SOURCE GALILEO LIMITED

• ⚠

  Confirmation statement overdue

  Due 2026-04-26.

• ◆

  4 officer resignations in last 12 months

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

• ◆

  1 PSC ceased in last 24 months

  Significant control changed hands — see the Ownership section.

Figures converted to GBP from EUR at 0.870 per EUR (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

  +455.7%

  £919,210 → £5,108,270

• Cash

  +64.3%

  £1,691,451 → £2,779,372

  highest in 3 filed years

• Net assets

  +388.2%

  -£702,670 → £2,025,394

  highest in 3 filed years

• Employees

  +4%

  25 → 26

  highest in 3 filed years

• Operating profit

  +371.9%

  -£1,294,895 → £3,520,306

• Profit before tax

  +137%

  -£3,093,312 → £1,143,578

• Wages

  +18.5%

  £2,685,451 → £3,182,885

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. 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. SOURCE GALILEO LIMITED 2022-08-31 → present
2. SOURCE ENERGIE UK LIMITED 2021-06-24 → 2022-08-31

Accounting basis

UK-adopted IFRSs

Reporting scope

Consolidated group

Auditor

KPMG LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“The financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reasons. The Group and Company meets its day to day working capital requirements from operational cash flows, together with a shareholder loan (Note 16. Loans and borrowings) with the group headed by Galileo Green Energy GmbH, the ultimate parent company. The directors have prepared cash flow forecasts and performed a going concern assessment which indicates that, in reasonably possible downsides, the Group and Company will require additional funds, through funding from its ultimate parent company, Galileo Green Energy GmbH, to meet its liabilities as they fall due during 12-month period ending 31 December 2026, the going concern assessment period. Consequently, the directors are confident that the Group and Company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.”

Group structure

1. SOURCE GALILEO LIMITED · parent
   1. Source Galileo Development Services UK Ltd 100% · UK
   2. Mac Lir Offshore Wind Ltd 80% · Ireland
   3. Floating Cork Offshore Wind Ltd 80% · Ireland
   4. Malin Head Offshore Wind Ltd 80% · Ireland
   5. Danu Offshore Wind Ltd 80% · Ireland
   6. Muirgen Offshore Wind Ltd 80% · Ireland
   7. Source Galileo Ireland Ltd 100% · Ireland
   8. SE Dylan Ltd 80% · UK
   9. SE Myrddin Ltd 80% · UK
   10. SE Portwind Ltd 80% · UK
   11. SE Andover BESS Ltd 100% · UK
   12. SE Andover Solar Ltd 100% · UK
   13. SE Goval BESS Ltd 100% · UK
   14. SE Lockerley BESS Ltd 100% · UK
   15. Celtic Sea Wind Electric Ltd 100% · UK
   16. SE Upper Studley BESS Ltd 100% · UK
   17. SE Mannington BESS Ltd 100% · UK
   18. SE Essington BESS Ltd 100% · UK
   19. Source Galileo Norge AS 100% · Norway
   20. Source Source Galileo Holding AS 100% · Norway
   21. Ogvind AS 100% · Norway

Significant events

• “In January 2025, Source Galileo Limited (the "Seller") and Trina Solar UK Investments II Ltd (the "Buyer") entered into a Sale and Purchase Agreement for the sale and acquisition of the entire issued share capital of SE Rigifa Bess Ltd. ... the transaction was completed, resulting in the recognition of revenue.”
• “Following the reporting date, in order to resize the business to align to appropriate levels of activities reflecting market conditions and business priorities, the company terminated the Executive Management Services Agreement and implemented a two-phase redundancy programme affecting 14 employees. The total cost of the initial phase of the programme... amounted to k€170.”
• “In May 2025, the Utsiravind project in Norway had a significant setback when the Norwegian government announced changes to the eligibility criteria for the Seabed Competition, rendering the project ineligible in May 2025. ... This investment is now expected to be fully impaired.”

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

Filings

9

last 12 months

Capital events

0

last 24 months

Officers appointed

2

last 12 months

Officers resigned

4

last 12 months

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