 March 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 5 |
Statement of Income and Retained Earnings | 7 |
Balance Sheet | 8 |
Cash Flow Statement | 9 |
Notes to the Cash Flow Statement | 10 |
Notes to the Financial Statements | 11 |
Chartwell Controls Limited |
Company Information |
for the Year Ended 31 March 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and Registered Auditors |
Cedar House |
63 Napier Street |
Sheffield |
S11 8HA |
Chartwell Controls Limited (Registered number: 06895100) |
Strategic Report |
for the Year Ended 31 March 2024 |
The directors present their strategic report for the year ended 31 March 2024. |
REVIEW OF BUSINESS |
The principal activity of the company is to install building automation control systems and provide service for high performance, mission critical buildings. |
The overall growth in 2024 was driven by project installation work primarily in data centres and government market segments. Overall gross margin percentage decline was driven by the increase in revenue mix of project installation work, which is lower margin than our core Service revenue. Our business model generally dictates installing a lower margin building controls solution project, while capturing the higher margin service work post installation and in future calendar years. |
During the year the trade of Chartwell Controls (Midlands) Limited and Chartwell Energy Solutions Limited has been transferred to Chartwell Controls Limited.The intention is to transfer the remaining assets and liabilities from these companies to Chartwell Controls Limited in due course. |
The company ended the year with net assets of £2,852,313 ( 2023 - £1,926,320). |
PRINCIPAL RISKS AND UNCERTAINTIES |
The principal risk to the business is economic uncertainty due to higher interest rates impacting on commercial and government spending, global economic challenges and the impact of the Russia/Ukraine war. |
Additional risks include supply chain disruptions, regulatory changes in tax laws and overall market competition. |
The company has taken actions to monitor these risks and has risk mitigation measures in place to offset each risk area |
KEY PERFORMANCE INDICATORS (KPI'S) |
The Directors and management use a variety of KPI's to monitor performance. The company's main KPI's are as summarised as follows: |
2024 2023 |
Turnover £20,209,485 £10,139,190 |
Gross Profit Margin (%) 20% 33% |
Gross Profit £3,949,730 £3,358,419 |
Net Profit/(Loss) before tax and dividends £989,794 £1,245,730 |
Number of employees 94 73 |
Chartwell Controls Limited (Registered number: 06895100) |
Strategic Report |
for the Year Ended 31 March 2024 |
GOING CONCERN |
The company's activities, together with the factors likely to affect its future development, performance and profitability are set out in the Business Review above. |
The financial position of the company, its cash flows and liquidity position has been assessed. |
The Directors believe that despite the higher interest rate environment, the company is well placed to manage its business risks. |
The Directors have a reasonable expectation that the company has sufficient resources to continue operational existence for the foreseeable future, the going concern basis of accounting has been adopted in preparing the annual financial statements. |
ON BEHALF OF THE BOARD: |
Chartwell Controls Limited (Registered number: 06895100) |
Report of the Directors |
for the Year Ended 31 March 2024 |
The directors present their report with the financial statements of the company for the year ended 31 March 2024. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 March 2024. |
DIRECTORS |
The directors who have held office during the period from 1 April 2023 to the date of this report are as follows: |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 profit or loss 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 AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, Shorts, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Chartwell Controls Limited |
Disclaimer of opinion |
We were engaged to audit the financial statements of Chartwell Controls Limited (the 'company') for the year ended 31 March 2024, which comprise the Statement of Income and Retained Earnings, the Balance Sheet and the related notes, including a summary of 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). |
We do not express an opinion on the accompanying financial statements of the company. Because of the significance of the matter described in the basis for disclaimer of opinion section of our report, we have not been able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these financial statements. |
Basis for disclaimer of 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 (Midlands) Limited and Chartwell Energy Solutions 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. |
Other information |
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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. |
Opinion on other matters prescribed by the Companies Act 2006 |
Because of the significance of the matter described in the basis for disclaimer of opinion section of our report, we have been unable to form an opinion, whether based on the work undertaken in the course of the audit: |
