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Registered number: 15519267
GALILEO EMPOWER RENEWABLES LIMITED
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE 14 MONTH FINANCIAL PERIOD FROM 24 FEBRUARY 2024 (DATE OF INCORPORATION) ENDED 31 MARCH 2025
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GALILEO EMPOWER RENEWABLES LIMITED
COMPANY INFORMATION
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Claire Catherine Dowse (appointed 24 February 2024)
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Marc McLoughlin (appointed 24 February 2024)
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Robert William John Paul (appointed 24 February 2024)
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Chartered Accountants & Statutory Auditors
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GALILEO EMPOWER RENEWABLES LIMITED
CONTENTS
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Directors' Responsibilities Statement
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Independent Auditors' Report to the members of Galileo Empower Renewables 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 EMPOWER RENEWABLES LIMITED
DIRECTORS' REPORT
FOR THE 14 MONTH FINANCIAL PERIOD FROM 24 FEBRUARY 2024 (DATE OF INCORPORATION) ENDED 31 MARCH 2025
The financial statements for the period ended 31 March 2025 are the first set of financial statements prepared by the Company. The directors present their annual report and the audited financial statements for the period from the inception (24 February 2024) to 31 March 2025.
Galileo Empower Renewables Limited (the "Company") is engaged in the early-stage development of renewable energy projects within the UK. Its primary activities include the identification, acquisition, and development of sites suitable for renewable energy generation, with a focus on onshore wind, solar, and battery projects.
The loss for the 14 month financial period, after taxation, amounted to £553,153.
No dividends are paid or proposed in the current year.
During the financial year, the Company had a loss of £553,153. At the financial year end, the Company had accumulated losses of £553,153, net current liabilities of £553,172 and had net liabilities of £553,152.
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 14 month financial period were:
Claire Catherine Dowse (appointed 24 February 2024)
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Marc McLoughlin (appointed 24 February 2024)
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Robert William John Paul (appointed 24 February 2024)
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Research and development activities
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There are no plans to materially change the Company's activities in the future.
Branches outside the United Kingdom
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There are no branches of the Company outside the State.
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GALILEO EMPOWER RENEWABLES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE 14 MONTH FINANCIAL PERIOD FROM 24 FEBRUARY 2024 (DATE OF INCORPORATION) 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.
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GALILEO EMPOWER RENEWABLES LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE 14 MONTH FINANCIAL PERIOD FROM 24 FEBRUARY 2024 (DATE OF INCORPORATION) 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.
This report was approved by the board on 10 September 2025 and signed on its behalf.
Marc McLoughlin
Director
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GALILEO EMPOWER RENEWABLES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GALILEO EMPOWER RENEWABLES LIMITED
Opinion
We have audited the financial statements of GALILEO EMPOWER RENEWABLES LIMITED (“the Company”), which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity for the financial period 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 EMPOWER RENEWABLES 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 period 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.
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GALILEO EMPOWER RENEWABLES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GALILEO EMPOWER RENEWABLES LIMITED
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.
We have nothing to report in this regard.
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 period 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.
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GALILEO EMPOWER RENEWABLES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GALILEO EMPOWER RENEWABLES LIMITED
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).
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.
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GALILEO EMPOWER RENEWABLES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GALILEO EMPOWER RENEWABLES LIMITED
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.
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
10 September 2025
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GALILEO EMPOWER RENEWABLES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE 14 MONTH FINANCIAL PERIOD FROM 24 FEBRUARY 2024 (DATE OF INCORPORATION) ENDED 31 MARCH 2025
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14 month financial period ended
31 March
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Interest receivable and similar income
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Interest payable and similar expenses
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Total comprehensive loss for the financial period
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There was no other comprehensive income for 2025.
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The notes on pages 11 to 21 form part of these financial statements.
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GALILEO EMPOWER RENEWABLES LIMITED
REGISTERED NUMBER: 15519267
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 within 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 21 form part of these financial statements.
