GWYNT Y MOR OFTO INTERMEDIATE LIMITED

• ⚠

  Material uncertainty over going concern

  Due to commercial issues since project commencement faced by Gywnt y Mor OFTO Plc (the issuer of loan notes to which the Company has subscribed), very few receipts of interest (and none of principal) relating to Gywnt Y Mor OFTO Plc's loan notes have been able to occur. Consequently, the Company's repayments of interest on its own issued loan notes have been equally limited. The Company will be unable to resume subordinated debt repayments to its creditors until Gwynt y Mor OFTO Plc is able to resume repayments. 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. The Company and its debtor and creditors are considering options to address and mitigate this issue. The Directors believe it remains appropriate to prepare these financial statements on a going concern basis because this issue will only arise when the first subordinated debt repayment is due at March 2034. However, until the issue is mitigated, there is a material uncertainty as to whether the subordinated debt will be fully repaid when it becomes due. 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. The financial statements do not include any adjustments that would result from the basis of preparation being inappropriate.

• ◆

  3 officer resignations in last 12 months

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

Accounting basis

FRS 101

Reporting scope

Standalone (parent only)

Auditor

KPMG LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“Due to commercial issues since project commencement faced by Gywnt y Mor OFTO Plc (the issuer of loan notes to which the Company has subscribed), very few receipts of interest (and none of principal) relating to Gywnt Y Mor OFTO Plc's loan notes have been able to occur. Consequently, the Company's repayments of interest on its own issued loan notes have been equally limited. The Company will be unable to resume subordinated debt repayments to its creditors until Gwynt y Mor OFTO Plc is able to resume repayments. 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. The Company and its debtor and creditors are considering options to address and mitigate this issue. The Directors believe it remains appropriate to prepare these financial statements on a going concern basis because this issue will only arise when the first subordinated debt repayment is due at March 2034. However, until the issue is mitigated, there is a material uncertainty as to whether the subordinated debt will be fully repaid when it becomes due. 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. The financial statements do not include any adjustments that would result from the basis of preparation being inappropriate.”

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

Filings

6

last 12 months

Capital events

0

last 24 months

Officers appointed

0

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.