Company Registration No. 11430340 (England and Wales)
HAMS WARRINGTON LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
HAMS WARRINGTON LIMITED
COMPANY INFORMATION
Directors
Mr B J Gowrie-Smith
Mr P E Fjeld
(Appointed 4 December 2020)
Mr M Ma
(Appointed 4 December 2020)
Ms Stefania Trivellato
(Appointed 4 December 2020)
Secretary
CNG Fuels Ltd
Company number
11430340
Registered office
250 Wharfedale Road
Winnersh Triangle
Wokingham
Berkshire
RG41 5TP
Auditor
Deloitte LLP, Statutory Auditor
Hill House
1 Little New Street
London
EC4A 3TR
HAMS WARRINGTON LIMITED
CONTENTS
Page
Directors' report
1 - 2
Directors' responsibilities statement
3
Independent auditor's report
4 - 7
Income statement
8
Statement of financial position
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 25
HAMS WARRINGTON LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2021
- 1 -
The directors present their annual report and financial statements for the year ended 31 March 2021.
Principal activities
The principal activities of the company are the development, construction and operation of compressed natural gas refuelling stations in Warrington, England.
On 4 December 2020, the Company's immediate parent undertaking, Hams Infrastructure Limited, was acquired by CNG Fuels Ltd for consideration of £5,860,286 in loan notes. As a result, the Company’s ultimate parent company changed to CNG Fuels Ltd.
On 4 December 2020, subsequent to the transaction detailed above, the Company was acquired by CNG Foresight Limited for consideration of £6,083,395 in loan notes. As a result, the Company’s immediate parent changed from Hams Infrastructure Limited to CNG Foresight Limited and the ultimate parent changed from CNG Fuels Ltd to Averon Park Limited.
Results and dividends
The results for the year are set out on page 8.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr B J Gowrie-Smith
Mr P E Fjeld
(Appointed 4 December 2020)
Mr M Ma
(Appointed 4 December 2020)
Ms Stefania Trivellato
(Appointed 4 December 2020)
Mr N A Forster
(Appointed 30 September 2020 and resigned 4 December 2020)
Mr A G A Ranawake
(Resigned 30 September 2020)
Mr D M Reid
(Appointed 30 September 2020 and resigned 4 December 2020)
Mr S J Speight
(Resigned 30 September 2020)
Directors' insurance
The directors have the benefit of an indemnity which is a qualifying third party indemnity provision as defined by section 234 of the Companies Act 2006. This was in force throughout the financial period and still in force at the time of approving the financial statements.
Post reporting date events
The entity has no post balance sheet events of note to report.
Auditor
Deloitte LLP, Statutory Auditor were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
Statement of disclosure to auditor
Each director in office at the date of approval of this annual report confirms that:
-
so far as the director is aware, there is no relevant audit information of which the company's auditor is unaware, and
-
the director has taken all the steps that he / she ought to have taken as a director in order to make himself / herself aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This confirmation is given and should be interpreted in accordance with the provisions of section 418 of the Companies Act 2006.
HAMS WARRINGTON LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 2 -
Going concern
The directors have at the time of approving the financial statements, a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
This expectation arises due to the Company's strong balance sheet position, which saw an increase in net assets during the year, due to the Company achieving a profit compared to the previous reporting period's loss. The directors also consider the forecasted profitability and cash flows of the business in their assessment and believe they provide strong indication of the entity's ability to continue as a going concern.
The directors have also considered the emerging conflict in Ukraine in their assessment of the Company's ability to continue in operational existence. Although this conflict has driven the market price of wholesale gas up, post year end sales volumes continue to grow and in the short term the directors do not believe the conflict is directly or indirectly causing material worry to the Company's ability to generate sales and profit and continue as a going concern.
Small companies
The Company has taken advantage of exemptions available to UK small companies under the Companies Act 2006, to not deliver a strategic report with these financial statements. It has also elected not to include optional disclosures for UK small companies within the directors report on matters of research and development activities
and
future developments
.
