Registration number: 12939959

Alon Invest Ltd

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 8

Alon Invest Ltd

Company Information

Directors

Andrea Arcangeli Alexander Hepburn

Registered office

1-3 Whittlesey Street London England United Kingdom SE1 8SZ

Accountants

Global Tax Limited 112 Houndsditch London EC3A 7BD

Auditors

Carbon Accountancy Limited Chartered Accountants and Registered Auditors80-83 Long Lane London EC1A 9ET

Alon Invest Ltd

(Registration number: 12939959)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	4	606,495	496,200
Current assets
Debtors	5	334	355
Cash at bank and in hand		2,274	391
		2,608	746
Creditors: Amounts falling due within one year	6	(647,316)	(523,028)
Net current liabilities		(644,708)	(522,282)
Net liabilities		(38,213)	(26,082)
Capital and reserves
Called up share capital	7	100	100
Retained earnings		(38,313)	(26,182)
Shareholders' deficit		(38,213)	(26,082)

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 26 December 2025 and signed on its behalf by:
 

......................................... Andrea Arcangeli Director

......................................... Alexander Hepburn Director

Alon Invest Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1-3 Whittlesey Street
London
England
SE1 8SZ
United Kingdom

These financial statements were authorised for issue by the Board on 26 December 2025.

2	Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

There was a net deficiency of assets amounting to £38,213 (2023: £26,082) at the balance sheet date, which includes a shareholder loan of £532,021 from group undertakings. The Company is currently engaged in a major project and due to industry wide delays and policy changes to grid connections has experienced delays in obtaining the necessary regulatory approvals and the project timeline has been extended beyond initial expectations. In view of these developments there is a material uncertainty that may cast significant doubt on the Company’s ability to continue as a going concern, and therefore it may be unable to realise its assets and discharge its liabilities in the normal course of business. Management have implemented measures to address these uncertainties, including:

• Revising the project plan to mitigate further delays.
• Renegotiating developer and supplier agreements to account for the new commercial reality
• Obtaining support from the parent company to provide necessary funds for the extended project timeline.
• Engaging with industry consultations and moving forward with grid connection based on reform policies which can accelerate connections

On the basis of the measures described, the financial statements have been prepared on a going concern basis.

Alon Invest Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 26 December 2025 was John Leyden FCA, who signed for and on behalf of Carbon Accountancy Limited.

The Auditor report include the following Note on Material uncertainty related to going concern:
We draw attention to Note 2 in the financial statements, which indicates that the Company has incurred a net loss of £12,131 during the year ended 31 December 2024 and, as of that date, its current liabilities exceeded its total assets by £38,213. As disclosed in Note 2, the Company’s ability to continue as a going concern is dependent on the timely completion of its development project and securing necessary regulatory approvals. The project has been subject to significant delays due to industry-wide grid connection constraints and recent changes in government policy, which have extended the project timeline beyond initial expectations. These events and conditions indicate the existence of a material uncertainty 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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated mpairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Assets under construction include the ongoing costs to construct fixed assets which are not ready for use and are stated in the balance sheet at cost. Depreciation will commence once the construction is complete and the asset is in a location and condition necessary for it to be capable of operating in the manner intended by management.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Alon Invest Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0). The Directors were remunerated by the parent company, Solarig Global Services, S.A and there is no recharge to the Company. The Directors also act as directors for a number of fellow subsidiaries, and so it is not possible to make an accurate apportionment of their remuneration in respect of each of the subsidiaries.

4	Tangible assets

	Assets under construction  £	Total £
Cost or valuation
At 1 January 2024	496,200	496,200
Additions	110,295	110,295
At 31 December 2024	606,495	606,495
Depreciation
Carrying amount
At 31 December 2024	606,495	606,495
At 31 December 2023	496,200	496,200

Alon Invest Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

5

Debtors

Current	2024 £	2023 £
Other debtors	334	355
	334	355

6

Creditors

Creditors: amounts falling due within one year

	Note	2024 £	2023 £
Due within one year
Trade creditors		-	1,740
Amounts owed to group undertakings and undertakings in which the company has a participating interest	10	642,316	476,854
Accruals and deferred income		5,000	5,000
Other creditors		-	39,434
		647,316	523,028

7	Share capital

Allotted, called up and fully paid shares

	2024		2023
	No.	£	No.	£
Ordinary of £1 each	100	100	100	100

8	Obligations under leases and hire purchase contracts

There are no lease/land lease commitments as at the balance sheet date. The directors have signed an option agreement for the company to lease land for solar development. The agreements provides the Company with the exclusive right to lease land at Moor Leazes Farm, Peth Lane, Burnhope, Durham for its solar project development in the future, subject to certain conditions and with a provisional longstop date being the 10 December 2026 for signing a lease agreement.

Alon Invest Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

9	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitment towards assets under construction not included in the balance sheet stands at £1,013,670 (2023 - £1,013,670).
 

10	Related party transactions

Summary of transactions with parent

Solarig Global Services, S.A.
Company’s working capital is being funded by its parent company Solarig Global Services, S.A., a company incorporated in Spain. Acap Renewables Ltd, a company incorporated in England has also provided funding to the company and holds a 20% equity interest. At the balance sheet date amount due to parent and entities with joint control or significant influence was:

Expenditure with and payables to related parties

2024	Entities with joint control or significant influence £
Rendering of services	110,295
Amounts payable to related party	110,295

2023

Loans from related parties

2024	Parent £	Entities with joint control or significant influence £	Total £
At start of period	476,854	39,434	516,288
Advanced	12,559	750	13,309
Interest transactions	13,207	-	13,207
Impairment	(10,783)	-	(10,783)
At end of period	491,837	40,184	532,021

Alon Invest Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

2023	Parent £	Entities with joint control or significant influence £	Total £
At start of period	476,593	111,394	587,987
Advanced	261	40	301
Repaid	-	(72,000)	(72,000)
At end of period	476,854	39,434	516,288

11	Parent and ultimate parent undertaking

The company's immediate parent is Solarig Global Services, S.A., incorporated in Spain. Its registered address is Calle de la Ribera del Loira, number 28, 2nd floor, 28042, Madrid, Spain.