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REGISTERED NUMBER: 09881194 (England and Wales)




















Report of the Directors and

Financial Statements

for the Year Ended 31 December 2023

for

BBE Power Ltd

BBE Power Ltd (Registered number: 09881194)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 4

Statement of Profit or Loss and Other Comprehensive
Income

7

Statement of Financial Position 8

Statement of Changes in Equity 9

Statement of Cash Flows 10

Notes to the Financial Statements 11


BBE Power Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTORS: A Bassatne
S J Merhej
B Bassatne





REGISTERED OFFICE: 12-14 Ansdell Street
London
W8 5BN





REGISTERED NUMBER: 09881194 (England and Wales)

BBE Power Ltd (Registered number: 09881194)

Report of the Directors
for the Year Ended 31 December 2023

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

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2023.

FUTURE DEVELOPMENTS
The Company's outlook is to continue pursuing investments in energy related projects and exploring opportunities for projects in the renewable energy sector, as well as further developing existing projects.

ONGOING EVENTS AFFECTING POST YEAR END
In February 2022, the Russian government commenced a war against the people of Ukraine, resulting in a humanitarian crisis and significant disruption to financial, energy and commodity markets. A number of countries, including, the United States of America, European Union, Switzerland and United Kingdom imposed a series of sanctions against the Russian government, various companies, and certain individuals. As of the date of these financial statements the sanctions introduced have not directly affected the Company's business but have resulted to major disruptions in the oil and energy markets. As of 31 December 2023, the Company did not have any exposure to Russia and Ukraine. Furthermore, the Company did not have any activity in Russia and Ukraine. The Company complies with all sanctions applicable to its business activities and will continue to monitor the development of the situation.

Except for the above, there are no other significant events that have occurred between year-end 2023 and the date on which the Directors approved and authorized these financial statements for issue which could have a material impact.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

A Bassatne
S J Merhej
B Bassatne

DIRECTORS' RESPONSIBILITIES STATEMENT
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with UK-adopted international accounting standards. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

BBE Power Ltd (Registered number: 09881194)

Report of the Directors
for the Year Ended 31 December 2023


AUDITORS
The auditors, Sumer Auditco Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:




S J Merhej - Director


26 September 2024

Report of the Independent Auditors to the Members of
BBE Power Ltd

Opinion
We have audited the financial statements of BBE Power Ltd (the 'company') for the year ended 31 December 2023 which comprise the Statement of Profit or Loss and Other Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the UK.

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its loss for the year then ended;
-have been properly prepared in accordance with IFRSs as adopted by the UK; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Report of the Independent Auditors to the Members of
BBE Power Ltd


Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to health and safety, anti-bribery, employment law and company legislation, and we considered the extent to which non-compliance might have a material effect on the financial statements of the company. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and taxation legislation.

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or reduce expenditure, and management bias in accounting estimates and judgemental areas of the financial statements such as the valuation of inter-company balances, the finances charges that have been imputed thereon, and the calculation of deferred income. Audit procedures performed by the audit engagement team included:

- Discussions with management, including consideration of known or suspected instances of non-compliance with
laws and regulations and fraud;
- Understanding of management's internal controls designed to prevent and detect irregularities, and fraud;
- Reviewing the Company's legal costs to check for non-compliance with laws and regulations and fraud;
- Review of tax compliance with the involvement of our tax specialists in the audit;
- Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing of
expenses;
- Testing transactions entered into outside of the normal course of the company's business; and
- Identifying and testing journal entries, in particular any journal entries with fraud characteristics such as journals
with round numbers.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
BBE Power Ltd


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




David Iain Black (Senior Statutory Auditor)
for and on behalf of Sumer Auditco Limited
Statutory Auditor
Hermes House
Fire Fly Avenue
Swindon
Wiltshire
SN2 2GA

26 September 2024

BBE Power Ltd (Registered number: 09881194)

Statement of Profit or Loss and Other Comprehensive Income
for the Year Ended 31 December 2023

