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Registration number: 12939959

Alon Invest Ltd

Filleted Financial Statements

for the Year Ended 31 December 2023

 

Alon Invest Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 7

 

Alon Invest Ltd

Company Information

Directors

Jose Miguel Moraga Delgado

Andrea Arcangeli

Registered office

1-3 Whittlesey Street
London
England
SE1 8SZ

Accountants

Global Tax Limited
112 Houndsditch
London
EC3A 7BD

Auditors

Carbon Accountancy Limited
Chartered Accountants and Registered Auditors
80-83 Long Lane
London
EC1A 9ET

 

Alon Invest Ltd

(Registration number: 12939959)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

496,200

490,650

Current assets

 

Debtors

5

355

1,526

Cash at bank and in hand

 

391

85,817

 

746

87,343

Creditors: Amounts falling due within one year

6

(523,028)

(594,337)

Net current liabilities

 

(522,282)

(506,994)

Net liabilities

 

(26,082)

(16,344)

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

(26,182)

(16,444)

Shareholders' deficit

 

(26,082)

(16,344)

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 31 July 2024 and signed on its behalf by:
 

.........................................
Jose Miguel Moraga Delgado
Director

.........................................
Andrea Arcangeli
Director

 
     
 

Alon Invest Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1-3 Whittlesey Street
London
England
SE1 8SZ
United Kingdom

These financial statements were authorised for issue by the Board on 31 July 2024.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

There was a net deficiency of assets amounting to £26,082 (2022: £16,344) at the balance sheet date, which includes a shareholder loan of £516,288 from group undertakings. The Company is currently engaged in a major project and due to industry wide delays and policy changes to grid connections has experienced delays in obtaining the necessary regulatory approvals and the project timeline has been extended beyond initial expectations. In view of these developments there is a material uncertainty that may cast significant doubt on the Company’s ability to continue as a going concern, and therefore it may be unable to realise its assets and discharge its liabilities in the normal course of business. Management have implemented measures to address these uncertainties, including:

• Revising the project plan to mitigate further delays.
• Renegotiating developer and supplier agreements to account for the new commercial reality
• Obtaining support from the parent company to provide necessary funds for the extended project timeline.
• Engaging with industry consultations and moving forward with grid connection based on reform policies which can accelerate connections

On the basis of the measures described, the financial statements have been prepared on a going concern basis.

 

Alon Invest Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 31 July 2024 was John Leyden FCA, who signed for and on behalf of Carbon Accountancy Limited.
The Auditor report include the following Note on Material uncertainty related to going concern:
We draw attention to Note 2 in the financial statements, which indicates that the company incurred a net loss of £9,738 during the year ended 31 December 2023 and, as of that date, the company’s current liabilities exceeded its total assets by £26,082. As stated in Note 2, these events or conditions, along with other matters as set in Note 2, indicate that a material uncertainty exists that may cast significant doubt on the company’s ability to continue as a going concern. Our opinion is not modified in the respect of this matter.
 

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated mpairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Assets under construction include the ongoing costs to construct fixed assets which are not ready for use and are stated in the balance sheet at cost. Depreciation will commence once the construction is complete and the asset is in a location and condition necessary for it to be capable of operating in the manner intended by management.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Alon Invest Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 0). The Directors were remunerated by the parent company, Solarig Global Services, S.A and there is no recharge to the Company. The Directors also act as directors for a number of fellow subsidiaries, and so it is not possible to make an accurate apportionment of their remuneration in respect of each of the subsidiaries.

4

Tangible assets

Assets under construction
 £

Total
£

Cost or valuation

At 1 January 2023

490,650

490,650

Additions

5,550

5,550

At 31 December 2023

496,200

496,200

Depreciation

Carrying amount

At 31 December 2023

496,200

496,200

At 31 December 2022

490,650

490,650

5

Debtors

Current

2023
£

2022
£

Other debtors

355

1,526

 

355

1,526

 

Alon Invest Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

1,740

1,350

Amounts owed to group undertakings and undertakings in which the company has a participating interest

10

476,854

476,593

Accruals and deferred income

 

5,000

5,000

Other creditors

 

39,434

111,394

 

523,028

594,337

7

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

8

Obligations under leases and hire purchase contracts

There are no lease/land lease commitments as at the balance sheet date. The directors have signed an option agreement for the company to lease land for solar development. The agreements provides the Company with the exclusive right to lease land at Moor Leazes Farm, Peth Lane, Burnhope, Durham for its solar project development in the future, subject to certain conditions and with a provisional longstop date being the 10th December 2026 for signing a lease agreement.

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitment towards assets under construction not included in the balance sheet stands at £1,013,670 (2022 - £1,019,220).

The Company is currently engaged in a major project and due to industry wide delays and policy changes to grid connections has experienced delays in obtaining the necessary regulatory approvals and the project timeline has
been extended beyond initial expectations.


 

 

Alon Invest Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

10

Related party transactions

Summary of transactions with parent

Solarig Global Services, S.A.
Company’s working capital is being funded by its parent company Solarig Global Services, S.A., a company incorporated in Spain. At the balance sheet date amount due to parent and entities with joint control or significant influence was:

 

Loans from related parties

2023

Parent
£

Entities with joint control or significant influence
£

Total
£

At start of period

476,593

111,394

587,987

Advanced

261

40

301

Repaid

-

(72,000)

(72,000)

At end of period

476,854

39,434

516,288

2022

Parent
£

Entities with joint control or significant influence
£

Total
£

At start of period

217,119

17,363

234,482

Advanced

259,474

94,031

353,505

At end of period

476,593

111,394

587,987

11

Parent and ultimate parent undertaking

The company's immediate parent is Solarig Global Services, S.A., incorporated in Spain. Its registered address is Calle de la Ribera del Loira, number 28, 2nd floor, 28042, Madrid, Spain.