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Report of the Directors and |
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Financial Statements for the Year Ended 31 December 2021 |
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Croome Airfield Solar Limited |
REGISTERED NUMBER:
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Report of the Directors and |
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Financial Statements for the Year Ended 31 December 2021 |
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for |
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Croome Airfield Solar Limited |
Croome Airfield Solar Limited (Registered number: 10113559) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2021 |
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Page |
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Company Information | 1 |
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Report of the Directors | 2 |
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Report of the Independent Auditors | 4 |
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Income Statement | 8 |
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Other Comprehensive Income | 9 |
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Balance Sheet | 10 |
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Statement of Changes in Equity | 11 |
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Notes to the Financial Statements | 12 |
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Croome Airfield Solar Limited |
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Company Information |
for the Year Ended 31 December 2021 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Northern Assurance Buildings |
9/21 Princess Street |
Manchester |
M2 4DN |
Croome Airfield Solar Limited (Registered number: 10113559) |
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Report of the Directors |
for the Year Ended 31 December 2021 |
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The directors present their report with the financial statements of the company for the year ended 31 December 2021. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of development of a solar farm. |
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DIVIDENDS |
No dividends will be distributed for the year ended 31 December 2021. |
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EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2021 to the date of this report. |
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GOING CONCERN |
As with any company placing reliance on other group entities for financial support, the director acknowledges |
that there can be no certainty that this support will continue although, at the date of approval of these financial |
statements, they have no reason to believe that it will not do so. |
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Consequently, the directors have formed a judgement, at the time of approving the financial statements, that |
there is a reasonable expectation the Company remains to have sufficient funds to continue to meet its liabilities |
as they fall due for at least twelve months from the date of approval of the financial statements and therefore has |
prepared the financial statements on a going concern basis. |
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Financial risk management |
The company is exposed to financial risks and the directors regularly reviews its financial exposure and seeks to |
limit the adverse effects on its financial performance by monitoring these risks. |
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- The company seeks to manage liquidity risks to ensure sufficient liquidity is available to meet foreseeable |
needs which includes placing reliance on other group entities. |
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Croome Airfield Solar Limited (Registered number: 10113559) |
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Report of the Directors |
for the Year Ended 31 December 2021 |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
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Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
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The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
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AUDITORS |
The auditors, Haines Watts Statutory Auditor, were appointed on 22 November 2021. |
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ON BEHALF OF THE BOARD: |
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Report of the Independent Auditors to the Members of |
Croome Airfield Solar Limited |
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Opinion |
We have audited the financial statements of Croome Airfield Solar Limited (the 'company') for the year ended 31 December 2021 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 'Reduced Disclosure Framework' (United Kingdom Generally Accepted Accounting Practice). |
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In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 December 2021 and of its loss for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
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Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
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Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
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Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
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Other information |
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
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In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Report of the Independent Auditors to the Members of |
Croome Airfield Solar Limited |
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Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Report of the Directors has been prepared in accordance with applicable legal requirements. |
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Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors. |
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We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
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Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
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In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Croome Airfield Solar Limited |
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Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
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The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
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Based on our understanding of the Company and industry, we identified that the principal risks of |
non-compliance with laws and regulations related to UK employment and tax legislation. We considered the |
extent to which non-compliance might have a material effect on the financial statements. We also considered |
those laws and regulations that have a direct impact on the preparation of the financial statements such as the |
Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of |
the financial statements (including the risk of override of controls) and determined that the principal risks were |
related to fraudulent financial reporting and management bias in accounting estimates. Audit procedures |
performed by the Company engagement team, but were not limited to: |
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- Discussions with management, including consideration of known or suspected instances of non-compliance |
with laws and regulation and fraud; |
- Identifying and testing journal entries, in particular any journal entries posted with unusual account |
combinations and unusual words; and |
- Challenging assumptions and judgements made by management in their significant accounting estimates. |
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There are inherent limitations in the audit procedures described above and the further removed non-compliance |
with laws and regulations is from the events and transactions reflected in the financial statements, the less likely |
we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than |
the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, |
forgery or intentional misrepresentations, or through collusion. |
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A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Croome Airfield Solar Limited |
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Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
