WALDORF CNS (I) LIMITED

• ⚠

  Annual accounts overdue

  Due 2025-09-30.

• ⚠

  Material uncertainty over going concern

  However, noting the matters described above, the Directors identified two material uncertainties that cast significant doubt upon the Waldorf Group's ability to continue as a going concern during the Assessment Period for the financial statements for the year ended 31 December 2023. These are: 1. The successful implementation of the sale, including the satisfaction of the conditions precedent for the completion of the sale: a. Successful implementation of the restructuring plans for Waldorf Production UK Pic and Waldorf CNS (I) Limited. b. Obtaining regulatory approval from the North Sea Transition Authority (NSTA) for the change in control of interests held by Waldorf entities. 2. Availability of financial support to the Waldorf Group entities from the Purchaser post completion of the sale. The potential for change of control for which the Purchaser's intentions and ability to provide appropriate liquidity support are uncertain.

• ◆

  Audit opinion: Disclaimer of opinion

  Latest auditor's report carried a non-clean opinion.

• ◆

  4 officer resignations in last 12 months

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

1. WALDORF CNS (I) LIMITED 2022-11-16 → present
2. MOLGROWEST (I) LIMITED 2014-03-28 → 2022-11-16
3. WINTERSHALL (UK NORTH SEA) LIMITED 2009-05-21 → 2014-03-28
4. REVUS ENERGY (UK NORTH SEA) LIMITED 2008-03-20 → 2009-05-21
5. PALACE EXPLORATION COMPANY (UNITED KINGDOM) LIMITED 2005-02-22 → 2008-03-20
6. LEDGE 846 LIMITED 2005-01-25 → 2005-02-22

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

IFRS

Reporting scope

Consolidated group

Auditor

Ernst & Young LLP

Audit opinion

Disclaimer of opinion

Going concern

Material uncertainty disclosed

“However, noting the matters described above, the Directors identified two material uncertainties that cast significant doubt upon the Waldorf Group's ability to continue as a going concern during the Assessment Period for the financial statements for the year ended 31 December 2023. These are: 1. The successful implementation of the sale, including the satisfaction of the conditions precedent for the completion of the sale: a. Successful implementation of the restructuring plans for Waldorf Production UK Pic and Waldorf CNS (I) Limited. b. Obtaining regulatory approval from the North Sea Transition Authority (NSTA) for the change in control of interests held by Waldorf entities. 2. Availability of financial support to the Waldorf Group entities from the Purchaser post completion of the sale. The potential for change of control for which the Purchaser's intentions and ability to provide appropriate liquidity support are uncertain.”

Group structure

1. WALDORF CNS (I) LIMITED · parent
   1. Waldorf CNS (II) Limited 100% · UK · Oil and gas activities

Significant events

• “On 2 March 2023, an affiliate of the Group, Waldorf Energy Finance PLC, successfully issued a $150 million 3 year senior secured amortising bond issue with a coupon of 12%, with net proceeds being used to support the financing requirements of the WEPL Group.”
• “On 11 December 2025, the WEPL Administrators and the WPL Administrators entered into a share sale and purchase agreement (the "SPA") with Chrysaor Holdings Limited (the "Purchaser")...”
• “On 30 October 2024, it was announced that the rate of the Energy Profits Levy would increase to 38% from 1 November 2024, the period for which the levy applies would be extended to 31 March 2030, and investment allowances previously available would be removed.”

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

1

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.

• Turnover

  -39.4%

  £279,256,486 → £169,101,557

• Cash

  +102.7%

  £2,361,008 → £4,786,509

• Net assets

  -212.7%

  £57,026,686 → -£64,245,367

• Employees

  —

  Not reported

• Operating profit

  -105.6%

  £191,226,093 → -£10,731,653

• Profit before tax

  -116.7%

  £188,326,909 → -£31,450,704

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