RCS - NWEN Finance PLC - Half-year Report

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30/11/2022 14:45

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RNS Number : 1012I  NWEN Finance PLC  30 November 2022

NWEN Finance Plc (the "Company") is pleased to announce its Half Year
Financial Report for the period ended 30 September 2022.

 

 

The Half Year Report is available to view on the Company's website:

https://www.enwl.co.uk/about-us/financial-investor-relations/financial-reports/
 

 

 

For further information please contact Electricity North West's press office
on 0844 209 1957 or email pressoffice@enwl.co.uk.

 

Company Registration No. 08374655

 

 

 

 

NWEN FINANCE PLC

Half Year Condensed Financial Statements

for the period ended 30 September 2022

 

Contents

 

Interim Management
Report.........................................................................................................
1

Condensed Profit and Loss
Account...............................................................................................
4

Condensed Balance
Sheet.............................................................................................................
5

Condensed Statement of Changes in
Equity...................................................................................
6

Notes to the Condensed Financial
Statements...............................................................................
7

 

 

Interim Management Report

Cautionary statement

This interim management report contains certain forward-looking statements
with respect to the financial condition and business of NWEN Finance plc ("the
Company").  Statements or forecasts relating to events in the future
necessarily involve risk and uncertainty and are made by the Directors in good
faith based on the information available at the date of signature of this
report, with no obligation to update these forward-looking statements.
 Nothing in this unaudited interim management report should be construed as a
profit forecast nor should past performance be relied upon as a guide to
future performance.

Financial statements

The Annual Report and Consolidated Financial Statements of the Company can be
found at www.enwl.co.uk (http://www.enwl.co.uk) .

Operations

The Company acted as a financing company within the North West Electricity
Networks (Jersey) Limited ("NWEN (Jersey)") group of companies ("the Group")
and had notes in issue and listed on the London Stock Exchange.  This debt
and the associated inter-company loans were repaid at par on maturity in June
2021.

There have been no significant changes to the activity of the Company in the
current period, nor are there any planned changes.

 

Results

The results for the period are set out in the Condensed Profit and Loss
Account on page 4; there was no movement through the profit and loss account
in the current period.

There have been no significant events in the 6 months ended 30 September 2022
in respect of the Company.

Principal risks and uncertainties

The Board considers the principal risks and uncertainties facing the Company
to be those that affect the larger Group.

The principal trade and activities of the Group are carried out in Electricity
North West Limited ("ENWL") and a comprehensive review of the strategy and
operating model, the regulatory environment, the resources and principal risks
and uncertainties facing that company, and ultimately the Group, are outlined
in the Strategic Report of the ENWL Annual Report and Consolidated Financial
Statements for the year ended 31 March 2022, which are available on the
website, www.enwl.co.uk (http://www.enwl.co.uk) .

An assessment of the change in risk has been carried out and the principal
risks are deemed comparable to those at the last annual report.

 

 

Interim Management Report (continued)

Going concern

When considering whether to continue to adopt the going concern basis in
preparing these condensed financial statements, the Directors have taken into
account a number of factors, including the financial position of the Company
and the Group in which it operates.

The Company is ultimately a subsidiary of NWEN (Jersey); the key trading
subsidiary in the Group is ENWL.

In consideration of this, the Directors of the Company are cognisant of the
going concern disclosure in the Half Year Condensed Consolidated Financial
Statements of ENWL.  Disclosure of the considerations made by the Directors
in terms of the ENWL cash flows, liquidity position, borrowing facilities and
covenant compliance can be found in the ENWL Half Year Condensed Consolidated
Financial Statements available on the website, www.enwl.co.uk
(http://www.enwl.co.uk) .

The Board has given detailed consideration to the principal risks and
uncertainties affecting the Group and Company, as referred to above, and all
other factors which could impact on the Group and the Company's ability to
remain a going concern.

After making the appropriate enquiries, the Directors have a reasonable
expectation that the Company has adequate resources to continue in operational
existence for the foreseeable future.  Accordingly, they continue to adopt
the going concern basis in preparing the Half Year Condensed Financial
Statements.

The going concern basis has been adopted by the Directors, with consideration
of the guidance published by the Financial Reporting Council.

 

Corporate governance

The NWEN (Jersey) group has established a governance framework for monitoring
and overseeing strategy, conduct of business standards and operations of the
entire business.

The details of the internal control and risk management systems which govern
the Company in relation to the financial processes are outlined in the
Corporate Governance Report of the ENWL Annual Report and Consolidated
Financial Statements, which are available on the website www.enwl.co.uk
(http://www.enwl.co.uk) .

