Grange Mill Energy Centre Limited Accounts

1

General information

Its registered number is: 11685330

Its registered office is:

2

Accounting policies

Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing 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. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

Trade and other debtors

Trade and other creditors

3

Employees

2019

Number

The average monthly number of employees (including directors) during the period:

3

1

4

Debtors

2019

£

Other debtors

5

Creditors:

amounts falling due within one year

2019

£

Amounts owed to group undertakings

Accruals and deferred income

6

Reserves

7

Share capital

On incorporation the company issued 100 £1 Ordinary shares at par. These are unpaid.

8

Contingent Assets/Liabilities

9

Parent company

The company is a wholly owed subsidiary of Magnus Assets Two Limited, itself a subsidiary of Bagnall Energy Limited.