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Registered number: 13796376


 






 


O&G SOLAR MIDCO LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 
O&G SOLAR MIDCO LIMITED
 

COMPANY INFORMATION


Directors
C. Skelly 
S. Nicol 
N. Hitchcox 




Registered number
13796376



Registered office
315, 37 Cremer Street

London

E2 8HD





 
O&G SOLAR MIDCO LIMITED
 

CONTENTS



Page
Balance Sheet
 
1
Statement of Changes in Equity
 
2
Notes to the Financial Statements
 
3 - 7


 
O&G SOLAR MIDCO LIMITED
REGISTERED NUMBER: 13796376

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
  
450
450

Current assets
  

Debtors
 5 
497,411
379,495

Cash at bank and in hand
  
1,861
140,323

  
499,272
519,818

Creditors: amounts falling due within one year
 6 
(504,474)
(522,469)

Net liabilities
  
 
 
(4,752)
 
 
(2,201)


Capital and reserves
  

Allotted, called up and fully paid share capital
 7 
1
1

Profit and loss account
  
(4,753)
(2,202)

Equity shareholders' deficit
  
(4,752)
(2,201)


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the Directors' Report and the Statement of Comprehensive Income in accordance with provisions applicable to companies subject to the small companies' regime, under section 444 of the Companies Act 2006.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on   25 July 2024.




N. Hitchcox
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 1

 
O&G SOLAR MIDCO LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


On incorporation on 13 December 2021
-
-
-


Comprehensive income for the period

Loss for the period
-
(2,202)
(2,202)

Shares issued during the period
1
-
1



At 31 December 2022 and 1 January 2023
1
(2,202)
(2,201)


Comprehensive income for the year

Loss for the year
-
(2,551)
(2,551)


At 31 December 2023
1
(4,753)
(4,752)


The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
O&G SOLAR MIDCO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

O&G Solar Midco Limited (Company number 13796376), having its registered office and principal place of business at 315, 37 Cremer St, London, United Kingdom, E2 8HD, is a private limited company incorporated in England and Wales.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The Company is a parent undertaking of a small group and as such is not required by the Companies Act 2006 to prepare group accounts. These financial statements therefore present information about the Company and not about its group

The following principal accounting policies have been applied:

  
2.2

Statement of cash flows

The Company has taken advantage of the exemption in Financial Reporting Standard 102, Section
1A.7, from the requirement to produce a Statement of Cash Flows on the grounds that it is a small
company.

 
2.3

Going concern

The financial statements have been prepared on the going concern basis, despite net liabilities of £4,752 (2022: £2,201) and incurring a loss of £2,551 (2022: £ 2,202) during the year ended 31 December 2023.
The directors have been provided with an undertaking from the Company's shareholders, that they will, for at least 12 months from the date of approval of these financial statements, continue to make available such funds as are needed by the Company and, in particular, will not seek repayment of the amounts currently made available. This should enable the Company to continue in operational existence for the foreseeable future by meeting its liabilities as they fall due for payment.
The financial statements do not include any adjustments that would result from the going concern basis of preparation being inappropriate.

Page 3

 
O&G SOLAR MIDCO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.5

Taxation

Tax is recognised in the Statement of Comprehensive Income 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 corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date in the countries where the Company operates and generates income.

 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.8

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.

Page 4

 
O&G SOLAR MIDCO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Creditors

Short-term creditors are measured at the transaction price.

 
2.10

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related 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.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 3).


4.


Fixed asset investments





Investments in subsidiary companies

£



Cost


At 1 January 2023
450



At 31 December 2023
450




Page 5

 
O&G SOLAR MIDCO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£

Due within one year

Amounts owed by group undertakings
429,999
272,256

Amounts owed by associated undertakings
-
24,238

Other debtors
67,412
83,001

497,411
379,495



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
-
15,600

Other creditors
502,274
502,274

Other taxation and social security
-
2,595

Accruals and deferred income
2,200
2,000

504,474
522,469


Page 6

 
O&G SOLAR MIDCO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £0.01 each
1
1
12 (2022 - 12) A Ordianry shares of £0.01 each
-
-

1

1



8.


Related party transactions

Included within amounts owed by group undertakings are amounts due from subsidiary companies of £429,999 (2022: £272,256).
Included within other creditors are amounts due to a participating interest, Aukera UK Limited, of £502,247 
(2022: £502,247).
Outstanding balances with entities are unsecured and no interest is charged.


Page 7