CADOGAN ENERGY SOLUTIONS PLC

• ⚠

  Material uncertainty over going concern

  As explained more fully in the Directors' Responsibilities, given the war in Ukraine, the Directors have provided a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence for the foreseeable future. However, due to the unpredictability of the impact on the Group’s cash flows related to the war in Ukraine, the Group cannot be predicted with any certainty to be able to meet its obligations as they fall due for at least twelve months from the date of signing of these financial statements.

• ◆

  Audit opinion: Qualified

  Latest auditor's report carried a non-clean opinion.

Figures converted to GBP from USD at 0.748 per USD (Frankfurter spot rate) — hover any figure for the original. — indicates the figure wasn't present under that line item in that period. About these numbers

• Turnover

  +21.2%

  £5,644,016 → £6,841,594

• Cash

  +1.6%

  £10,581,595 → £10,750,542

• Net assets

  -20.2%

  £27,241,534 → £21,729,835

• Employees

  +2.7%

  74 → 76

• Operating profit

  +9.9%

  -£468,715 → -£422,367

• Profit before tax

  -534.3%

  £940,420 → -£4,083,875

• Wages

  -10.9%

  £1,313,448 → £1,170,666

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

1. CADOGAN ENERGY SOLUTIONS PLC 2022-12-12 → present
2. CADOGAN PETROLEUM PLC 2006-04-20 → 2022-12-12
3. HAMSARD 2994 LIMITED 2006-02-22 → 2006-04-20

Accounting basis

IFRS

Reporting scope

Consolidated group

Auditor

Moore Kingston Smith LLP

Audit opinion

Qualified

Going concern

Material uncertainty disclosed

“As explained more fully in the Directors' Responsibilities, given the war in Ukraine, the Directors have provided a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence for the foreseeable future. However, due to the unpredictability of the impact on the Group’s cash flows related to the war in Ukraine, the Group cannot be predicted with any certainty to be able to meet its obligations as they fall due for at least twelve months from the date of signing of these financial statements.”

Group structure

1. CADOGAN ENERGY SOLUTIONS PLC · parent
   1. Cadogan Petroleum Holdings Ltd 100% · UK · Holding company
   2. Cadogan Petroleum Holdings BV 100% · Netherlands · Holding company
   3. Cadogan Bityanska BV 100% · Netherlands · Holding company
   4. Zagoryanska Petroleum BV 100% · Netherlands · Holding company
   5. LLC Cadogan Ukraine 100% · Ukraine · Company management
   6. LLC Astroinvest-Energy 100% · Ukraine · Trading
   7. SE USENCO Nadra 100% · Ukraine · Production
   8. LLC Astro-Service 100% · Ukraine · Service company
   9. Exploenergy s.r.l. 90% · Italy · Exploration

Significant events

• “Production increased by 9% year-on-year to 129,272 bbl in 2024. Gross revenues for 2024 were $9.2 million. Cash at year end 2024 was $14.4 million.”
• “No LTI/TRI. ISO 14001 and 45001 certifications re-validated.”
• “Assessment of Blazhiv oil field hydrocarbon reserves by an independent expert according to PRMS standards.”
• “Qualification of Exploenergy as gas operator in Italy by the Ministry of Environment and Energy Transition.”
• “Development of the gas-to-power project using non-commercial gas of Blazhiv field.”
• “Launch of investment for new power generation projects in Ukraine (12.3 MW) to enter operation in H2 2025.”
• “In January 2025, Cadogan received 10,000,000 € cash as per Settlement Agreement signed in December 2024.”
• “In February 2025, Cadogan Energy Solutions plc issued 7,000,000 new ordinary shares of £0.03 each.”
• “In April 2025, Astroinvest Energy entered negotiations for a 5-year non-recourse credit line loan (up to €7.0 M) to finance power generation projects.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

5

last 12 months

Capital events

1

last 24 months

Officers appointed

0

last 12 months

Officers resigned

0

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.