OVO GAS LTD

• ⚠

  Material uncertainty over going concern

  The Company relies on the continued financial support from the Group through a Letter of Support from Energy Transition Holdings Ltd. The licensed entities of the Group, being OVO Electricity Ltd and the company, fall within the Intermediate Position under Ofgem's Capital Adequacy framework from 31 March 2025. As a result, the Group has agreed a required capitalisation plan with Ofgem to improve its capital position within the going concern period. However there is uncertainty around the timing and extent of the implementation of a capitalisation plan due to certain elements being outside the control of the Group. This creates a material uncertainty which may cast significant doubt on the Group's ability to continue as a going concern and therefore its ability to continue to support the Company.

• ◆

  3 officer resignations in last 12 months

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

1. OVO GAS LTD 2009-06-16 → present
2. AURORA HOME ENERGY LTD 2008-11-19 → 2009-06-16

Accounting basis

FRS 101

Reporting scope

Standalone (parent only)

Auditor

PricewaterhouseCoopers LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“The Company relies on the continued financial support from the Group through a Letter of Support from Energy Transition Holdings Ltd. The licensed entities of the Group, being OVO Electricity Ltd and the company, fall within the Intermediate Position under Ofgem's Capital Adequacy framework from 31 March 2025. As a result, the Group has agreed a required capitalisation plan with Ofgem to improve its capital position within the going concern period. However there is uncertainty around the timing and extent of the implementation of a capitalisation plan due to certain elements being outside the control of the Group. This creates a material uncertainty which may cast significant doubt on the Group's ability to continue as a going concern and therefore its ability to continue to support the Company.”

Significant events

• “On 31 July 2024, the Company issued and allotted 20,731,337,300 £0.01 Ordinary shares to OVO Energy Ltd in exchange for £7m debtors and £200m cash. The entire cash subscription of £200m has not been settled and is included in the amounts owed by group undertakings as at the balance sheet date. The acquisition of assets was aimed at improving the level of assets and capital in the Company following the capital adequacy requirements introduced by Ofgem.”

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

2

last 24 months

Officers appointed

2

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.