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REGISTERED NUMBER: 12924550 (England and Wales)















Financial Statements for the Year Ended 31 December 2023

for

Stonehill Energy Storage Limited

Stonehill Energy Storage Limited (Registered number: 12924550)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Stonehill Energy Storage Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Z Chen
J Guo





REGISTERED OFFICE: Office 1.13/1.14
Fora Reading Thames Tower
Reading
RG1 1LX





REGISTERED NUMBER: 12924550 (England and Wales)





AUDITORS: Shinewing Wilson Accountancy Limited
Chartered Certified Accountants
and Statutory Auditors
9 St Clare Street
London
EC3N 1LQ

Stonehill Energy Storage Limited (Registered number: 12924550)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 899,577 900,275

CURRENT ASSETS
Debtors 5 2,706,897 2,714,000
Cash at bank 317,414 392,477
3,024,311 3,106,477
CREDITORS
Amounts falling due within one year 6 8,980 7,001
NET CURRENT ASSETS 3,015,331 3,099,476
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,914,908

3,999,751

CAPITAL AND RESERVES
Called up share capital 1,020,000 1,020,000
Share premium 3,000,000 3,000,000
Retained earnings (105,092 ) (20,249 )
3,914,908 3,999,751

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 July 2024 and were signed on its behalf by:





Z Chen - Director


Stonehill Energy Storage Limited (Registered number: 12924550)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Stonehill Energy Storage Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The company meets its day-to-day working capital requirements through its cash reserves. The company holds the license to build the solar project. After making enquiries, the directors have a reasonable expectation that the company has adequate resources to complete the project in the foreseeable future based on the financial support available from the shareholders. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Tangible fixed assets - assets under construction
Tangible fixed assets represent assets under construction, which are stated at cost. These assets are not depreciated until they are available for use.

Stonehill Energy Storage Limited (Registered number: 12924550)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including trade and other payables, and loans from group undertakings, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest method.

Share capital
Financial instruments issued by the company are classified as equity only to the extent that they do not meet the definition of a financial liability or financial asset.

The company's ordinary shares are classified as equity instruments.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Stonehill Energy Storage Limited (Registered number: 12924550)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Operating leases: the company as lessee
Rentals paid under operating leases are charged to the Income Statements on a straight line basis over the lease term.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 900,275
Disposals (698 )
At 31 December 2023 899,577
NET BOOK VALUE
At 31 December 2023 899,577
At 31 December 2022 900,275

Plant and machinery represent the asset in the course of construction are stated at cost. These assets are not depreciated until it is available for use.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Amounts owed by group undertakings 2,450,190 2,450,190
Other debtors 256,707 263,810
2,706,897 2,714,000

The amounts owed by group undertakings represents the prepayment of construction fee and owed by the related party contractor Huaneng International Engineering Technology Co., Ltd. The amounts are unsecured, interest free, without a fixed date of repayment and repayable on demand.

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Other creditors 8,980 7,001

Stonehill Energy Storage Limited (Registered number: 12924550)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.23 31.12.22
£    £   
Within one year 50,000 50,000
Between one and five years 200,000 250,000
In more than five years 1,200,000 1,200,000
1,450,000 1,500,000

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Julie Zhuge Wilson (Senior Statutory Auditor)
for and on behalf of Shinewing Wilson Accountancy Limited

9. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

10. ULTIMATE CONTROLLING PARTY

The immediate parent company is Power Act Limited, a company registered in Hong Kong.

The ultimate parent company is China Huaneng Group Co., Ltd, a state owned company registered in P.R.China.

There is no ultimate controlling party.