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REGISTERED NUMBER: 14015306 (England and Wales)















REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS FOR THE PERIOD 1 APRIL 2023 TO 31 DECEMBER 2023

FOR

CINDRIGO GEOTHERMAL LIMITED

CINDRIGO GEOTHERMAL LIMITED (REGISTERED NUMBER: 14015306)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 APRIL 2023 TO 31 DECEMBER 2023










Page

Company information 1

Report of the director 2

Report of the independent auditors 3

Income statement 5

Other comprehensive income 6

Statement of financial position 7

Statement of changes in equity 8

Notes to the financial statements 9


CINDRIGO GEOTHERMAL LIMITED

COMPANY INFORMATION
FOR THE PERIOD 1 APRIL 2023 TO 31 DECEMBER 2023







DIRECTOR: L I Guldstrand





SECRETARY: R M Taylor





REGISTERED OFFICE: 104 Napier Court
Ranelagh Gardens
London
SW6 3XA





REGISTERED NUMBER: 14015306 (England and Wales)





AUDITORS: Macalvins Limited
Chartered Accountants
and Statutory Auditors
7 St John's Road
Harrow
Middlesex
HA1 2EY

CINDRIGO GEOTHERMAL LIMITED (REGISTERED NUMBER: 14015306)

REPORT OF THE DIRECTOR
FOR THE PERIOD 1 APRIL 2023 TO 31 DECEMBER 2023


The director presents his report with the financial statements of the company for the period 1 April 2023 to 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the Company is to act as a holding company.

DIRECTORS
L I Guldstrand has held office during the whole of the period from 1 April 2023 to the date of this report.

Other changes in directors holding office are as follows:

J A Oxley ceased to be a director after 31 December 2023 but prior to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Report of the director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is 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 director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 director is 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 he 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.

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

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





L I Guldstrand - Director


14 October 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CINDRIGO GEOTHERMAL LIMITED


Opinion
We have audited the financial statements of Cindrigo Geothermal Limited (the 'company') for the period ended 31 December 2023 which comprise the Income statement, Statement of financial position, Statement of changes in equity 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 United Kingdom Accounting Standards, including Financial Reporting Standard 101 'Reduced Disclosure Framework' (United Kingdom Generally Accepted Accounting Practice).
_
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;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; 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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Report of the director, 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 director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the director 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 director.

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 director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic report or in preparing the Report of the director.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CINDRIGO GEOTHERMAL LIMITED


Responsibilities of director
As explained more fully in the Statement of director's responsibilities set out on page two, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- Enquiry of management and those charged with governance around actual and potential litigation and claims;
- Enquiry of entity staff in compliance functions to identify any instances of non-compliance with laws and regulations; - Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;
- Reviewing minutes of meetings of those charged with governance and
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to immaterial misstatement in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk's also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery,
collusion, omission or misrepresentation.

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.

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.




Pankaj Rajani (Senior Statutory Auditor)
for and on behalf of Macalvins Limited
Chartered Accountants
and Statutory Auditors
7 St John's Road
Harrow
Middlesex
HA1 2EY

14 October 2024

CINDRIGO GEOTHERMAL LIMITED (REGISTERED NUMBER: 14015306)

INCOME STATEMENT
FOR THE PERIOD 1 APRIL 2023 TO 31 DECEMBER 2023

Period Period
1.4.23 31.3.22
to to
31.12.23 31.3.23
Notes £    £   

TURNOVER - -
OPERATING PROFIT and
PROFIT BEFORE TAXATION 4 - -

Tax on profit 5 - -
PROFIT FOR THE FINANCIAL PERIOD - -

CINDRIGO GEOTHERMAL LIMITED (REGISTERED NUMBER: 14015306)

OTHER COMPREHENSIVE INCOME
FOR THE PERIOD 1 APRIL 2023 TO 31 DECEMBER 2023

Period Period
1.4.23 31.3.22
to to
31.12.23 31.3.23
Notes £    £   

PROFIT FOR THE PERIOD - -


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE PERIOD

-

-

CINDRIGO GEOTHERMAL LIMITED (REGISTERED NUMBER: 14015306)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

2023 2023
Notes £    £    £    £   
FIXED ASSETS
Investments 6 450,104 450,104

CURRENT ASSETS
Debtors 7 4,361 1
NET CURRENT ASSETS 4,361 1
TOTAL ASSETS LESS CURRENT
LIABILITIES

454,465

450,105

CREDITORS
Amounts falling due after more than one year 8 454,464 450,104
NET ASSETS 1 1

CAPITAL AND RESERVES
Called up share capital 9 1 1
SHAREHOLDERS' FUNDS 1 1

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

The financial statements were approved by the director and authorised for issue on 14 October 2024 and were signed by:





L I Guldstrand - Director


CINDRIGO GEOTHERMAL LIMITED (REGISTERED NUMBER: 14015306)

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD 1 APRIL 2023 TO 31 DECEMBER 2023

Called up
share Retained Total
capital earnings equity
£    £    £   

Changes in equity
Issue of share capital 1 - 1
Balance at 31 March 2023 1 - 1

Changes in equity
Balance at 31 December 2023 1 - 1

CINDRIGO GEOTHERMAL LIMITED (REGISTERED NUMBER: 14015306)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 APRIL 2023 TO 31 DECEMBER 2023


1. STATUTORY INFORMATION

Cindrigo Geothermal Limited 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.

