Fluxys UK Limited - Period Ending 2021-12-31
Fluxys UK Limited - Period Ending 2021-12-31
Registration number:
Fluxys UK Limited
for the Year Ended 31 December 2021
Fluxys UK Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Independent Auditor's Report |
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Profit and Loss Account |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Fluxys UK Limited
Company Information
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Directors |
Mr N C R Daubies Mr B De Waele |
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Registered office |
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Auditors |
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Fluxys UK Limited
Strategic Report for the Year Ended 31 December 2021
The directors present their strategic report for the year ended 31 December 2021.
Fair review of the business
Objectives and activities
The main activity of Fluxys UK Limited consists of acting as a holding company in gas transport infrastructure entities, grouping the Fluxys participations / activities in the UK.
Achievements and performance
The results for the year ended 31 December 2021 show a profit of €12.8m (2020: €10.1m).
At 31 December 2021, the group had net assets of €100.4m (31 December 2020: €97.6m).
Principal risks and uncertainties
The main risks and uncertainties that Fluxys UK faces are closely linked to those of its main subsidiary, Interconnector Limited (“Interconnector”).
The principal risk is the market risk. The company is a source of flexible gas supply and competes with other infrastructure assets such as pipelines, LNG terminals and storage. There is increasing competition from LNG deliveries to continental Europe and from BBL Company (the operator of a competitor pipeline between the UK and the Netherlands). Interconnector aims for a fair and competitive environment in the markets in which it operates, and has adopted strategies to deliver this through the use of innovative products, services and pricing models. Interconnector also works with regulators and governments to ensure a fair and competitive environment. In the long term the market could be impacted by the energy transition and this evolution is being monitored.
Financial risk management
Currently, Fluxys UK Limited is not exposed to price risk, to currency risk, to credit risk, liquidity risk, cash flow risk. The interest rate risk exposure is fully hedged.
Future developments
As a holding company, Fluxys UK follows the investment opportunities which are in the scope of the Fluxys group activities. Its future developments are also closely linked to those of its main subsidiary, Interconnector.
Section 172(1) statement
Section 172 of the Companies Act 2006 sets out a number of general duties that directors owe to a company. This includes exercising reasonable care, skill and diligence and avoiding conflicts of interests to promote the success of the Company.
The directors of the Company consider that they have responsibly and appropriately discharged their duties under the Companies Act 2006 (the “Act”), including their duty to act in the way that they consider, in good faith, will be most likely to promote the success of the Company for the benefit of its members as a whole, having due regard in doing so for the matters set out in section 172 (1) (a) to (f) in the Act (“s.172”).
The Company is part of the Fluxys SA Group. Consequently, the Board of the Fluxys SA Group and its Committees have overarching decision making authority for the Group on a number of reserved matters. These include setting the Group’s strategy and values, as well as reviewing and approving the Group’s operating plans, policies, processes and management structures, amongst others. Responsibility for actioning the Group Board’s decisions and strategic direction throughout the day-to-day management of the Group then rests with the Group Board’s executive directors and the Group’s senior leadership team. The directors of the Company therefore ensure that they give due care and consideration to discharging their duties and having regard for the matters in s.172 by adopting and adhering to the Group’s internal governance arrangements as outlined above.
Fluxys UK Limited
Strategic Report for the Year Ended 31 December 2021
In particular, the directors of the Company have considered the likely consequences of decisions in the long term, and the need to maintain a reputation for high standards of business conduct by ensuring that the Group’s strategy, policies and minimum standards are adopted and supported by the Company. The Company’s principal activity is that of a holding company and therefore the directors consider the needs of the Group in its decision-making as its direct stakeholders. Furthermore, as the Company relies on the resources of the Group, including its employees, suppliers and other business relationships, the directors also consider the needs of these indirect stakeholders, and any consequent impacts on them, by adopting and supporting the Group Board’s decisions where these stakeholders were directly considered.
Approved and authorised by the
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Fluxys UK Limited
Directors' Report for the Year Ended 31 December 2021
The directors present their report and the financial statements for the year ended 31 December 2021.
Directors of the company
The directors who held office during the year were as follows:
Information included in the Strategic Report
Likely future developments in the group's business and financial risk management policies have been included in the Strategic report.
