Company Registration No. 01421481 (England and Wales)
Third Energy Uk Gas Limited
Unaudited accounts
for the year ended 31 December 2022
Third Energy Uk Gas Limited
Unaudited accounts
Contents
Third Energy Uk Gas Limited
Company Information
for the year ended 31 December 2022
Directors
Mr Russell Hoare
Mr Karl Farrow
Mr Glynn Gary Williams
Company Number
01421481 (England and Wales)
Registered Office
Keyword House
Viking Road
Great Yarmouth
NR31 0NU
England
Accountants
Azoth Solutions Ltd
Jonathan Scott Hall
Thorpe Road
Norwich
Norfolk
NR1 1UH
Third Energy Uk Gas Limited
Statement of financial position
as at 31 December 2022
Intangible assets
1,708,247
1,708,247
Tangible assets
3,008,065
1,521,462
Debtors
1,138,150
1,638,325
Cash at bank and in hand
171,465
21,946
Creditors: amounts falling due within one year
(74,149,724)
(73,905,496)
Net current liabilities
(72,840,109)
(72,245,225)
Total assets less current liabilities
(68,123,797)
(69,015,516)
Provisions for liabilities
Other provisions
(7,085,758)
(5,634,990)
Net liabilities
(75,209,555)
(74,650,506)
Called up share capital
17,389,842
17,389,842
Capital contribution reserve
(5,789,842)
(5,789,842)
Profit and loss account
(86,809,555)
(86,250,506)
Shareholders' funds
(75,209,555)
(74,650,506)
For the year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 11 September 2023 and were signed on its behalf by
Mr Russell Hoare
Director
Company Registration No. 01421481
Third Energy Uk Gas Limited
Notes to the Accounts
for the year ended 31 December 2022
Third Energy Uk Gas Limited is a private company, limited by shares, registered in England and Wales, registration number 01421481. The registered office is Keyword House, Viking Road, Great Yarmouth, NR31 0NU, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment.
Land and buildings includes Gas Development and Production assets.
Fixtures & Fittings includes Decomissioning Assets.
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Decomissioning assets: 25 years Straight Line
Renewable Energy assets: 25 years Straight Line
Plant & Machinery: 3-15 years Straight Line
Motor Vehicles & Equipment: 3-4 years Straight Line
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
The directors have a reasonable expectation that the company has adequate resources through these intercompany loan facilities to continue in operational existence for the foreseeable future and for a period of at least 12 months from the date of approval of these financial statements. Based on the forecasts prepared and the ongoing support from the parent company, Third Energy Onshore Limited, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Third Energy Uk Gas Limited
Notes to the Accounts
for the year ended 31 December 2022
4
Intangible fixed assets
Other
At 1 January 2022
1,708,247
At 31 December 2022
1,708,247
At 31 December 2022
1,708,247
At 31 December 2021
1,708,247
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Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 January 2022
6,962,000
1,228,000
98,000
3,451,000
11,739,000
Additions
-
-
2,000
1,521,000
1,523,000
Disposals
(61,000)
-
(4,000)
-
(65,000)
At 31 December 2022
6,901,000
1,228,000
96,000
4,972,000
13,197,000
At 1 January 2022
6,902,000
1,212,535
93,003
2,010,000
10,217,538
Charge for the year
-
5,535
1,862
-
7,397
Surplus on revaluation
19,000
-
-
-
19,000
On disposals
(52,000)
-
(3,000)
-
(55,000)
At 31 December 2022
6,869,000
1,218,070
91,865
2,010,000
10,188,935
At 31 December 2022
32,000
9,930
4,135
2,962,000
3,008,065
At 31 December 2021
60,000
15,465
4,997
1,441,000
1,521,462
Land & Buildings contains Gas Development and Production Assets.
Motor Vehicles also contains Other equipment
Fixtures & Fittings contains Decommissioning Assets
Amounts falling due within one year
Trade debtors
602,784
8,020
Amounts due from group undertakings etc.
-
1,335,527
Accrued income and prepayments
535,264
134,507
Third Energy Uk Gas Limited
Notes to the Accounts
for the year ended 31 December 2022
7
Creditors: amounts falling due within one year
2022
2021
Trade creditors
547,992
134,041
Amounts owed to group undertakings and other participating interests
73,564,968
73,594,584
Taxes and social security
7,838
6,031
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Provisions for liabilities
£
At 1 January 2022
5,634,990
Increase in existing provisions
1,450,768
At 31 December 2022
7,085,758
Provision has been made for the discounted cost of restoring the plant and pipelines on the Company's wellsites and at the main generating station to a condition acceptable to the relevant authorities, which is not anticipated to happen until 26 years after the year end. The Company commissioned Dundas Consultants to calculate the current cost of decommissioning the wellsites, in the unlikely event that decommissioning was required immediately, and they reported in October 2019. These calculations have been adopted in these financial statements and revised to reflect current values at 31 December 2022. Actual decommissioning costs will ultimately depend on the future cost of decommissioning which in turn will be affected by market conditions and regulations at the time. Furthermore, the timing of decommissioning will depend on the date the fields cease to produce at commercial rates which is influenced by factors such as future gas prices, which are inherently uncertain.
The immediate and the ultimate parent company is Third Energy Onshore Limited as at the date of signing these statements.
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Average number of employees
During the year the average number of employees was 6 (2021: 7).