SALTFLEETBY ENERGY LIMITED

• ⚠

  Material uncertainty over going concern

  The company made a profit of £5.370 million during the year ended 30 September 2024 which included a derivative gain of £5.303 million and, as of that date, the company had net current liabilities of £14.745 million (2023:£16.813 million). Forecast cashflows place reliance on there not being a suspension of gas production for an unforeseen significant period. Current production levels are in excess of derivative requirements and there are no present operational concerns. Contracted derivatives will need to be settled at fixed points in time. In the event of any significant production delays or ongoing breaches under the Trafigura Facility, this would be subject to negotiation with Trafigura or further funding may be required. The directors consider that it is appropriate to adopt the going concern basis of preparation, notwithstanding the material uncertainty relating to the continued production of gas as outlined above.

1. SALTFLEETBY ENERGY LIMITED 2019-07-26 → present
2. WINGAS STORAGE UK LIMITED 2005-01-28 → 2019-07-26
3. ROC OIL (UK) LIMITED 1999-07-22 → 2005-01-28
4. CANDECCA RESOURCES LIMITED 1969-04-29 → 1999-07-22

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. 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.

Accounting basis

FRS 102

Reporting scope

Standalone (parent only)

Auditor

Crowe U.K. LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“The company made a profit of £5.370 million during the year ended 30 September 2024 which included a derivative gain of £5.303 million and, as of that date, the company had net current liabilities of £14.745 million (2023:£16.813 million). Forecast cashflows place reliance on there not being a suspension of gas production for an unforeseen significant period. Current production levels are in excess of derivative requirements and there are no present operational concerns. Contracted derivatives will need to be settled at fixed points in time. In the event of any significant production delays or ongoing breaches under the Trafigura Facility, this would be subject to negotiation with Trafigura or further funding may be required. The directors consider that it is appropriate to adopt the going concern basis of preparation, notwithstanding the material uncertainty relating to the continued production of gas as outlined above.”

Significant events

• “On 25 February 2025, the Angus Energy Weald Basin No3 Limited (in which Saltfleetby Energy Limited is liable for 49%) struck additional hedges as pe the requirements of the rolling gas price protection policy in Trafigura Facility.”
• “The Trafigura Facility requires a rolling gas price protection policy to be put in place which stipulates a minimum protected amount equal to 45% of gas produced for the 12 months immediately ahead, and 33% for the following 6 months and 0% thereafter. As such, on 25 February 2025, the following hedges were struck with AEW3, where the Company is liable for 49% working interest.”

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

Filings

3

last 12 months

Capital events

0

last 24 months

Officers appointed

0

last 12 months

Officers resigned

1

last 12 months

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