Company No: 12283664 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2021		2020
		£		£
Fixed assets
Investments	3	410,244		410,244
		410,244		410,244
Current assets
Debtors	4	21,893,673		21,431,861
Cash at bank and in hand		14,958		5,650
		21,908,631		21,437,511
Creditors
Amounts falling due within one year	5	( 22,610,311)		( 21,978,351)
Net current liabilities		(701,680)		(540,840)
Total assets less current liabilities		(291,436)		(130,596)
Net liabilities		( 291,436)		( 130,596)
Capital and reserves
Called-up share capital	6	100		100
Profit and loss account		( 291,536 )		( 130,696 )
Total shareholders' deficit		( 291,436)		( 130,596)

For the financial year ending 31 December 2021 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Centurion Tawe Ltd (registered number: 12283664) were approved and authorised for issue by the Director on 29 September 2022. They were signed on its behalf by:

F F Whitcomb Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Centurion Tawe Ltd (the Company) 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 address of the Company's registered office is Management Suite, Parc Tawe, Swansea, SA1 2AL, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis. At the balance sheet date the company has net liabilities of £291,436 and net current liabilities of £701,680, of which liabilities of £22,491,166 are due to the company's directors.

The company is dependent on the support of its directors. The directors have provided confirmation that they would not request repayment of loans until the business has sufficient resources to do so.

Interest income

Interest income is recognised over time based on the amount outstanding and the effective interest rate.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Fixed asset investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

2. Employees

	2021		2020
	Number		Number
Monthly average number of persons employed by the Company during the year	0		0

3. Fixed asset investments

Investments in subsidiaries

	2021
	£
Cost
At 01 January 2021	410,244
At 31 December 2021	410,244
Carrying value at 31 December 2021	410,244
Carrying value at 31 December 2020	410,244

4. Debtors

	2021		2020
	£		£
Amounts owed by Group undertakings	21,889,913		21,417,384
Prepayments	0		1,776
VAT recoverable	3,760		12,701
	21,893,673		21,431,861

5. Creditors: amounts falling due within one year

	2021		2020
	£		£
Trade creditors	0		7,200
Amounts owed to directors	22,491,166		21,852,896
Accruals	3,151		3,150
Corporation tax	115,994		115,105
	22,610,311		21,978,351

6. Called-up share capital

	2021		2020
	£		£
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each	100		100

7. Related party transactions

Transactions with entities in which the entity itself has a participating interest

At the period end the company was owed £21,889,913 (2020 - £21,417,384) by a subsidiary. Interest accrues on the loan at 3% and the loan is repayable on demand.

Transactions with the entity's directors

At the period end the company owed £11,237,812 (2020 - £10,926,448) to a director of the company. Interest accrues on the loan at 3% and the loan is repayable on demand.

At the period end the company owed £11,253,354 (2020 - £10,926,448) to a director of the company. Interest accrues on the loan at 3% and the loan is repayable on demand.