Credit Category: |
Red |
Credit Limit: |
0 |
Date Delivered: |
13/09/2004 |
Report Name: |
Credit Report |
Time Delivered: |
15:43:00 |
Report Version: |
1.2 |
Account Number: |
10501 |
Report Currency: |
GBP |
Top |
Statutory Information |
Company Name: |
BRITISH ENERGY PLC |
Company Number: |
SC162273 |
Date of Incorporation: |
13/12/1995 |
Company Type: |
PLC |
Latest Accounts to: |
31/03/2003 |
Accounts Type: |
Group Accounts |
Latest Return to: |
13/12/2003 |
Legal Status: |
N/A |
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Company Secretary: |
ROBERT MALCOLM ARMOUR |
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Registered Office: |
3 REDWOOD CRESCENT |
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PEEL PARK |
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EAST KILBRIDE |
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G74 5PR |
Post Code: |
G74 5PR |
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Business Address: |
14-16 Cockspur St |
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LONDON |
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London |
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SW1Y 5BL |
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Business Phone No: |
020 7389 3408 |
Fax Number: |
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Names of Directors: |
IAN HARLEY,SALVATORE MARTIN GATTO,CLARE MARY JOAN SPOTTISWOODE,ADRIAN ALASTAIR MONTAGUE,MIKE ALEXANDER,PASCAL COLOMBANI,WILLIAM A COLEY,ROBERT WALMSLEY,JOHN J DELUCCA |
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Business Activities: |
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The generation and sale of electricity. |
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SIC Codes: |
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7415 |
HOLDING COMPANIES INCLUDING HEAD OFFICES |
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US SIC Codes: |
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4911 |
ELECTRIC SERVICES |
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4931 |
ELECTRIC AND OTHER SERVICES COMBINED |
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4910 |
ELECTRIC SERVICES |
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4939 |
COMBINATION UTILITIES NEC |
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CRO Activity: |
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11/01/1999 |
Annual Return Made Up Date |
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11/01/1999 |
SIC Codes |
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11/06/1999 |
Accounts Made Up Date |
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07/01/2000 |
Annual Return Made Up Date |
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07/01/2000 |
SIC Codes |
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01/09/2000 |
Accounts Made Up Date |
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21/12/2000 |
Registered Address Change |
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26/01/2001 |
Annual Return Made Up Date |
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26/01/2001 |
SIC Codes |
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26/07/2001 |
Accounts Made Up Date |
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21/12/2001 |
Accounts Made Up Date |
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21/12/2001 |
Annual Return Made Up Date |
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21/12/2001 |
SIC Codes |
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07/09/2002 |
Accounts Made Up Date |
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07/01/2003 |
Annual Return Made Up Date |
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07/01/2003 |
Annual Return Made Up Date |
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07/01/2003 |
SIC Codes |
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20/10/2003 |
Accounts Made Up Date |
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23/01/2004 |
Annual Return Made Up Date |
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23/01/2004 |
SIC Codes |
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Previous Names: |
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N/A |
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Top |
Company Capitalisation |
Share Currency: |
GBP |
Is sued at date of report: |
620,362,444 ordinary shares of 0.45 each |
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Immediate Holding Company: |
Not Applicable |
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Ultimate Holding Company: |
Not Applicable |
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Up to 10 UK Subsidiaries: |
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SC138614 |
BRITISH ENERGY INTERNATIONAL HOLDINGS LIMITED |
