FLOTATION ENERGY LIMITED

Latest accounts filed cover 2024-12-31; financial figures currently reflect up to 2023-12-31.

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

Accounting basis

IFRS

Reporting scope

Consolidated group

Auditor

Ernst & Young LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“At the time of approving the financial statements, the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. The Group has received a letter of financial support from its parent company, TEPCO Renewable Power, Inc., stating its current intention to continue to provide such funding to the Company and the Group as is necessary to enable the Company and Group to continue in operational existence and to meet their liabilities as they fall due, until 31 July 2026.”

Group structure

1. FLOTATION ENERGY LIMITED · parent
   1. Flotation Energy Pty Ltd 100% · Australia · Development of offshore wind farm sites
   2. Flotation Energy Taiwan Ltd 100% · Taiwan · Development of offshore wind farm sites
   3. Seadragon Offshore Wind PTY Ltd 100% · Australia · Development of offshore wind farm sites
   4. Seadragon Holdco Ltd 100% · Scotland · Development of offshore wind farm sites
   5. Taiwan Offshore Wind Ltd 100% · Scotland · Dormant
   6. Flotation Energy Japan Co. Ltd 100% · Japan · Development of offshore wind farm sites
   7. Blackwater Offshore Wind Holdco Limited 100% · Scotland · Dormant
   8. Greystones Offshore Wind Holdco Limited 100% · Scotland · Dormant
   9. White Cross Offshore Wind Holdco Ltd 100% · Scotland · Dormant
   10. Blackwater OWL Windfarm Limited 100% · Ireland · Dormant
   11. Greystones OWL Windfarm Limited 100% · Ireland · Dormant
   12. White Cross Offshore Windfarm Ltd 100% · Scotland · Dormant

Significant events

• “On 6 of February 2025 the Company signed a sale and purchase agreement to sell its share of Morecambe Holdco Limited. At this date the Company subscribed for 11,588,297 £1 C shares of Morecambe Holdco Limited, and the loan notes due from this entity to Flotation Energy were repaid. All shares held by Flotation Energy in Morecambe Holdco Limited, including the newly subscribed shares, were agreed to be sold. Completion on this sale transaction is expected to take place in the later part of 2025.”
• “On the 27 of February 2025, the Company issued 55,000,000 Ordinary shares of £1 each.”
• “On 25 July 2025, it was announced that the Company's Chief Executive Officer Lord Nicol Stephen will retire at the end of September 2025.”

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

1

last 12 months

Officers resigned

2

last 12 months

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

• Turnover

  —

  Not reported

• Cash

  —

  Not reported

• Net assets

  —

  Not reported

• Employees

  +152.8%

  53 → 134

Each % is (latest − prior) ÷ |prior| for the line item as filed. Periods don't have to be exactly 12 months apart — a long or short period (typical around incorporation or year-end changes) will distort the comparison. Lines a company doesn't report are omitted. About these numbers