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22. October 2007 - update with 2006 accounts

Analysis of Tegni Cymru Cyf's accounts

This page is part of our response to a proposal to build a wind 'farm' at Aston, on the opposite bank of the River Weaver from Acton Bridge in Cheshire. It shows the state of Tegni's balance sheet, and calls into question their financial credibility as the developer of a 12MW wind farm project.

Note - these figures are stated in pounds, not thousands! Tegni Cwmru Cyf really are a tiny little company, with no financial credibility of their own in the context of a 12MW power station development.

By the way, "Tegni Cymru Cyf" may sound as green as a Welsh valley, but is majority-owned by German investors, Germania Windpark GmbH & Co. KG (60%), and Winvest Finanzierungsservice GmbH & Co (5%). More on these names below...


UNAUDITED ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 OCTOBER 2006
FOR
TEGNI CYMRU CYF (Company No. 04509338)
ABBREVIATED BALANCE SHEET
. 2006 2005 2004 2003
.



.
FIXED ASSETS : . . . . . . . .
Tangible Assets . 1,546 . 779 . 1,038 . -
CURRENT ASSETS : . . . . . . . .
Stocks - . - . 18,178 . - .
Debtors 18,094 . 9,749 . 3,728 . 3,955 .
Cash at bank 28,491 . 7,226 . 16,476 . 6,572 .
.
.
.
.
.
. 46,585 . 16,975 . 38,382 . 10,527 .
CREDITORS : Amounts falling
due within one year
43,289 . 11,929 . 29,820 . 10,488 .
.
.
.
.
.
NET CURRENT ASSETS : . 3,296 . 5,046 . 8,562 . 39
.
.
.
.
TOTAL ASSETS LESS CURRENT LIABILITIES : . 4,842 . 5,825 . 9,600 . 39



CAPITAL AND RESERVES : . . . . . . . .
Called up share capital . 1,000 . 1,000 . 1,000 . 1
Profit and loss account . 3,842 . 4,825 . 8,600 . 38
.
.
.
.
SHAREHOLDERS' FUNDS . 4,842 . 5,825 . 9,600 . 39
.
.
.
.
Crown Copyright © Companies House
Data above (E&OE) reproduced by permission

Analysis (by ActonBridge.Org) 2006 . 2005 . 2004 . 2003 .
Current Ratio 1.08 . 1.42 . 1.29 . 1.00 .
Acid Test Ratio 1.08 . 1.42 . 0.68 . 1.00 .

From to these (unaudited) accounts, Tegni Cymru Cyf admits to a net loss of 983 in the year to October 2006, leaving the company with a barely-solvent 1.076 Current Ratio. The accounts were filed on 29. August, in the last possible week to avoid a penalty.

This dismal result follows a net loss of 3,775 last time, which was then almost 40% of Tegni's net worth. By deleting stocks from the balance sheet, the acid test ratio had improved, but the net worth was still very small in the context of a multi-million pound development, for which the business model is entirely dependent on political subsidy. It is beyond doubt that Tegni Cymru Cyf will have to rely on continuing financing to maintain its viability, presumably from overseas.

The link to Germania and Winvest is fascinating. Where does the Celtic-sounding name "Tegni" come from? Not necessarily from Wales, it seems.

  • On Sunday 3. August 1941, Cardinal Galen of Münster delivered a brave sermon against Nazi "euthanasia".
  • The Kardinal-Galen-Ring is the inner ring road in the German town of Rheine, a few miles north of Münster.
  • The shared office of Germania and Winvest in Rheine is in Poststraße, which backs onto the Kardinal-Galen-Ring.
  • The "Tegni" is a mediaeval term for the writings of his second-century namesake Galen of Pergamum, based on the earlier medical studies of Hippocrates.
Coincidence? Or is Tegni just a plausible-sounding name for a Welsh front company, entirely controlled from Rheine? You decide.

This Accounts page has been regularly visited by several interested (and some even interesting) parties, including some obsessive-compulsive behaviour by Germania Windpark [1], presumably fascinated by this revelation of their subsidiary's finances.

Some other interesting visitors are discussed on the main wind 'farm' page.

[1] The obsessive visitor's IP address and nameserver muensa.citykom.de resolve to that of Germania Windpark GmbH.


Go to our Aston FAQ page, links and media page or back to main wind 'farm' page.

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