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SC152227 |
BRITISH ENERGY TECHNICAL SERVICES LIMITED |
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SC201083 |
EGGBOROUGH POWER (HOLDINGS) LIMITED |
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SC172300 |
SLEAFORD POWER LIMITED |
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SC189408 |
SCOTTISH NUCLEAR LIMITED |
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SC200887 |
BRITISH ENERGY POWER AND ENERGY TRADING |
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03076445 |
BRITISH ENERGY GENERATION LIMITED |
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SC117121 |
BRITISH ENERGY GENERATION ( UK) LIMITED |
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03782700 |
EGGBOROUGH POWER LIMITED |
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02362017 |
DISTRICT ENERGY LIMITED |
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Charges/Debentures Registered |
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Full Mortgage Details |
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Charge: 1 |
Dated: 26/09/2002 |
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Date Registered: 11/10/2002 |
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FLOATING CHARGE |
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Amount Secured:ALL SUMS DUE, OR TO BECOME DUE |
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Person(s) Entitled:THE SECRETARY OF STATE FOR TRADE AND INDUSTRY |
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Property Charged:UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE |
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OF THE COMPANY INCLUDING UNCALLED CAPITAL |
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Restricting Provisions:COMPANY ARE EXPRESSLY PROHIBITED FROM CREATING |
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SUBSEQUENT FIXED SECURITY HAVING PRIORITY OVER OR RANKING EQUALLY |
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THE FLOATING CHARGE |
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Notes:DEBENTURE CONTAINING FIXED AND FLOATINGCHARGES |
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Date(s) of Execution: 20/11/2002 |
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Executors:BRITISH ENERGY INVESTMENT LIMITED AND OTHERS |
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BRITISH ENERGY POWER AND TRADING LIMITED |
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BRITISH ENERGY GENERATION ( UK) LIMITED |
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BRITISH ENERGY PLC |
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Charge Increased by:PLEASE REFER TO MORTGAGE DOCUMENT |
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Date(s) of Execution: 28/11/2002 |
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Executors:BRITISH ENERGY INVESTMENT LIMITED AND OTHERS |
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BRITISH ENERGY POWER AND ENERGY TRADING LIMITED |
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BRITISH GENERATION ( UK) LIMITED |
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BRITISH ENERGY PLC |
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Charge Increased by:PLEASE REFER TO MORTGAGE DOCUMENT |
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Date(s) of Execution: 26/02/2003 |
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Executors:THE DTI |
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BRITISH ENERGY PLC |
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BRITISH ENERGY GENERATION ( UK) LIMITED |
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Alterations to Order:PLEASE REFER TO MORTGAGE DOCUMENT |
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Charge: 2 |
Dated: 11/11/2002 |
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Date Registered: 28/11/2002 |
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INTIMATION OF ASSIGNMENT |
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Amount Secured:THE FULL AND PUNCTUAL PAYMENT, PERFORMANCE AND DISCHARGE OF |
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ALL THE SECURED LIABILITIES |
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Person(s) Entitled:THE SECRETARY OF STATE FOR TRADE AND INDUSTRY |
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Property Charged:ALL INTRA GROUP RECEIVABLES WHICH ARE NOW OR MAY BE AT |
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ANY TIME HEREAFTER TO BE OR BECOME DUE AND OWING TO THE COMPANY FROM |
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EGGBOROUGH POWER (HOLDINGS) LIMITED, EGGBOROUGH POWER LIMITED, BRITISH |
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ENERGY LP, BRITISH ENERGY US HOLDINGS INC AND BRITISH ENERGY |
