Relate AccountsProduction v2.7.3 v2.7.3 2022-01-01 The company was not dormant during the period The company was trading for the entire period The main principal actvity of the company is the development and operation of renewable energy assets. 29 January 2024 0 0 11116383 2022-12-31 11116383 2021-12-31 11116383 2020-12-31 11116383 2022-01-01 2022-12-31 11116383 2021-01-01 2021-12-31 11116383 uk-bus:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 11116383 uk-curr:PoundSterling 2022-01-01 2022-12-31 11116383 uk-bus:AbridgedAccounts 2022-01-01 2022-12-31 11116383 uk-bus:Audited 2022-01-01 2022-12-31 11116383 uk-core:ShareCapital 2022-12-31 11116383 uk-core:ShareCapital 2021-12-31 11116383 uk-core:SharePremium 2022-12-31 11116383 uk-core:SharePremium 2021-12-31 11116383 uk-core:RetainedEarningsAccumulatedLosses 2022-12-31 11116383 uk-core:RetainedEarningsAccumulatedLosses 2021-12-31 11116383 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2022-12-31 11116383 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2021-12-31 11116383 uk-bus:FRS102 2022-01-01 2022-12-31 11116383 uk-core:PlantMachinery 2022-01-01 2022-12-31 11116383 uk-core:OtherPropertyPlantEquipment 2022-01-01 2022-12-31 11116383 uk-core:IntangibleAssetsOtherThanGoodwill 2021-12-31 11116383 uk-core:IntangibleAssetsOtherThanGoodwill 2022-12-31 11116383 uk-core:ParentEntities 2022-01-01 2022-12-31 11116383 uk-core:UltimateParent 2022-01-01 2022-12-31 11116383 uk-countries:France 2022-01-01 2022-12-31 11116383 uk-bus:Director3 2022-01-01 2022-12-31 xbrli:pure iso4217:GBP iso4217:EUR xbrli:shares
Company Registration Number: 11116383
 
 
Blue Gem Wind Limited
 
Abridged Financial Statements
 
for the financial year ended 31 December 2022
INDEPENDENT AUDITOR'S REPORT
to the Members of Blue Gem Wind Limited

 
Report on the audit of the financial statements
 
Opinion
We have audited the financial statements of Blue Gem Wind Limited ('the company') for the financial year ended 31 December 2022 which comprise the Abridged Profit and Loss Account, the Abridged Balance Sheet and the related notes to the financial statements, including significant accounting policies set out in note . The financial reporting framework that has been applied in their preparation is applicable Law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” Section 1A (Small Entities).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2022 and of its loss for the financial 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.
 
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's responsibilities for the audit of the financial statements section of our report. 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. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
 
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 to 31 January 2025.
 
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the company's ability to continue as a going concern.
 
Other Information
The other information comprises the information included in the annual report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the annual report. 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.
 
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified any material misstatements in the Directors' Report.
 
We have nothing to report in respect of the following matters where 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; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the Directors' Report and from the requirement to prepare a strategic report.
 
Responsibilities of directors for the financial statements
As explained more fully in the Statement of Directors' Responsibilities set out on page , 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 they 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 has 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.
 
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:
 


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 or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.
Our approach was as follows:
   • We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant are those that relate to the reporting framework (FRS 102 and the Companies Act 2006) and the relevant tax compliance regulations.  
   • We understood how the company is complying with those frameworks by making inquiries of management, those responsible for legal and compliance procedures and those charged with governance. We corroborated our inquiries through our review of minutes of Board of Directors meetings and the review of various correspondence examined in the context of our audit and noted that there was no contradictory evidence.
   • We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur by gaining an understanding of the entity level controls and policies that the company applies and performing walkthrough procedures to understand the financial statement close process.
   • Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved the testing of journal entries, with a focus on journals indicating large or unusual transactions or those meeting our defined risk criteria based on our understanding of the business, enquiries of management and review of board minutes. These procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error.
 
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: <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.
 
