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Registered number: SC608546
LLYR FLOATING WIND LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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LLYR FLOATING WIND LIMITED
COMPANY INFORMATION
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Mr S F L Baudic (resigned 8 May 2024)
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Mr C Conroy (appointed 8 May 2024, resigned 20 December 2024)
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Mr O P M D'Arleux (resigned 20 December 2024)
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Mr A A A J-P Wattez (resigned 20 December 2024)
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LLYR FLOATING WIND LIMITED
REGISTERED NUMBER: SC608546
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
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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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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 2 to 6 form part of these financial statements.
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LLYR FLOATING WIND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Llyr Floating Wind Limited is a private company, limited by shares and incorporated in Scotland. The address of the registered office is The Boathouse, Hawkcraig Road, Aberdour, KY3 0TZ.
The financial statements are presented in Sterling which is the functional currency of the Company and rounded to the nearest £.
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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The following principal accounting policies have been applied:
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in its operational existence regardless of its net liabilities of £20,039,515. They are confident in the future value from the development and exploration activity and are in the process of securing investment partners which will allow the company to meet the projected expenditure in line with budgets. Included within creditors are loans due to the parent company Floventis Energy Limited amounting to £20,413,065 for which confirmation has been received that this financial support will be continued for the foreseeable future. The directors continue to adopt the going concern basis of accounting in preparing the financial statements.
The validity of this assumption depends upon the continued support from the parent company and securing external investment partners.
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LLYR FLOATING WIND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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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 income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
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.
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 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.
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LLYR FLOATING WIND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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The average monthly number of employees, including directors, during the year was 5 (2023 - 5).
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Accruals and deferred income
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LLYR FLOATING WIND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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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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Allotted, called up and fully paid
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100 (2023 - 100) Ordinary shares of £1.00 each
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Related party transactions
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The company has taken advantage of the exemption within FRS 102 from disclosing transactions with other companies that are wholly owned by the group headed by Cierco International Limited.
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Purchases to other related parties other than wholly owned group companies
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Net loan balance due to other related parties other than wholly owned group companies
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Included within other creditors is a loan balance in the amount of £nil (2024 - £1,420,675) due to a related party. Amounts advanced during the year amount to £nil (2024 - £336,480) and amounts repaid amounted to £1,420,675 (2024 - £nil).
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The immediate parent company is Floventis Energy Limited which was a joint venture between Cierco Limited and SBM Renewables Holding SA. Due to the voting structure and deadlock clause in the Shareholder agreement, there is not one controlling party. The joint venture between Cierco Limited and SBM Renewables Holding SA. ceased on 20 December 2024.
From 20 December 2024, the ultimate controlling party is Cierco International Limited, a company incorporated in the United Kingdom. The director Mr M Jakobsson, controls 75.01% of Cierco International Limited.
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LLYR FLOATING WIND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.
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In their report, the auditors included an emphasis of matter paragraph in relation to a material uncertainty relating to going concern.
We draw attention to note 2.2 in the financial statements, which indicates that due to the reliance on group support there is an uncertainty related to going concern. As stated in note 2.2, these events or conditions, along with the other matters as set forth in note 2.2, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of the directors' assessment of the Company's ability to continue to adopt the going concern basis of accounting included discussions with management, confirmation of continued group financial support, a review of post year expenditure and the expectation of additional financing support being provided by new investment partners for the forthcoming year.
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The audit report was signed on 22 December 2025 by Greg Stapley (Senior statutory auditor) on behalf of Sumer Auditco Limited.
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