GAZELLE WIND POWER UK LIMITED

Company Registration Number:
14242912 (England and Wales)

Unaudited statutory accounts for the year ended 31 July 2023

Period of accounts

Start date: 19 July 2022

End date: 31 July 2023

GAZELLE WIND POWER UK LIMITED

Contents of the Financial Statements

for the Period Ended 31 July 2023

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

GAZELLE WIND POWER UK LIMITED

Directors' report period ended 31 July 2023

The directors present their report with the financial statements of the company for the period ended 31 July 2023

Principal activities of the company

Gazelle Wind Power UK Limited operates as a 100% owned subsidiary in England & Wales of Gazelle Wind Power Limited, which is the Gazelle Wind Power Group holding company (‘TopCo’) headquartered in the Republic of Ireland. The principal activity of the Gazelle Wind Power Group is the engineering and commercial development of its bespoke, patented design for a floating platform, designed specifically for the floating offshore wind turbine power generation market. Gazelle Wind Power UK Limited currently provides engineering and business development resources to other companies in the Gazelle Wind Power Group.The Group’s central business plan is based on it earning commercial income through i) a licence fee as a licensor for the use of Gazelle’s technology and ii) engineering support provided to the licensee on the application of Gazelle’s technology. This will primarily be with industry EPCIs (Engineering, Procurement, Construction and Installation), OEMs (Original Equipment Manufacturers) and offshore power developers, once the technology is technically certified and proven for commercial scale use (c.15MW per unit). The Group’s business may be developed and implemented through a number of country specific subsidiaries, in addition to those already established including specifically Gazelle Wind Power UK Limited.

Political and charitable donations

The company did not make any disclosable political donations during the period 19 July 2022 to 31 December 2023.

Additional information

Gazelle Wind Power UK Limited’s transactions in the period did not create any foreign currency risks. All transactions were made in Sterling or Euros with the Company’s funding from its 100% parent, Gazelle Wind Power Limited, providing the required Sterling liability equivalent amount in full.Due to the nature of the Company's operations, it does face ordinary course of business risks and uncertainties, but the Company’s biggest risks concern the full commercialisation and development of the Gazelle Wind Power Group’s technology and engineering design in scaling up the platform to support floating offshore wind turbine units together with the equity and grant fundraising needed to deliver the Group business plan.The Company indirectly shares in the Group’s other potential key risks such as liquidity, asset, credit, interest rate and concentration risks. It’s invoice commitment payment risks are covered by its parent, Gazelle Wind Power Limited, and are considered non-significant.



Directors

The directors shown below have held office during the period of
8 December 2022 to 31 July 2023

Graham Alexander
Adrian Haworth


The director shown below has held office during the whole of the period from
19 July 2022 to 31 July 2023

Jon Salazar


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
17 April 2024

And signed on behalf of the board by:
Name: Graham Alexander
Status: Director

GAZELLE WIND POWER UK LIMITED

Profit And Loss Account

for the Period Ended 31 July 2023

2023


£
Turnover: 0
Cost of sales: 0
Gross profit(or loss): 0
Administrative expenses: ( 333,000 )
Operating profit(or loss): (333,000)
Profit(or loss) before tax: (333,000)
Tax: 77,000
Profit(or loss) for the financial year: (256,000)

GAZELLE WIND POWER UK LIMITED

Balance sheet

As at 31 July 2023

Notes 2023


£
Called up share capital not paid: 0
Fixed assets
Intangible assets:   0
Tangible assets:   0
Investments:   0
Total fixed assets: 0
Current assets
Stocks:   0
Debtors: 3 77,000
Cash at bank and in hand: 0
Investments:   0
Total current assets: 77,000
Prepayments and accrued income: 0
Creditors: amounts falling due within one year: 4 ( 332,999 )
Net current assets (liabilities): (255,999)
Total assets less current liabilities: (255,999)
Creditors: amounts falling due after more than one year:   0
Provision for liabilities: 0
Accruals and deferred income: 0
Total net assets (liabilities): (255,999)
Capital and reserves
Called up share capital: 1
Share premium account: 0
Other reserves: 0
Profit and loss account: (256,000 )
Total Shareholders' funds: ( 255,999 )

The notes form part of these financial statements

GAZELLE WIND POWER UK LIMITED

Balance sheet statements

For the year ending 31 July 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 17 April 2024
and signed on behalf of the board by:

Name: Graham Alexander
Status: Director

The notes form part of these financial statements

GAZELLE WIND POWER UK LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2023

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Intangible fixed assets amortisation policy

    Intangible assets with a finite useful life are capitalised at their cost and amortised over the estimated economic life of the relevant asset. The carrying value of intangible assets is reviewed for impairment whenever events or changes in circumstances indicate the carrying value may not be recoverable.Research and development (R&D) expenditure is charged to the income statement as incurred unless it meets the recognition criteria set out in IAS 38 (Intangible Assets). Where the recognition criteria are met, this expenditure is capitalised and shown as an Intangible Asset and will be amortised over its useful life.

    Other accounting policies

    Basis of preparationThe financial statements have been prepared under the historical cost convention. The principalaccounting policies adopted are set out below.Going ConcernGazelle Wind Power UK Limited’s financial statements for the period ended 31 December 2023 have beenprepared on a going concern basis. The directors are satisfied with the performance of the Company andbelieve that the Company will continue to operate for a period beyond 12 months after the date of thesigning of the financial statements. The directors expect the Company to meet its commitments as they falldue over the next 12 months following receipt of a Letter of Comfort from Gazelle Wind Power Limitedwhich confirms Gazelle Wind Power UK Limited’s expenditure will either:Continue to be funded directly from Gazelle Wind Power Limited’s Bank of Ireland Business OnLine bank account; orBe paid out of Gazelle Wind Power UK Limited’s own bank account which will be adequatelyfunded by Gazelle Wind Power Limited through equity and/or shareholder loan; orBe paid through payment of Gazelle Wind Power UK Limited’s recharge invoices to Gazelle WindPower Limited or Gazelle Wind Power Portugal, S.A. for services providedOn the basis of the above, the directors have concluded that the Company has no material uncertaintieswhich would cast a significant doubt on the Company’s ability to continue as a going concern over theperiod of assessment.Reporting periodGazelle Wind Power UK Limited presents its financial statements for the approximate 17 months and 2weeks period from 19 July 2022 to 31 December 2023.

GAZELLE WIND POWER UK LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2023

  • 2. Employees

    2023
    Average number of employees during the period 1

GAZELLE WIND POWER UK LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2023

3. Debtors

2023
£
Trade debtors 0
Prepayments and accrued income 0
Other debtors 77,000
Total 77,000
Debtors due after more than one year: 0

GAZELLE WIND POWER UK LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2023

4. Creditors: amounts falling due within one year note

2023
£
Bank loans and overdrafts 0
Amounts due under finance leases and hire purchase contracts 0
Trade creditors 0
Taxation and social security 0
Accruals and deferred income 0
Other creditors 332,999
Total 332,999

GAZELLE WIND POWER UK LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2023

5. Financial Commitments

As at 31 December 2023 there are no outstanding commitments and contingencies.