Caseware UK (AP4) 2023.0.135 2023.0.135 No description of principal activity332023-01-01falsetruefalse 09905044 2023-01-01 2023-12-31 09905044 2022-01-01 2022-12-31 09905044 2023-12-31 09905044 2022-12-31 09905044 2022-01-01 09905044 c:Director1 2023-01-01 2023-12-31 09905044 c:Director2 2023-01-01 2023-12-31 09905044 c:Director3 2023-01-01 2023-12-31 09905044 c:RegisteredOffice 2023-01-01 2023-12-31 09905044 d:CurrentFinancialInstruments 2023-12-31 09905044 d:CurrentFinancialInstruments 2022-12-31 09905044 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 09905044 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 09905044 d:ShareCapital 2023-01-01 2023-12-31 09905044 d:ShareCapital 2023-12-31 09905044 d:ShareCapital 2022-01-01 2022-12-31 09905044 d:ShareCapital 2022-12-31 09905044 d:ShareCapital 2022-01-01 09905044 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 09905044 d:RetainedEarningsAccumulatedLosses 2023-12-31 09905044 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 09905044 d:RetainedEarningsAccumulatedLosses 2022-12-31 09905044 d:RetainedEarningsAccumulatedLosses 2022-01-01 09905044 c:OrdinaryShareClass1 2023-01-01 2023-12-31 09905044 c:OrdinaryShareClass1 2023-12-31 09905044 c:OrdinaryShareClass1 2022-12-31 09905044 c:OrdinaryShareClass2 2023-01-01 2023-12-31 09905044 c:OrdinaryShareClass2 2023-12-31 09905044 c:OrdinaryShareClass2 2022-12-31 09905044 c:FRS102 2023-01-01 2023-12-31 09905044 c:Audited 2023-01-01 2023-12-31 09905044 c:FullAccounts 2023-01-01 2023-12-31 09905044 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 09905044 d:Subsidiary2 2023-01-01 2023-12-31 09905044 d:Subsidiary2 1 2023-01-01 2023-12-31 09905044 d:Subsidiary3 2023-01-01 2023-12-31 09905044 d:Subsidiary3 1 2023-01-01 2023-12-31 09905044 d:Subsidiary4 2023-01-01 2023-12-31 09905044 d:Subsidiary4 1 2023-01-01 2023-12-31 09905044 6 2023-01-01 2023-12-31 09905044 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 09905044









The New Energy Holdings Limited









Directors' Report and Financial Statements

For the year ended 31 December 2023

 
The New Energy Holdings Limited
 
 
Company Information


Directors
N Tate 
D Gütschow 
TND Jayawarna 




Registered number
09905044



Registered office
Bainbridge House
86-90 London Road

Manchester

M1 2PW




Independent auditors
Hurst Accountants Limited
Chartered Accountants & Statutory Auditors

3 Stockport Exchange

Stockport

Cheshire

SK1 3GG





 
The New Energy Holdings Limited
 

Contents



Page
Directors' report
 
1 - 2
Independent auditors' report
 
3 - 6
Statement of comprehensive income
 
7
Statement of financial position
 
8
Statement of changes in equity
 
9
Notes to the financial statements
 
10 - 15


 
The New Energy Holdings Limited
 
 
 
Directors' report
For the year ended 31 December 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' reports may differ from legislation in other jurisdictions.

Directors

The directors who served during the year were:

N Tate 
D Gütschow 
TND Jayawarna 

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

The auditorsHurst Accountants Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 1

 
The New Energy Holdings Limited
 
 
 
Directors' report (continued)
For the year ended 31 December 2023

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 



N Tate
Director

Date: 26 July 2024

Page 2

 
The New Energy Holdings Limited
 
 
 
Independent Auditors' Report to the Members of The New Energy Holdings Limited
 

Opinion


We have audited the financial statements of The New Energy Holdings Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2023 and of its loss for the 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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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 of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.


Page 3

 
The New Energy Holdings Limited
 
 
 
Independent Auditors' Report to the Members of The New Energy Holdings Limited (continued)


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' report has been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' report.