On behalf of the board
Mr B J Gowrie-Smith
Director
4 August 2022
HAMS WARRINGTON LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2021
- 3 -
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
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 International Financial Reporting Standards (IFRSs) as adopted by the
United Kingdom
.
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, International Accounting Standard 1 requires that directors:
-
properly select and apply accounting policies;
-
present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information;
-
provide additional disclosures when compliance with the specific requirements in IFRSs are insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity's financial position and financial performance; and
-
make an assessment of the company's ability to continue as a going concern.
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.
HAMS WARRINGTON LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HAMS WARRINGTON LIMITED
- 4 -
Opinion
In our opinion the financial statements of Hams Warrington Limited (the ‘company’):
-
give a true and fair view of the state of the company’s affairs as at 31 March 2021 and of its
for the year then ended;
-
have been properly prepared in accordance with United Kingdom adopted international accounting standards and International Financial Reporting Standards (IFRSs) as issued by the International Accounting Standards Board (IASB); and
-
have been prepared in accordance with the requirements of the Compan
ies Act 2006.
We have audited the financial statements which comprise:
-
the income statement;
-
the statement of financial position;
-
the statement of changes in equity;
-
the statement of cash flow;
-
the statement of accounting policies; and
-
the related notes 1 to 23.
The financial reporting framework that has been applied in their preparation is applicable law, and United Kingdom adopted international accounting standards and IFRSs as issued by the IASB.
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 auditor's 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 Financial Reporting Council’s (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.
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.
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.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. 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.
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 course of 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.
HAMS WARRINGTON LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HAMS WARRINGTON LIMITED
- 5 -
Responsibilities of directors
As explained more fully in the directors’ responsibilities statement, 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 is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
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.
Auditor's 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 an auditor's report 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.
A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at:
www.frc.org.uk/auditorsresponsibilities
. This description forms part of our auditor’s report.
HAMS WARRINGTON LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HAMS WARRINGTON LIMITED
- 6 -
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
We considered the nature of the company’s industry and its control environment, and reviewed the company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.
We obtained an understanding of the legal and regulatory frameworks that the company operates in, and identified the key laws and regulations that:
-
had a direct effect on the determination of material amounts and disclosures in the financial statements. These included UK Companies Act, tax legislation; and
-
do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.
We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.
As a result of performing the above, we identified the greatest potential for fraud in the following areas, and our specific procedures performed to address it are described below:
-
Revenue recognition. Our procedures include
d
:
-
Obtaining an understanding of the relevant controls over key controls
in relation to revenue recognition and testing key controls;
-
Reviewing and assessing the commercial arrangements, to determine the correct point of revenue recognition for different agreements with customers;
-
F
or a sample of revenue recognised we have determined if revenue was appropriately recognised by agreement to
appropriate supporting information
;
and
-
Testing a sample of credit notes raised
post year end
to determine if revenue was appropriately recognised in
financial year
2021.
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.
In addition to the above, our procedures to respond to the risks identified included the following:
-
reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
-
performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
-
enquiring of management and in-house legal counsel concerning actual and potential litigation and claims, and instances of non-compliance with laws and regulations; and
-
reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC.
HAMS WARRINGTON LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HAMS WARRINGTON LIMITED
- 7 -
Report on other legal and regulatory requirements
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 directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
-
the directors’ report has been prepared in accordance with applicable legal requirements.
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 any material misstatements in the directors’ report.
Matters on which we are required to report by exception
Under the Companies Act 2006 we are required to report in respect of the following matters 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. Or
-
the directors were not entitled to take advantage of the small companies’ exemption in preparing the directors’ report and from the requirement to prepare a strategic report.
We have nothing to report in respect of these matters.
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 an auditor’s report 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.
William Brooks FCA (Senior Statutory Auditor)
For and behalf of Deloitte LLP
5 August 2022
Statutory Auditor
London, United Kingdom
HAMS WARRINGTON LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2021
- 8 -
2021
2020
Notes
£
£
Revenue
4
2,392,502
494,801
Cost of sales
(1,836,684)
(582,565)
Gross profit/(loss)
555,818
(87,764)
Other operating income
24,336
Administrative expenses
(467,806)
(145,604)
Operating profit/(loss)
5
88,012
(209,032)
Finance costs
7
(54,960)
Profit/(loss) before taxation
33,052
(209,032)
Income tax expense
8
Profit/(loss) and total comprehensive income for the year
33,052
(209,032)
The income statement has been prepared on the basis that all operations are continuing operations.