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RENEWABLES LIMITED TO THE LENDER AND ALL RIGHTS OF ACTION PAST, PRESENT |
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AND FUTURE RELATING THERETO |
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Bankers are: |
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Accounts Type: |
Group Accounts |
Scale: |
Millions |
Currency: |
GBP |
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Profit & Loss Extracts |
No. of Months: |
12 |
12 |
12 |
12 |
Period Ending: |
31/03/2003 |
31/03/2002 |
31/03/2001 |
31/03/2000 |
Consolidated: |
Yes |
Yes |
N/S |
N/S |
Turnover: |
1,903.00 |
2,049.00 |
2,124.00 |
2,092.00 |
Interest Paid: |
540.00 |
66.00 |
56.00 |
N/K |
Exports: |
N/K |
N/K |
N/K |
N/K |
Dividends: |
N/K |
50.00 |
50.00 |
95.00 |
Directors Fees: |
2.00 |
2.00 |
1.00 |
1,381.00 |
Wages: |
322.00 |
28.00 |
210.00 |
256.00 |
Profit Before Tax: |
-4,292.00 |
-493.00 |
57.00 |
225.00 |
Profit After Tax: |
-3,924.00 |
-518.00 |
29.00 |
150.00 |
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Balance Sheet Extracts |
No. of months: |
12 |
12 |
12 |
12 |
Period Ending: |
31/03/2003 |
31/03/2002 |
31/03/2001 |
31/03/2000 |
Tangible Fixed Assets: |
819.00 |
4,714.00 |
5,045.00 |
5,224.00 |
Intangible Assets: |
N/K |
N/K |
0.00 |
192.00 |
Investments: |
N/K |
195.00 |
200.00 |
204.00 |
Total Fixed Assets: |
819.00 |
4,909.00 |
5,245.00 |
5,620.00 |
Stock: |
360.00 |
514.00 |
560.00 |
587.00 |
Trade Debtors: |
226.00 |
294.00 |
239.00 |
214.00 |
Cash & Equivalent: |
87.00 |
N/K |
N/K |
N/K |
Inter Company Balances: |
N/K |
N/K |
N/K |
N/K |
Total Current Assets: |
1,358.00 |
1,866.00 |
1,539.00 |
1,431.00 |
Total Assets: |
2,177.00 |
6,775.00 |
6,784.00 |
7,051.00 |
Trade Creditors: |
198.00 |
285.00 |
112.00 |
222.00 |
Overdrafts: |
0.00 |
N/K |
N/K |
N/K |
ShortTerm Loans: |
152.00 |
N/K |
0.00 |
565.00 |
Inter Company Balances: |
N/K |
N/K |
N/K |
N/K |
Total Current Liabilities: |
1,185.00 |
975.00 |
685.00 |
1,358.00 |
Net Current Assets: |
173.00 |
891.00 |
854.00 |
73.00 |
Long Term Borrowings: |
731.00 |
0.00 |
0.00 |
408.00 |
Other L.T. Liabilities: |
3,644.00 |
5,217.00 |
4,931.00 |
3,972.00 |
Total L.T. Liabilities: |
4,375.00 |
5,217.00 |
4,931.00 |
4,380.00 |
Paid Up Equity: |
370.00 |
370.00 |
370.00 |
277.00 |
Reserves: |
-3,753.00 |
213.00 |
798.00 |
943.00 |
Shareholders Funds: |
-3,383.00 |
583.00 |
1,168.00 |
1,313.00 |
Number of Employees: |
7,902 |
7,670 |
5,310 |
5,227 |
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Figures Stated in: |
Millions |
Key Ratios |
No. of Months: |
12 |
12 |
12 |
12 |
Period Ending: |
31/03/2003 |
31/03/2002 |
31/03/2001 |
31/03/2000 |
Profit Margin: |
-225.54 |
-24.06 |
2.68 |
10.76 |
Profit/Capital Employed: |
126.87 |
-84.56 |
4.88 |
17.14 |
Profit/Assets: |
-197.15 |
-7.28 |
0.84 |
3.19 |
Current Debt: |
-0.35 |
1.67 |
0.59 |
1.03 |
Total Debt: |
-1.64 |
10.62 |
4.81 |
4.37 |
Long Term Debt: |
4.41 |
0.90 |
0.81 |
0.77 |
Current Ratio: |
1.15 |
1.91 |
2.25 |
1.05 |
Liquidity Ratio: |
0.84 |
1.39 |
1.43 |
0.62 |
Stock/Turnover: |
5.29 |
3.99 |
3.79 |
3.56 |
Collection Period: |
43.35 |
52.37 |
41.07 |
37.34 |
Creditor Days: |
37.98 |
50.77 |
19.25 |
38.73 |
Gearing (%): |
-23.53 |
0.00 |
0.00 |
74.11 |
Interest Coverage: |
N/K |
N/K |
1.02 |
N/K |
Credit Gearing: |
N/K |
N/K |
1.71 |
1.52 |
Indicator Ratio: |
N/K |
N/K |
11.30 |
11.47 |
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Industry: |
88 Utilities |
No. of companies: |
2,318 |
Last Updated: |
01/09/2004 |
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Industry Comparison/Average: |
Latest |
Previous |
Previous |
Previous |
Scale: |
M |
M |
M |
M |
Turnover: |
160.18 |
158.92 |
149.23 |
156.63 |
Profit Before Tax: |
-13.73 |
-0.40 |
45.91 |
15.53 |
Debtors: |
20.13 |
15.26 |
13.75 |
14.56 |
Total Assets: |
295.00 |
329.46 |
324.82 |
354.58 |
Shareholders Funds: |
27.69 |
54.03 |
78.30 |
96.90 |
Profit Margin (%): |
-8.57 |
-0.25 |
30.76 |
9.92 |
Liquidity Ratio: |
0.87 |
0.94 |
0.94 |
1.03 |
Collection Period: |
45.87 |
35.05 |
33.63 |
33.93 |
Stock/Turnover: |
42.38 |
35.08 |
27.89 |
25.64 |
Creditor Days: |
29.10 |
33.05 |
32.87 |
33.21 |
Solvency Ratio (%): |
9.39 |
16.40 |
24.11 |
27.33 |
Gearing (%): |
619.75 |
340.55 |
211.63 |
179.51 |
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Auditors are: |
PricewaterhouseCoopers LLP |
Town: |
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Auditors Remuneration: |
595,000 |
Auditors Comment on the latest Balance Sheet: |
The Auditors note that the going concern basis may be inappropriate. |
Auditors Qualified Accounts? |
no |
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Co Secretary: |
ROBERT MALCOLM ARMOUR |
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Nationality: |
BRITISH |
Date Appointed: |
13/12/1995 |
Home Address: |
Date of Birth: |