We have nothing to report in respect of the following matters in relation to which 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' exemptions in preparing the Directors' report and from the requirement to prepare a Strategic report.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 1, 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 the directors 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 have no realistic alternative but to do so.


Page 4

 
The New Energy Holdings Limited
 
 
 
Independent Auditors' Report to the Members of The New Energy Holdings Limited (continued)


Auditors' 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 Auditors' 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:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.
Identifying and assessing potential risks related to irregularities
In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

The nature of the industry and sector in which the company operates; the control environment and business performance including key drivers for directors' remuneration, bonus levels and performance targets
The outcome of enquiries of local management and parent company management, including whether management was aware of any instances of non-compliance with laws and regulations, and whether management had knowledge of any actual, suspected, or alleged fraud.
Supporting documentation relating to the Company's policies and procedures for:
°Identifying, evaluating, and complying with laws and regulations
°Detecting and responding to the risks of fraud
The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
The outcome of discussions amongst the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
The legal and regulatory framework in which the Company operates, particularly those laws and regulations which have a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or which had a fundamental effect on the operations of the Company, including General Data Protection requirements, and Anti-bribery and Corruption.

Audit response to risks identified
Our procedures to respond to the risks identified included the following:

Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the provisions of those relevant laws and regulations which have a direct effect on the financial statements.
Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud.
Evaluation of the operating effectiveness of management’s controls designed to prevent and detect irregularities.
Enquiring of management about any actual and potential litigation and claims.
Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of material misstatement due to fraud.

We have also considered the risk of fraud through management override of controls by:
 
Page 5

 
The New Energy Holdings Limited
 
 
 
Independent Auditors' Report to the Members of The New Energy Holdings Limited (continued)


Testing the appropriateness of journal entries and other adjustments. We have used data analytics software to identify accounting transactions which may pose a heightened risk of material misstatement, whether due to fraud or error.
Challenging assumptions made by management in their significant accounting estimates, and assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and
Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of them.  Also, 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.


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 Auditors' 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 2006Our 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 Auditors' 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.



Anthony Woodings (senior statutory auditor)
for and on behalf of
Hurst Accountants Limited
Chartered Accountants
Statutory Auditors
3 Stockport Exchange
Stockport
Cheshire
SK1 3GG

26 July 2024
Page 6

 
The New Energy Holdings Limited
 
 
Statement of comprehensive income
For the year ended 31 December 2023

2023
2022
Note
£
£

  

Administrative expenses
  
(120)
(165)

Operating loss
  
(120)
(165)

Income from shares in group undertakings
  
-
2,350,000

(Loss)/profit before tax
  
(120)
2,349,835

Tax on (loss)/profit
  
-
-

(Loss)/profit for the financial year
  
(120)
2,349,835

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 10 to 15 form part of these financial statements.

Page 7

 
The New Energy Holdings Limited
Registered number: 09905044

Statement of financial position
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 7 
3,375,874
3,375,874

  
3,375,874
3,375,874

Current assets
  

Debtors: amounts falling due within one year
 8 
2,356,000
2,356,000

Cash at bank and in hand
 9 
-
20

  
2,356,000
2,356,020

Creditors: amounts falling due within one year
 10 
(4,550,100)
(4,550,000)

Net current liabilities
  
 
 
(2,194,100)
 
 
(2,193,980)

Total assets less current liabilities
  
1,181,774
1,181,894

  

Net assets
  
1,181,774
1,181,894


Capital and reserves
  

Called up share capital 
 11 
20
20

Profit and loss account
 12 
1,181,754
1,181,874

  
1,181,774
1,181,894


The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


N Tate
Director

Date: 26 July 2024

The notes on pages 10 to 15 form part of these financial statements.

Page 8

 
The New Energy Holdings Limited
 

Statement of changes in equity
For the year ended 31 December 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2023
20
1,181,874
1,181,894


Comprehensive income for the year

Loss for the year
-
(120)
(120)
Total comprehensive income for the year
-
(120)
(120)


Total transactions with owners
-
-
-


At 31 December 2023
20
1,181,754
1,181,774


The notes on pages 10 to 15 form part of these financial statements.