2023 2022
Notes $    $   

CONTINUING OPERATIONS
Revenue - -

Other operating income 1,201 68,971
Administrative expenses (137,809 ) (254,288 )
OPERATING LOSS (136,608 ) (185,317 )
LOSS BEFORE INCOME TAX 4 (136,608 ) (185,317 )

Income tax 5 - -
LOSS FOR THE YEAR (136,608 ) (185,317 )

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE LOSS FOR THE
YEAR

(136,608

)

(185,317

)

BBE Power Ltd (Registered number: 09881194)

Statement of Financial Position
31 December 2023

2023 2022
Notes $    $   
ASSETS
NON-CURRENT ASSETS
Investments 6 19,980 19,980
Trade and other receivables 7 3,214,802 3,069,314
3,234,782 3,089,294
CURRENT ASSETS
Trade and other receivables 7 1,762,770 1,816,243
Cash and cash equivalents 8 33,553 150,352
1,796,323 1,966,595
TOTAL ASSETS 5,031,105 5,055,889
EQUITY
SHAREHOLDERS' EQUITY
Called up share capital 9 5,000,000 5,000,000
Retained earnings 10 (3,132,525 ) (2,995,917 )
TOTAL EQUITY 1,867,475 2,004,083
LIABILITIES
CURRENT LIABILITIES
Trade and other payables 11 3,163,630 3,051,806
TOTAL LIABILITIES 3,163,630 3,051,806
TOTAL EQUITY AND LIABILITIES 5,031,105 5,055,889


The financial statements were approved by the Board of Directors and authorised for issue on 26 September 2024 and were signed on its behalf by:




S J Merhej - Director



A Bassatne - Director


BBE Power Ltd (Registered number: 09881194)

Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up
share Retained Total
capital earnings equity
$    $    $   
Balance at 1 January 2022 5,000,000 (2,810,600 ) 2,189,400

Changes in equity
Total comprehensive loss - (185,317 ) (185,317 )
Balance at 31 December 2022 5,000,000 (2,995,917 ) 2,004,083

Changes in equity
Total comprehensive loss - (136,608 ) (136,608 )
Balance at 31 December 2023 5,000,000 (3,132,525 ) 1,867,475

BBE Power Ltd (Registered number: 09881194)

Statement of Cash Flows
for the Year Ended 31 December 2023

2023 2022
Notes $    $   
Cash flows from operating activities
Cash generated from operations 16 (116,799 ) 48,965
Net cash from operating activities (116,799 ) 48,965

Cash flows from financing activities
Amount withdrawn by directors - (10,000 )
Net cash from financing activities - (10,000 )

(Decrease)/increase in cash and cash equivalents (116,799 ) 38,965
Cash and cash equivalents at beginning
of year

17

150,352

111,387

Cash and cash equivalents at end of year 17 33,553 150,352

BBE Power Ltd (Registered number: 09881194)

Notes to the Financial Statements
for the Year Ended 31 December 2023


1. STATUTORY INFORMATION

BBE Power Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The principal activity of the Company is investing in energy related projects.

2. ACCOUNTING POLICIES

Basis of preparation
These financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") and IFRS Interpretations Committee ("IFRS IC") interpretations and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS under the historical cost convention as modified by the revaluation of financial assets and financial liabilities (including derivative instruments) at fair value through profit or loss and inventory at fair value less costs to sell ("FVLCTS").

Going Concern
For the year ended 31 December 2023 the Company incurred a loss of $136,608 (2022: $185,317). As at 31 December 2023 the Company had a working capital deficit of $1,367,307 (2022: $1,085,211), and its total equity was $1,867,475 (2022: $2,004,083). The Management of the Company has assessed its ability to continue as a going concern and deems that the going concern assertion is appropriate, as the Company has access to continuous support from its parent company.

Changes in accounting policies
There have been no changes or amendments to standards that the company needed to apply for the first time for its annual reporting period commencing 1 January 2023.

Certain new accounting standards and interpretations have been published that are not mandatory for 31
December 2023 reporting periods and have not been early adopted by the company. These standards are not expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions.

