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Registered number: SC783292
GALILEO 13 LIMITED
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025
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GALILEO 13 LIMITED
COMPANY INFORMATION
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The East Suite First Floor Office
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Chartered Accountants & Statutory Auditors
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GALILEO 13 LIMITED
CONTENTS
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Directors' Responsibilities Statement
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Independent Auditors' Report to the members of GALILEO 13 LIMITED
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Statement of Comprehensive Income
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Statement of Financial Position
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Statement of Changes in Equity
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Notes to the Financial Statements
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GALILEO 13 LIMITED
DIRECTORS' REPORT
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025
The directors present their report and the financial statements for the financial year ended 31 March 2025.
The Company is a Special Purpose Vehicle established to develop and operate a renewable energy project. The principal activity of the Company during the financial year was focused on early-stage development work.
As of the reporting date, the Company had not yet commenced construction or generation activities and has not earned any revenue.
The loss for the financial year, after taxation, amounted to £29,389 (2024 - loss £2,416).
No dividends are paid or proposed for the current year (2024: £Nil).
During the financial year, the Company incurred a loss of £29,389 (2024: £2,416). At the financial year end, the
Company had accumulated losses of £31,805 (2024: £2,416) and had net liabilities of £31,795 (2024: £2,406).
The directors have prepared the financial statements on a going concern basis, the validity of this depends upon the continuous financial support of the ultimate parent company who have confirmed that they will not seek repayment of amounts owed until the Company has sufficient funds. The directors have considered the future projection of the Company's performance and believe that it is appropriate for the financial statements to be prepared on the going concern basis.
The directors note that the Company’s principal activity is the development and operation of a renewable energy project, which is currently at an early stage of development. While the Company has not yet commenced construction or generation activities and has not earned any revenue to date, the directors remain confident that the project will progress in line with expectations.
The directors who served during the financial year were:
There are no plans to materially change the Company's activities in the future.
Research and development activities
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The Company did not engage in any research and development during the year outside the development of the renewable energy project.
Branches outside the United Kingdom
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There are no branches of the Company outside the State.
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GALILEO 13 LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025
Disclosure of information to auditors
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Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and
∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
Post balance sheet events
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There have been no significant events affecting the Company since the year end.
The auditors, Grant Thornton, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
Diarmuid Anthony Twomey
Director
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GALILEO 13 LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025
The directors are responsible for preparing the Directors' Report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’. 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 judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙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 to 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.
Diarmuid Anthony Twomey
Director
Date:
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GALILEO 13 LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GALILEO 13 LIMITED
Opinion
We have audited the financial statements of GALILEO 13 LIMITED (“the Company”), which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity for the financial year ended 31 March 2025, and the related notes to the financial statements, including a summary of significant accounting policies.
The financial reporting framework that has been applied in the preparation of the financial statements is applicable law and accounting standards issued by the Financial Reporting Council including FRS 101 “Reduced Disclosure Framework” (United Kingdom Generally Accepted Accounting Practice).
In our opinion, GALILEO 13 LIMITED’s financial statements:
∙give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice of the assets, liabilities and financial position of the Company as at 31 March 2025 and financial performance for the financial year then ended; and
∙have been properly 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 'Responsibilities of the auditor 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 financial statements in the United Kingdom, namely the FRC’s Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances for the entity. 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 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 the date 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
Other information comprises information included in the annual report, other than the financial statements and our auditor’s report thereon, including the Directors’ Report. The directors are responsible for the other information. 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 in the financial statements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
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GALILEO 13 LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GALILEO 13 LIMITED
Opinion on other matter 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 Directors' Report is for the financial year for which the financial statements are prepared is consistent with the financial statement.
∙the Directors' Report 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 we have obtained in the course of the audit, we have not identified material misstatements in the Directors' report. 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; or
∙the directors were not entitled to take advantage of the small companies' exemptions from the requirement to prepare a strategic report or in preparing the Directors' report.
Responsibilities of management and those charged with governance for the financial statements
As explained more fully in the Directors' responsibilities statement, management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS 101 and for such internal control as the directors determine is 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, management 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 management either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Company's financial reporting process.
The objectives of an auditor 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 an Auditor's report that includes their 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.
A further description of an auditor's 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 auditor's report.
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
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. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK).