- the information given in the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- the Director's Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
Notwithstanding our disclaimer of an opinion on the financial statements, in the light of the knowledge and understanding of the company and its environment obtained in the course of the audit performed subject to the pervasive limitation described above, we have not identified material misstatements in the directors' report. |
Arising from the limitation of our work referred to above: |
- we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and |
- we were unable to determine whether adequate accounting records have been kept. |
Report of the Independent Auditors to the Members of |
Chartwell Controls Limited |
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: |
- 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 disclosure of director's remuneration specified by law are not made. |
Responsibilities of directors |
As explained more fully in the Directors' Responsibilities Statement set out on page 2, 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 deem 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 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. |
Auditors' responsibilities for the audit of the financial statements |
Our responsibility is to conduct an audit of the company's financial statements in accordance with International Standards on Auditing (UK) and to issue an auditor's report. |
However, because of the matter described in the basis for disclaimer of opinion section of our report, we were not able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these financial statements. |
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. |
Use of our 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 Auditors' 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. |
for and on behalf of |
Chartered Accountants and Registered Auditors |
Cedar House |
63 Napier Street |
Sheffield |
S11 8HA |
Chartwell Controls Limited (Registered number: 06895100) |
Statement of Income and |
Retained Earnings |
for the Year Ended 31 March 2024 |
31.3.23 | 31.3.24 |
£ | Notes | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
OPERATING PROFIT | 6 |
Interest receivable and similar income |
1,251,807 | 1,001,109 |
Interest payable and similar expenses | 8 |
PROFIT BEFORE TAXATION |
Tax on profit | 9 |
PROFIT FOR THE FINANCIAL YEAR |
Retained earnings at beginning of year |
RETAINED EARNINGS AT END OF YEAR |
Chartwell Controls Limited (Registered number: 06895100) |
Balance Sheet |
31 March 2024 |
31.3.23 | 31.3.24 |
£ | £ | Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 10 |
CURRENT ASSETS |
Stocks | 11 |
Debtors | 12 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 13 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
( |
) | Amounts falling due after more than one year |
14 |
( |
) |
( |
) | PROVISIONS FOR LIABILITIES | 17 | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 18 |
Retained earnings | 19 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Chartwell Controls Limited (Registered number: 06895100) |
Cash Flow Statement |
for the Year Ended 31 March 2024 |
31.3.23 | 31.3.24 |
£ | Notes | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
( |
) | Interest paid | ( |
) |
( |
) | Interest element of hire purchase payments paid |
( |
) |
Net cash from operating activities |
Cash flows from investing activities |
( |
) | Purchase of tangible fixed assets | ( |
) |
( |
) | Sale of tangible fixed assets |
Interest received |
( |
) | Net cash from investing activities |
Cash flows from financing activities |
( |
) | Loan repayments in year | ( |
) |
Capital repayments in year | ( |
) |
Net cash from financing activities | ( |
) |
Increase in cash and cash equivalents |
205,068 | Cash and cash equivalents at beginning of year |
2 |
1,024,425 | Cash and cash equivalents at end of year | 2 | 2,295,713 |
Chartwell Controls Limited (Registered number: 06895100) |
Notes to the Cash Flow Statement |
for the Year Ended 31 March 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31.3.24 | 31.3.23 |
£ | £ |
Profit before taxation |
Depreciation charges |
Loss on disposal of fixed assets |
Finance costs | 11,315 | 6,077 |
Finance income | (64,921 | ) | (20,809 | ) |
961,990 | 1,246,159 |
Increase in stocks | ( |
) | ( |
) |
Decrease/(increase) in trade and other debtors | ( |
) |
Increase in trade and other creditors |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 March 2024 |
31.3.24 | 1.4.23 |
£ | £ |
Cash and cash equivalents | 2,295,713 | 1,024,425 |
Year ended 31 March 2023 |
31.3.23 | 1.4.22 |
£ | £ |
Cash and cash equivalents | 1,024,425 | 205,068 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.4.23 | Cash flow | At 31.3.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 1,024,425 | 1,271,288 | 2,295,713 |
1,024,425 | 2,295,713 |
Debt |
Finance leases | (89,393 | ) | 12,936 | (76,457 | ) |
Debts falling due within 1 year | (20,000 | ) | 20,000 | - |
Debts falling due after 1 year | (43,557 | ) | 43,557 | - |
