KEROGEN INVESTMENTS NO. 28B (UK) LIMITED

Company Registration Number:
11078305 (England and Wales)

Unaudited statutory accounts for the year ended 31 December 2023

Period of accounts

Start date: 1 January 2023

End date: 31 December 2023

KEROGEN INVESTMENTS NO. 28B (UK) LIMITED

Contents of the Financial Statements

for the Period Ended 31 December 2023

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

KEROGEN INVESTMENTS NO. 28B (UK) LIMITED

Directors' report period ended 31 December 2023

The directors present their report with the financial statements of the company for the period ended 31 December 2023

Principal activities of the company

Investment holding



Directors

The directors shown below have held office during the whole of the period from
1 January 2023 to 31 December 2023

CHENG, Jason Aun Minn
PATEL, Anish Nagin


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
13 September 2024

And signed on behalf of the board by:
Name: CHENG, Jason Aun Minn
Status: Director

KEROGEN INVESTMENTS NO. 28B (UK) LIMITED

Profit And Loss Account

for the Period Ended 31 December 2023

2023 2022


£

£
Administrative expenses: ( 31,729 ) ( 47,151 )
Other operating income: 2,192,788 3,204,442
Operating profit(or loss): 2,161,059 3,157,291
Profit(or loss) before tax: 2,161,059 3,157,291
Profit(or loss) for the financial year: 2,161,059 3,157,291

KEROGEN INVESTMENTS NO. 28B (UK) LIMITED

Balance sheet

As at 31 December 2023

Notes 2023 2022


£

£
Fixed assets
Investments: 3 36,784,004 34,591,216
Total fixed assets: 36,784,004 34,591,216
Creditors: amounts falling due within one year: 4 ( 18,462,474 ) ( 18,430,745 )
Net current assets (liabilities): (18,462,474) (18,430,745)
Total assets less current liabilities: 18,321,530 16,160,471
Total net assets (liabilities): 18,321,530 16,160,471
Capital and reserves
Called up share capital: 1 1
Profit and loss account: 18,321,529 16,160,470
Total Shareholders' funds: 18,321,530 16,160,471

The notes form part of these financial statements

KEROGEN INVESTMENTS NO. 28B (UK) LIMITED

Balance sheet statements

For the year ending 31 December 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 13 September 2024
and signed on behalf of the board by:

Name: CHENG, Jason Aun Minn
Status: Director

The notes form part of these financial statements

KEROGEN INVESTMENTS NO. 28B (UK) LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Valuation information and policy

    Investment in associate is held as part of an investment portfolio and is measured at fair value with changes recognised in profit or loss. The investment is carried at fair value through profit or loss since the inception and is managed and their performance is evaluated on a fair value basis. Subsequent to initial recognition, the investments are measured at fair value. Gains and losses arising from changes in the fair value are presented in the statement of comprehensive income within "Net unrealised gain/(loss) from investments in associates at fair value through profit or loss" in the period in which they arise. The fair value of the investment in associate is measured in accordance with the FRS 102 fair value hierarchy and includes the use of appropriate valuation technique where there is no active market. The fair value has been determined based on professional valuation that could be classified as Level 3 of the fair value hierarchy.

    Other accounting policies

    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 financial statements have been prepared on the historical cost basis, except investments in associates that are measured at fair value at the end of each reporting period, as explained in the accounting policy set out below. Historical cost is generally based on the fair value of the consideration given in exchange for assets. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Company takes into account the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date. Fair value for measurement and/or disclosure purposes in these financial statements is determined on such basis. 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. The following principal accounting policies have been applied: Going concern The directors have considered the working capital requirements of the Company and have obtained confirmation from the parent company that it intends to provide financial support for the Company to meet its financial obligations as they fall due for at least 12 months from the date of approval of the financial statements. The parent company also confirmed that it will not recall the amounts due to them for at least twelve months from the date of approval of the financial statements if the Company does not have financial capacity to settle such balance. The directors have assessed the parent company's ability to support the Company and are confident that it remains a going concern and has sufficient resources to provide the required financial support. Based on the above, the directors consider that the Company will continue in existence for the foreseeable future and accordingly, the directors consider it appropriate to prepare the financial statements on a going concern basis. Financial instruments The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments. i. Financial assets Basic financial assets are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. ii. Financial liabilities Basic financial liabilities, including amounts owed to shareholders are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. 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. Expenses All expenses are recognised in the statement of comprehensive income on an accruals basis. Current and deferred taxation The tax expense for the year comprises current and deferred tax. 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 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. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of financial position date, except that: - The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and - Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

KEROGEN INVESTMENTS NO. 28B (UK) LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

  • 2. Employees

    2023 2022
    Average number of employees during the period 0 0

KEROGEN INVESTMENTS NO. 28B (UK) LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

3. Fixed assets investments note

The fair value of investments is based on net asset value ("NAV") using the discounted cash-flow of underlying project or asset, having applied an appropriate risk factor for the stage of development of the project, the "risked NAV". This requires management’s best estimate of the volume of production, the timing of the cash flows, prices and the discount rates used to establish NAV. The estimates and assumptions involved in valuing the investments have a significant risk of causing a material adjustment to the carrying amounts of assets within the next financial year.

KEROGEN INVESTMENTS NO. 28B (UK) LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

4. Creditors: amounts falling due within one year note

2023 2022
£ £
Accruals and deferred income 30,044 31,543
Other creditors 18,432,430 18,399,202
Total 18,462,474 18,430,745

KEROGEN INVESTMENTS NO. 28B (UK) LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

5. Financial Commitments

The Company is one of the parties in an agreement where it pledged its rights, title and interest on its investment in associate with a consortium of banks as part of the requirements under the facility agreement of its associate with the banks.