Ultimate parent undertaking and controlling party

The immediate parent undertaking is NWEN (Holdings), a company incorporated
and registered in the United Kingdom.  The ultimate parent undertaking is
NWEN (Jersey), a company incorporated and registered in Jersey.

The ownership of the shares in NWEN (Jersey) and, therefore, the ultimate
controlling parties of the Company are:

·    KDM Power Limited (40.0%);

·    Equitix ENW 6 Limited (25.0%);

·    Equitix MA North HoldCo Limited (15.0%); and

·    Swingford Holdings Corporation Limited (20.0%).

 

 

Interim Management Report (continued)

Directors

The Directors who held office during the period are set out below.  Directors
served for the whole six-months, and to the date of this report, except where
otherwise indicated.

Executive Directors

·  I Smyth (appointed 5 September 2022)

·  D Brocksom

·  P Emery (resigned 4 September 2022)

Non-executive Directors

·    R Holden

·    S Jones

·    P O'Flaherty

·    G Pan

·    T Tanaka

·    M Yamada (appointed 7 July 2022)

·    S Sumitomo (resigned 7 July 2022)

S Jones, P O'Flaherty, G Pan, T Tanaka, M Yamada and S Sumitomo are
shareholder appointed directors and have appointed alternate directors during
their time as Board members.

Alternate Directors

Sion Jones, Genping Pan, Takeshi Tanaka and Masahide Yamada and are
shareholder appointed directors and have appointed alternate directors during
their time as Board members.

·  S Jones - A Bhuwania

·  P O'Flaherty - A Bhuwania

·  G Pan - H Yu

·  T Tanaka - K Fukushima (resigned 7 July 2022)/ T Tamura (appointed 7 July
2022)

·  M Yamada - M Murata (appointed 28 July 2022)

·  S Sumitomo - F Kumura (resigned 7 July 2022)

 

Responsibility statement

We confirm that to the best of our knowledge:

·    the condensed set of financial statements, which has been prepared in
accordance with the applicable set of accounting standards, gives a true and
fair view of the assets, liabilities, financial position and profit or loss of
the issuer as required by DTR 4.2.4R;

·    the interim management report includes a fair review of the
information required by DTR 4.2.7R; and

·    the condensed set of financial statements has been prepared in
accordance with FRS104 'Interim Financial Reporting'.

Registered address

NWEN Finance plc

Borron Street

Stockport

Cheshire

SK1 2JD

Approved by the Board and signed on its behalf by:

 

 

 

 

D Brocksom

Chief Financial Officer

30 November 2022

 

 

Condensed Profit and Loss Account

For the period ended 30 September 2022

                                                                                  Unaudited      Unaudited      Audited

                                                                                  Period ended   Period ended   Year ended

                                                                                  30 Sept 2022   30 Sept 2021   31 Mar 2022 £000

                                                                           Note   £000           £000

 Operating result                                                                 -              -              -

 Interest receivable from group companies                                         -              2,353          2,353
 Interest payable on borrowings at amortised cost                                 -              (2,351)        (2,353)

 Profit before taxation                                                           -              2              2

 Taxation                                                                         -              -              -

 Profit for the period attributable to equity shareholders of the Company         -              2              2

All the results for the current and prior periods are derived from continuing
operations.

There were no other items of comprehensive income, other than the results
shown above, therefore no separate Statement of Other Comprehensive Income has
been presented.

 

 

Condensed Balance Sheet

As at 30 September 2022

                                          Unaudited      Unaudited      Audited

                                          Period ended   Period ended   Year ended

                                          30 Sept 2022   30 Sept 2021   31 Mar 2022 £000

                                   Note   £000           £000
 ASSETS

 Current assets
 Amounts due from parent company   4      85             85             85
 Cash and cash equivalents                50             50             50
 Total assets                             135            135            135

 LIABILITIES

 Current liabilities
 Amounts due to group undertaking  5      (17)           (17)           (17)
 Total liabilities                        (17)           (17)           (17)

 Net current assets                       118            118            118

 Total net assets                         118            118            118

 CAPITAL AND RESERVES
 Called up share capital                  50             50             50
 Profit and loss account                  68             68             68
 Total shareholders' funds                118            118            118

Approved by the Board of Directors on 30 November 2022 and signed on its
behalf by:

 

 

 

 