2. ACCOUNTING POLICIES

Basis of preparation
These financial statements have been prepared in accordance with Financial Reporting Standard 101 "Reduced Disclosure Framework" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 101 "Reduced Disclosure Framework":

the requirements of paragraphs 45(b) and 46 to 52 of IFRS 2 Share-based Payment;
the requirements of paragraphs 62, B64(d), B64(e), B64(g), B64(h), B64(j) to B64(m), B64(n)(ii), B64(o)(ii), B64(p),
B64(q)(ii), B66 and B67 of IFRS 3 Business Combinations;
the requirements of paragraph 33(c) of IFRS 5 Non Current Assets Held for Sale and Discontinued Operations;
the requirements of paragraph 24(6) of IFRS 6 Exploration for and Evaluation of Mineral Resources;
the requirements of IFRS 7 Financial Instruments: Disclosures;
the requirements of paragraphs 91 to 99 of IFRS 13 Fair Value Measurement;
the requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of IFRS 16
Leases;
the requirements of paragraph 58 of IFRS 16;
the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to
127 and 129 of IFRS 15 Revenue from Contracts with Customers;
the requirement in paragraph 38 of IAS 1 Presentation of Financial Statements to present comparative information in
respect of:
- paragraph 79(a)(iv) of IAS 1;
- paragraph 73(e) of IAS 16 Property, Plant and Equipment;
- paragraph 118(e) of IAS 38 Intangible Assets;
- paragraphs 76 and 79(d) of IAS 40 Investment Property; and
- paragraph 50 of IAS 41 Agriculture;
the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134 to 136 of IAS
1;
the requirements of IAS 7 Statement of Cash Flows;
the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors;
the requirements of paragraphs 88C and 88D of IAS 12 Income Taxes;
the requirements of paragraph 74(b) of IAS 16;
the requirements of paragraphs 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;
the requirements of paragraphs 134(d) to 134(f) and 135(c) to 135(e) of IAS 36 Impairments of Assets.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Investment in subsidiaries
Investments in subsidiaries are held at cost less accumulated impairment losses.

Going concern
The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and therefore continues to adopt the going concern basis in preparing its Financial Information.

3. EMPLOYEES AND DIRECTORS

There were no staff costs for the period ended 31 December 2023 nor for the period ended 31 March 2023.

CINDRIGO GEOTHERMAL LIMITED (REGISTERED NUMBER: 14015306)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 APRIL 2023 TO 31 DECEMBER 2023


3. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the period was as follows:
Period Period
1.4.23 31.3.22
to to
31.12.23 31.3.23

Directors 1 2

Period Period
1.4.23 31.3.22
to to
31.12.23 31.3.23
£    £   
Directors' remuneration - -

4. PROFIT BEFORE TAXATION

The profit/loss before taxation for reporting period is considered to be zero.

5. TAXATION

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

6. INVESTMENTS
Investment
in
Subsidiary
£   
Cost
At 1 April 2023
and 31 December 2023 450,104
Net book value
At 31 December 2023 450,104
At 31 March 2023 450,104

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

EES Dravacel Energetika d.o.o.
Registered office: Company incorporated in Croatian
Nature of business: Geothermal exploration
%
Class of shares: holding
Ordinary shares 90.00

7. DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2023
£    £   
Amounts owed by group undertakings 4,361 1

CINDRIGO GEOTHERMAL LIMITED (REGISTERED NUMBER: 14015306)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 APRIL 2023 TO 31 DECEMBER 2023


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2023
£    £   
Amounts owed to group undertakings 454,464 450,104

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2023
value: £    £   
1 Ordinary shares £1 1 1

10. RESERVES
Retained
earnings
£   

Profit for the period -
At 31 December 2023 -

11. ULTIMATE CONTROLLING PARTY

The ultimate parent company and parent undertaking of the group for which consolidated financial statements are drawn up, and of which the company is a member, is Cindrigo Holdings Limited, a company incorporated in Guernsey. Financial statements for group are publicly available. Therefore, the company is exempt, by virtue of section 400 of the Companies Act 2006, from the requirement to prepare consolidated financial statements. The address of the ultimate PO Box 186, Royal Chambers, St Julian’s Avenue, St Peter Port, Guernsey, GY1 4HP.