25/09/1959 |
88 RAVELSTON DYKES |
Occupation: |
EDINBURGH |
EH12 6HE |
Co Sec & Director: |
N |
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Other Directorships: |
Y |
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Director Details |
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Director: |
IAN HARLEY |
Nationality: |
BRITISH |
Date Appointed: |
01/06/2002 |
Home Address: |
Date of Birth: |
30/04/1950 |
28 KINGSWOOD WAY |
Occupation: |
SELSDON |
NON EXECUTIVE DIRECTOR |
SOUTH CROYDON |
SURREY CR2 8QP |
Other Directorships: |
Y |
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Director: |
SALVATORE MARTIN GATTO |
Nationality: |
BRITISH |
Date Appointed: |
08/12/2003 |
Home Address: |
Date of Birth: |
09/05/1950 |
11 CAVENDISH LODGE |
Occupation: |
CAVENDISH ROAD |
ACCOUNTANT |
BATH |
AVON BA1 2UD |
Other Directorships: |
Y |
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Director: |
CLARE MARY JOAN SPOTTISWOODE |
Nationality: |
BRITISH |
Date Appointed: |
01/12/2001 |
Home Address: |
Date of Birth: |
20/03/1953 |
39 LONSDALE SQUARE |
Occupation: |
DIRECTOR |
LONDON |
N1 1EW |
Other Directorships: |
Y |
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Director: |
ADRIAN ALASTAIR MONTAGUE |
Nationality: |
BRITISH |
Date Appointed: |
02/12/2002 |
Home Address: |
Date of Birth: |
28/02/1948 |
PEGSDON BARNS |
Occupation: |
PEGSDON |
DIRECTOR |
HITCHIN |
HERTFORDSHIRE SG5 3JZ |
Other Directorships: |
Y |
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Director: |
MIKE ALEXANDER |
Nationality: |
BRITISH |
Date Appointed: |
03/03/2003 |
Home Address: |
Date of Birth: |
17/11/1947 |
8 BEARSWOOD END |
Occupation: |
BEACONSFIELD |
CHIEF EXECUTIVE |
BUCKINGHAMSHIRE |
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Other Directorships: |
Y |
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Director: |
PASCAL COLOMBANI |
Nationality: |
FRENCH |
Date Appointed: |
01/06/2003 |
Home Address: |
Date of Birth: |
14/10/1945 |
3 RUE DE LOGELBACH |
Occupation: |
DIRECTOR |
PARIS |
75017 |
Other Directorships: |
N |
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Director: |
WILLIAM A COLEY |
Nationality: |
AMERICAN |
Date Appointed: |
01/06/2003 |
Home Address: |
Date of Birth: |
24/04/1943 |
1231 WAREHAM COURT |
Occupation: |
DIRECTOR |
CHARLOTTE |
NORTH CAROLINA 28207 |
Other Directorships: |
N |
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Director: |
ROBERT WALMSLEY |
Nationality: |
BRITISH |
Date Appointed: |
01/08/2003 |
Home Address: |
Date of Birth: |
01/02/1941 |
41 BELTRAN ROAD |
Occupation: |
LONDON |
NON-EXECUTIVE DIRECTOR |
SW6 3AL |
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Other Directorships: |
Y |
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Director: |
JOHN J DELUCCA |
Nationality: |
AMERICAN |
Date Appointed: |
09/02/2004 |
Home Address: |
Date of Birth: |
25/04/1943 |
314 ARDMORE ROAD |
Occupation: |
HO-HO-KUS |
COMPANY DIRECTOR |
NEW JERSEY 07423 |
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Other Directorships: |
N |
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Top |
Safeguard Information |
Safeguard Score: |
-55 |
Safeguard Codes: |
C8 |
External interest in subject predates 5 years. |
H1 |
Caution.Director(s) and/or Secretary have been recorded as holding/having held 5 or more other directorships in a company/companies which have been subjected to voluntary or compulsory winding up procedures or administration orders. |
H4 |
Caution.Current/previous Director(s) and/or current/previous Secretary have been recorded as being directors of a company/or companies which have been struck off the Register of Companies as a result of either a subject company voluntary application or due to non compliance. |
H5 |
Current/Previous Director(s) and/or current/previous Secretary have been recorded as being directors of a company or companies which have been dissolved. |
V6 |
The auditors audit 16 or more U.K. limited companies according to data on file from Companies Registration Office |
Safeguard Guidance
Safeguard evaluates a company against approximately 50 indicators of credit/fraud risk, providing a simple summary rating (positive is good). There are no benchmark scores, as the score is mainly driven by three variables, the number of directors, the size of the company and the risk assessment of those directors. The highest risk profile would therefore be a small company, with a low number of directors and a significant negative score. If further investigation is required, our "Directors Investigation Report" will provide more detailed information. |
Top |
Gazette or Detrimental Information |
Top |
Credit Risk Information |
CCJ's Registered |
Information concerning County Court Judgements is provided in good faith; however we do not accept responsibility for the accuracy thereof |
