Company registration number 12403283 (England and Wales)
WINCH IPP HOLDINGS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
WINCH IPP HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
WINCH IPP HOLDINGS LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
4
-
0
444,401
Cash at bank and in hand
99,714
518,807
99,714
963,208
Creditors: amounts falling due within one year
5
(7,793,585)
(6,921,792)
Net current liabilities
(7,693,871)
(5,958,584)
Creditors: amounts falling due after more than one year
6
(1,052,152)
(1,261,913)
Net liabilities
(8,746,023)
(7,220,497)
Capital and reserves
Called up share capital
7
366,781
366,781
Share premium account
2,150,638
2,150,638
Profit and loss reserves
(11,263,442)
(9,737,916)
Total equity
(8,746,023)
(7,220,497)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 13 February 2025 and are signed on its behalf by:
Mr I Tayebi
Director
Company registration number 12403283 (England and Wales)
WINCH IPP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Winch IPP Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3rd Floor Waverley House, 7-12 Noel Street, London, W1F 8GQ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

During the year ended 31 December 2023, the company incurred a net loss of £1,525,526 and at the balance sheet date, the company’s liabilities exceeded its assets by £8,746,023.

 

During the year the company continued to pursue its activities, including assisting the subsidiary companies with the installation of the remote power grids, which are now generating power for sale to the local communities. The initial uptake of these services (including post year-end activity) has not been as high as was initially expected.

 

The directors recognise that the company’s position at the year-end may indicate the existence of a material uncertainty over its going concern status.

 

The nature of the group's trade means that it is making significant investment up-front, and the business model and cashflow projections are being conducted over long term periods of up to 30 years, over which sales revenue is expected to improve.

 

In addition, the company’s immediate majority shareholder has confirmed its continuing support for a period of more than 12 months from the approval of these financial statements, and further funding has been obtained post year-end as explained more fully in note 10.

 

For these reasons, the directors are confident that the company will remain in operation for the foreseeable future and, accordingly, consider that it is appropriate to continue to adopt the going concern basis of accounting.

1.3
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

WINCH IPP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.4
Financial instruments

The company only has financial instruments which are classified as basic financial instruments.

Short-term debtors and creditors are measured as the settlement value. Any losses from impairment are recognised in profit and loss.

 

Non-current financial liabilities are measured initially at fair value, net of transaction costs and are subsequently measured at amortised cost using the effective interest method.

1.5
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
3
5
3
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Winch Energy (SL) Limited
14 Madongo Town, Off Congo Cross, Freetown, Sierra Leone
Ordinary
100.00
Winch Lamwo SPV (SMC) Ltd
Acacia Mall, Kampala, Uganda
Ordinary
100.00

Investments totalling £8,011 in both the subsidiaries were fully impaired during the year-ended 31 December 2021. The investments remain impaired at 31 December 2023.

4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
-
0
444,401
WINCH IPP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
199,449
70,993
Amounts owed to group entities
7,518,738
6,810,049
Trade creditors
39,079
-
0
Accruals and deferred income
36,319
40,750
7,793,585
6,921,792
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
1,052,152
1,261,913

There is are fixed and floating charges in place over a facility provided to the company, of which £1,251,481 has been drawn down on as at the Balance Sheet date.

7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
366,781
366,781
366,781
366,781
8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
James Mathieson FCA
Statutory Auditor:
Lindeyer Francis Ferguson Limited
Date of audit report:
14 February 2025
9
Parent company

The ultimate parent company is Meridiam Infrastructure Africa Fund II SLP and its registered address is 4 place de l'Opera, 75002 Paris, France.

10
Events after the reporting date

Shareholder loans

Following the year-end the immediate majority shareholder NEoT Offgrid Africa S.A.S. has continued to support the company with further intercompany loans, and as at the date of signing these total of £8,922,674.

2023-12-312023-01-01falsefalsefalse14 February 2025CCH SoftwareCCH Accounts Production 2024.310No description of principal activityMr N WrigleyOlivier SELLIERN’Dèye DIASSEMete SARACOGLUGuillaume LauriozMr Idris TayebiRita LaibutaBachar Salame124032832023-01-012023-12-31124032832023-12-31124032832022-12-3112403283core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3112403283core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3112403283core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3112403283core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-3112403283core:CurrentFinancialInstruments2023-12-3112403283core:CurrentFinancialInstruments2022-12-3112403283core:ShareCapital2023-12-3112403283core:ShareCapital2022-12-3112403283core:SharePremium2023-12-3112403283core:SharePremium2022-12-3112403283core:RetainedEarningsAccumulatedLosses2023-12-3112403283core:RetainedEarningsAccumulatedLosses2022-12-3112403283bus:Director62023-01-012023-12-31124032832022-01-012022-12-3112403283core:Subsidiary12023-01-012023-12-3112403283core:Subsidiary22023-01-012023-12-3112403283core:Subsidiary112023-01-012023-12-3112403283core:Subsidiary212023-01-012023-12-3112403283core:Non-currentFinancialInstruments2023-12-3112403283core:Non-currentFinancialInstruments2022-12-311240328312023-01-012023-12-3112403283bus:PrivateLimitedCompanyLtd2023-01-012023-12-3112403283bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3112403283bus:FRS1022023-01-012023-12-3112403283bus:Audited2023-01-012023-12-3112403283bus:Director12023-01-012023-12-3112403283bus:Director22023-01-012023-12-3112403283bus:Director32023-01-012023-12-3112403283bus:Director42023-01-012023-12-3112403283bus:Director52023-01-012023-12-3112403283bus:Director72023-01-012023-12-3112403283bus:Director82023-01-012023-12-3112403283bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP