Registration number:
Alon Invest Ltd
for the Year Ended 31 December 2023
Alon Invest Ltd
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Alon Invest Ltd
Company Information
Directors |
Jose Miguel Moraga Delgado Andrea Arcangeli |
Registered office |
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Accountants |
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Auditors |
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Alon Invest Ltd
(Registration number: 12939959)
Balance Sheet as at 31 December 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Retained earnings |
(26,182) |
(16,444) |
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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
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Alon Invest Ltd
Notes to the Financial Statements for the Year Ended 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
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 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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Assets under construction |
Total |
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Cost or valuation |
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At 1 January 2023 |
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Additions |
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At 31 December 2023 |
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Depreciation |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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Debtors |
Current |
2023 |
2022 |
Other debtors |
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Alon Invest Ltd
Notes to the Financial Statements for the Year Ended 31 December 2023
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Accruals and deferred income |
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Other creditors |
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Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
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.
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 £
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
Related party transactions |
Summary of transactions with parent
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 |
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Advanced |
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Repaid |
- |
( |
( |
At end of period |
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2022 |
Parent |
Entities with joint control or significant influence |
Total |
At start of period |
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Advanced |
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At end of period |
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Parent and ultimate parent undertaking |
The company's immediate parent is