HAMS WARRINGTON LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2021
31 March 2021
- 9 -
2021
2020
as at 1 April 2019
Notes
£
£
£
Non-current assets
Property, plant and equipment
9
5,364,809
4,867,393
8,210
Current assets
Trade and other receivables
10
707,248
546,511
1
Cash and cash equivalents
76,058
862,423
-
783,306
1,408,934
1
Current liabilities
Trade and other payables
12
905,384
2,449,743
9,852
Net current liabilities
(122,078)
(1,040,809)
(9,851)
Net assets/(liabilities)
5,242,731
3,826,584
(1,641)
Equity
Called up share capital
15
1,336,021
10
1
Share premium account
16
4,037,248
4,037,248
-
Other reserves
18
47,083
-
Capital redemption reserve
17
1
-
Retained earnings
(177,622)
(210,674)
(1,642)
Total equity
5,242,731
3,826,584
(1,641)
The financial statements were approved by the board of directors and authorised for issue on 4 August 2022 and are signed on its behalf by:
Mr B J Gowrie-Smith
Director
Company Registration No. 11430340
HAMS WARRINGTON LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2021
- 10 -
Share capital
Share premium account
Capital redemption reserve
Other reserves
Retained earnings
Total
Notes
£
£
£
£
£
£
Balance at 1 April 2019
1
-
(1,642)
(1,641)
Year ended 31 March 2020:
Loss and total comprehensive loss for the year
-
-
-
-
(209,032)
(209,032)
Issue of share capital
15
9
4,037,248
-
-
-
4,037,257
Balance at 31 March 2020
10
4,037,248
(210,674)
3,826,584
Year ended 31 March 2021:
Profit and total comprehensive income for the year
-
-
-
-
33,052
33,052
Issue of share capital
15
1,336,012
-
-
-
1,336,012
Transfer to other reserves
-
-
-
47,083
-
47,083
Redemption of shares
15
1
-
1
Reduction in shares
15
(1)
-
-
(1)
Balance at 31 March 2021
1,336,021
4,037,248
1
47,083
(177,622)
5,242,731
HAMS WARRINGTON LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2021
- 11 -
2021
2020
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
22
(444,254)
916,217
Interest paid
(54,960)
-
Net cash (outflow)/inflow from operating activities
(499,214)
916,217
Investing activities
Purchase of property, plant and equipment
(287,151)
(53,794)
Net cash used in investing activities
(287,151)
(53,794)
Net (decrease)/increase in cash and cash equivalents
(786,365)
862,423
Cash and cash equivalents at beginning of year
862,423
Cash and cash equivalents at end of year
76,058
862,423
HAMS WARRINGTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
- 12 -
1
Accounting policies
Company information
Hams Warrington Limited is a private company limited by shares incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The registered office is 250 Wharfedale Road, Winnersh Triangle, Wokingham, Berkshire, RG41 5TP. The company's principal activities and nature of its operations are disclosed in the directors' report.
1.1
Accounting convention
The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the United Kingdom
and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS, except as otherwise stated.
This is the first year the financial statements have been prepared under IFRS, and more information about
transitional adjustments can be seen in note 23 of the notes to the financial statements.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts 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 directors have at the time of approving the financial statements, a reasonable expectation that the
true
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
This expectation arises due to the Company's strong balance sheet position, which saw an increase in net assets during the year. Profits achieved compared to losses incurred for the year also saw a notable change compared to the prior period. The directors also consider the forecasted profitability and cash flows of the business in their assessment and believe they provide strong indication of the entity's ability to continue as a going concern.
