Company registration number 10001358 (England and Wales)
STRANRAER SUSTAINABLE HEAT AND POWER LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
PAGES FOR FILING WITH REGISTRAR
STRANRAER SUSTAINABLE HEAT AND POWER LIMITED
COMPANY INFORMATION
Director
D H W Poulson
Company number
10001358
(England and Wales)
Registered office
2nd Floor
Regis House
45 King William Street
London
United Kingdom
EC4R 9AN
Auditor
Azets Audit Services
2nd Floor
Regis House
45 King William Street
London
United Kingdom
EC4R 9AN
Business address
Build Studios
203 Westminster Bridge Road
London
United Kingdom
SE1 7FR
STRANRAER SUSTAINABLE HEAT AND POWER LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
STRANRAER SUSTAINABLE HEAT AND POWER LIMITED
BALANCE SHEET
AS AT
31 MARCH 2022
31 March 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,817,359
2,074,702
Current assets
Debtors
5
180,399
291,204
Cash at bank and in hand
781,057
400,199
961,456
691,403
Creditors: amounts falling due within one year
6
(1,785,535)
(1,986,093)
Net current liabilities
(824,079)
(1,294,690)
Total assets less current liabilities
993,280
780,012
Provisions for liabilities
7
(248,320)
(148,202)
Net assets
744,960
631,810
Capital and reserves
Called up share capital
8
1
1
Profit and loss reserves
744,959
631,809
Total equity
744,960
631,810
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on
28 November 2022
D H W Poulson
Director
Company Registration No. 10001358 (England and Wales)
STRANRAER SUSTAINABLE HEAT AND POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
- 2 -
1
Accounting policies
Company information
Stranraer Sustainable Heat and Power Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office
can be found on the company information page.
1.1
Accounting convention
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Companies Act 2006.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements have been prepared on a going concern basis. The use of the going concern basis is appropriate because there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company's ability to continue as a going concern.
true
1.3
Turnover
Turnover
represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due.
1.4
Tangible fixed assets
Tangible fixed assets
are
stated at cost less accumulated depreciation and any provision for impairment losses. Cost comprises the aggregate amount paid and the fair value of any other consideration given to acquire the asset and includes costs directly attributable to making the asset capable of operating as intended.
Costs directly associated with the construction of Combined Heat & Power Plants are recognised in the financial statements at the point at which they are considered to be virtually certain to proceed to completion. Expenses incurred prior to the point of virtual certainty are charged against income when incurred. Costs are transferred from assets under construction to plant and machinery and depreciation commences when the asset is available for use.
Depreciation is
provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset over their expected useful lives as follows:
Combined Heat & Power Plant
15 years from the date of availability for use
Overhaul to Combined Heat & Power Plant
4 years from the date of availability for use
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
STRANRAER SUSTAINABLE HEAT AND POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 3 -
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Debtors and creditors payable / receivable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are
as follows.
Useful economic lives of tangible fixed assets
The annual depreciation charge for tangible fixed assets is sensitive to the changes in the estimated useful economic lives and residual value of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.
STRANRAER SUSTAINABLE HEAT AND POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 4 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
1
1
4
Tangible fixed assets
Combined Heat & Power Plant
£
Cost
At 1 April 2021
2,788,163
Additions
94,160
Disposals
(177,860)
At 31 March 2022
2,704,463
Depreciation and impairment
At 1 April 2021
713,461
Depreciation charged in the year
351,503
Eliminated in respect of disposals
(177,860)
At 31 March 2022
887,104
Carrying amount
At 31 March 2022
1,817,359
At 31 March 2021
2,074,702
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
111,518
168,671
Other debtors
68,881
122,533
180,399
291,204
STRANRAER SUSTAINABLE HEAT AND POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 5 -
6
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
81,039
221,720
Amounts owed to group undertakings
1,607,701
1,682,702
Other creditors
96,795
81,671
1,785,535
1,986,093
7
Provisions for liabilities
2022
2021
£
£
Deferred tax liabilities
248,320
148,202
8
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
1 of £1 each
1
1
1
1
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was John Howard and the auditor was Azets Audit Services.
STRANRAER SUSTAINABLE HEAT AND POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 6 -
10
Related party transactions
The company's related parties with whom the company had transactions during the year are as follows:
Domino Energy Limited: Immediate parent company
Basepower Limited: Common directorship of D H W Poulson
At 31 March 2022, the company owed £1,607,701 (2021: £1,682,702) to Domino Energy Limited.
During the year, the company was charged bookkeeping and administration fees of £10,676 (2021: £10,601) and management charges of £106,756 (2021: £106,014) by Basepower Limited. At 31 March 2022, the company owed £nil (2021: £4,165) to Basepower Limited in respect of these fees.
11
Ultimate controlling party
The company is a subsidiary undertaking of Domino Energy Limited, a company registered in England and Wales.
The ultimate parent company is Rockpool Investment Nominee Limited, a company registered in England and Wales. The registered office is 10 Bressenden Place, London, England, SW1E 5DH.