Company registration number 14470671 (England and Wales)
GENERATE UK POWER HOLDINGS LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
GENERATE UK POWER HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
GENERATE UK POWER HOLDINGS LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
Notes
£
£
Fixed assets
Investments
4
42,275,996
Current assets
Debtors
5
2,187,597
Cash at bank and in hand
77,685
2,265,282
Creditors: amounts falling due within one year
6
(44,800,929)
Net current liabilities
(42,535,647)
Net liabilities
(259,651)
Capital and reserves
Called up share capital
7
100
Profit and loss reserves
(259,751)
Total equity
(259,651)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 6 August 2024 and are signed on its behalf by:
M Kowalski
Director
Company registration number 14470671 (England and Wales)

The notes on pages 2 to 5 form part of these financial statements.

GENERATE UK POWER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 2 -
1
General information

Generate UK Power Holdings Limited (the Company) is a company incorporated on 8 November 2022 in the United Kingdom under the Companies Act 2006.

 

The Company is a private company limited by shares incorporated in England and Wales. The registered office is 1 Bartholomew Lane, London, United Kingdom, EC2N 2AX.

 

The principal activity of the Company is as a holding vehicle for Generate Capital, PBC's subsidiary businesses operating in the UK.

Reporting period

The first financial period is for 14 months which started from the date of incorporation i.e. 8 November 2022 and ends 31 December 2023. As the Company was incorporated on 8 November 2022 this is the first set of accounts and as such there are no comparatives.

 

The Company's principal accounting policies applied in the preparation of these financial statements are set out below.

1.1
Basis of preparation of financial statements

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention.

1.2
Exemption from preparing consolidated financial statements

The Company has taken advantage of the exemption available in section 400 of the Companies Act 2006 and has not prepared group accounts. These financial statements present information about the Company as an individual undertaking and not about its group.

1.3
Going concern

The Company made a loss before taxation of £259,751 in the period and has net liabilities of £259,651 for the period ended 31 December 2023.true

 

The directors have received a commitment of continued financial support from the Company's ultimate parent company, Generate Capital, PBC, and the directors believe that such financial support will continue to be available for the next 12 months. Accordingly, they have adopted the going concern basis of accounting in preparing these financial statements.

1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

 

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

 

GENERATE UK POWER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
General information
(Continued)
- 3 -
1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet 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 debtors 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 transaction is measured at the present value of the future receipts discounted at a market rate of interest.

 

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

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 creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

1.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

GENERATE UK POWER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 4 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

Investments in subsidiaries are carried at cost less impairments which requires estimation as to the carrying value of the investments. The carrying value of the investments are assessed for any indication of impairment.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

The key judgement which has a significant impact on the financial statements is in respect of going concern, as described above. In the opinion of the directors, there are no key sources of estimation uncertainty as at 31 December 2023.

 

The treatment of the loans to the subsidiaries is also considered to be a key judgement. The directors have taken into consideration the terms and conditions of the loans and the performance of the subsidiaries and they have decided not to request for repayment in the foreseeable future. Therefore, the directors consider the treatment of the loans to subsidiaries as fixed assets investments to be appropriate.

3
Employees

The average monthly number of employees, including directors, during the period was 5.

4
Fixed asset investments
2023
£
Investments in subsidiaries
2,945,496
Loans to subsidiaries
39,330,500
42,275,996
Movements in fixed asset investments
Investments in subsidiaries
Loans to subsidiaries
Total
£
£
£
Cost or valuation
At 8 November 2022
-
-
-
Additions
2,945,496
39,330,500
42,275,996
At 31 December 2023
2,945,496
39,330,500
42,275,996
Carrying amount
At 31 December 2023
2,945,496
39,330,500
42,275,996
GENERATE UK POWER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 5 -
5
Debtors
2023
Amounts falling due within one year:
£
Amounts owed by group undertakings
2,187,597
6
Creditors: amounts falling due within one year
2023
£
Amounts owed to group undertakings
44,800,929

The amounts owed to group undertakings have an annual interest rate in line with the market rate and are repayable on demand.

7
Called up share capital
2023
2023
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of £1 each
100
100

Upon incorporation on 8 November 2022, 100 ordinary shares with a nominal value of £1 each were allotted and fully paid.

8
Audit report

The Independent Auditors' Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report was Robert Whitehead FCCA, who signed for and on behalf of PKF Francis Clark on 6 August 202406 August 2024.

9
Related party transactions

The Company has applied the exemption granted by paragraph 33.1A of FRS102 Related Party Disclosures not to disclose transactions with members of the same group.

10
Controlling party

The Company's immediate parent company is Generate UK Investment Holdings Limited, a company incorporated in England and Wales and the ultimate parent company and controlling party is Generate Capital, PBC, a company incorporated in the state of Delaware, United States of America, which is the parent company of the smallest and largest group to consolidate these financial statements. The registered office of Generate Capital, PBC is 251 Little Falls Drive, Wilmington, Delaware, DE 19808, USA with a physical address at 560 Davies Street, Suite 250, San Francisco, CA 94111, USA.

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