The directors have also considered the emerging conflict in Ukraine in their assessment of the Company's ability to continue in operational existence. Although this conflict has driven the market price of wholesale gas up, post year end sales volumes continue to grow and in the short term the directors do not believe the conflict is directly or indirectly causing material worry to the Company's ability to generate sales and profit and continue as a going concern.
1.3
Revenue
Revenue is measured based on the consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties. The company recognises revenue when it transfers control of a product or service to a customer.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
The company recognises revenue from the following major sources:
HAMS WARRINGTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 13 -
The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:
Natural gas
Natural gas sales relate to charges for the cost of natural gas drawn by customers. Natural gas costs are market driven which change monthly and are charged per kg of gas dispensed. Natural Gas revenue is recognised at the point of sale where control of the goods passes to the customers, who are invoiced monthly.
1.4
Property, plant and equipment
Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
Land is not depreciated
Plant and equipment
20 years straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the
income statement
.
1.5
Borrowing costs related to non-current assets
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.
The commencement of capitalisation begins when both finance costs
and expenditure for the asset are being incurred and activities that are necessary to get the asset ready
for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get
the asset ready for use are complet
e, or where construction is suspended for a significant period of time.
1.6
Impairment of tangible assets
At each reporting 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.
HAMS WARRINGTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 14 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial assets
Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.
At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.
Financial assets at fair value through profit or loss
When any of the above-mentioned conditions for classification of financial assets is not met, a financial asset is classified as measured at fair value through profit or loss. Financial assets measured at fair value through profit or loss are recognized initially at fair value and any transaction costs are recognised in profit or loss when incurred. A gain or loss on a financial asset measured at fair value through profit or loss is recognised in profit or loss, and is included within finance income or finance costs in the statement of income for the reporting period in which it arises.
Financial assets held at amortised cost
Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.
HAMS WARRINGTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 15 -
Impairment of financial assets
Financial assets, other than those
measured
at fair value through profit or loss, are assessed for indicators of impairment at each reporting end date.
The Company applies the IFRS 9 simplified approach to measuring expected credit losses using a lifetime expected credit loss provision. The expected loss rates are based on the Company's historical credit losses experienced over the three year period to the year end. Other factors such as the wider economic environment the Company and its customers operate in are also considered, with any impairments recorded in the statement of comprehensive income within administrative expenses.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.
1.9
Financial liabilities
The company recogni
s
es financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either
'
financial liabilities at fair value through profit or loss
'
or
'
other financial liabilities
'
.
Financial liabilities at fair value through profit or loss
Financial liabilities are classified as
measured at
fair value through profit or loss when the financial liability is held for trading. A financial liability is classified as held for trading if:
-
it has been incurred principally for the purpose of
repurchasing it in the near term, or
-
on initial recognition it is part of a portfolio of identified financial instruments that the
manages together and has a recent actual pattern of short-term profit taking, or
-
it is a derivative that is not
designated and effective hedging instrument.
Financial liabilities at fair value through profit or loss are stated at fair value with any gains or losses arising on remeasurement recognised in profit or
loss
.
Other financial liabilities
Other financial liabilities, including borrowings
, t
rade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs
directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method
.
For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.
Derecognition of financial liabilities
Financial liabilities are derecognised when, and only when, the
company’s
obligations are discharged, cancelled, or they expire.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
HAMS WARRINGTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 16 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
income statement
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 is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary 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
income statement
, 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.
2
Adoption of new and revised standards and changes in accounting policies
In the current year, the following new and revised Standards and Interpretations have been adopted by the company and have an effect on the current period or a prior period or may have an effect on future periods:
-
Amendment to IFRS 16, ‘Leases’ – Covid-19 related rent
concessions
-
Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16
Interest Rate Benchmark Reform
Standards which are in issue but not yet effective
At the date of authorisation of these financial statements, the following Standards and Interpretations, which have not yet been applied in these financial statements, were in issue but not yet effective (and in some cases had not yet been adopted by the EU):
-
Amendments to IFRS 3, ‘Business combinations’, IAS 16,’ Property, plant and equipment’, and IAS 37 ‘Provisions, contingent liabilities and contingent assets’
-
IAS 17 and some annual improvements on IFRS 1, IFRS 9,
IAS 41 and IFRS 16
-
Amendments to IAS 1 Presentation of financial statements’ on classification of liabilities
The directors anticipated that the adoption of these standard and the interpretations in future period will have no material impact on the financial statements of the company.
