Company registration number 09153837 (England and Wales)
APUS ENERGY LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
APUS ENERGY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
APUS ENERGY LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£'000
£'000
£'000
£'000
Current assets
Debtors
6
32
45
Cash at bank and in hand
64
258
96
303
Creditors: amounts falling due within one year
7
(6)
(14)
Net current assets
90
289
Capital and reserves
Called up share capital
8
Profit and loss reserves
90
289
Total equity
90
289
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 21 December 2023 and are signed on its behalf by:
M Tucker
Director
Company Registration No. 09153837
APUS ENERGY LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023
31 March 2023
- 2 -
1
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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Prepayments
Costs incurred during the course of a development project are held in prepayments until completion. These costs are only considered free from impairment if, using management's estimate, it is likely that each development project will generate future income exceeding the total costs incurred on the development, or are otherwise recoverable. Upon completion, the costs held are released to the profit and loss account and matched against the corresponding development fee income.
2
Accounting policies
Company information
Apus Energy Limited is a private company limited by shares incorporated in England and Wales. The registered office is Fourth Floor, 2 Kingsway, Cardiff, CF10 3FD.
2.1
Accounting convention
These financial statements have been prepared 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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 £'000.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
2.2
Going concern
The company made a profit of £1,000 (2022: £14,000) in the year to 31 March 2023 and had net assets of £90,000 (2022: £289,000) as at 31 March 2023. The directors have assessed the financial position, likely cash flows and have a reasonable expectation that the company has adequate resources to continue in operational existence and to meet its financial obligations for the foreseeable future and it is therefore appropriate to adopt the going concern basis in preparing the financial statements.
APUS ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2
Accounting policies
(Continued)
- 3 -
2.3
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
2.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
Current tax is provided at amounts expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2.5
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
APUS ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
Directors are remunerated by related companies and the costs are not recharged to Apus Energy Limited.
4
Fixed asset investments
2023
2022
£'000
£'000
Shares in group undertakings and participating interests
5
Subsidiaries
Details of the company's subsidiaries at 31 March 2023 are as follows:
Name of undertaking
Nature of business
Class of
% Held
shares held
Direct
Farnborough Power Limited
Development
Ordinary
100.00
Nursling Power Limited
Development
Ordinary
100.00
Portsdown Power Limited
Development
Ordinary
100.00
For all subsidiaries the registered office is Fourth Floor, 2 Kingsway, Cardiff, United Kingdom, CF10 3FD.
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£'000
£'000
All above companies
-
-
6
Debtors
2023
2022
Amounts falling due within one year:
£'000
£'000
Trade debtors
-
1
Corporation tax recoverable
32
35
Amounts owed by undertakings in which the company has a participating interest
10
32
46
APUS ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
7
Creditors: amounts falling due within one year
2023
2022
£'000
£'000
Amounts owed to joint venture parent undertaking
1
Taxation and social security
1
Accruals and deferred income
5
13
6
14
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£'000
£'000
Issued and fully paid
Ordinary A share of £1 each
1
1
-
-
Ordinary B share of £1 each
1
1
-
-
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Mr John Griffiths
Statutory Auditor:
UHY Hacker Young
APUS ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
10
Related party transactions
During the year dividends of £100,000 (2022: £275,000) were paid to Welsh Power Group Limited. As at 31 March 2023 the company owed £1,260 (2022: £10,000 owed to Apus Energy Limited) to Welsh Power Group Limited, this amount being included within creditors due within one year.
During the year dividends of £100,000 (2022: £275,000) were paid to Octopus Administrative Services Limited.
Welsh Power Group Limited and Octopus Administrative Services Limited are both 50% shareholders of Apus Energy Limited.
11
Ultimate controlling party
The company is jointly owned by Welsh Power Group Limited and Octopus Administrative Services Limited.
There is no ultimate controlling party.