Company Registration No. 05721316 (England and Wales)
Third Energy Trading Limited
Unaudited accounts
for the year ended 31 December 2022
Third Energy Trading Limited
Unaudited accounts
Contents
Third Energy Trading Limited
Company Information
for the year ended 31 December 2022
Directors
Mr Russell Hoare
Mr Karl Farrow
Mr Glynn Gary Williams
Company Number
05721316 (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 Trading Limited
Statement of financial position
as at 31 December 2022
Intangible assets
83,544
112,740
Tangible assets
1,072,766
1,283,123
Cash at bank and in hand
3,327,192
38,419
Creditors: amounts falling due within one year
(2,716,042)
(1,420,506)
Net current assets/(liabilities)
1,039,774
(25,216)
Total assets less current liabilities
2,428,383
1,371,647
Provisions for liabilities
Other provisions
(2,820,348)
(3,547,362)
Net liabilities
(391,965)
(2,175,715)
Called up share capital
1
1
Profit and loss account
(391,966)
(2,175,716)
Shareholders' funds
(391,965)
(2,175,715)
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 8 September 2023 and were signed on its behalf by
Mr Russell Hoare
Director
Company Registration No. 05721316
Third Energy Trading Limited
Notes to the Accounts
for the year ended 31 December 2022
Third Energy Trading Limited is a private company, limited by shares, registered in England and Wales, registration number 05721316. 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. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Gas collecting equipment: 7-10 years Straight Line
Power plant: 3-15 years Straight Line
Decommissioning asset: 20 years Straight Line
Renewable Energy assets: 25 years Straight Line
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
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.
The financial statements have been prepared on the going concern basis.
The directors have a reasonable expectation that the company has adequate resources through this cash balance 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 the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Third Energy Trading Limited
Notes to the Accounts
for the year ended 31 December 2022
4
Intangible fixed assets
Other
At 31 December 2022
83,544
At 31 December 2022
83,544
At 31 December 2021
112,740
5
Tangible fixed assets
Plant & machinery
At 1 January 2022
1,348,533
At 31 December 2022
1,179,294
Charge for the year
41,118
At 31 December 2022
106,528
At 31 December 2022
1,072,766
At 31 December 2021
1,283,123
Included within Tangible fixed assets are the following amounts:
Decommissioning asset at cost of £2,038,000 (2021 : £2,438,000) with a Net book value of £1,069,000 (2021 : £1,047,000).
Power Plant assets at cost of £2,169,000 (2021 : £6,078,000) with a Net book value of £3,000 (2021 : £43,000),
Gas Collection Equipment at cost of £4,902,000 (2021 : £4,092,000) with a Net book value of £nil (2021 : £nil).
Land at a cost of £nil (2021 : £193,000) with a Net book value of £nil (2021 : £193,000).
Third Energy Trading Limited
Notes to the Accounts
for the year ended 31 December 2022
6
Investments
Other investments
Valuation at 1 January 2022
1,000
Valuation at 31 December 2022
232,299
During the year the Company forgave an intercompany balance owed by a subsidiary undertaking by making a capital contribution; £232,000.
Amounts falling due within one year
Amounts due from group undertakings etc.
-
1,330,747
Accrued income and prepayments
17,371
26,124
8
Creditors: amounts falling due within one year
2022
2021
Trade creditors
1,939
22,294
Amounts owed to group undertakings and other participating interests
2,304,840
1,336,428
9
Provisions for liabilities
£
At 1 January 2022
3,547,362
Increase in existing provisions
272,000
Other decrease in provisions
(999,014)
At 31 December 2022
2,820,348
Provision has been made for the discounted cost of restoring the plant and pipelines on the Company's wellsites 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 parent is Wolfland Renewables Limited a company domiciled and registered in England. The ultimate parent company is Third Energy Onshore Limited as at the date of signing these statements.
Third Energy Trading Limited
Notes to the Accounts
for the year ended 31 December 2022
11
Average number of employees
During the year the average number of employees was 0 (2021: 0).