Registration number:
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C.GEN Killingholme Limited
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C.GEN Killingholme Limited
Contents
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Company Information |
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Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
C.GEN Killingholme Limited
Company Information
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Directors |
F S Maes B D Dove-Seymour |
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Registered office |
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Accountants |
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C.GEN Killingholme Limited
Statement of Financial Position as at 31 December 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
27,250,000 |
27,250,000 |
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Retained earnings |
6,681,365 |
(2,330,172) |
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Shareholders' funds |
33,931,365 |
24,919,828 |
For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.
C.GEN Killingholme Limited
Statement of Financial Position as at 31 December 2024
Approved and authorised by the
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F S Maes
Director
Company registration number: 06422434
C.GEN Killingholme Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal activity of the company is that of energy development.
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Accounting policies |
Statement of compliance
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' Section 1A and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.
Summary of significant accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Going concern
The company had net assets at 31 December 2024 amounting to £33,931,365.
The company has few fixed overheads and the cashflow forecasts prepared demonstrate that the company has sufficient working capital for a period of at least 12 months from the date of approval of the financial statements.
Having made sufficient enquiries, and based upon the above, the directors have a reasonable expectation that the company has adequate resources to continue operating in the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
C.GEN Killingholme Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives.No depreciation is provided until the development is complete are providing economic benefit .
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life. No amortisation is provided until the development is complete and providing economic benefit.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
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Staff numbers |
The average number of persons employed by the company during the year, was
C.GEN Killingholme Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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Intangible assets |
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Development costs |
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Cost or valuation |
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At 1 January 2024 |
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Transfers |
(501,617) |
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Disposals |
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At 31 December 2024 |
- |
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Carrying amount |
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At 31 December 2024 |
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At 31 December 2023 |
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Tangible assets |
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Freehold land |
Assets under construction |
Total |
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Cost or valuation |
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At 1 January 2024 |
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Disposals |
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Transfers |
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At 31 December 2024 |
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- |
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Carrying amount |
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At 31 December 2024 |
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- |
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At 31 December 2023 |
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C.GEN Killingholme Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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Debtors |
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2024 |
2023 |
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Trade debtors |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
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2024 |
2023 |
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Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Accruals and deferred income |
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the statement of financial position
The total amount of contracted capital commitments not included in the statement of financial position is £Nil (2023 - £
Guarantees
Included in cash at bank is an amount of £260,176 (2023: £259,771) held as security for the issue of a performance guarantee in favour of a third party.
Contingencies
The company has entered into an arrangement with the purchaser of the freehold land and intangible assets that subject to them obtaining certain additional consents further consideration of £10m is payable to the company which is not reflected in the financial statements. The company has also entered into an option agreement to repurchase the freehold land and intangible assets in certain circumstances for £20m.
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Related party transactions |
In accordance with FRS 102 paragraph 1AC.35, exemption is taken not to disclose transactions in the year or amounts falling due between undertakings where 100% of the voting rights are controlled within the group.