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GALILEO EMPOWER RENEWABLES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE 14 MONTH FINANCIAL PERIOD FROM 24 FEBRUARY 2024 (DATE OF INCORPORATION) ENDED 31 MARCH 2025
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Loss for the financial period
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Shares issued during the financial period
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The notes on pages 11 to 21 form part of these financial statements.
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GALILEO EMPOWER RENEWABLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 14 MONTH FINANCIAL PERIOD FROM 24 FEBRUARY 2024 (DATE OF INCORPORATION) ENDED 31 MARCH 2025
Galileo Empower Renewables Limited is a private company limited by shares and is registered, incorporated and domiciled in Wales. The registered office is C12 Cathedral Road, Cardiff, Wales, CF11 9LJ.
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 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:
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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 requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:
- paragraph 79(a)(iv) of IAS 1;
- paragraph 73(e) of IAS 16 Property, Plant and Equipment;
∙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 74A(b) of IAS 16
∙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
∙the requirements of paragraphs 130(f)(ii), 130(f)(iii), 134(d)-134(f) and 135(c)-135(e) of IAS 36 Impairment of Assets.
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 Unitied Kingdom.
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GALILEO EMPOWER RENEWABLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 14 MONTH FINANCIAL PERIOD FROM 24 FEBRUARY 2024 (DATE OF INCORPORATION) ENDED 31 MARCH 2025
2.Accounting policies (continued)
During the financial year, the Company had a loss of £553,153. At the financial year end, the Company had accumulated losses of £553,153, net current liabilities of £553,172 and had net liabilities of £553,152.
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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Foreign currency translation
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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.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
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GALILEO EMPOWER RENEWABLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 14 MONTH FINANCIAL PERIOD FROM 24 FEBRUARY 2024 (DATE OF INCORPORATION) ENDED 31 MARCH 2025
2.Accounting policies (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
The Company has contracts where the period between the transfer of the promised goods or services to the customer and payment by the customer exceeds one year. As a consequence, the Company adjusts the transaction prices of these contracts for the time value of money.
Sale of goods
Revenue from the sale of goods is recognised on the satisfaction of performance obligations, such as the transfer of a promised good, identified in the contract between the Company and the customer.
A receivable is recognised when the goods are delivered as this is the point in time that the consideration is unconditional because only the passage of time is required before the payment is due.
Rendering of services
Revenue from providing services is recognised in the accounting period in which the services are rendered.
For fixed-price contracts, revenue is recognised based on the actual service provided to the end of the reporting period as a proportion of the total services to be provided because the customer receives and uses the benefits simultaneously.
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
Interest income is recognised in profit or loss using the effective interest method.
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.
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GALILEO EMPOWER RENEWABLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 14 MONTH FINANCIAL PERIOD FROM 24 FEBRUARY 2024 (DATE OF INCORPORATION) ENDED 31 MARCH 2025
2.Accounting policies (continued)
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.
Stocks are are stated at the lower of cost and net realisable value and is the cost of developing a renewable energy project. The cost includes all directly attributable expenditures incurred in bringing the project to it present location and condition, once it has been assessed as technically and commercially feasible and includes an appropriate share of overheads. The initial costs incurred before the project is assessed as technically and commercially feasible are expensed as incurred. When a renewable energy project is no longer considered to be viable, work in progress is then expensed to the income statement.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
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GALILEO EMPOWER RENEWABLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 14 MONTH FINANCIAL PERIOD FROM 24 FEBRUARY 2024 (DATE OF INCORPORATION) ENDED 31 MARCH 2025
2.Accounting policies (continued)
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 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.
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GALILEO EMPOWER RENEWABLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 14 MONTH FINANCIAL PERIOD FROM 24 FEBRUARY 2024 (DATE OF INCORPORATION) ENDED 31 MARCH 2025
2.Accounting policies (continued)
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Financial instruments (continued)
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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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Judgments in applying accounting policies and key sources of estimation uncertainty
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The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The judgments, estimates and assumptions used in the financial statements are based upon management’s evaluation of the relevant facts and circumstances as at the date of the financial statements. Actual results could differ from these estimates, and the effect of any change in estimates will be adjusted in the financial statements when they become reasonably determinable.