Exact Matches |
|
Court |
Date |
Amount of Judgement |
|
Status |
Date Settled |
BRADFORD |
06/09/2000 |
751 |
|
Judgement |
|
Case No. BD006896 |
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|
HAMILTON |
05/10/2001 |
1,299 |
|
Judgement |
|
Case No. SC631/01 |
|
|
STAINES |
08/11/2002 |
275 |
|
Judgement |
|
Case No. JF237973 |
|
|
TUNBRIDGE WELLS |
18/12/2002 |
109 |
|
Judgement |
|
Case No. JL226340 |
|
|
NORWICH |
28/08/2003 |
235 |
|
Judgement |
|
Case No. NR305680 |
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Gazette Information |
No Gazette Information |
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Payment Profiles |
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Creditor Days |
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Sector Average: |
29.10 Days |
BRITISH ENERGY PLC: |
37.98 Days |
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Liquidity Ratio |
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Sector Average: |
0.87 |
BRITISH ENERGY PLC: |
0.84 |
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Vital Signs |
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Turnover decreased by: |
7.1% |
Pre Tax Profit decreased by: |
770.6% |
Gearing increased by: |
0.0% |
Working Capital decreased by: |
80.6% |
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Credit Score: |
15 |
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Credit Rating: |
I |
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Credit Category: |
Red |
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Credit Limit: |
0 |
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Credit Score Date: |
13/09/2004 |
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Credit Rating Guidance
Credit Score Range : 0 (Poor) to 100 (Excellent)
Credit Rating Codes: A=Excellent, B=Very Good, C=Above Average, D=Average, E=Poor, F=Very Poor, G=Serious Gazette code present, I=Technically insolvent, O=Late filing of accounts , N=Dormant accounts filed, NA=No accounts filed yet, NR=No Report, NT=Does not trade |
| The latest year accounting figures in this report have been rounded to the nearest thousand (000). The Company's latest filed accounts are for the year ended 31/03/2003 . Figures are taken from consolidated accounts . Turnover has fallen from GBP2.05bn to GBP1.90bn over the past year. Pre-tax losses have increased from GBP493.00m to GBP4.29bn. The company's liquidity appears to be healthy, with net current assets of GBP173.00m. (Previous accounts show net current assets of GBP891.00m). Bank and cash figures total GBP87.00m. There are accumulated losses of GBP4.18bn. Other reserves total GBP426.00m. On the basis of these accounts : We suggest that you seek suitable assurances from the Directors. For contracts, we suggest obtaining performance/indemnity bonding. For credit insurance purposes the credit limit is nil. Co has confirmed that it has approached the Secretary of State for an increase in the Government Facility and that discussions are continuing, but no agreement has yet been reached (RNS 26/11/2003). Unaudited interim results for the 6 months to 30/09/2003 disclosed pre -tax losses of GBP71m on turnover of GBP677m. (stated after exceptional charges) (TI 18/12/2003) Co's shareholders have approved the sale of its 50% stake in AmerGen, its US nuclear arm, for $277m. Proceeds will be used to repay part of a GBP275m government loan facility (FT 23/12/2003 ). Shares in the company dropped by almost a third yesterday after a US hedge fund revealed that it had sold the bulk of its 4.5% stake less than a week after disclosing its purchase. It's shares had more than doubled, reaching a peak of 10.25p on Wednesday after small investors piled into the stock after Appaloosa Investment Management disclosed its interest last Friday. Co's shares fell 3.35p to 6.9p valuing it at just GBP48.2m (FT 06/02/2004 ). Preliminary final results announced for 31/03/2004 show a pre tax profit of GBP232m on turnover of GBP1.66bn. (stated after exceptional income) Co warned yesterday that it's government backed rescue could be delayed until the end of the year, saying that it was taking longer than expected to complete the financial assessments needed to win EU approval. Patricia Hewitt, trade and industry secretary has warned that "contingency plans" remained in place to put the company into administration if the rescue failed (FT 18/06/2004 ). Company yesterday it was in "no position" to entertain any restructuring deal other than that already agreed with creditors and said it "can't help" shareholders who challenge the arrangement. (FT 06/08/2004 ) Having reviewed and analysed the latest information available: We would suggest setting a credit limit on monthly terms of GBP 0.00 |
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