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Registered number: 13421441









ILOS NEW ENERGY UK LTD







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
ILOS NEW ENERGY UK LTD
REGISTERED NUMBER: 13421441

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2023
2022
2022
Note
£
£
£
£

Fixed assets
  

Tangible fixed assets
  
9,744
7,316

Investments
 5 
500
400

  
10,244
7,716

Current assets
  

Debtors: amounts falling due within one year
 6 
1,758,216
852,482

Cash at bank and in hand
  
376,650
323,426

  
2,134,866
1,175,908

Creditors: amounts falling due within one year
 7 
(4,019,571)
(1,957,036)

Net current liabilities
  
 
 
(1,884,705)
 
 
(781,128)

Net liabilities
  
(1,874,461)
(773,412)


Capital and reserves
  

Called up share capital 
 9 
10,000
10,000

Profit and loss account
  
(1,884,461)
(783,412)

  
(1,874,461)
(773,412)


The 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 Company was entitled to exemption from audit under section 477 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 Company's financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

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 statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

Page 1

 
ILOS NEW ENERGY UK LTD
REGISTERED NUMBER: 13421441
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 September 2024.




S Klos
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
ILOS NEW ENERGY UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

ILOS New Energy UK Ltd ("the Company") is a private company limited by shares and incorporated in England and Wales. The address of its registered office is Leytonstone House, 3 Hanbury Drive, London, E11 1GA.
The principal activity of the company is that of a holding company.

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 101 'Reduced Disclosure Framework'  and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 101 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions under FRS 101:
the requirements of IFRS 7 Financial Instruments: Disclosures
the requirements of IAS 7 Statement of Cash Flows
the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures
the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member

This information is included in the consolidated financial statements of ILOS Projects GmbH as at 31 December 2023 and these financial statements may be obtained from the German company registry, Unternehmensregister.

  
2.3

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the financial statements. The Company has the support of the wider Group and as such the directors consider it appropriate that the financial statements are to be prepared on a going concern basis.

Page 3

 
ILOS NEW ENERGY UK LTD
 
 
 
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.

 
2.5

Revenue

The Company acts as an intermediary parent company and recharges costs to the subsidiary
companies.

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from providing services is recognised in the accounting period in which the services are rendered.

 
2.6

Leases

Rentals paid under operating leases are charged to the profit or loss on a straight-line basis over the lease term.

 
2.7

Interest income

The Company acts as an intermediary parent company, borrowing from its parent undertaking and lending to its subsidiary entities.  It incurs and recharges interest to the subsidiary companies based on the ongoing projects within the group. The interest within the subsidiary companies is generally capitalised and treated as part of the asset under construction. Interest is charged and re-charged at the rates implicit of the loan agreements.
Interest income is recognised in the Statement of income and retained earnings using the effective interest method.

Page 4

 
ILOS NEW ENERGY UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Finance costs

Finance costs are charged to the Statement of income and retained earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of income and retained earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
25%
Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.12

Debtors

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

 
2.13

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 5

 
ILOS NEW ENERGY UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.14

Creditors

Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.

  
2.15

Financial instruments

The Company recognises financial instruments when it becomes a party to the contractual arrangements of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire. The Company's accounting policies in respect of financial instruments transactions are explained below:
Financial assets and financial liabilities are initially measured at fair value. 
Financial assets
All recognised financial assets are subsequently measured in their entirety at either fair value or amortised cost, depending on the classification of the financial assets.
Fair value through profit or loss
All of the Company's financial assets are subsequently measured at fair value at the end of each reporting period, with any fair value gains or losses being recognised in profit or loss to the extent they are not part of a designated hedging relationship. The net gain or loss recognised in profit or loss includes any dividend or interest earned on the financial asset. 
Financial liabilities
Fair value through profit or loss
Financial liabilities are classified as at fair value through profit or loss, when the financial liability is held for trading, or is designated as at fair value through profit or loss. This designation may be made if such designation eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise, or the financial liability forms part of a group of financial instruments which is managed and its performance is evaluated on a fair value basis, or the financial liability forms part of a contract containing one or more embedded derivatives, and IFRS 9 permits the entire combined contract to be designated as at fair value through profit or loss. Any gains or losses arising on changes in fair value are recognised in profit or loss to the extent that they are not part of a designated hedging relationship.
At amortised cost
Financial liabilities which are neither contingent consideration of an acquirer in a business combination, held for trading, nor designated as at fair value through profit or loss are subsequently measured at amortised cost using the effective interest method. This is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or where appropriate a shorter period, to the amortised cost of a financial liability.

Page 6

 
ILOS NEW ENERGY UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Employees

2023
2022
£
£

Wages and salaries
719,626
89,711

Social security costs
84,491
11,253

Cost of defined contribution scheme
40,315
1,925

844,432
102,889


The average monthly number of employees, including directors, during the year was 12 (2022 - 3).


4.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 January 2023
7,673


Additions
6,367



At 31 December 2023

14,040



Depreciation


At 1 January 2023
357


Charge for the year on owned assets
3,939



At 31 December 2023

4,296



Net book value



At 31 December 2023
9,744



At 31 December 2022
7,316

Page 7

 
ILOS NEW ENERGY UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
400


Additions
100



At 31 December 2023
500





6.


Debtors

2023
2022
£
£

Trade debtors
-
218,044

Amounts owed by group undertakings
952,475
351,936

Amounts owed by connected companies
730,171
238,038

Other debtors
56,936
37,995

Prepayments and accrued income
18,634
6,469

1,758,216
852,482



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
7,301
65,192

Amounts owed to group undertakings
3,997,209
1,638,907

Other taxation and social security
-
40,202

Other creditors
2,651
7,635

Accruals and deferred income
12,410
205,100

4,019,571
1,957,036


Page 8

 
ILOS NEW ENERGY UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.

Leases

Company as a lessee




Contractual undiscounted cash flows are due as follows:

2023
2022
£
£

Not later than one year
3,938
-




9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £100.00 each
10,000
10,000



10.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £40,315 (2022 - £1,925). Contributions totalling £Nil (2022 - £2,667) were payable to the fund at the balance sheet date and are included in creditors.


11.


Controlling party

The immediate parent company is ILOS UK Invest GmbH. The ultimate controlling party is considered to be ILOS Projects GmbH.

 
Page 9