Statement of changes in equity
For the year ended 31 December 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2022
20
1,182,039
1,182,059


Comprehensive income for the year

Profit for the year
-
2,349,835
2,349,835
Total comprehensive income for the year
-
2,349,835
2,349,835


Contributions by and distributions to owners

Dividends: Equity capital
-
(2,350,000)
(2,350,000)


Total transactions with owners
-
(2,350,000)
(2,350,000)


At 31 December 2022
20
1,181,874
1,181,894


The notes on pages 10 to 15 form part of these financial statements.

Page 9

 
The New Energy Holdings Limited
 
 
 
Notes to the financial statements
For the year ended 31 December 2023

1.


General information

The New Energy Holdings Limited is a private company limited by share capital incorporated in England and Wales. The address of the registered office and principal place of business is Bainbridge House, 86-90 London Road, Manchester, M1 2PW. The Company's registered number is 09905044.
The nature of the Company's operation and its principal activity is that of a holding company.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

 
2.3

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.4

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.6

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 10

 
The New Energy Holdings Limited
 
 
 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

  
2.7

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to and from elated parties.
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

  
2.8

Creditors

Short term creditors are measured at the transaction price.

 
2.9

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where the judgements and estimates have been made include:
Provision for impairment loss on investments in subsidiaries
Management assess at each reporting date whether there is an indication that the investment in the subsidiary is impaired. If any such indication exists, management shall estimate the recoverable amount of the asset and any impairment loss shall be recognised immediately in the profit or loss.


4.


Auditors' remuneration

Auditors' remuneration has been borne wholly by the Company's subsidiary, TNEI Services Limited.

Page 11

 
The New Energy Holdings Limited
 
 
 
Notes to the financial statements
For the year ended 31 December 2023

5.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Directors
3
3


6.


Dividends

2023
2022
£
£


Dividends on ordinary shares
-
2,350,000

-
2,350,000


7.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
3,375,874



At 31 December 2023
3,375,874






Net book value



At 31 December 2023
3,375,874



At 31 December 2022
3,375,874

Page 12

 
The New Energy Holdings Limited
 
 
 
Notes to the financial statements
For the year ended 31 December 2023

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

TNEI Services Limited
Bainbridge House, 86-90 London Road, Manchester
Ordinary
100%
TNEI Africa Limited
Unit 514 Tyger Lake, Niagara Rd & Tyger Falls Blvd, Bellville, 7530
Ordinary
100%
TNEI Inc
1209 Orange Street, Wilmington, County of New Castle, Delaware, 19801
Ordinary
100%

The aggregate of the share capital and reserves as at 31 December 2023 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

TNEI Services Limited
4,575,325
1,676,462

TNEI Africa Limited
204,380
72,514

TNEI Inc
(267,062)
(261,190)


8.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
2,356,000
2,356,000

2,356,000
2,356,000



9.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
-
20

-
20


Page 13

 
The New Energy Holdings Limited
 
 
 
Notes to the financial statements
For the year ended 31 December 2023

10.


Creditors: Amounts falling due within one year

2023
2022
£
£

Amounts owed to group undertakings
4,550,100
4,550,000

4,550,100
4,550,000


Page 14

 
The New Energy Holdings Limited
 
 
 
Notes to the financial statements
For the year ended 31 December 2023

11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,000 (2022 - 1,000) Ordinary A shares of £0.01 each
10
10
1,000 (2022 - 1,000) Ordinary B shares of £0.01 each
10
10

20

20

Shares rank pari-passu in all respects.



12.


Reserves

Profit and loss account

Profit and loss account - includes all current period profits and losses.


13.


Related party transactions

Transactions entered into with companies wholly owned within the group have not been disclosed as permitted under FRS 102 paragraph 33.1A.


14.


Controlling party

At the year end, the immediate parent undertaking was The New Energy Group Limited, a company incorporated in England and Wales (registered number: 12225668).  
On 31 March 2022, The New Energy Group EOT became the ultimate controlling party.

 
Page 15