REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
FOR |
LUMINOUS ENERGY GROUP LIMITED |
PREVIOUSLY KNOWN AS |
LUMINOUS ENERGY LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
FOR |
LUMINOUS ENERGY GROUP LIMITED |
PREVIOUSLY KNOWN AS |
LUMINOUS ENERGY LIMITED |
LUMINOUS ENERGY GROUP LIMITED (REGISTERED NUMBER: 08416646) |
PREVIOUSLY KNOWN AS LUMINOUS ENERGY LIMITED |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 29 February 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
LUMINOUS ENERGY GROUP LIMITED |
PREVIOUSLY KNOWN AS LUMINOUS ENERGY LIMITED |
COMPANY INFORMATION |
for the year ended 29 February 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
16 Davy Court |
Castle Mound Way |
Rugby, CV23 0UZ |
Magma Audit LLP is part |
Of the Dains Group |
LUMINOUS ENERGY GROUP LIMITED (REGISTERED NUMBER: 08416646) |
PREVIOUSLY KNOWN AS LUMINOUS ENERGY LIMITED |
BALANCE SHEET |
29 February 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
NET ASSETS |
LUMINOUS ENERGY GROUP LIMITED (REGISTERED NUMBER: 08416646) |
PREVIOUSLY KNOWN AS LUMINOUS ENERGY LIMITED |
BALANCE SHEET - continued |
29 February 2024 |
2024 | 2023 |
Notes | £ | £ |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Retained earnings |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
LUMINOUS ENERGY GROUP LIMITED (REGISTERED NUMBER: 08416646) |
PREVIOUSLY KNOWN AS LUMINOUS ENERGY LIMITED |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 29 February 2024 |
1. | STATUTORY INFORMATION |
Luminous Energy Group Limited is a limited company, limited by shares, registered in England and Wales. Its registered office address is Hartham Park, Hartham Lane, Corsham, Wiltshire, SN13 0RP and the registered number is 08416646. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The presentational currency of the financial statements is Pound sterling (£) and figures are rounding to the nearest £1. |
Related party exemption |
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. |
Turnover |
Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: |
Rendering of goods and services |
Revenue from a contract to provide goods and services is recognised in the period in which the goods and services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: |
- the amount of revenue can be measured reliably; |
- it is probable that the Company will receive the consideration due under the contract; |
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and |
- the costs incurred and the costs to complete the contract can be measured reliably. |
Tangible fixed assets |
Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated |
impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using either a straight line or reducing balance method, as indicated below. |
Depreciation is provided on the following basis: |
Plant and machinery | 33 % | Straight line |
Fixtures and fittings | 33 % | Straight line |
Computer equipment | 33 % | Straight line |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss |
LUMINOUS ENERGY GROUP LIMITED (REGISTERED NUMBER: 08416646) |
PREVIOUSLY KNOWN AS LUMINOUS ENERGY LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 29 February 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
(i) Financial assets |
Basic financial assets, including trade and other debtors, cash and bank balances are initially recognised at transaction price, 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. |
Such assets are subsequently carried at amortised cost using the effective interest rate method. |
(ii) Financial liabilities |
Basic financial liabilities, including trade and other creditors 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 rate method. |
Taxation |
The tax expense for the year comprises current and deferred tax. |
Tax is recognised in profit or loss except that a change attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. |
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that: |
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and |
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. |
Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Investments in subsidiaries and associates |
Investments in the subsidiary companies are held at cost less accumulated impairment losses. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
LUMINOUS ENERGY GROUP LIMITED (REGISTERED NUMBER: 08416646) |
PREVIOUSLY KNOWN AS LUMINOUS ENERGY LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 29 February 2024 |
4. | TANGIBLE FIXED ASSETS |
Plant and | Computer |
machinery | equipment | Totals |
£ | £ | £ |
COST |
At 1 March 2023 |
Additions |
At 29 February 2024 |
DEPRECIATION |
At 1 March 2023 |
Charge for year |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
5. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 1 March 2023 |
and 29 February 2024 |
PROVISIONS |
At 1 March 2023 |
and 29 February 2024 | 18,330 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
Subsidiary undertakings |
The following were subsidiary undertakings of the Company: |
Name | Country of incorporation | Class of shares | Holding |
Columboola BESS Nominees Pty Ltd | Australia | Ordinary shares | 100% |
Columboola Solar Farm OpCo2 Pty Ltd | Australia | Ordinary shares | 100% |
Luminous Energy PTY Limited | Australia | Ordinary shares | 100% |
EL Monte Solar SpA | Chile | Ordinary shares | 100% |
Las Chacras Solar SpA | Chile | Ordinary shares | 100% |
Lirutao Solar SpA | Chile | Ordinary shares | 100% |
Luminous Energy SpA | Chile | Ordinary shares | 100% |
Springwell Energyfarm Limited | England and wales | Ordinary shares | 38% |
Welbar Energy Storage Limited | England and wales | Ordinary shares | 8% |
Luminous Energy UK Ltd | England and wales | Ordinary shares | 100% |
Luminous Energy Corporation | USA | Ordinary shares | 100% |
LUMINOUS ENERGY GROUP LIMITED (REGISTERED NUMBER: 08416646) |
PREVIOUSLY KNOWN AS LUMINOUS ENERGY LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 29 February 2024 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Amounts owed by group undertakings |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
9. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 29 February 2024 and 28 February 2023: |
2024 | 2023 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
The loan is interest free and repayable upon demand. |