REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 December 2022 |
for |
Tegni Cymru Cyf |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 December 2022 |
for |
Tegni Cymru Cyf |
Tegni Cymru Cyf (Registered number: 06689395) |
Contents of the Financial Statements |
for the year ended 31 December 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Tegni Cymru Cyf |
Company Information |
for the year ended 31 December 2022 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
& Statutory Auditors |
St George's Court |
Winnington Avenue |
Northwich |
Cheshire |
CW8 4EE |
Tegni Cymru Cyf (Registered number: 06689395) |
Balance Sheet |
31 December 2022 |
2022 | 2021 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 4 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Tegni Cymru Cyf (Registered number: 06689395) |
Notes to the Financial Statements |
for the year ended 31 December 2022 |
1. | STATUTORY INFORMATION |
Tegni Cymru Cyf is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
GOING CONCERN |
The Company has net current liabilities of £1,892,449 (2021: £1,883,411) which arise as a result of the amounts owed to parent undertakings and shareholders of £1,915,913 (2021: £1,892,325) The Directors have received written confirmation from the parent company that that it will not request repayment of these balances for the foreseeable future. The Directors have considered the current cash resources of the Company and the forecast profits and cash flows for a period of at least 12 months. The Company's forecasts and projections, taking account of reasonably possible changes in performance, show that the Company should be able to operate within the level of its cash resources. After making enquiries the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements. |
Turnover |
Amounts, excluding VAT, are included in turnover at the point at which the directors consider the company has a right to receive consideration in respect of any contract work undertaken, which is generally when the service has been performed. |
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 within administrative expenses. |
Share capital |
Ordinary shares are classed as equity. |
Short term debtors and creditors |
Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account. |
Cash and cash equivalents |
Cash and cash equivalents includes cash in hand and cash held with banks. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2021 - NIL). |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Amounts owed by participating interests | 186 | - |
Other debtors |
Tegni Cymru Cyf (Registered number: 06689395) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2022 |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade creditors |
Amounts owed to participating interests | 1,915,913 | 1,892,325 |
Amounts owed to related entities |
Directors' current accounts | 17,287 | 17,287 |
Accrued expenses |
6. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
7. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
At 31 December 2022, the company owed H P F Smallwood, a director, £17,287 (2021 - £17,287). |
H Smallwood and Mrs B Smallwood are members of Adenydd LLP. At 31 December 2022, the company owed Adenydd LLP £257,815 (2021 - £257,815). |
At 31 December 2022, the company owed Tegni Limited, a company under the control of H P F Smallwood and Mrs B Smallwood, £89,164 (2021 - £89,164). |
K Bellis and Mrs A Bellis are members of Ynni Mynydd Bach LLP. At 31 December 2022, the company owed Ynni Mynydd Bach LLP £186,620 (2021 - £186,620). |
8. | RELATED PARTY DISCLOSURES |
The holding company, Germania Windpark GmbH & Co KG, together with its associated company Winvest Finazierungsservice GmbH & Co, have funded the company's project costs and all administrative expenditure in previous periods. |
The agreement with the above companies provides that, with the approval of all the shareholders of Tegni Cymru Cyf, the whole amount of funding to date should be repaid once funds become available out of the proceeds of contracts to be completed successfully. There is no commitment by Tegni Cymru Cyf to repay the funding other than out of the proceeds of contract sales. |
At 31 December 2022, €477,425 (2021 - €477,425) were owed to Germania Windpark GmbH & Co KG and €33,065 (2021 - €33,065) were owed to Winvest Finazierungsservice GmbH & Co. At 31 December 2022 these loans were converted using an exchange rate of €1.1278:£1, resulting in an exchange rate loss of £23,587. |
In addition to the above, loans of £957,487 (2021 - £957,487) and £77,291 (2021 - £77,291) were owed to Germania Windpark GmbH & Co KG and Winvest Finazierungsservice GmbH & Co respectively. |
Germania Windpark GmbH & Co KG and Winvest Finazierungsservice GmbH & Co owed Tegni Cymru Cyf £1,800 (2021: £1,800) and £150 (2021: £150), respectively, for shares issued in group companies. |
Germania Windpark GmbH & Co KG and Winvest Finazierungsservice GmbH & Co owed Tegni Cymru Cyf £12,910 (2021: £12,910) and £1,083 (2021: £1,083), respectively, for expenses paid on their behalf. |
At 31 December 2022 the total balances outstanding were £1,366,102 (2021 - £1,344,042) to Germania Windpark GmbH & Co KG and £105,376 (2021 - £103,848) to Winvest Finazierungsservice GmbH & Co. |
9. | ULTIMATE PARENT COMPANY |
The directors consider Germania Windpark GmbH & Co KG to be the ultimate parent company. |