Cash and cash equivalents
Cash represents cash in hand and deposits held on demand with financial institutions. Cash equivalents are short-term, highly-liquid investments with original maturities of three months or less (as at their date of acquisition). Cash equivalents are readily convertible to known amounts of cash and subject to an insignificant risk of change in that cash value.

In the presentation of the Statement of Cash Flows, cash and cash equivalents also include bank overdrafts. Any such overdrafts are shown within borrowings under ‘current liabilities’ on the Statement of Financial Position.

Financial assets
Loans and receivables
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets, except for maturities greater than 12 months after the end of the reporting period. These are classified as non-current assets. The Company's loans and receivables comprise 'trade and other receivables' and 'cash at bank and in hand'.

Recognition and measurement
Regular purchases and sales of financial assets are recognised on the trade-date, the date on which the Company commits to purchase or sell the asset. Financial assets are initially recognised at fair value plus transaction costs for all financial assets not carried at fair value through profit or loss.

Loans and receivables are subsequently carried at amortised cost using the effective interest method.

Offsetting financial instruments
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis, or realise the asset and settle the liability simultaneously.

Taxation
Current taxes are based on the results shown in the financial statements and are calculated according to local tax rules, using tax rates enacted or substantially enacted by the statement of financial position date.

BBE Power Ltd (Registered number: 09881194)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Foreign currency translation
a) Functional and presentational currency
Items included in the financial statements of the Company are measured using the currency of the primary economic environment in which the entity operates (the 'functional currency'). The financial statements are presented in US Dollars ("$"), which is also the Company's functional currency. Figures are rounded in the accounts to the nearest US Dollar.

b) Translations and balances
Foreign currency translations are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuations where items are re-measured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at the year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the statement of comprehensive income.

Share capital
Share capital comprises ordinary shares. Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction from the proceeds.

Trade and other payables
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business of the Company from suppliers. Trade and other payables are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities. Trade and other payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.

Administrative expenses
Administrative expenses consist of all expenses relating to the administration of the Company, such as consultancy and legal fees for the development of power projects. Administrative expenses are accounted for on an accruals basis.

3. EMPLOYEES AND DIRECTORS

There were no staff costs for the year ended 31 December 2023 nor for the year ended 31 December 2022.

2023 2022
$    $   
Directors' remuneration - -

4. LOSS BEFORE INCOME TAX

The loss before income tax is stated after charging/(crediting):
2023 2022
$    $   
Auditors' remuneration 6,883 6,170
Foreign exchange differences (1,201 ) (68,971 )

5. INCOME TAX

Analysis of tax expense
No liability to UK corporation tax arose for the year ended 31 December 2023 nor for the year ended 31 December 2022.

The company has $1,776,247 (2022: $1,549,906) of unused tax losses for which no deferred tax asset has been recognised.

BBE Power Ltd (Registered number: 09881194)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. INVESTMENTS
Shares in
group
undertakings
$   
COST
At 1 January 2023
and 31 December 2023 19,980
NET BOOK VALUE
At 31 December 2023 19,980
At 31 December 2022 19,980

The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Energy Development Corporation Holding SAL
Registered office: Ras Beirut, Al Itani Street, Shahine Building, Beirut, Lebanon
Nature of business: Own shares in companies and manage them.
%
Class of shares: holding
Holding 99.90
2023 2022
$    $   
Aggregate capital and reserves (317,300 ) (273,300 )
Loss for the year (44,000 ) (230,000 )

7. TRADE AND OTHER RECEIVABLES

2023 2022
$    $   
Current:
Other debtors 1,762,770 1,815,769
Prepayments and accrued income - 474
1,762,770 1,816,243

Non-current:
Amounts owed by group undertakings 3,214,802 3,069,314

Aggregate amounts 4,977,572 4,885,557

8. CASH AND CASH EQUIVALENTS

2023 2022
$    $   
Cash in hand 2,306 27,599
Bank accounts 31,247 122,753
33,553 150,352

9. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 2023 2022
value: $    $   
5,000,000 Ordinary $1 5,000,000 5,000,000

BBE Power Ltd (Registered number: 09881194)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

9. CALLED UP SHARE CAPITAL - continued

The Ordinary shares rank equally with regards to voting right, dividends and distribution on winding up or other repayments of capital. There are no restrictions attached to the shares.