D Brocksom

Director

Condensed Statement of Changes in Equity

For the period ended 30 September 2022

                                   Called up share capital  Profit and loss account  Total

                                                                                     equity
                                   £000                     £000                     £000

 At 31 March 2021 (audited)        50                       66                       116

 Profit for the period             -                        2                        2

 At 30 September 2021 (unaudited)  50                       68                       118

 At 31 March 2021 (audited)        50                       66                       116

 Profit for the year               -                        2                        2

 At 31 March 2022 (audited)        50                       68                       118

 Profit for the period             -                        -                        -

 At 30 September 2022 (unaudited)  50                       68                       118

 

Notes to the Condensed Financial Statements

1.       General Information

NWEN Finance plc is a company incorporated in the United Kingdom, and
registered in England and Wales, under the Companies Act 2006.

The financial information for the six-month period ended 30 September 2022,
and similarly the period ended 30 September 2021, has not been audited or
reviewed by the auditor.  The financial information for the year ended 31
March 2022 has been based on information in the audited financial statements
for that year.

The financial information for the year ended 31 March 2022 does not constitute
the statutory financial statements for that year (as defined in s434 of the
Companies Act 2006), but is derived from those financial statements.
 Statutory financial statements for 31 March 2022 have been delivered to the
Registrar of Companies.  The auditor reported on those financial statements:
their report was unqualified, did not draw attention to any matters by way of
emphasis and did not contain a statement under s498(2) or s498(3) of the
Companies Act 2006.

2.       Significant accounting policies

Basis of preparation

The Company has adopted Financial Reporting Standard 101 'Reduced Disclosure
Framework' (FRS 101) on the basis that it meets the definition of a qualifying
entity under FRS 100 'Application of Financial Reporting Requirements'.  The
Annual Report and Financial Statements have, therefore, been prepared in
accordance with FRS 101, as issued by the Financial Reporting Council.  The
Half Year Condensed Financial Statements of the Company, have been prepared in
accordance with FRS 104 'Interim Financial Reporting'.

As permitted by FRS 101 and FRS 104, for all periods presented, the Company
has taken advantage of the disclosure exemptions available under the standards
in relation to financial instruments, capital management, presentation of cash
flow statement, standards not yet effective and related party transactions
with other wholly-owned members of the Group.

The results for the period ended 30 September 2022 have been prepared using
the same method of computation and the same accounting policies set out in the
Annual Report and Financial Statements of NWEN Finance plc for the year ended
31 March 2022.

The Directors do not believe that the Company is affected by seasonal factors
which would have a material effect on the performance of the Company when
comparing the interim results to those expected to be achieved in the second
half of the year.

These condensed financial statements are prepared on the going concern
basis.  Further detail on the going concern assessment is contained in the
Interim Management Report.

These condensed financial statements are presented in sterling, the functional
currency of the Company.  All values are stated in thousand pounds (£'000)
unless otherwise indicated.

 

Notes to the Condensed Financial Statements (continued)

Going concern

The directors have, at the time of approving the financial statements, a
reasonable expectation that the Group has adequate resources to continue in
operational existence for the foreseeable future.  Thus, they continue to
adopt the going concern basis of accounting in preparing the financial
statements.

Changes in accounting policy

There are no new accounting policies or Standards adopted for the six-month
period ended 30 September 2022, nor expected for the remainder of the year to
31 March 2023, that have a significant impact on the Company.

3.       Critical accounting judgements and key sources of estimation
uncertainty

In the application of the Company's accounting policies the directors are
required to make judgements (other than those involving estimations) that have
a significant impact on the amounts recognised, and to make estimates and
assumptions about the carrying amounts 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 if the revision affects only that period; or in the period
of the revision and future periods if the revision affects both current and
future periods.

The Directors do not deem there to be any critical accounting judgements or
key sources of estimation uncertainty that affect the Company.

4.       Amounts due from parent company

                                      Unaudited      Unaudited      Audited

                                      Period ended   Period ended   Year ended

                                      30 Sept 2022   30 Sept 2021   31 Mar 2022 £000

                                      £000           £000

 Amounts falling due within one year  85             85             85

The amounts due from parent company relate to charges under the inter-company
loan that matured in June 2021.

5.       Amounts due to group undertaking

                                      Unaudited      Unaudited      Audited

                                      Period ended   Period ended   Year ended

                                      30 Sept 2022   30 Sept 2021   31 Mar 2022 £000

                                      £000           £000

 Amounts falling due within one year  17             17             17

Amounts due to group undertaking relate to amounts for group tax relief.

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