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for and on behalf of
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Northern Assurance Buildings |
9/21 Princess Street |
Manchester |
M2 4DN |
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Croome Airfield Solar Limited (Registered number: 10113559) |
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Income Statement |
for the Year Ended 31 December 2021 |
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Period |
1.5.20 |
Year Ended | to |
31.12.21 | 31.12.20 |
Notes | £ | £ |
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TURNOVER |
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Administrative expenses |
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OPERATING LOSS | ( |
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Interest payable and similar expenses | 4 |
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LOSS BEFORE TAXATION | 5 | ( |
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Tax on loss | 6 |
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LOSS FOR THE FINANCIAL YEAR | ( |
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Croome Airfield Solar Limited (Registered number: 10113559) |
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Other Comprehensive Income |
for the Year Ended 31 December 2021 |
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Period |
1.5.20 |
Year Ended | to |
31.12.21 | 31.12.20 |
Notes | £ | £ |
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LOSS FOR THE YEAR | ( |
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OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR |
( |
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Prior year adjustment |
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TOTAL COMPREHENSIVE INCOME
SINCE LAST ANNUAL REPORT |
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Croome Airfield Solar Limited (Registered number: 10113559) |
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Balance Sheet |
31 December 2021 |
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31.12.21 | 31.12.20 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Owned |
Tangible assets | 7 | 2,876,036 | 227,933 |
Right-of-use |
Tangible assets | 7, 11 | 3,211,287 | - |
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CURRENT ASSETS |
Debtors | 8 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 9 |
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NET CURRENT ASSETS/(LIABILITIES) |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
10 |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital | 12 |
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Capital contribution reserve | 13 |
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Retained earnings | 13 | ( |
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SHAREHOLDERS' FUNDS | ( |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Croome Airfield Solar Limited (Registered number: 10113559) |
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Statement of Changes in Equity |
for the Year Ended 31 December 2021 |
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Called up | Capital |
share | Retained | contribution | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
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Balance at 1 May 2020 |
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( |
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( |
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Prior year adjustment | - |
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As restated |
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( |
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Changes in equity |
Total comprehensive income | - | ( |
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Balance at 31 December 2020 |
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(157,977 | ) |
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( |
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Changes in equity |
Total comprehensive income | - | ( |
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Balance at 31 December 2021 |
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( |
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( |
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Croome Airfield Solar Limited (Registered number: 10113559) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2021 |
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1. | STATUTORY INFORMATION |
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Croome Airfield Solar Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparation |
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The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 101 "Reduced Disclosure Framework": |
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the requirements of paragraphs 10(d), 10)(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D and 111
of IAS 1 Presentation of Financial Statements; |
• | the requirements of paragraphs 134 to 136 of IAS 1 Presentation of Financial Statements; |
• | the requirements of IAS 7 Statement of Cash Flows; |
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the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting
Estimates and Errors; |
• | the requirements of paragraphs 17 and 18A of IAS 24 Related Party Disclosures; |
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the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered
into between two or more members of a group. |
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Critical accounting judgements and key sources of estimation uncertainty |
In the application of the company's accounting policies, the directors are required to make judgements, |
estimates and assumptions about the impairments of fixed assets under construction. The estimates and |
underlying assumptions are reviewed on an ongoing basis and any adjustments felt necessary to the value |
of assets shown are recognised at the relevant reporting date. |
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Tangible fixed assets |
Assets under construction |
Assets under construction relate to all costs of constructing the solar farm until the asset is completed and |
placed into service and is recognised at cost less impairment, if any. Depreciation will be charged once |
the asset is put into service over its estimated useful life. |
Croome Airfield Solar Limited (Registered number: 10113559) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
Debtors |
Short term debtors are measured at transaction price, less any impairment. |
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Creditors |
Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of |
business from suppliers. Creditors are recognised initially at fair value and subsequently measured at |
amortised cost using the effective interest method. |
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Cash and cash equivalents |
Cash is represented by cash 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 cash with insignificant risk of |
change in value. |
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Taxation |
Current taxes are based on the results shown in the financial statements and are calculated according to local tax rules, using tax rates enacted or substantially enacted by the balance sheet date. |
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Leases |
Leases are recognised as finance leases. The lease liability is initially recognised at the present value of the lease payments which have not yet been made and subsequently measured under the amortised cost method. The initial cost of the right-of-use asset comprises the amount of the initial measurement of the lease liability, lease payments made prior to the lease commencement date, initial direct costs and the estimated costs of removing or dismantling the underlying asset per the conditions of the contract. |
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Where ownership of the right-of-use asset transfers to the lessee at the end of the lease term, the right-of-use asset is depreciated over the asset’s remaining useful life. If ownership of the right-of-use asset does not transfer to the lessee at the end of the lease term, depreciation is charged over the shorter of the useful life of the right-of-use asset and the lease term. |
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Going concern |
As with any company placing reliance on other group entities for financial support, the director acknowledges that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so. |