(152,950 | ) | 76,493 | (76,457 | ) |
Total | 871,475 | 1,347,781 | 2,219,256 |
Chartwell Controls Limited (Registered number: 06895100) |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Chartwell Controls Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
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 |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Work in progress |
Work in progress comprises costs incurred, excluding any markup, to the extent that no right to consideration |
exists at the balance sheet date. Where the right to consideration exists at the balance sheet date, then WIP includes expected profit on a percentage completion basis. Work in progress is valued at the lower of cost or net realisable value. Where costs incurred and expected profit exceed amounts progress billed to date, then this is shown as work in progress. Where amounts progress billed exceed costs incurred and expected profits then these are shown within other creditors. |
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 Controls Limited (Registered number: 06895100) |
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 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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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 directors have considered the level of funds held and the expected levels of cash inflows and outflows for 12 months from the date of authorising these financial statements. It is on this basis that the directors are of the view that it is appropriate for the financial statements to be prepared on a going concern basis. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
Chartwell Controls Limited (Registered number: 06895100) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
4. | EMPLOYEES AND DIRECTORS |
31.3.24 | 31.3.23 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
31.3.24 | 31.3.23 |
Director | 3 | 3 |
Admin | 21 | 13 |
Direct | 62 | 50 |
Sales | 8 | 7 |
5. | DIRECTORS' EMOLUMENTS |
31.3.24 | 31.3.23 |
£ | £ |
Directors' remuneration |
Information regarding the highest paid director is as follows: |
31.3.24 | 31.3.23 |
£ | £ |
Emoluments etc |
6. | OPERATING PROFIT |
The operating profit is stated after charging: |
31.3.24 | 31.3.23 |
£ | £ |
Other operating leases |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
Loss on disposal of fixed assets |
7. | AUDITORS' REMUNERATION |
31.3.24 | 31.3.23 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
32,500 |
- |
Chartwell Controls Limited (Registered number: 06895100) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
8. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.3.24 | 31.3.23 |
£ | £ |
Exchange rate variance |
Loan interest |
Hire purchase |
9. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31.3.24 | 31.3.23 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax | ( |
) |
Tax on profit |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
31.3.24 | 31.3.23 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
Utilisation of tax losses | ( |
) | ( |
) |
Deferred tax | (2,950 | ) | 21,642 |
Total tax charge | 63,801 | 21,642 |
Chartwell Controls Limited (Registered number: 06895100) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
10. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Motor | Computer |
Totals | fittings | vehicles | equipment |
£ | £ | £ | £ |
COST |
At 1 April 2023 |
Additions |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
11. | STOCKS |
31.3.24 | 31.3.23 |
£ | £ |
Work-in-progress |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Trade debtors |
Other debtors |
Chartwell Controls Limited (Registered number: 06895100) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Bank loans and overdrafts (see note 15) |
Hire purchase contracts (see note 16) |
Trade creditors |
Amounts owed to group undertakings |
Corporation tax |
Social security and other taxes |
Other creditors |
Accrued expenses |
14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Bank loans (see note 15) |
Hire purchase contracts (see note 16) |
15. | LOANS |
An analysis of the maturity of loans is given below: |
31.3.24 | 31.3.23 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
16. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
31.3.24 | 31.3.23 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Chartwell Controls Limited (Registered number: 06895100) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
16. | LEASING AGREEMENTS - continued |
Non-cancellable operating | leases |
31.3.24 | 31.3.23 |
£ | £ |
Within one year |
Between one and five years |
17. | PROVISIONS FOR LIABILITIES |
31.3.24 | 31.3.23 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Deferred |
tax |
£ |
Balance at 1 April 2023 |
Credit to Income Statement during year | ( |
) |
Balance at 31 March 2024 |
18. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.24 | 31.3.23 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
19. | RESERVES |
Retained |
earnings |
£ |
At 1 April 2023 |
Profit for the year |
At 31 March 2024 |
20. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is Albireo Energy LLC, incorporated in the United States. |