 
__________________________________
David Clark (Senior Statutory Auditor)
for and on behalf of
ERNST & YOUNG LLP
1 More London Place,
London SE1 2AF,
United Kingdom
 
29 January 2024



Blue Gem Wind Limited
ABRIDGED PROFIT AND LOSS ACCOUNT
for the financial year ended 31 December 2022
2022 2021
Notes £ £

 
Administrative expenses (288,638) (48,396)
───────── ─────────
Loss before taxation (288,638) (48,396)
 
Tax on loss - -
───────── ─────────
Loss for the financial year (288,638) (48,396)
───────── ─────────
Total comprehensive income (288,638) (48,396)
    ═════════   ═════════



Blue Gem Wind Limited
Company Registration Number: 11116383
ABRIDGED BALANCE SHEET
as at 31 December 2022

2022 2021
Notes £ £
 
Fixed Assets
 
Intangible assets 4 77,304 77,304
 
Tangible assets 5 33,991,873 20,091,629
───────── ─────────
34,069,177 20,168,933
───────── ─────────
 
Current Assets
 
Debtors 970,568 1,652,692
 
Cash and cash equivalents 4,850,332 1,888,220
───────── ─────────
5,820,900 3,540,912
───────── ─────────
 
Creditors: amounts falling due within one year (1,369,951) (2,976,368)
───────── ─────────
 
Net Current Assets 4,450,949 564,544
───────── ─────────
 
Total Assets less Current Liabilities 38,520,126 20,733,477
 
Creditors:
 
amounts falling due after more than one year (38,473,260) (20,397,973)
───────── ─────────
Net Assets 46,866 335,504
═════════ ═════════
 
 
Capital and Reserves
 
Called up share capital 200 200
 
Share premium account 6 431,880 431,880
 
Retained earnings 6 (385,214) (96,576)
───────── ─────────
Equity attributable to owners of the company 46,866 335,504
═════════ ═════════
 
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).
           
All of the members have consented to the preparation of abridged accounts in accordance with section 444(2A) of the Companies Act 2006.
           
The company has taken advantage of the exemption under section 444 not to file the Directors' Report.
           
Approved by the Board and authorised for issue on 29 January 2024 and signed on its behalf by
           
           
________________________________          
Philippe De Cacqueray          
Director          
           



Blue Gem Wind Limited
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS
for the financial year ended 31 December 2022

   
1. General Information
 
Blue Gem Wind Limited is a company limited by shares incorporated and registered in the United Kingdom. The registered number of the company is 11116383. The registered office of the company is Bridge Innovation Centre, Pembrokeshire Science & Technology Park, Pembroke Dock, SA72 6UN which is also the principal place of business of the company. The main principal actvity of the company is the development and operation of renewable energy assets. The financial statements have been presented in Pound Sterling (£) which is also the functional currency of the company.

The results of Blue Gem Wind Limited are included in the consolidated financial statements of Total Energies SE (note 13).

In these Financial Statements, the company is considered to be a qualifying entity and has applied exemptions available under FRS 102 in respect of the following disclosures:

- Cash Flow Statement and related notes;
- Key Management Personnel compensation;
- Related party disclosures;
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the period ended 31 December 2022 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention. Going Concern Notwithstanding a loss in the year ended 31 December 2022 of £288,638, the company is in a net current asset position of £4,450,949 as at the year then ended. The financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reasons. The directors have prepared project development cost forecasts for a period of 12 months from the date of approval of these financial statements which indicate that, taking account of reasonably possible downsides, the company will have sufficient funds, through its credit facility with its immediate parent company TotalEnergies Renewables UK Limited to meet its liabilities as they fall due for that period. The borrowing facility of £72 million is not due for repayment until 31 December 2026 which is the contractually agreed termination date. As at 30 November 2023, £24.34 million of the facility is undrawn to meet future  project costs and liabilities. Consequently, the directors are confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.
 
Intangible fixed assets
Grid Connection expenditure is written off in the same year unless the directors are satisfied as to the technical, commercial and financial viability of individual projects. In this situation, the expenditure is deferred and amortised over the period from which the company is expected to benefit. Amortisation is not provided for until the grid connection becomes operational.
 
