Sosteneo BESS 1 (UK) Limited 13935642 false 2022-02-23 2023-03-31 2023-03-31 The principal activity of the company is investment in electricity storage facilities. Digita Accounts Production Advanced 6.30.9574.0 true false false true true 13935642 2022-02-23 2023-03-31 13935642 2023-03-31 13935642 bus:OrdinaryShareClass1 2023-03-31 13935642 bus:OrdinaryShareClass2 2023-03-31 13935642 core:CurrentFinancialInstruments 2023-03-31 13935642 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 13935642 core:Non-currentFinancialInstruments 2023-03-31 13935642 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 13935642 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2023-03-31 13935642 bus:SmallEntities 2022-02-23 2023-03-31 13935642 bus:Audited 2022-02-23 2023-03-31 13935642 bus:AbridgedAccounts 2022-02-23 2023-03-31 13935642 bus:SmallCompaniesRegimeForAccounts 2022-02-23 2023-03-31 13935642 bus:RegisteredOffice 2022-02-23 2023-03-31 13935642 bus:Director2 2022-02-23 2023-03-31 13935642 bus:Director4 2022-02-23 2023-03-31 13935642 bus:Director5 2022-02-23 2023-03-31 13935642 bus:OrdinaryShareClass1 2022-02-23 2023-03-31 13935642 bus:OrdinaryShareClass2 2022-02-23 2023-03-31 13935642 bus:PrivateLimitedCompanyLtd 2022-02-23 2023-03-31 13935642 1 2022-02-23 2023-03-31 13935642 core:AllSubsidiaries 2022-02-23 2023-03-31 13935642 core:Subsidiary1 2022-02-23 2023-03-31 13935642 core:Subsidiary1 1 2022-02-23 2023-03-31 13935642 core:Subsidiary1 countries:AllCountries 2022-02-23 2023-03-31 13935642 1 2022-02-23 2023-03-31 13935642 1 2022-02-23 2023-03-31 13935642 countries:UnitedKingdom 2022-02-23 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 13935642

Sosteneo BESS 1 (UK) Limited
(formerly Pacific Green Battery Energy Parks 1 Limited )

Filleted Abridged Financial Statements

for the Period from 23 February 2022 to 31 March 2023

 

Sosteneo BESS 1 (UK) Limited
(formerly Pacific Green Battery Energy Parks 1 Limited )

Contents

Company Information

1

Abridged Balance Sheet

2

Notes to the Abridged Financial Statements

3 to 7

 

Sosteneo BESS 1 (UK) Limited
(formerly Pacific Green Battery Energy Parks 1 Limited )

Company Information

Directors

Evripides Constantinou

Christopher Twomey

Michele Patri

Registered office

4 Thomas More Square
London
E1W 1YW

Auditors

Carbon Accountancy Limited
Chartered Accountants
80-83 Long Lane
London
EC1A 9ET

 

Sosteneo BESS 1 (UK) Limited
(formerly Pacific Green Battery Energy Parks 1 Limited )

(Registration number: 13935642)
Abridged Balance Sheet as at 31 March 2023

Note

2023
£

Fixed assets

 

Investments

4

1,498,000

Current assets

 

Debtors

13,782,098

Cash at bank and in hand

 

149

 

13,782,247

Prepayments and accrued income

 

1,077,175

Creditors: Amounts falling due within one year

(1,716,163)

Net current assets

 

13,143,259

Total assets less current liabilities

 

14,641,259

Creditors: Amounts falling due after more than one year

(14,661,491)

Net liabilities

 

(20,232)

Capital and reserves

 

Called up share capital

5

2

Retained earnings

(20,234)

Shareholders' deficit

 

(20,232)

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 23 February 2024 and signed on its behalf by:
 

.........................................
Christopher Twomey
Director

 

Sosteneo BESS 1 (UK) Limited
(formerly Pacific Green Battery Energy Parks 1 Limited )

Notes to the Abridged Financial Statements for the Period from 23 February 2022 to 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The company was formerly known as Pacific Green Battery Energy Parks 1 Limited .

The address of its registered office is:
4 Thomas More Square
London
E1W 1YW

These financial statements were authorised for issue by the Board on 23 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts. The company recognises revenue when: the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

 

Sosteneo BESS 1 (UK) Limited
(formerly Pacific Green Battery Energy Parks 1 Limited )

Notes to the Abridged Financial Statements for the Period from 23 February 2022 to 31 March 2023 (continued)

2

Accounting policies (continued)

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Sosteneo BESS 1 (UK) Limited
(formerly Pacific Green Battery Energy Parks 1 Limited )

Notes to the Abridged Financial Statements for the Period from 23 February 2022 to 31 March 2023 (continued)

2

Accounting policies (continued)

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 0.

4

Investments

Total
£

Cost or valuation

Additions

1,498,000

Provision

Carrying amount

At 31 March 2023

1,498,000

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

Subsidiary undertakings

Richborough Energy Park Limited

4 Thomas More Square, London E1W 1YW

England

Ordinary

100%

 

Sosteneo BESS 1 (UK) Limited
(formerly Pacific Green Battery Energy Parks 1 Limited )

Notes to the Abridged Financial Statements for the Period from 23 February 2022 to 31 March 2023 (continued)

4

Investments (continued)

Subsidiary undertakings

Richborough Energy Park Limited

The principal activity of Richborough Energy Park Limited is development, construction and operation of utility scale projects for electricity storage and trading.

5

Share capital

Allotted, called up and fully paid shares

 

2023

 

No.

£

A Ordinary shares of £1 each

1

1

B Ordinary shares of £1 each

1

1

 

2

2

6

Financial commitments, guarantees and contingencies

At the balance sheet date, the total amount of financial guarentees provided for debt facilities of subsidiary undertaking Richborough Energy Park Limited is £14,623,854.

7

Related party transactions

Amounts due from related parties represent interest bearing loans at 10% per annum to subsidiary Richborough Energy Park Limited. The balance at the period end of £13,782,098. Included in other debtors is interest of £1,077,175 accrued on this facility.
 
Amounts due to group undertakings represent a balance of £13 due to fellow subsidiary Pacific Green Technologies UK Limited.

 

 

Sosteneo BESS 1 (UK) Limited
(formerly Pacific Green Battery Energy Parks 1 Limited )

Notes to the Abridged Financial Statements for the Period from 23 February 2022 to 31 March 2023 (continued)

8

Parent and ultimate parent undertaking


 At the balance sheet date, the company's immediate parent was Pacific Green Energy Storage (UK) Limited, incorporated in England and the ultimate parent was Pacific Green Technologies Inc, incorporated in the USA .

 At the balance sheet date, the most senior parent entity producing publicly available financial statements was Pacific Green Technologies Inc. These financial statements are available upon request from Suite 10212, 8 The Green, Dover, Deleware 19901, USA

 

9

Events after the financial period

The company and its subsidiary Richborough Energy Park Limited (REP) were acquired on 9 June 2023 by Sosteneo Fund 1 HoldCo Sarl, a company resident in Luxembourg. Under the terms of the sale and purchase agreement, the consideration is payable pursuant to operational milestones related to the battery park owned by REP as it connects to the UK national grid and becomes operational.

As of 9 June 2023, the ultimate parent undertaking of the company was Assicurazioni Generali SPA, a company resident in Italy.

10

Auditor information

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 23 February 2024 was John Leyden FCA, who signed for and on behalf of Carbon Accountancy Limited.

.........................................