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GALILEO 13 LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GALILEO 13 LIMITED
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 compliance with Data Privacy Law, Employment Law and Health and Safety Law, and we considered the extent to which non compliance might have a material effect on the financial statements. 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 UK tax legislation. The Audit engagement partner considered the experience and expertise of the engagement team to ensure that the team had appropriate competence and capabilities to identify or recognise non-compliance with the laws and regulation. 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 manipulate financial performance and management bias through judgements and assumptions in significant accounting estimates, in particular in relation to significant one off or unusual transactions. We apply professional skepticism through the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statements.
In response to these principal risks, our audit procedures included but were not limited to:
∙inquiries of management and board on the policies and procedures in place regarding compliance with laws and regulations, including consideration of known or suspected instances of non-compliance and whether they have knowledge of any actual, suspected or alleged fraud;
∙inspection of the Company’s regulatory and legal correspondence and review of minutes of directors’ meetings during the year to corroborate inquiries made;
∙gaining an understanding of entity’s current activities, the scope of authorisation and the effectiveness of its control environment to mitigate risk related to fraud;
discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk of fraud, and remaining alert to any indications of non-compliance or opportunities for fraudulent manipulation of financial statements throughout the audit;
∙identifying and testing journal entries to address the risk of inappropriate journals and management override of controls;
∙designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing;
∙challenging assumptions and judgements made by management in their significant accounting estimates, including revenue recognition, impairment of nonfinancial assets, assessment of lease commitments and recoverability of trade receivables; and
∙review of the financial statement disclosures to underlying supporting documentation and inquiries of management
The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non-detection or irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls.
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GALILEO 13 LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GALILEO 13 LIMITED
The purpose of our audit work and to whom we owe our responsibilities
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 an auditor’s report 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.
Michael Shelley (Senior statutory auditor)
for and on behalf of
Grant Thornton
Chartered Accountants & Statutory Auditors
13-18 City Quay
Dublin 2
Ireland
11 September 2025
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GALILEO 13 LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025
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For the 7 month financial period ended
31 March
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Interest payable and similar expenses
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Total comprehensive income for the financial year/period
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There were no recognised gains and losses for 2025 or 2024 other than those included in the statement of comprehensive income.
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The notes on pages 11 to 17 form part of these financial statements.
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GALILEO 13 LIMITED
REGISTERED NUMBER: SC783292
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025
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Debtors: amounts falling due within one year
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Creditors: amounts falling due after more than one year
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The Company's financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 11 to 17 form part of these financial statements.
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GALILEO 13 LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025
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Loss for the financial period
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Shares issued during the period
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Loss for the financial year
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The notes on pages 11 to 17 form part of these financial statements.
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GALILEO 13 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025
GALILEO 13 LIMITED is a private company limited by shares and is registered, incorporated and domiciled in Scotland. The registered office is The East Suite First Floor Office, Greenside House, Greenside Place, Edinburgh, Scotland, EH1 3AA. The Company is a Special Purpose Vehicle established to develop and operate a renewable energy project. The principal activity of the Company during the financial year was focused on early-stage development work. The Company is a wholly owned subsidiary of Galileo Empower Limited, a company incorporated in the United Kingdom.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 101 'Reduced Disclosure Framework' and the Companies Act 2006.
The financial statements are presented in GBP (£).
The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
During the financial year, the Company incurred a loss of £29,389 (2024: £2,416). At the financial year end, the Company had accumulated losses of £31,805 (2024: £2,416) and had net liabilities of £31,795 (2024: £2,406).
The directors have prepared the financial statements on a going concern basis, the validity of this depends upon the continuous financial support of the ultimate parent company who have confirmed that they will not seek repayment of amounts owed until the Company has sufficient funds. The directors have considered the future projection of the Company's performance and believe that it is appropriate for the financial statements to be prepared on the going concern basis.
The directors note that the Company’s principal activity is the development and operation of a renewable energy project, which is currently at an early stage of development. While the Company has not yet commenced construction or generation activities and has not earned any revenue to date, the directors remain confident that the project will progress in line with expectations.
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GALILEO 13 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
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Financial Reporting Standard 101 - reduced disclosure exemptions
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The Company has taken advantage of the following disclosure exemptions under FRS 101:
∙the requirements of IFRS 7 Financial Instruments: Disclosures
∙the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement
∙the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements
∙the requirements of IAS 7 Statement of Cash Flows
∙the requirements of paragraph 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, provided that any subsidiary which is a party to the transaction is wholly owned by such a member
This information is included in the consolidated financial statements of Galileo Empower Limited as at 31 March 2025 and these financial statements may be obtained from Companies House in the United Kingdom.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Development assets represent capitalised costs incurred in respect of Company’s renewable energy project.
