ONERGY LIMITED

Company Registration Number:
12337739 (England and Wales)

Unaudited statutory accounts for the year ended 30 November 2023

Period of accounts

Start date: 1 December 2022

End date: 30 November 2023

ONERGY LIMITED

Contents of the Financial Statements

for the Period Ended 30 November 2023

Directors report
Balance sheet
Additional notes
Balance sheet notes

ONERGY LIMITED

Directors' report period ended 30 November 2023

The directors present their report with the financial statements of the company for the period ended 30 November 2023

Principal activities of the company

The principal activities of the Onergy Ltd during the financial year were the import, export, and trading of crude oil and liquefied natural gas (LNG). Our operations have centred on sourcing, transporting, and distributing these energy resources to international markets, ensuring competitive pricing and compliance with global regulatory standards. In the coming year, the company will begin winding down its domestic operations in the United Kingdom, transitioning these activities to a new company, London Utility Company. This new entity will primarily focus on the domestic utilities market within the United Kingdom, allowing us to concentrate on our international energy trading operations.



Directors

The directors shown below have held office during the whole of the period from
1 December 2022 to 30 November 2023

John Palmer
John Palmer


Secretary John Palmer

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
7 June 2024

And signed on behalf of the board by:
Name: John Palmer
Status: Secretary

ONERGY LIMITED

Balance sheet

As at 30 November 2023

Notes 2023 2022


£

£
Fixed assets
Intangible assets: 3 4,506,780 1,000,000
Tangible assets: 4 1,980,412 1,800,000
Investments: 5 809,000 3,850,000
Total fixed assets: 7,296,192 6,650,000
Current assets
Stocks: 6 3,001,800 3,500,000
Investments: 7 2,059,025 3,850,000
Total current assets: 5,060,825 7,350,000
Creditors: amounts falling due within one year: 8 ( 537,400 ) ( 350,000 )
Net current assets (liabilities): 4,523,425 7,000,000
Total assets less current liabilities: 11,819,617 13,650,000
Creditors: amounts falling due after more than one year: 9 ( 985,025 ) ( 590,000 )
Provision for liabilities: ( 10,000,000 ) ( 9,000,000 )
Total net assets (liabilities): 834,592 4,060,000
Capital and reserves
Called up share capital: 834,592 4,060,000
Total Shareholders' funds: 834,592 4,060,000

The notes form part of these financial statements

ONERGY LIMITED

Balance sheet statements

For the year ending 30 November 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.

The directors have chosen not to file a copy of the company's profit and loss account.

This report was approved by the board of directors on 7 June 2024
and signed on behalf of the board by:

Name: John Palmer
Status: Director

The notes form part of these financial statements

ONERGY LIMITED

Notes to the Financial Statements

for the Period Ended 30 November 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

ONERGY LIMITED

Notes to the Financial Statements

for the Period Ended 30 November 2023

  • 2. Employees

    2023 2022
    Average number of employees during the period 41 35

ONERGY LIMITED

Notes to the Financial Statements

for the Period Ended 30 November 2023

3. Intangible assets

Goodwill Other Total
Cost £ £ £
At 1 December 2022 1,000,000 1,000,000
Additions 3,506,780 3,506,780
Disposals
Revaluations
Transfers
At 30 November 2023 4,506,780 4,506,780
Amortisation
At 1 December 2022 0 0
Charge for year
On disposals
Other adjustments
At 30 November 2023 0 0
Net book value
At 30 November 2023 4,506,780 4,506,780
At 30 November 2022 1,000,000 1,000,000

ONERGY LIMITED

Notes to the Financial Statements

for the Period Ended 30 November 2023

4. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 December 2022 190,000 1,500,000 5,000 5,000 100,000 1,800,000
Additions 180,412 180,412
Disposals
Revaluations
Transfers
At 30 November 2023 370,412 1,500,000 5,000 5,000 100,000 1,980,412
Depreciation
At 1 December 2022
Charge for year
On disposals
Other adjustments
At 30 November 2023
Net book value
At 30 November 2023 370,412 1,500,000 5,000 5,000 100,000 1,980,412
At 30 November 2022 190,000 1,500,000 5,000 5,000 100,000 1,800,000

ONERGY LIMITED

Notes to the Financial Statements

for the Period Ended 30 November 2023

5. Fixed assets investments note

The company’s fixed asset investments comprise long-term holdings in other entities or assets. These are recorded at cost, less any provision for impairment where the recoverable amount is lower than the carrying value

ONERGY LIMITED

Notes to the Financial Statements

for the Period Ended 30 November 2023

6. Stocks

2023 2022
£ £
Stocks 3,001,800 3,500,000
Payments on account 0 0
Total 3,001,800 3,500,000

ONERGY LIMITED

Notes to the Financial Statements

for the Period Ended 30 November 2023

7. Current assets investments note

Current assets investments comprise short-term financial instruments, expected to be realised within the operating cycle. Additions and disposals occurred during the year, with impairment provisions made as required.

ONERGY LIMITED

Notes to the Financial Statements

for the Period Ended 30 November 2023

8. Creditors: amounts falling due within one year note

2023 2022
£ £
Trade creditors 537,400 350,000
Total 537,400 350,000

ONERGY LIMITED

Notes to the Financial Statements

for the Period Ended 30 November 2023

9. Creditors: amounts falling due after more than one year note

2023 2022
£ £
Other creditors 985,025 590,000
Total 985,025 590,000

ONERGY LIMITED

Notes to the Financial Statements

for the Period Ended 30 November 2023

10. Financial Commitments

Onergy Limited has entered into various financial commitments that are not recognised as liabilities in the financial statements. These commitments include: Capital Expenditure Commitments: We are committed to capital expenditures for the acquisition of property, plant, and equipment, with expected outflows within the next financial year. Purchase Obligations: The company has entered into agreements for the purchase of goods and services, which are expected to be fulfilled within the next financial year. Loan Commitments: The company has existing loan facilities available, subject to renewal, with commitments to maintain certain covenants. Contingent Liabilities: There are potential obligations arising from pending litigation or guarantees provided to third parties. In line with its strategic focus, Onergy Limited will be winding down domestic operations in the next twelve months to concentrate on international crude and LNG ventures, while transferring its domestic energy and utilities commitments to another company within the group. These financial commitments are subject to regular review and assessment.