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Registered number: 10166467
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CELTIC SEA POWER LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MARCH 2025
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CELTIC SEA POWER LIMITED
REGISTERED NUMBER:10166467
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 2 to 10 form part of these financial statements.
Page 1
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CELTIC SEA POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Celtic Sea Power Limited ("the company") is a private limited company, limited by shares, incorporated in the United Kingdom, registered number 10166467, under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Chi Gallos, Hayle Renewables Business Park, North Quay, Hayle, Cornwall, TR27 4DD. The principal activity during the year was that of development in the offshore renewable energy sector.
2.ACCOUNTING POLICIES
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BASIS OF PREPARATION OF FINANCIAL STATEMENTS
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies.
The financial statements are prepared in sterling which is the functional currency of the Company.
The following principal accounting policies have been applied:
Cornwall Council has confirmed its intention to continue to support the company financially for a period of not less than 12 months from the date on which the financial statements for the year ended 31 March 2025 are approved by the Directors.
Cornwall Council have approved the 4-year Business plan 25-29.
Specifically, the Directors have taken into account of the following matters were considering the appropriateness of the going concern basis: -
• Cornwall Council letter of support
• Cornwall Council approval of the 4-year Business plan 25-29
• Parental guarantee as and when required.
• Cash-flow facility.
Taking account of these factors, the directors have prepared the accounts on a going concern basis.
Page 2
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CELTIC SEA POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.ACCOUNTING POLICIES (continued)
Income is recognised in respect of services supplied during the year, exclusive of Value Added Tax. It includes:
OPERATIONAL INCOME
Income received from Cornwall Council for the operational management of Celtic Sea Power Limited is matched to the expenditure incurred by the company during the period of the accounts.
SWANSEA BAY CITY INCOME
Demonstration Zone Income represents funding for the Pembrokeshire Demonstration Zone – The Income is matched to expenditure incurred by the company during the period of the accounts. This is a project part funded by the Swansea Bay City Deal, funding managed by Pembrokeshire County Council.
PERMAGOV
Income represents funding for the Multi-Layer governance performance of marine policies Project. The Income is matched to expenditure incurred by the company during the period of the accounts. This project is funded by Innovate UK (Horizon Europe Guarantee)
FUTURE IS GREEN
Income represents funding for the Future is Green Project. The Income is matched to expenditure incurred by the company during the period of the accounts. This project is part funded by the Cornwall & Isles of Scilly Good Growth Shared Prosperity Fund.
FijiWAVEFLOW
Income represents funding for the FijiWave Flow Project. The project is in collaboration with the delivery partner and bid lead Aeon and including UoP to provide market knowledge and business model development into FLOW / Wave Colocation supplying power to Fiji.
COMAC
Income represents funding for the COMAC project. The income is matched to expenditure incurred by the company during the period of accounts.
S3
The income represents funding for the S3 project. The income is matched to expenditure incurred by the company during the period of accounts.
SCAF
Income represents funding for the SCAF project. The income is matched to expenditure incurred by the company during the period of accounts.
FFIV
Income represents funding for the FFIV project. The income is matched to expenditure incurred by the company during the period of accounts.
CFC
Income represents funding the the CFC project. The income is matched to expenditure incurred by the company during the period of accounts.
CONSULTANCY
Commercial Consultancy Income is for services to provide expedited guidance, advice, and information
Page 3
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CELTIC SEA POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.ACCOUNTING POLICIES (continued)
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OPERATING LEASES: THE COMPANY AS LESSEE
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
DEFINED CONTRIBUTION PENSION PLAN
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
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CURRENT AND DEFERRED TAXATION
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
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 income.
Tangible fixed assets, other than land and buildings, are held under the cost model and are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Page 4
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CELTIC SEA POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.ACCOUNTING POLICIES (continued)
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TANGIBLE FIXED ASSETS (CONTINUED)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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1 - 3 years straight line
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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REVALUATION OF TANGIBLE FIXED ASSETS
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Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.
Investments in subsidiaries are measured at cost less accumulated impairment.
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ASSOCIATES AND JOINT VENTURES
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Associates and Joint Ventures are held at cost less impairment.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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CASH AND CASH EQUIVALENTS
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Page 5
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CELTIC SEA POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.ACCOUNTING POLICIES (continued)
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PROVISIONS FOR LIABILITIES
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Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from related parties and investments in ordinary shares.
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The average monthly number of employees, including directors, during the year was 22 (2024: 21).
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Charge for the year on owned assets
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Land and buildings were last revalued on 14 March 2024 by Straton Creber.
Page 6
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CELTIC SEA POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
4.TANGIBLE FIXED ASSETS (CONTINUED)
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If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:
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Investment in joint ventures
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Amounts owed by group undertakings
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Prepayments and accrued income
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CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
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Other taxation and social security
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Accruals and deferred income
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Page 7
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CELTIC SEA POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
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Analysis of the maturity of loans is given below:
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AMOUNTS FALLING DUE 1-2 YEARS
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Accelerated capital allowances
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Page 8
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CELTIC SEA POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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ALLOTTED, CALLED UP AND FULLY PAID
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1 (2024: 1) Ordinary share of £1.00
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Revaluation reserve
In the previous year, the company revalued their land. The revaluation reserve relates to the gain made on revaluation.
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in a independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £47,191 (2024: £44,756). Contributions totalling £nil (2024: £nil) were payable to the fund at the balance sheet date.
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COMMITMENTS UNDER OPERATING LEASES
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At 31 March 2025 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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RELATED PARTY TRANSACTIONS
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During the year Celtic Sea Power Limited made purchases of £139,620 (2024: £95,706) and recognised income of £813,218 (2024: £935,254) from Cornwall Council, the ultimate controlling party and sole shareholder. At the year end the company owed £10,170 (2024: £9,397) to Cornwall Council.
During the year, Celtic Sea Power Limited drew down a further £500,000 of working capital loan from Cornwall Council taking the total to £1,000,000. Celtic Sea Power repaid £Nil of this loan and paid interest of £19,600 (2024: £51,125) in respect of this loan to Cornwall Council.
During the year Celtic Sea Power received funding of £Nil (2024: £74,500) from Cornwall & Isles of Scilly Local Enterprise Partnership for a project. A director of Celtic Sea Power is also a director of Cornwall & Isles of Scilly Local Enterprise Partnership.
At the year end, £66 (2024: £13) was owed to Celtic Sea Power by Wave Hub Grid Connections Limited, a joint venture of Celtic Sea Power.
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Page 9
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CELTIC SEA POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Cornwall Council, the direct parent undertaking, is considered the ultimate controlling party due to its 100% shareholding of the company.
The auditors' report on the financial statements for the year ended 31 March 2025 was unqualified.
The audit report was signed on 13 August 2025 by Nathan Coughlin FCA (Senior statutory auditor) on behalf of Bishop Fleming LLP.
Page 10
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