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Financial Statements for the Period 1 January 2021 to 31 March 2022 |
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Enviroparks (Hirwaun Properties) Limited |
REGISTERED NUMBER:
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Financial Statements for the Period 1 January 2021 to 31 March 2022 |
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for |
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Enviroparks (Hirwaun Properties) Limited |
Enviroparks (Hirwaun Properties) Limited (Registered number: 06026061) |
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Contents of the Financial Statements |
for the Period 1 January 2021 to 31 March 2022 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Enviroparks (Hirwaun Properties) Limited |
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Company Information |
for the Period 1 January 2021 to 31 March 2022 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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First Floor |
1 St John's Court |
Upper Fforest Way |
Enterprise Park |
Swansea |
SA6 8QQ |
Enviroparks (Hirwaun Properties) Limited (Registered number: 06026061) |
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Balance Sheet |
31 March 2022 |
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2022 | 2020 |
(Unaudited) |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES | 9 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Revaluation reserve | 10 |
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Retained earnings | 10 | ( |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director and authorised for issue on
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Enviroparks (Hirwaun Properties) Limited (Registered number: 06026061) |
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Notes to the Financial Statements |
for the Period 1 January 2021 to 31 March 2022 |
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1. | STATUTORY INFORMATION |
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Enviroparks (Hirwaun Properties) Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Going Concern |
The financial statements have been prepared under the going concern basis. |
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At the balance sheet date the company had net current liabilities of £1,747,033 (2020 £1,747,053). |
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The company is supported by other group companies. The group will require 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 director is satisfied that the going concern basis of accounting is appropriate. |
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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. |
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Tangible fixed assets |
Depreciation has not been provided as the directors consider the useful economic life of tangible fixed assets to be greater than 50 years. |
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Taxation |
Taxation for the period 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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Enviroparks (Hirwaun Properties) Limited (Registered number: 06026061) |
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Notes to the Financial Statements - continued |
for the Period 1 January 2021 to 31 March 2022 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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 period end and that are expected to apply to the reversal of the timing difference. |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the period was NIL (2020 - NIL). |
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4. | TANGIBLE FIXED ASSETS |
Freehold |
property |
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COST OR VALUATION |
At 1 January 2021 |
and 31 March 2022 |
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NET BOOK VALUE |
At 31 March 2022 |
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At 31 December 2020 |
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The freehold land and buildings have been pledged as security for borrowings of the company and the Enviroparks Wales Group. Full details of the Charges have been registered at Companies House. |
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Cost or valuation at 31 March 2022 is represented by: |
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Freehold |
property |
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Valuation in 2013 | 1,348,920 |
Valuation in 2014 | 5,651,080 |
Valuation in 2015 | 11,265,000 |
18,265,000 |
Enviroparks (Hirwaun Properties) Limited (Registered number: 06026061) |
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Notes to the Financial Statements - continued |
for the Period 1 January 2021 to 31 March 2022 |
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4. | TANGIBLE FIXED ASSETS - continued |
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If freehold land and buildings had not been revalued they would have been included at the following historical cost: |
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2022 | 2020 |
(Unaudited) |
£ | £ |
Cost | 1,348,920 | 1,348,920 |
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Freehold land and buildings were valued on an open market basis on 30 October 2015 by Savills. . |
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No professional valuation has been undertaken since this date. The director considers that the market value of freehold land and buildings at 31 March 2022 is £18,265,000. |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2020 |
(Unaudited) |
£ | £ |
Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2020 |
(Unaudited) |
£ | £ |
Trade creditors |
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Owed to group undertaking | 1,746,529 | 1,746,193 |
Accrued expenses |
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7. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2022 | 2020 |
(Unaudited) |
£ | £ |
Owed to Group Undertakings | 1,746,529 | 1,746,193 |
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Greyfriars Administration Services Limited (as security trustee) hold by way of a fixed and floating charge, the land on the North side of Fifth Avenue, Hirwaun Industrial Estate, Hirwaun, Aberdare and land lying to the North West Side of Ninth Avenue, Hirwaun Industrial Estate, Hirwaun, Aberdare |
Enviroparks (Hirwaun Properties) Limited (Registered number: 06026061) |
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Notes to the Financial Statements - continued |
for the Period 1 January 2021 to 31 March 2022 |
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8. | GOING CONCERN |
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These accounts have been prepared under the going concern basis. The company has the support of other companies within the group. The group has provided security for the loans to the company by way of a charge on a property owned by Enviroparks (Hirwaun Properties) Limited. The company currently has sufficient cash reserves and cash raising ability to meet its obligations for the next financial year. The group will require 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 director is satisfied that the Going Concern basis of accounting is appropriate. |
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9. | PROVISIONS FOR LIABILITIES |
2022 | 2020 |
(Unaudited) |
£ | £ |
Deferred tax | 3,214,056 | 2,875,734 |
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Deferred |
tax |
£ |
Balance at 1 January 2021 |
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Provided during period |
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Balance at 31 March 2022 |
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10. | RESERVES |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
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At 1 January 2021 | ( |
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13,642,212 |
Deficit for the period | ( |
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At 31 March 2022 | ( |
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13,303,910 |
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11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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Emphasis of matter - Going Concern |
In forming our opinion on the financial statements, which is not modified, we have considered the adequacy of the disclosures made in note 4 to the financial statements concerning the valuation of Land & Buildings. No professional valuation has been undertaken since 30 October 2015. The valuation of land and buildings as at the balance sheet date is based upon a directors valuation. |
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for and on behalf of
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Enviroparks (Hirwaun Properties) Limited (Registered number: 06026061) |
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Notes to the Financial Statements - continued |
for the Period 1 January 2021 to 31 March 2022 |
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12. | ULTIMATE CONTROLLING PARTY |
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The controlling party is Zeus Renewables Ltd. |