GWYNT Y MOR OFTO PLC

• ◆

  Material uncertainty over going concern

  Due to commercial issues that the Company has faced since commencement, very few repayments of interest (and none of principal) of subordinated debt to Noteholders have been able to occur. The OFTO is unable to resume subordinated debt repayments until all reserve accounts are fully funded and all PBCE borrowings have been repaid. There remains a risk that the compounding interest-on-interest roll up will lead to a scenario where there are outstanding amounts payable to Noteholders at the conclusion of the project in 2035 and no further available cash flows to settle these amounts. This may cast significant doubt on the Company's ability to continue as a going concern in the later years of the project and the Company may be unable to realise its assets and discharge its liabilities in the normal course of business.

• ◆

  3 officer resignations in last 12 months

  Multiple officers have left the board recently — see the People section for who.

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. The Δ column is the change from the prior filed period as a percentage of |prior|; lines a company doesn't report show —. 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. Margin ratios are hidden where reported turnover is too small relative to profit to yield a meaningful figure — typical of holding companies whose income is mostly subsidiary dividends rather than trading revenue. Sector-distribution context coming next.

1. GWYNT Y MOR OFTO PLC 2014-12-05 → present
2. GWYNT Y MOR OFTO LIMITED 2014-02-25 → 2014-12-05
3. ALNERY NO. 3126 LIMITED 2013-11-29 → 2014-02-25

Accounting basis

IFRS

Reporting scope

Standalone (parent only)

Auditor

KPMG LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“Due to commercial issues that the Company has faced since commencement, very few repayments of interest (and none of principal) of subordinated debt to Noteholders have been able to occur. The OFTO is unable to resume subordinated debt repayments until all reserve accounts are fully funded and all PBCE borrowings have been repaid. There remains a risk that the compounding interest-on-interest roll up will lead to a scenario where there are outstanding amounts payable to Noteholders at the conclusion of the project in 2035 and no further available cash flows to settle these amounts. This may cast significant doubt on the Company's ability to continue as a going concern in the later years of the project and the Company may be unable to realise its assets and discharge its liabilities in the normal course of business.”

Significant events

• “On 14 December 2023, the SSEC3 cable tripped due to a cable fault. Availability was reduced to 50% for 6 hours, and was then 75% until the cable was re-energised on 30 August 2024 following a repair. An export cap was applied to SSEC3 following the re-energisation, and this will be the case until a more extensive repair can be conducted (planned for summer 2025).”
• “Regarding the Stage 4 SSEC3 repair, to be carried out in summer 2025, the OFTO has made a provision in full for repair costs at the year end, along with an income accrual for the recovery of these costs.”

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

Filings

7

last 12 months

Capital events

0

last 24 months

Officers appointed

1

last 12 months

Officers resigned

3

last 12 months

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