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Consequently, the directors have formed a judgement, at the time of approving the financial statements, that there is a reasonable expectation the Company remains to have sufficient funds to continue to meet its liabilities as they fall due for at least twelve months from the date of approval of the financial statements and therefore has prepared the financial statements on a going concern basis. |
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Borrowing costs |
The borrowing costs incurred on the loan from Mytilineos Financial Partners S.A are directly attributable to the fixed asset under construction and therefore are 100% of the borrowing costs are capitalised to the asset. |
Croome Airfield Solar Limited (Registered number: 10113559) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
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3. | EMPLOYEES AND DIRECTORS |
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There were no staff costs for the year ended 31 December 2021 nor for the period ended 31 December 2020. |
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The average number of employees during the year was NIL (2020 - NIL). |
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Period |
1.5.20 |
Year Ended | to |
31.12.21 | 31.12.20 |
£ | £ |
Directors' remuneration |
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4. | INTEREST PAYABLE AND SIMILAR EXPENSES |
Period |
1.5.20 |
Year Ended | to |
31.12.21 | 31.12.20 |
£ | £ |
Interest payable |
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IFRS16 interest |
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5. | LOSS BEFORE TAXATION |
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The loss before taxation is stated after charging: |
Period |
1.5.20 |
Year Ended | to |
31.12.21 | 31.12.20 |
£ | £ |
Depreciation - assets on hire purchase contracts or finance leases |
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Auditors' remuneration |
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Foreign exchange differences |
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6. | TAXATION |
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Analysis of tax expense |
No liability to UK corporation tax arose for the year ended 31 December 2021 nor for the period ended 31 December 2020. |
Croome Airfield Solar Limited (Registered number: 10113559) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
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7. | TANGIBLE FIXED ASSETS |
Short | Plant and |
leasehold | machinery | Totals |
£ | £ | £ |
COST |
At 1 January 2021 |
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Additions |
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At 31 December 2021 |
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DEPRECIATION |
Charge for year |
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At 31 December 2021 |
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NET BOOK VALUE |
At 31 December 2021 |
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At 31 December 2020 |
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Plant and machinery relates to costs incurred for the asset under construction which includes £70,576 of borrowing costs capitalised in the year. |
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8. | DEBTORS |
31.12.21 | 31.12.20 |
£ | £ |
Amounts falling due within one year: |
VAT |
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Prepayments |
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Amounts falling due after more than one year: |
Other debtors | 118,440 | 5,040 |
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Aggregate amounts |
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Other debtors relate to deposits owed back to the company which will be received once construction has finished and the projects are complete, together with an escrow payment on the lease which is refundable 1 year after energisation of the project. |
Croome Airfield Solar Limited (Registered number: 10113559) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
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9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.21 | 31.12.20 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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IFRS16 liability < 1 year | 79,477 | - |
Accrued expenses |
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10. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR |
31.12.21 | 31.12.20 |
£ | £ |
Amounts owed to group undertakings |
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IFRS16 liability 1-5 years | 346,118 | - |
IFRS16 liability > 5 years | 2,767,506 | - |
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The amounts owed to group undertakings are interest bearing and repayable on 1 December 2024. |
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11. | LEASING |
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Right-of-use assets |
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Tangible fixed assets |
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31.12.21 | 31.12.20 |
£ | £ |
COST |
Additions | 3,249,961 | - |
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DEPRECIATION |
Charge for year | 38,674 | - |
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NET BOOK VALUE | 3,211,287 | - |
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The Company entered into a lease agreement on 23 April 2021 in relation to development of land at Croome Airfield, Defford. Rent is payable of £189,000 per annum from April 2021 until April 2047. Total cash outflow of the lease payments will be £5,023,822 and interest is charged at 3%. |
Croome Airfield Solar Limited (Registered number: 10113559) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
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12. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.21 | 31.12.20 |
value: | £ | £ |
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Ordinary | £1 | 100 | 100 |
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13. | RESERVES |
Capital |
Retained | contribution |
earnings | reserve | Totals |
£ | £ | £ |
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At 1 January 2021 | ( |
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(102,026 | ) |
Deficit for the year | ( |
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At 31 December 2021 | ( |
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(344,020 | ) |
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The capital contribution reserve relates to amounts waived by the Company's previous shareholders on disposal. |
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14. | ULTIMATE PARENT COMPANY |
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Mytilineos Holdings S.A (incorporated in Greece ) is regarded by the directors as being the company's ultimate parent company. |
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The company's immediate parent is Metka-EGN Ltd, a company incorporated in Cyprus, which acquired the entire share capital of the company on 14 September 2020. |
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The company's ultimate parent company is Mytilineos Holdings S.A by virtue of its indirect interest in 100% of the shares. |
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Mytilineos Holdings S.A is listed on the Athens Stock Exchange. |
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The registered address for Mytilineos Holdings S.A is: |
8 Artemidos Str. |
Maroussi |
15125 Athens. |
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The consolidated accounts for Mytilineos Holdings S.A are publicly available from http://www.mytilineos.gr. |
Croome Airfield Solar Limited (Registered number: 10113559) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
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15. | CAPITAL COMMITMENTS |
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On 29 September 2021 the Company entered into a contract with Zhejiang Jinko Solar Co Ltd for the supply of modules with a total contract price of USD$14,774,705. |
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On 1 November 2021 the Company entered into an EPC contract with Metka-EGN Limited with a total contract price of £15,376,091. |
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16. | EVENTS AFTER THE REPORTING PERIOD |
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On 15 April 2022 the immediate parent company, Metka-EGN Ltd, entered into an agreement to sell the entire share capital of the Company. The sale will complete once the project is energised which is expected to be April 2023. |