HAMS WARRINGTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 17 -
3
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 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, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below. The directors do not consider there to be any critical judgements impacting the financial statements.
Key sources of estimation uncertainty
Property, plant and equipment
Property, plant and equipment assets are depreciated over their estimated economic useful lives, taking into account residual values where appropriate. The actual useful lives of assets and their estimated residual values are considered annually and can vary based on a number of factors. The assessment of residual values consider the condition, remaining useful live and projected disposal value of the asset.
4
Revenue
2021
2020
£
£
Revenue analysed by class of business
Sales of Natural Gas
2,392,502
494,801
2021
2020
£
£
Revenue analysed by geographical market
United Kingdom
2,392,502
494,801
5
Operating profit/(loss)
2021
2020
£
£
Operating profit/(loss) for the year is stated after charging/(crediting) the following administrative expenses:
Fees payable to the company's auditor for the audit of the company's financial statements
9,000
Depreciation of property, plant and equipment
184,580
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
HAMS WARRINGTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
6
Employees
(Continued)
- 18 -
The directors are the only employees of the company
and received emoluments of £Nil (2020: £Nil) for their services to the Company.
7
Finance costs
2021
2020
£
£
Other interest payable
54,960
8
Income tax expense
2021
2020
£
£
The charge for the year can be reconciled to the profit/(loss) per the income statement as follows:
2021
2020
£
£
Profit/(loss) before taxation
33,052
(209,032)
Expected tax charge/(credit) based on a corporation tax rate of 19.00% (2020: 19.00%)
6,280
(39,716)
Effect of expenses not deductible in determining taxable profit
1,114
39,716
Change in unrecognised deferred tax assets
29,930
Depreciation on assets not qualifying for tax allowances
17,535
Effect of capitalised interest costs claimed under loan relationships
(14,831)
Brought forward pre trading expenditure claimed
(40,028)
Taxation charge for the year
-
-
In the March 2021 Budget it was announced that legislation will be introduced in Finance Bill 2021 to increase the main rate of UK corporation tax from 19% to 25%, effective 1 April 2023
. The expected future impact of this will be an increase in current tax charges for any profits taxed at the main rate.
The Company has tax adjusted losses carried forward of £425,349 and temporary differences relating to accelerated capital allowances of £267,822, for which a deferred tax asset of £29,930 has not been recognised.
HAMS WARRINGTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 19 -
9
Property, plant and equipment
Freehold land and buildings
Plant and equipment
Total
£
£
£
Cost
At 1 April 2019
8,210
8,210
Additions
564,900
4,294,283
4,859,183
At 31 March 2020
564,900
4,302,493
4,867,393
Additions
681,996
681,996
At 31 March 2021
564,900
4,984,489
5,549,389
Accumulated depreciation and impairment
At 1 April 2019
Charge for the year
At 31 March 2020
Charge for the year
184,580
184,580
At 31 March 2021
184,580
184,580
Carrying amount
At 31 March 2021
564,900
4,799,909
5,364,809
At 31 March 2020
564,900
4,302,493
4,867,393
At 31 March 2019
-
8,210
8,210
During the year, b
orrowing costs
of £24,845 (2020: £53,211)
have been included in the cost of
additions to plant and equipment
and are
comprised of loan interest only
, calculated at the effective interest method.
10
Trade and other receivables
2021
2020
£
£
Trade receivables due from related party
563,895
VAT recoverable
527
Amounts owed by fellow group undertakings
6,600
5,601
Amounts owed by related parties
136,753
Other receivables
-
6,600
Prepayments
533,783
707,248
546,511
Amounts owed by related parties and group undertakings consist of informal loans, which are unsecured, carry no interest and are repayable on demand.
