Olympic Offshore Wind Ltd iXBRL

Olympic Offshore Wind Ltd

Directors' Report and Unaudited Financial Statements

for the financial year ended 31 December 2024

Olympic Offshore Wind Ltd

DIRECTORS AND OTHER INFORMATION


Directors	Sam Roch Perks
	Hugh Kelly


Company Secretary	Des Quigley


Company Registration Number	14326353


Registered Office and Business Address	Chi An Lorell
	Sector 2 Aerohub Business Park
	St Mawgan
	Newquay
	TR8 4RZ
	England


Accountants	Thos. Goodall & Son
	Link House,
	Boreenmanna Road.
	Cork
	Ireland

Olympic Offshore Wind Ltd

DIRECTORS' REPORT

for the financial year ended 31 December 2024

The directors present their report and the unaudited financial statements for the financial year ended 31 December 2024.

Directors

The directors who served during the financial year are as follows:

Sam Roch Perks

Hugh Kelly

There were no changes in shareholdings between 31 December 2024 and the date of signing the financial statements.

Political Contributions

The company did not make any disclosable political donations in the current financial year.

Statement of Directors' Responsibilities

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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law) including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Section 1A (Small Entities). 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 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 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 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.

Special provisions relating to small companies

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

On behalf of the board

___________________________

Hugh Kelly

Sam Roch Perks

Director

29 September 2025

Olympic Offshore Wind Ltd

ACCOUNTANTS REPORT

to the Board of Directors on the Compilation of the unaudited financial statements of Olympic Offshore Wind Ltd

for the financial year ended 31 December 2024

In accordance with our engagement letter and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled for your approval the financial statements of the company for the financial year ended 31 December 2024 as set out on pages 6 to 12 which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given to us.

This report is made solely to the Board of Directors of Olympic Offshore Wind Ltd, as a body, in accordance with the terms of our engagement. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the company’s Board of Directors that we have done so, and state those matters that we have agreed to state to them in this 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 its Board of Directors, as a body, for our work or for this report.

As a firm regulated by the Association of Chartered Certified Accountants our work will be carried out in accordance with the Technical Factsheet 163 Audit Exempt Companies - ACCA Accounts Preparation Report and ISRS 4410 International Standard on Related Services -Compilation Engagements. ln carrying out this engagement we have complied with the ethical guidance laid down by the association relating to members undertaking the compilation of financial statements.

Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at
<http://www.accaglobal.com/ie/en/technical-activities/technical-resources-search/2009/october/factsheet-163-audit-exempt-companies.html>

You have acknowledged on the Balance Sheet for the year ended 31 December 2024 your duty to ensure that Olympic Offshore Wind Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Olympic Offshore Wind Ltd. You consider that Olympic Offshore Wind Ltd is exempt from the statutory audit requirement for the financial year.

We have not been instructed to carry out an audit or a review of the financial statements of Olympic Offshore Wind Ltd. For this reason, we have not verified the adequacy, accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

__________________________________

THOS. GOODALL & SON

Link House,

Boreenmanna Road.

Cork

Ireland

29 September 2025

Olympic Offshore Wind Ltd

PROFIT AND LOSS ACCOUNT

for the financial year ended 31 December 2024

	2024	2023
Notes	£	£

Turnover	52	-
	─────────	─────────
Gross profit	52	-

Administrative expenses	(13,868)	(3,553)
	─────────	─────────
Loss before taxation	(13,816)	(3,553)

Tax on loss	-	-
	─────────	─────────
Loss for the financial year	(13,816)	(3,553)
	─────────	─────────
Total comprehensive income	(13,816)	(3,553)
	═════════	═════════

Olympic Offshore Wind Ltd

Company Registration Number: 14326353

BALANCE SHEET

as at 31 December 2024

		2024	2023
	Notes	£	£

Fixed Assets

Intangible assets

379,067

106,766

─────────

Current Assets

Debtors

21,440

Cash and cash equivalents

92,375

─────────

92,375

21,440

─────────

Creditors: amounts falling due within one year

(488,711)

(131,659)

─────────

Net Current Liabilities

(396,336)

(110,219)

─────────

Total Assets less Current Liabilities

(17,269)

(3,453)

═════════

Capital and Reserves

Called up share capital

100

100

Retained earnings

(17,369)

(3,553)

─────────

Equity attributable to owners of the company

(17,269)

(3,453)

═════════

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).

