Parc Eirin Development Company Limited - Accounts to registrar (filleted) - small 18.2
Parc Eirin Development Company Limited - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
Parc Eirin Development Company Limited |
Audited Financial Statements for the Year Ended 31 March 2021 |
Parc Eirin Development Company Limited (Registered number: 08741560) |
Contents of the Financial Statements |
for the Year Ended 31 March 2021 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Parc Eirin Development Company Limited |
Company Information |
for the Year Ended 31 March 2021 |
Directors: |
Registered office: |
Registered number: |
Auditors: |
7 Neptune Court |
Vanguard Way |
Cardiff |
CF24 5PJ |
Parc Eirin Development Company Limited (Registered number: 08741560) |
Balance Sheet |
31 March 2021 |
2021 | 2020 |
Notes | £ | £ |
Current assets |
Debtors | 4 |
Cash at bank |
Creditors |
Amounts falling due within one year | 5 | ( |
) | ( |
) |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
6 |
( |
) |
( |
) |
Net liabilities | ( |
) | ( |
) |
Capital and reserves |
Called up share capital | 8 |
Retained earnings | 9 | ( |
) | ( |
) |
Shareholders' funds | ( |
) | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Parc Eirin Development Company Limited (Registered number: 08741560) |
Notes to the Financial Statements |
for the Year Ended 31 March 2021 |
1. | Statutory information |
Parc Eirin Development Company Limited is a |
2. | Accounting policies |
Basis of preparing the financial statements |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Going concern |
The Board is aware that due to the nature of the development project where a significantly large amount of cost is expended ahead of earning any revenue income, the company will report accounting losses until revenue income is generated. The long-term projections show that the scheme will generate a surplus when completed. The Board also receives cash flow projections and update on funding agreements (short term and long term) as part of periodic financial reporting package. |
In the unlikely event that the Board considers the scheme to be undeliverable, then the company has the option to sell the residual land to Pobl at an agreed price which will enable the repayment of the WG loan. |
As with any such project, there is some level of material uncertainty, but the directors are confident that should the project fail to go ahead, the Company will be able to meet its liabilities as they fall due. |
Tirion Group Limited (Group), the parent, has taken steps to alter or reduce normal business activity to help control the spread of the outbreak of the COVID-19 pandemic, to minimise the impact across the Group. The management, working in partnership with the contractors and advisors, have conducted a review of the Group's business risks that are potentially exposed. This analysis did not identify any areas that would be likely to represent a substantial challenge to the Group's business model sustainability. |
Based on the above, the Directors consider that the Company is financially viable and can meet its liabilities as they fall due and therefore these financial statements have been prepared on a going concern basis. |
3. | Employees and directors |
The average number of employees during the year was |
Parc Eirin Development Company Limited (Registered number: 08741560) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2021 |
4. | Debtors |
2021 | 2020 |
£ | £ |
Amounts falling due within one year: |
Amounts owed by group undertakings |
VAT |
Prepayments and accrued income |
Amounts falling due after more than one year: |
Trade debtors |
Aggregate amounts |
5. | Creditors: amounts falling due within one year |
2021 | 2020 |
£ | £ |
Accrued expenses |
6. | Creditors: amounts falling due after more than one year |
2021 | 2020 |
£ | £ |
Other loans - 2-5 years |
7. | Secured debts |
The following secured debts are included within creditors: |
2021 | 2020 |
£ | £ |
Other loans | 1,146,046 | 1,128,956 |
The loan is from the Welsh Government and is dated 3 July 2020, this loan supersedes both the revised loan agreement dated 30 March 2017 and the original loan agreement dated 30 March 2013. The interest is calculated on a compound basis with reference to the European Reference rates together with a 1% margin. The interest rate together with the 1% margin totalled 1.13% at 31 March 2021 (2020: 1.94%). |
The repayment of the loan is set by the company reaching key milestone events. |
The loan of £1 million plus accrued interest is due for repayment based on the earlier of several different key events but no earlier than 30 April 2024 and therefore this has been classified as falling due for repayment within 2 to 5 years. |
The loan is secured on the Parc Eirin site and the cash balances within the company. |
8. | Called up share capital |
Allotted and issued: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | £ | £ |
Ordinary shares | £1 | 100 | 100 |
Parc Eirin Development Company Limited (Registered number: 08741560) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2021 |
9. | Reserves |
Retained |
earnings |
£ |
At 1 April 2020 | ( |
) |
Deficit for the year | ( |
) |
At 31 March 2021 | ( |
) |
10. | Disclosure under Section 444(5B) of the Companies Act 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
Material uncertainty related to going concern |
We draw attention to note 2, 'Going concern', in the financial statements. As at 31 March 2021, the company's total liabilities exceeded its total assets by £778,551. As stated in note 2, these events or conditions, along with other matters as set forth in note 2, indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter. |
11. | Ultimate parent company |
The ultimate parent company and controlling party is Tirion Group Limited, which prepares group financial statements incorporating the financial statements of the company. A Copy of these can be obtained from the registered society's registered office at 7 Neptune Court, Vanguard Way, Cardiff, Wales, CF24 5PJ. |