These costs have been capitalised on the basis that the project is expected to generate future economic benefits. The carrying value of development assets is reviewed regularly, and any impairment is recognised where indicators of non-recoverability exist.
The project remains in the development phase as at the reporting date and has not yet reached financial close or commenced construction.
Short-term debtors are measured at transaction price, less any impairment.
Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.
Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.
The Company recognises financial instruments when it becomes a party to the contractual
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GALILEO 13 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
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Financial instruments (continued)
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arrangements of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire. The Company's accounting policies in respect of financial instruments transactions are explained below:
Financial assets and financial liabilities are initially measured at fair value.
Financial assets
All recognised financial assets are subsequently measured in their entirety at either fair value or amortised cost, depending on the classification of the financial assets.
Fair value through profit or loss
All of the Company's financial assets are subsequently measured at fair value at the end of each reporting period, with any fair value gains or losses being recognised in profit or loss to the extent they are not part of a designated hedging relationship. The net gain or loss recognised in profit or loss includes any dividend or interest earned on the financial asset.
Impairment of financial assets
The Company always recognises lifetime ECL for trade receivables and amounts due on contracts with customers. The expected credit losses on these financial assets are estimated based on the Company's historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate. Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a financial instrument.
Financial liabilities
Fair value through profit or loss
Financial liabilities are classified as at fair value through profit or loss, when the financial liability is held for trading, or is designated as at fair value through profit or loss. This designation may be made if such designation eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise, or the financial liability forms part of a group of financial instruments which is managed and its performance is evaluated on a fair value basis, or the financial liability forms part of a contract containing one or more embedded derivatives, and IFRS 9 permits the entire combined contract to be designated as at fair value through profit or loss. Any gains or losses arising on changes in fair value are recognised in profit or loss to the extent that they are not part of a designated hedging relationship.
At amortised cost
Financial liabilities which are neither contingent consideration of an acquirer in a business combination, held for trading, nor designated as at fair value through profit or loss are subsequently measured at amortised cost using the effective interest method. This is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or where appropriate a shorter period, to the amortised cost of a financial liability.
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GALILEO 13 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
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Financial instruments (continued)
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Called up share capital represents the nominal (par) value of shares that have been issued. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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3.1 Significant accounting judgement
Management is of the opinion that there are no critical judgements (other than those involving estimates) that have significant effect on the amounts recognised in the financial statements.
3.2 Estimation uncertainty
Management is of the opinion that there are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
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The Company has no employees other than the directors, who did not receive any remuneration (2024 - £Nil).
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Interest payable and similar expenses
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For the 7 month financial period ended
31 March
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Loans from group undertakings
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GALILEO 13 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025
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Development assets (As restated)
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Development assets represent capitalised costs incurred in respect of Company’s renewable energy project.
These costs have been capitalised on the basis that the project is expected to generate future economic benefits. The carrying value of development assets is reviewed regularly, and any impairment is recognised where indicators of non-recoverability exist.
The project remains in the development phase as at the reporting date and has not yet reached financial close or commenced construction.
No impairment losses have been recognised during the period (2024: £Nil).
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Called up share capital not paid
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All amounts are receivable within one year.
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Creditors: Amounts falling due after more than one year
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Amounts owed to group undertakings
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Amounts owed to group undertakings are unsecured and repayable when sufficient funds are available. Repayment is not expected in the next 12 months. Interest is charged at 10% (Note 5).
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GALILEO 13 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025
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Allotted, called up and unpaid
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1,000 (2024 - 1,000) Ordinary shares of £0.01 each
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Called-up share capital represents the nominal value of shares that have been issued.
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Following a review by management, a prior period adjustment has been made to conform prior year amounts with current year presentation. The adjustment relates to a decision to standardise the classification of the items across all SPV’s within the Galileo Empower Limited group companies.
The effects of the prior year adjustment on the prior year financial statements are as follows:
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The prior year adjustment has no impact to the prior year results of operations and reserves.
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Profit and loss account
The profit and loss account includes all current and prior periods retained profits and losses.
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Post balance sheet events
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There are no significant events affecting the Company after the year end.
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GALILEO 13 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025
The Company’s ultimate parent and controlling party is Galileo Empower Limited, incorporated in the United Kingdom, which has its principal place of business at The East Suite First Floor Office, Greenside House, Greenside Place, Edinburgh, Scotland, EH1 3AA. The results of the Company are consolidated into the results of Galileo Empower Limited.
The group financial statements are publicly available at Companies House in the United Kingdom.
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