OVO ELECTRICITY LTD

• ⚠

  Material uncertainty over going concern

  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

• ◆

  3 officer resignations in last 12 months

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

1. OVO ELECTRICITY LTD 2009-06-16 → present
2. AURORA HOME ENERGY POWER LTD 2009-03-25 → 2009-06-16

Accounting basis

FRS 101

Reporting scope

Standalone (parent only)

Auditor

PricewaterhouseCoopers LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“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”

Significant events

• “On 31 July 2024, the Company issued and alloted 57,781,701,900 £0.01 Ordinary shares to OVO Energy Ltd in exchange for assets valued at £51m consisting of £26m. debtors, £17m stocks and £8m tangible assets, and £526m cash. Of the £526m cash subscription amount, £353m remains outstanding 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

3

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.