Registration number:
Sosteneo BESS 1 (UK) Limited
(formerly
for the Period from 23 February 2022 to 31 March 2023
Sosteneo BESS 1 (UK) Limited
(formerly
Contents
Company Information |
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Abridged Balance Sheet |
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Notes to the Abridged Financial Statements |
Sosteneo BESS 1 (UK) Limited
(formerly
Company Information
Directors |
Evripides Constantinou Christopher Twomey Michele Patri |
Registered office |
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Auditors |
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Sosteneo BESS 1 (UK) Limited
(formerly
(Registration number: 13935642)
Abridged Balance Sheet as at 31 March 2023
Note |
2023 |
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Fixed assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Prepayments and accrued income |
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Creditors: Amounts falling due within one year |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
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Net liabilities |
( |
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Capital and reserves |
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Called up share capital |
2 |
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Retained earnings |
(20,234) |
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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
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Sosteneo BESS 1 (UK) Limited
(formerly
Notes to the Abridged Financial Statements for the Period from 23 February 2022 to 31 March 2023
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:
These financial statements were authorised for issue by the
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
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
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
Investments |
Total |
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Cost or valuation |
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Additions |
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Provision |
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Carrying amount |
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At 31 March 2023 |
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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 |
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Subsidiary undertakings |
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4 Thomas More Square, London E1W 1YW England |
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Sosteneo BESS 1 (UK) Limited
(formerly
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 |
Share capital |
Allotted, called up and fully paid shares
2023 |
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No. |
£ |
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1 |
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1 |
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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.
Related party transactions |
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
Notes to the Abridged Financial Statements for the Period from 23 February 2022 to 31 March 2023 (continued)
Parent and ultimate parent undertaking |
At the balance sheet date, the company's immediate parent was
At the balance sheet date, the most senior parent entity producing publicly available financial statements was
Events after the financial period |
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Auditor information |
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