HAMS WARRINGTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 20 -
11
Trade receivables - credit risk
Fair value of trade receivables
The directors consider that the carrying amount of trade and other receivables is approximately equal to their fair value.
No significant receivable balances are impaired at the reporting end date.
At 31 March 2021, trade receivables are shown net of an allowance for doubtful debts of £Nil (2020: £Nil). Write-offs, reversals and new provisions were all £Nil during the period (2020: £Nil).
The expected credit loss rate applied to trade receivables is based on the Company's historical credit losses experienced over the the three year period to 31 March 2021, which are nil. As such, management has not elected to provide for any expected credit losses arising against trade receivables outstanding at the period end. The directors have considered the nature of the relationship with the Company's primary debtor, CNG Fuels Ltd, in their assessment of the credit risk of this customer, and judge it to be remote.
12
Trade and other payables
2021
2020
£
£
Trade payables due to related party
34,160
Amount owed to parent undertaking
370,000
Amounts owed to related parties
37,436
Accruals
356,214
593,315
Social security and other taxation
107,574
Other payables
1,856,428
905,384
2,449,743
Amounts owed to parent undertaking consists of an informal intercompany loan, which bears no interest charges and is repayable on demand.
Other payables due at 31 March 2020 were comprised of intercompany loans due to Oxford Infrastructure Limited and Lavant Down Agricultural Services Limited. Interest on the loans was charged and compounded monthly at 6.6% on capital and 7.6% on accrued interest unpaid, until the loans were settled on 4 December 2020.
HAMS WARRINGTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 21 -
13
Liquidity risk
The following table details the remaining contractual maturity for the company's financial liabilities with agreed repayment periods. The contractual maturity is based on the earliest date on which the company may be required to pay.
Less than 1 month
3 months to 1 year
Total
£
£
£
At 31 March 2020
Trade and other payables
1,856,428
-
1,856,428
1,856,428
-
1,856,428
At 31 March 2021
Trade and other payables
441,597
107,574
549,171
441,597
107,574
549,171
Liquidity risk management
Responsibility for liquidity risk management rests with the board of directors, which has established an appropriate liquidity risk management framework for the management of the company's funding and liquidity management requirements. The company manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities.
14
Fair value of financial liabilities
The directors consider that the carrying amounts of financial liabilities carried at amortised cost in the financial statements approximate to their fair values.
15
Share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary of £1 each
-
1
-
1
B Ordinary of £1 each
-
9
-
9
Ordinary of £1 each
1,336,021
-
1,336,021
-
1,336,021
10
1,336,021
10
Following share events during the year, the company now has one class of ordinary shares which have attached to them full voting, dividend and capital distributions (including on winding up) rights; they do not confer any rights of redemption.
HAMS WARRINGTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
15
Share capital
(Continued)
- 22 -
Reconciliation of movements during the year:
A Ordinary
B Ordinary
Ordinary
Number
Number
Number
At 1 April 2020
1
9
-
Issue of fully paid shares
-
-
1,336,012
Reclassification of shares
-
(9)
9
Purchase of own shares
(1)
-
-
At 31 March 2021
-
-
1,336,021
On 4 December 2020, the following share events took place;
9 B Ordinary shares of £1 each were reclassified to 9 Ordinary shares of £1 each.
1 A Ordinary shares of £1 each was repurchased by the company.
The company allotted 1,336,012 Ordinary shares of £1 each at par.
16
Share premium account
2021
2020
£
£
At the beginning of the year
4,037,248
Issue of new shares
-
4,037,248
At the end of the year
4,037,248
4,037,248
Share premium account
The share premium reserve records the amount above the nominal value received for shares issued.
17
Capital redemption reserve
2021
2020
£
£
At the beginning of the year
-
Purchase of own shares
1
-
At the end of the year
1
HAMS WARRINGTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 23 -
18
Other reserves
Capital contribution reserve
£
Balance at 1 April 2019
-
Balance at 31 March 2020
-
Contributions received
47,083
Balance at 31 March 2021
47,083
During the year, the previous parent company, Hams Infrastructure Limited made capital contributions to the Company, by way of the release of intercompany loans payable to that parent.
