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Registered number: 13350872










ALBIREO ENERGY INTERNATIONAL LIMITED










FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
ALBIREO ENERGY INTERNATIONAL LIMITED
REGISTERED NUMBER: 13350872

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 4 
8,438,612
8,438,612

  

Creditors: amounts falling due within one year
 5 
(10,102,648)
(9,992,241)

Total assets less current liabilities
  
 
 
(1,664,036)
 
 
(1,553,629)

  

Net liabilities
  
(1,664,036)
(1,553,629)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(1,664,136)
(1,553,729)

  
(1,664,036)
(1,553,629)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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 income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 21 March 2025.




N J Fowler
Director

The notes on pages 2 to 5 form part of these financial statements.

Page 1

 
ALBIREO ENERGY INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Albireo Energy International Limited is a private limited Company limited by shares, incorporated in
England and Wales (registered number: 13350872). Its registered office is Unit 7 Hever Road,
Edenbridge, England, TN8 5EA. The principal activity of the Company throughout the period continued to
be that of 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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

At 31 March 2024 the Company's liabilities exceeded its assets by £1,664,036 as a result of losses
incurred through foreign exchange movements and interest costs on the intercompany loans
outstanding.

The Company has considered the level of funds held and the expected levels of cash inflows and
outflows for 12 months from the date of authorising these financial statements. In addition, the
Company has been given formal assurances from its parent company that repayment will not be
sought of the intercompany balances until such time as funds and working capital levels allow, and
that it will continue to support the Company to enable it to meet its debts as they fall due. It is on this
basis that the directors are of the view that it is appropriate for the financial statements to be
prepared on a going concern basis.

 
2.3

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.



Page 2

 
ALBIREO ENERGY INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.3
Foreign currency translation (continued)

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'

 
2.4

Taxation

Tax is recognised in the Statement of Income and Retained Earnings.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or
substantively enacted by the balance sheet date in the countries where the Company operates and
generates income.

 
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.6

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition
of financial assets and liabilities such as bank and cash balances, trade and other accounts
receivable and payable, loans from banks and other third parties and loans to and from related
parties.

Debt instruments (other than those wholly repayable or receivable within one year), including loans
and other accounts receivable and payable, are initially measured at the transaction price and
subsequently at amortised cost using the effective interest method. Debt instruments that are
payable or receivable within one year, typically trade debtors and creditors, are measured, initially
and subsequently, at the undiscounted amount of the cash or other consideration expected to be
paid or received. However, if the arrangements of a short-term instrument constitute a financing
transaction, the financial asset or liability is measured, initially, at the present value of the future cash
flow discounted at a market rate of interest for a similar debt instrument and subsequently at
amortised cost.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when
there is an enforceable right to set off the recognised amounts and there is an intention to settle on a
net basis or to realise the asset and settle the liability simultaneously.



3.


Employees



The average monthly number of employees, including directors, during the year was 6 (2023 - 5).

Page 3

 
ALBIREO ENERGY INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Fixed asset investments





Investments in subsidiary companies

£



Cost


At 1 April 2023
8,438,612



At 31 March 2024
8,438,612





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Holding

Chartwell Controls Limited
75 Springfield Road,
Chelmsford, Essex, CM2
6JB
100%
Chartwell Controls (Midlands) Limited
75 Springfield Road,
Chelmsford, Essex, CM2
6JB
  100%
Chartwell Energy Solutions Limited
75 Springfield Road,
Chelmsford, Essex, CM2
6JB
100%

Chartwell Controls (Midlands) Limited and Chartwell Energy Solutions Limited transferred the trade and assets into Chartwell Controls Limited, a fellow group company during the current financial year.

Page 4

 
ALBIREO ENERGY INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other loans
2,002,209
1,811,698

Amounts owed to group undertakings
8,100,439
8,180,543

10,102,648
9,992,241


Amounts owed to group undertakings includes amounts owed to the immediate parent undertaking in the
United States. The loan is for US$8.6m, is denominated in US dollars, repayable on demand, attracts
interest at a fixed rate of 1.98% per annum and is secured on the shares held in the Chartwell
companies. The balance of the amounts owed to group undertakings relates to amounts owed to the
various Chartwell companies which are repayable on demand, attracts interest at 2.5% above base rate
and are unsecured.

Other loans represents the issue of unsecured fixed rate loan notes of £1.5m which were issued as part
of the acquisition of the Chartwell companies. Interest accrues at a rate of 10% per annum on a daily
basis and has been included within the other loans figure.


6.


Related party transactions

The Company is exempt from disclosing related party transactions on the grounds that all such
transactions are with entities that are 100% owned within the Albireo group.


7.


Controlling party

The ultimate parent undertaking is Albireo Holdings, Inc which is incorporated in the United States.


8.


Auditors' information

The auditors' report on the financial statements for the year ended 31 March 2024 was unqualified.

The audit report was signed on 27 March 2025 by Andrew Irvine (Senior Statutory Auditor) on behalf of Shorts.

 
Page 5