Energy and Carbon reporting
The company has taken exemption from reporting under the Streamlined Energy and Carbon Reporting Framework.
The company has taken the low emission exemption for companies using less than 40,000kwh of energy.
Going concern
The prospects of the company are entirely dependent on the success of its affiliates INT and GMSL. Taking into consideration the prospects for INT and GMSL, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.
The company has 2 zero coupon notes with maturity date in 2024. In the event Fluxys UK cannot settle, the lender has confirmed the outstanding zero coupon notes will be extended or replaced at date of maturity. Thus, they continue to adopt the going concern basis in preparing this management report.
Directors responsibilities statement
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Fluxys UK Limited
Directors' Report for the Year Ended 31 December 2021
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved and authorised by the
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Fluxys UK Limited
Independent Auditor's Report to the Members of Fluxys UK Limited
Opinion on the financial statements
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 December 2021 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
We have audited the financial statements of Fluxys UK Limited (the 'company') for the year ended 31 December 2021, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Independence
We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Fluxys UK Limited
Independent Auditor's Report to the Members of Fluxys UK Limited
Other Companies Act 2006 reporting
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Directors responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Extent to which the audit was capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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The objectives of our audit, in respect to fraud, are to identify and assess the risks of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses, and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the
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Fluxys UK Limited
Independent Auditor's Report to the Members of Fluxys UK Limited
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We obtained an understanding of the legal and regulatory frameworks that are applicable to Fluxys UK Limited. We determined that the most significant laws and regulations which are directly relevant to specific assertions in the financial statements are those related to the reporting framework (FRS 102 and the Companies Act), and tax regulations and tax in the United Kingdom and in foreign jurisdictions. |
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We understood how the company is complying with those legal and regulatory frameworks by making enquiries of management. We corroborated our enquiries through our review of board minutes and review of journal entries for potential payments relating to non-compliance. |
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We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur by meeting with management to understand where it is considered there was a susceptibility of fraud. We also considered potential fraud drivers including financial or other pressures, opportunity, and personal or corporate motivations. We considered the programmes and controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud, and how senior management monitors those programmes and controls. Where there was considered to be an inherent risk of material misstatement, we performed audit procedures to address each identified fraud risk. These procedures included testing manual journals and key areas of estimation uncertainty or judgement. |
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Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. |
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
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For and on behalf of
BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).
Fluxys UK Limited
Profit and Loss Account for the Year Ended 31 December 2021
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Note |
2021 |
Unaudited |
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Turnover |
- |
- |
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Gross profit/(loss) |
- |
- |
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Administrative expenses |
( |
( |
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Operating loss |
(106,957) |
(715,721) |
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Income from shares in group undertakings |
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Amounts written off investments |
( |
- |
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Interest payable and similar expenses |
( |
( |
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12,583,842 |
10,188,741 |
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Profit before tax |
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Tax on profit |
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Profit for the financial year |
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The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Fluxys UK Limited
Statement of Comprehensive Income for the Year Ended 31 December 2021
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2021 |
Unaudited |
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Profit for the year |
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Total comprehensive income for the year |
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Fluxys UK Limited
(Registration number: 09829068)
Balance Sheet as at 31 December 2021
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Note |
2021 |
Unaudited |
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Fixed assets |
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Investments |
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Current assets |
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Debtors |
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Cash and cash equivalents |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets/(liabilities) |
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( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
64,843,221 |
64,843,221 |
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Retained earnings |
35,540,733 |
32,770,083 |
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Shareholders' funds |
100,383,954 |
97,613,304 |
Approved and authorised by the
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Fluxys UK Limited
Statement of Changes in Equity for the Year Ended 31 December 2021
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Share capital |
Retained earnings |
Total |
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At 1 January 2021 |
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Profit for the year |
- |
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Dividends |
- |
( |
( |
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At 31 December 2021 |
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Unaudited
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Share capital |
Retained earnings |
Total |
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At 1 January 2020 |
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Profit for the year |
- |
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|
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Dividends |
- |
( |
( |
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At 31 December 2020 |
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Fluxys UK Limited
Notes to the Financial Statements for the Year Ended 31 December 2021
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General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are prepared in euros, which is the functional currency of the entity.
Summary of disclosure exemptions
The company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS102:
(a) No cash flow statement has been presented for the company.
(b) Disclosures in respect of financial instruments have not been presented..
Going concern
The directors, having assessed the business risks and the potential ongoing impact of Brexit and giving due consideration to the profitability of the business and the cash flow required to meet its on-going obligations, consider it appropriate to prepare the financial statements on a going concern basis.
The company has 2 zero coupon notes with maturity date in 2024. In the event Fluxys UK cannot settle, the lender has confirmed the outstanding zero coupon notes will be extended or replaced at date of maturity. Thus, they continue to adopt the going concern basis in preparing this management report.
Exemption from preparing group accounts
The financial statements contain information about Fluxys UK Limited as an individual company and do not contain consolidated financial information as the parent of a group.
The company is exempt under section 401 of the Companies Act 2006 from the requirement to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of Fluxys SA, a company incorporated in Belgium.
Fluxys UK Limited
Notes to the Financial Statements for the Year Ended 31 December 2021
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
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.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared. Interim dividends are recognised when paid.
Fluxys UK Limited
Notes to the Financial Statements for the Year Ended 31 December 2021
Financial instruments
Classification
Recognition and measurement
Debt instruments are subsequently measured at amortised cost.
All other investments are measured at cost less impairment.
Impairment
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Judgements and Key sources of estimation uncertainty
The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the group’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant are primarily related to potential impairments.
Judgements and estimates are based on prior experiences and on additional knowledge obtained on relevant transactions.
For investments this is specific to the business of each of the underlying subsidiaries, the current and future economic climate and the regulatory environment.
It involves, amongst others, estimates around the future level of revenues, capital and operating expenses, inflation and interest rates.
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Operating loss |
Arrived at after charging/(crediting)
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2021 |
2020 |
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Fees for management, accounting, legal treasury services |
84,383 |
83,898 |
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Fees for tax consulting |
22,574 |
14,668 |
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Loss from disposals of investments |
- |
617,155 |
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Auditor's remuneration for the audit of the company |
28,520 |
- |
Fluxys UK Limited
Notes to the Financial Statements for the Year Ended 31 December 2021
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Staff costs |
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
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2021 |
2020 |
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Administration and support |
|
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Directors are remunerated by other group undertakings. Their service to this entity is deemed incidental.
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Interest payable and similar expenses |
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2021 |
2020 |
|
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Interest expense on other finance liabilities |
|
|
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Foreign exchange (losses)/gains |
( |
|
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Interest payable on loans from group undertakings |
2,064,596 |
2,144,038 |
|
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|
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Taxation |
Tax charged/(credited) in the profit and loss account
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2021 |
2020 |
|
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Current taxation |
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UK corporation tax |
( |
( |
The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2020 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
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2021 |
2020 |
|
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Profit before tax |
|
|
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Corporation tax at standard rate |
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|
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Effect of income exempt from taxation |
( |
( |
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Effect of expense not deductible in determining taxable profit (tax loss) |
|
- |
|
Increase in UK and foreign current tax from adjustment for prior periods |
|
- |
|
Tax decrease arising from group relief |
( |
( |
|
Total tax credit |
( |
( |
Fluxys UK Limited
Notes to the Financial Statements for the Year Ended 31 December 2021
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Investments |
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2021 |
2020 |
|
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Investments in subsidiaries |
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Subsidiaries |
€ |
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Cost or valuation |
|
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At 1 January 2021 |
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Provision |
|
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At 1 January 2021 |
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Provision |
|
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At 31 December 2021 |
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Carrying amount |
|
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At 31 December 2021 |
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At 31 December 2020 |
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Investments are assessed for indicators of impairment at each balance sheet date. An impairment loss was recognised in profit or loss resulting from a change in recoverable amount of an investment. This area involves a high degree of management judgement and complexity.
Details of undertakings
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
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Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2021 |
2020 |
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Subsidiary undertakings |
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Clarendon House
England & Wales |
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15-16 Buckingham Street
England & Wales |
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Rue Guimard 4
Belgium |
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Fluxys UK Limited
Notes to the Financial Statements for the Year Ended 31 December 2021
Interconnector Zeebrugge Terminal BV is a subsidiary as Fluxys UK Limited has control as a result of it's 26% direct interest and the 36.48% indirect interest held through Interconnector Limited.