10. RESERVES
Retained
earnings
$   

At 1 January 2023 (2,995,917 )
Deficit for the year (136,608 )
At 31 December 2023 (3,132,525 )


11. TRADE AND OTHER PAYABLES

2023 2022
$    $   
Current:
Trade creditors 46,410 40,000
Amounts owed to group undertakings 3,019,420 2,937,806
Other creditors - 4,000
Accruals and deferred income 32,800 5,000
Directors' current accounts 65,000 65,000
3,163,630 3,051,806

12. FINANCIAL INSTRUMENTS

Financial Instruments by category


At 31 December 2023
Financial
assets at
amortised cost
At fair value
through profit
& loss

Liabilities at
amortised cost


Total
$ $ $ $
Financial assets
Trade and other receivables 4,977,572 - - 4,977,572
Cash at bank and in hand 33,553 - - 33,553

Financial liabilities
Trade and other payables - - (3,163,630 ) (3,163,630 )
5,011,125 - (3,163,630 ) 1,847,495





At 31 December 2022
Loans and
receivables
At fair value
through profit
& loss
Liabilities at
amortised cost
Total
$ $ $ $
Financial assets
Trade and other receivables 4,885,557 - - 4,885,557
Cash at bank and in hand 150,352 - - 150,352

Financial liabilities
Trade and other payables - - (3,051,806 ) (3,051,806 )
5,035,889 - (3,051.806 ) 1,984,103


BBE Power Ltd (Registered number: 09881194)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

13. COMMITMENTS AND CONTINGENCIES

Various claims, lawsuits and complaints may arise in the ordinary course of the business. In addition, losses may arise from disputes with counterparties. Management is not aware of any such claims or contingencies at the balance sheet date.

The company has no commitments as at the balance sheet date.

14. RELATED PARTY TRANSACTIONS AND BALANCES

The company's immediate parent is BB Energy Group Holding Ltd which holds 100% of the company's shares BB Energy Group Holding Ltd (incorporated in Dubai) is regarded by the directors as being the company's ultimate parent company. There is no individual controlling party.

Related parties include the ultimate parent company and affiliates. The company receives financial support for its operation from affiliated companies. At the year end the company had an outstanding balance owed to the affiliates and other related party companies under common control of $3,019,420 (2022: $2,907,442). The company also had a receivable from affiliates for $3,214,802 (2022: $3,069,314).

During the year a director received $45,000 (2022: $90,000) for consultancy work. As at 31 December 2023 $2,000 (2022: $2,000) was due to the director in unpaid consultancy charges.

At the start of the year the company had an outstanding liability to a director of $65,000 of which $NIL was repaid in the year. At year end, the remaining balance was $65,000. The director does not hold any shares in the company.

During the year, $NIL (2022: $20,000) was paid to a related party for office facilities and services. This cost covers service provided both in this reporting period and the prior. No retrospective adjustment is proposed.

15. EVENTS AFTER THE REPORTING PERIOD

There is nothing to report for events after the reporting period.

16. RECONCILIATION OF LOSS BEFORE INCOME TAX TO CASH GENERATED FROM OPERATIONS
2023 2022
$    $   
Loss before income tax (136,608 ) (185,317 )
Increase in group liabilities 81,614 377,923
(54,994 ) 192,606
Decrease/(increase) in trade and other receivables 53,473 (143,641 )
Decrease in trade and other payables (115,278 ) -
Cash generated from operations (116,799 ) 48,965

17. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2023
31.12.23 1.1.23
$    $   
Cash and cash equivalents 33,553 150,352
Year ended 31 December 2022
31.12.22 1.1.22
$    $   
Cash and cash equivalents 150,352 111,387