Developments costs
Expenditure on development activities may be capitalised if, the product or process is technically and commercially feasible and the Company intends, and has the technical ability and sufficient resources, to complete development, future economic benefits are probable and if the Company can measure reliably the expenditures attributable to the tangible or intangible asset during its development. Development activities involve design for, construction or testing of the production of new or substantially improved products or processes. The expenditure capitalised includes the cost of materials, direct labour and an appropriate proportion of overheads and capitalised borrowing costs. Other development expenditure is recognised in the profit and loss account as an expense as incurred. Capitalised development expenditure is stated at cost less accumulated amortisation if applicable and less accumulated impairment losses if applicable.
 
Intangible assets
 
Intangible assets
 
 
Grid Connection
 
 
Tangible assets and depreciation
Tangible assets are stated at cost or at valuation, less accumulated depreciation if applicable. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
 
  Plant and machinery - 10% Straight line
  Development Costs - Not depreciated
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

Development costs are costs in relation to tangible assets that are not yet brought into use. Accordingly, Development costs are not depreciated.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the Abridged Balance Sheet bank overdrafts are shown within Creditors.
 
Borrowing costs
Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Related parties
The company discloses transactions with related parties which are not wholly owned with the same group. Where appropriate, transactions of a similar nature are aggregated unless, in the opinion of the directors, separate disclosure is necessary to understand the effect of the transactions on the group financial statements.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account.
 
Financial Instruments
 
Other financial instruments
Other financial instruments not meeting the definition of Basic Financial Instruments are recognised initially at fair value. Subsequent to initial recognition other financial instruments are measured at fair value with changes recognised in profit or loss.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
       
3. Employees
 
The average monthly number of employees, including directors, during the financial year was 0, (2021 - 0).
       
4. Intangible assets
  Grid  
  Connection Total
  £ £
Cost
At 1 January 2022 77,304 77,304
  ───────── ─────────
 
At 31 December 2022 77,304 77,304
  ───────── ─────────
Net book value
At 31 December 2022 77,304 77,304
  ═════════ ═════════
At 31 December 2021 77,304 77,304
  ═════════ ═════════
 
Amortisation is not provided for until the Grid Connection becomes operational.
         
5. Tangible assets
  Plant and Development Total
  machinery Costs  
       
  £ £ £
Cost
At 1 January 2022 4,837 20,087,758 20,092,595
Additions - 13,900,727 13,900,727
  ───────── ───────── ─────────
At 31 December 2022 4,837 33,988,485 33,993,322
  ───────── ───────── ─────────
Depreciation
At 1 January 2022 966 - 966
Charge for the financial year 483 - 483
  ───────── ───────── ─────────
At 31 December 2022 1,449 - 1,449
  ───────── ───────── ─────────
Net book value
At 31 December 2022 3,388 33,988,485 33,991,873
  ═════════ ═════════ ═════════
At 31 December 2021 3,871 20,087,758 20,091,629
  ═════════ ═════════ ═════════
 
Included in additions to Development Costs is interest capitalised on the related party loan with TotalEnergies Renewables UK Limited of £675,287 (2021 £190,193).Interest was capitalised at SONIA + 0.9% (2021: SONIA +0.9%).
   
6. Reserves
 
Share Premium Reserve
 
The share premium arose from the issue of shares in 2020.
 
       
7. Capital commitments
 
The company had no material capital commitments at the financial year-ended 31 December 2022.
   
8. Parent and ultimate parent company
 
The immediate parent company is TotalEnergies Renewables UK Limited.
 
The company's ultimate parent undertaking is Total Energies SE.
Copies of the financial statements of Total Energies SE can be obtained from:
2, Place Jean Millier, La Defense 6, 92400 Courbevoie, France.
 
Total Energies SE is the largest and smallest group for which group financial statements are prepared.
Total Energies SE is a company registered in France.
 
   
9. Post-Balance Sheet Events
 
There have been no significant events affecting the company since the financial year-end.