For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.

The directors confirm that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Approved by the Board and authorised for issue on 29 September 2025 and signed on its behalf by



________________________________			________________________________
Hugh Kelly			Sam Roch Perks
Director			Director

Olympic Offshore Wind Ltd

STATEMENT OF CHANGES IN EQUITY

as at 31 December 2024

	Called up	Retained	Total
	share	earnings
	capital
	£	£	£

At 1 January 2023	100	-	100
	─────────	─────────	─────────
Loss for the financial year	-	(3,553)	(3,553)
	─────────	─────────	─────────
At 31 December 2023	100	(3,553)	(3,453)
	─────────	─────────	─────────
Loss for the financial year	-	(13,816)	(13,816)
	─────────	─────────	─────────
At 31 December 2024	100	(17,369)	(17,269)
	═════════	═════════	═════════

Olympic Offshore Wind Ltd

NOTES TO THE FINANCIAL STATEMENTS

for the financial year ended 31 December 2024

General Information

Olympic Offshore Wind Ltd is a company limited by shares incorporated and registered in the United Kingdom. The registered number of the company is 14326353. The registered office of the company is Chi An Lorell, Sector 2 Aerohub Business Park, St Mawgan, Newquay, TR8 4RZ, England which is also the principal place of business of the company. The principal activity of the company is the development of wind energy projects. The financial statements have been presented in Pound (£) which is also the functional currency of the company.

Summary of Significant Accounting Policies

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.

Statement of compliance

The financial statements of the company for the financial year ended 31 December 2024 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.

Basis of preparation

The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.

Turnover

Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.

Intangible assets

Intangible assets are measured on initial recognition at cost. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and accumulated impairment losses.

Intangible assets with a finite useful life are amortised over the useful economic life and assessed for impairment whenever there is an objective indication the intangible asset may be impaired. Intangible assets with an indefinite useful life are assessed for impairment in line with the process for non-financial assets as described below or where there is objective indication the asset may be impaired.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Taxation and deferred taxation

Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.

Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account.

Research and development

Development expenditure is written off in the same financial year unless the directors are satisfied as to the technical, commercial and financial viability of individual projects. In this situation, the expenditure is deferred and amortised over the period from which the company is expected to benefit.

Ordinary share capital

The ordinary share capital of the company is presented as equity.

Employees

The average monthly number of employees, including directors, during the financial year was 0, (2023 - 0).


4.	Intangible assets
		Development
		Costs	Total
		£	£
	Cost
	At 1 January 2024	106,766	106,766
	Additions	272,301	272,301
		─────────	─────────
	At 31 December 2024	379,067	379,067
		─────────	─────────
	Net book value
	At 31 December 2024	379,067	379,067
		═════════	═════════
	At 31 December 2023	106,766	106,766
		═════════	═════════


5.	Debtors	2024	2023
		£	£

	Taxation (Note 7)	-	21,440
		═════════	═════════


6.	Creditors	2024	2023
	Amounts falling due within one year	£	£

	Trade creditors	-	103,137
	Amounts owed to group undertakings	470,554	25,522
	Taxation (Note 7)	10,157	-
	Accruals	8,000	3,000
		─────────	─────────
		488,711	131,659
		═════════	═════════


7.	Taxation	2024	2023
		£	£

	Debtors:
	VAT	-	21,440
		═════════	═════════
	Creditors:
	VAT	10,157	-
		═════════	═════════

Capital commitments

The company had no material capital commitments at the financial year-ended 31 December 2024.

Parent and ultimate parent company

The company regards Simply Blue Energy (NI) Holdings Limited as its parent company.

The companys ultimate parent undertaking is Simply Blue Holdings Limited.

The address of Simply Blue Holdings Limited is Woodbine Hill Youghal Co. Cork Ireland.

10.

Post-Balance Sheet Events

There have been no significant events affecting the company since the financial year-end.