Judgments, estimates and assumptions are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under these circumstances. Significant judgments are judgments management have made in applying the company’s accounting policies that have a significant effect on the amounts recognised in the financial statements. Key sources of estimation uncertainty are the key estimates and assumptions concerning the future that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Recoverability of capitalised development costs (stocks)
Provision is made for capitalised development costs (stocks), where objective evidence of impairment exists. The Company evaluates the amount of provision based on available facts and circumstances affecting the recoverability of capitalised development costs. The recoverability of these stocks may be affected by future technology or other market-driven changes that may reduce future selling prices. As at the financial year end, the company did not recognise a provision on recoverability of capitalised development costs and the Company’s carrying value of inventories amounted to £642,685 (Note 10).
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GALILEO EMPOWER RENEWABLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 14 MONTH FINANCIAL PERIOD FROM 24 FEBRUARY 2024 (DATE OF INCORPORATION) ENDED 31 MARCH 2025
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The operating loss is stated after charging/(crediting):
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14 month financial period ended
31 March
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Research & development charged as an expense
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Costs charged to projects
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The Company has no employees other than the directors, who did not receive any remuneration.
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14 month financial period ended
31 March
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Other interest receivable
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GALILEO EMPOWER RENEWABLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 14 MONTH FINANCIAL PERIOD FROM 24 FEBRUARY 2024 (DATE OF INCORPORATION) ENDED 31 MARCH 2025
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Interest payable and similar expenses
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14 month financial period ended
31 March
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Other loan interest payable
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Other interest payable consists of accrued interest expense at an annual rate of 10% related to the loan from the parent company.
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Factors affecting tax charge for the financial period
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The tax assessed for the financial period is higher than the standard rate of corporation tax in the UK of 25%. The differences are explained below:
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14 month financial period ended
31 March
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Loss on ordinary activities before tax
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Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25%
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Expenses not deductible for tax purposes
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Utilisation of tax losses
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Total tax charge for the financial period
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Factors that may affect future tax charges
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There were no factors that may affect future tax charges.
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GALILEO EMPOWER RENEWABLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 14 MONTH FINANCIAL PERIOD FROM 24 FEBRUARY 2024 (DATE OF INCORPORATION) ENDED 31 MARCH 2025
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Investments in subsidiary companies
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Work in progress relates to costs incurred developing each renewable energy project under a development services agreement between the company and a related SPV company. These development costs will eventually invoiced to the SPV company when agreed milestones are met. Management classify this as stocks as the assets are to be sold in the Company's normal operating cycle.
No impairment losses have been recognised during the year.
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Called up share capital not paid
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Amounts owed by group undertakings and other debtors are unsecured, and are repayable on demand.
All amounts are receivable with one year.
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GALILEO EMPOWER RENEWABLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 14 MONTH FINANCIAL PERIOD FROM 24 FEBRUARY 2024 (DATE OF INCORPORATION) ENDED 31 MARCH 2025
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Trade creditors are payable at various dates over the coming months in accordance with the suppliers' usual and customary credit terms.
Amounts owed to group undertakings are unsecured and repayable on demand. Interest is charged at 10% per annum.
The terms of the accruals are based on the underlying contracts (Note 7).
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Allotted, called up and unpaid
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100 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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Profit and loss account
The profit and loss account includes all current and prior periods retained profits and losses.
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GALILEO EMPOWER RENEWABLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 14 MONTH FINANCIAL PERIOD FROM 24 FEBRUARY 2024 (DATE OF INCORPORATION) ENDED 31 MARCH 2025
The parent company of Galileo Empower Renewables Limited is Galileo Empower Limited and its registered office is 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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