CX GEOTHERMAL LIMITED

Company Registration Number:
13378493 (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

CX GEOTHERMAL 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

CX GEOTHERMAL 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 holdings



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
VAN LIMBORGH, Jules
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

CX GEOTHERMAL LIMITED

Profit And Loss Account

for the Period Ended 31 December 2023

2023 2022


£

£
Administrative expenses: ( 1,722,910 ) ( 1,385,085 )
Other operating income: 6,843,495 1,852,850
Operating profit(or loss): 5,120,585 467,765
Profit(or loss) before tax: 5,120,585 467,765
Profit(or loss) for the financial year: 5,120,585 467,765

CX GEOTHERMAL LIMITED

Balance sheet

As at 31 December 2023

Notes 2023 2022


£

£
Fixed assets
Intangible assets: 3 407,938 393,300
Investments: 4 27,294,601 11,036,808
Total fixed assets: 27,702,539 11,430,108
Creditors: amounts falling due within one year: 5 ( 22,140,221 ) ( 10,988,375 )
Net current assets (liabilities): (22,140,221) (10,988,375)
Total assets less current liabilities: 5,562,318 441,733
Total net assets (liabilities): 5,562,318 441,733
Capital and reserves
Called up share capital: 1 1
Profit and loss account: 5,562,317 441,732
Total Shareholders' funds: 5,562,318 441,733

The notes form part of these financial statements

CX GEOTHERMAL 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

CX GEOTHERMAL 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

    Intangible fixed assets amortisation policy

    Intangible assets are initially recognised at cost. Subsequent to initial recognition intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. Intangible assets, including certain geothermal leases, are amortised over an expiry term of 10 years as using a straight-line method. Impairment loss assessment requires management to make significant judgements, estimates and assumptions.

    Valuation information and policy

    Investments comprise the Company’s investments in subsidiaries and investment in convertible notes and are initially recognized at historical cost. In subsequent periods investments are recorded at their fair value through the profit and loss account. These are considered investments in a portfolio measured at fair value and held exclusively with a view to subsequent resale. FRS102 allows departure from the Companies Act 2006 consolidation requirement where a subsidiary is held with a sole purpose of forming part of an investment portfolio where it shall be measured at fair value.

    Other accounting policies

    Basis of preparation of financial statements Going concern Expenses Taxation Financial instruments Other income

CX GEOTHERMAL LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

  • 2. Employees

    2023 2022
    Average number of employees during the period 1 1

CX GEOTHERMAL LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

3. Intangible assets

Goodwill Other Total
Cost £ £ £
At 1 January 2023 403,385 403,385
Additions 56,547 56,547
Disposals
Revaluations
Transfers
At 31 December 2023 459,932 459,932
Amortisation
At 1 January 2023 10,085 10,085
Charge for year 41,909 41,909
On disposals
Other adjustments
At 31 December 2023 51,994 51,994
Net book value
At 31 December 2023 407,938 407,938
At 31 December 2022 393,300 393,300

CX GEOTHERMAL LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

4. Fixed assets investments note

The fair value of investment is based on various valuation methodologies, including whenever appropriate historical transaction rounds, and 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 underlying significant inputs include certain geothermal specific parameters, including heating capacity and uptime. For certain investments, management consider historical costs still approximate to their fair value at year end considering the stage of development on such investments.

CX GEOTHERMAL LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

5. Creditors: amounts falling due within one year note

2023 2022
£ £
Accruals and deferred income 57,860 69,852
Other creditors 22,082,361 10,918,523
Total 22,140,221 10,988,375

CX GEOTHERMAL LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

6. Financial Commitments

The Company has agreed to invest up to EUR 5,000,000 (USD 5,444,510) into Yeager Energy B.V. (“Yeager”) and NOK 50,000,000 (USD 5,100,000) into Geothermal Energy Nordic AS (“GTML”). As at 31 December 2023, the Company has funded fully into Yeager and NOK 41,000,000 (USD 3,739,448) into GTML.