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Subsidiary undertakings |
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Gas Management Services Limited The principal activity of Gas Management Services Limited is |
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Interconnector Limited The principal activity of Interconnector Limited is |
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Interconnector Zeebrugge Terminal BV The principal activity of Interconnector Zeebrugge Terminal BV is |
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Debtors |
|
Current |
Note |
2021 |
2020 |
|
Amounts owed by related parties |
|
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Cash and cash equivalents |
|
2021 |
2020 |
|
|
Cash at bank |
|
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|
Creditors |
|
Note |
2021 |
2020 |
|
|
Due within one year |
|||
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Trade creditors |
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Amounts due to related parties |
- |
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Accruals |
- |
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Due after one year |
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Other non-current financial liabilities due to related parties |
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Non-current financial liabilities due after one year as at 31 December 2021 include:
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Zero coupon note denominated in EUR with nominal value of £101m and due date 28 February 2024 (all-in rate 1.590 %) |
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Zero coupon note denominated in EUR with nominal value of £42.5m and due date 27 May 2024 (all-in rate 1.220 %) |
Fluxys UK Limited
Notes to the Financial Statements for the Year Ended 31 December 2021
Due during 2021 : Zero coupon note denominated in EUR with nominal value of £17.25m and due date 28 February 2021 (all-in rate 0.860 %)
Status of the Zero Coupon Note
The Zero Coupon Note constitutes unsecured and unsubordinated obligations of the Company.
The payment obligations of the Company under the Zero Coupon Note shall, save for such exceptions as may be provided by applicable legislation, at all times rank pari passu equally and rateably without discrimination or preference with all its other present and future unsecured and unsubordinated obligations.
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Share capital |
Allotted, called up and fully paid shares
|
2021 |
2020 |
|||
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No. |
€ |
No. |
€ |
|
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64,843,221 |
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64,843,221 |
Shares reserved for issue
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Dividends |
Interim dividends paid
|
2021 |
2020 |
|||
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Interim dividend of € |
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Related party transactions |
Group
Details of the group relationships are disclosed in Note 14.
The company has a cash pooling agreement with Fluxys SA.
The company has a loan agreement with Fluxys SA. During the year ended 31 December 2021, the company incurred financial costs related to the loan agreement payable to Fluxys SA.
Fluxys UK Limited
Notes to the Financial Statements for the Year Ended 31 December 2021
Transactions with related parties:
|
2021 |
2020 |
|
|
Fluxys and associated companies |
||
|
Operating expenses |
78,875 |
81,897 |
|
Dividends paid |
10,000,000 |
5,000,000 |
|
Interest paid |
2,064,596 |
2,144,038 |
|
Amounts outstanding at year end: |
||
|
Cash pooling (included within amounts owed by related parties) |
14,727,122 |
13,855,831 |
|
Outstanding loan (included within amounts due to related parties) |
(138,905,998) |
(154,091,402) |
Company
Transactions with subsidiary undertakings:
|
2021 |
2020 |
|
|
Dividends income |
||
|
GMSL |
5,463,549 |
5,630,266 |
|
Interconnector |
22,294,597 |
7,141,483 |
|
The company had the following balances outstanding at 31 December (to)/from subsidiary undertakings: |
||
|
GMSL - Tax receivable |
56,646 |
164,034 |
|
Interconnector - Tax receivable |
360,326 |
462,724 |
The group participates in a corporation tax group settlement arrangement, whereby the company settles corporation tax liabilities on behalf of wholly- owned subsidiaries. The corporation tax liability is included in the amounts owed by subsidiary undertakings at year-end, as disclosed in the table above.
Commitments and guarantees
No guarantees were granted by the company.
|
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is
The most senior parent entity producing publicly available financial statements is
The ultimate controlling party is
Fluxys UK Limited
Notes to the Financial Statements for the Year Ended 31 December 2021
The parent of the largest group in which these financial statements are consolidated is
The address of Publigas SA is:
The parent of the smallest group in which these financial statements are consolidated is
The address of Fluxys SA is:
|
Subsequent events |
|
|