19
Capital risk management
The company is not subject to any externally imposed capital requirements.
20
Related party transactions
During the year the company entered into the following transactions with related parties:
Sale of goods
Purchase of goods
2021
2020
2021
2020
£
£
£
£
Entities with joint control or significant influence over the company
976,748
297,470
Other related parties
28,467
976,748
325,937
Purchase of services in year:
2021
2020
£
£
Parent company
28,250
28,250
Entities with joint control or significant influence over the company
288,965
-
317,215
28,250
HAMS WARRINGTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
20
Related party transactions
(Continued)
- 24 -
Sale and purchase of goods in the year relate to revenues invoiced to and the purchase of natural gas and electricity units from CNG Fuels Ltd. These transactions were at market rate.
Purchase of services relate to the provision of consultancy services from the Company's former parent, Hams Infrastructure Limited, under consultancy agreements and recharged administrative expenditure from CNG Fuels Ltd under an operator and management agreement.
CNG Fuels Ltd is an entity that has significant influence over the Company by virtue of its shareholding the Company's parent, CNG Foresight Limited.
The following amounts were outstanding at the reporting end date:
2021
2020
Amounts due to related parties
£
£
Parent company
370,000
Other related parties
71,597
441,597
-
The following amounts were outstanding at the reporting end date:
2021
2020
Amounts due from related parties
£
£
Parent company
5,601
Entities with joint control or significant influence over the company
563,896
-
Other related parties
143,353
-
707,249
5,601
Outstanding balances owed to and by related parties at the year end are unsecured and will be settled in cash. No amounts outstanding at year end carry interest.
21
Controlling party
The immediate parent company is CNG Foresight Limited and its registered office is 250 Wharfedale Road, Winnersh Triangle, Wokingham, Berkshire, United Kingdom, RG41 5TP.
The smallest and largest group into which the company is consolidated is the CNG Foresight Limited group, whose financial statements are available at 250 Wharfedale Road, Winnersh Triangle, Wokingham, Berkshire, United Kingdom, RG41 5TP.
The ultimate parent company is Averon Park Limited
and its registered office is C/O Foresight Group LLP, The Shard, 32 London Bridge Street, London, United Kingdom, SE1 9SG.
Averon Park Limited is owned by a number of shareholders and individually no shareholder can exert control.
HAMS WARRINGTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
21
Controlling party
(Continued)
- 25 -
Changes in control and parent undertaking in year
On 4 December 2020, the Company's immediate parent undertaking, Hams Infrastructure Limited, was acquired by CNG Fuels Ltd for consideration of £5,860,286 in loan notes. As a result, the Company’s ultimate parent company changed to CNG Fuels Ltd.
On 4 December 2020, subsequent to the transaction detailed above, the Company was acquired by CNG Foresight Limited for consideration of £6,083,395 in loan notes. As a result, the Company’s immediate parent changed from Hams Infrastructure Limited to CNG Foresight Limited and the ultimate parent changed from CNG Fuels Ltd to Averon Park Limited.
22
Cash (absorbed by)/generated from operations
2021
2020
£
£
Profit/(loss) for the year after tax
33,052
(209,032)
Adjustments for:
Finance costs
54,960
-
Depreciation and impairment of property, plant and equipment
184,580
Movements in working capital:
Decrease/(increase) in trade and other receivables
1,175,274
(546,510)
(Decrease)/increase in trade and other payables
(1,892,120)
1,671,759
Cash (absorbed by)/generated from operations
(444,254)
916,217
23
IFRS Transition adjustments
The Company has adopted International Financial Reporting Standards (IFRS) for the preparation of these
financial statements. This is the first time of adoption of IFRS and the date of transition is 1 April 2019.
Previously the Company prepared its financial statements in accordance with FRS 102 "The Financial
Reporting Standard applicable in the UK and Republic of Ireland" (FRS 102) and the requirements of the
Companies Act 2006 as applicable to companies subject to the small companies regime.
The Company has applied all relevant standards and the adoption did not lead to any transition adjustments
arising within the financial statements.
2021-03-31
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