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REGISTERED NUMBER: 09504784 (England and Wales)















Audited Financial Statements

for the Period

1 April 2023 to 31 December 2023

for

Gren Retrofit (Lightning) Limited

Gren Retrofit (Lightning) Limited (Registered number: 09504784)






Contents of the Financial Statements
for the Period 1 April 2023 to 31 December 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


Gren Retrofit (Lightning) Limited

Company Information
for the Period 1 April 2023 to 31 December 2023







DIRECTORS: J D Scott
Mrs C Phillips





REGISTERED OFFICE: 18 Riversway Business Village
Navigation Way
Preston
Lancashire
PR2 2YP





REGISTERED NUMBER: 09504784 (England and Wales)





AUDITORS: Willsons (Higham Ferrers) Ltd
Chartered Accountants
Statutory Auditors
Carlton House, High Street
Higham Ferrers
Northamptonshire
NN10 8BW

Gren Retrofit (Lightning) Limited (Registered number: 09504784)

Statement of Financial Position
31 December 2023

31.12.23 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 43,804 109,509

CURRENT ASSETS
Debtors 5 16,661 29,897
Cash at bank 184,878 157,437
201,539 187,334
CREDITORS
Amounts falling due within one year 6 150,407 243,515
NET CURRENT ASSETS/(LIABILITIES) 51,132 (56,181 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

94,936

53,328

PROVISIONS FOR LIABILITIES 8 10,951 -
NET ASSETS 83,985 53,328

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 83,984 53,327
SHAREHOLDERS' FUNDS 83,985 53,328

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 19 August 2024 and were signed on its behalf by:





Mrs C Phillips - Director


Gren Retrofit (Lightning) Limited (Registered number: 09504784)

Notes to the Financial Statements
for the Period 1 April 2023 to 31 December 2023

1. STATUTORY INFORMATION

Gren Retrofit (Lightning) 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.

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.

Critical accounting judgements and key sources of estimation uncertainty
Going concern
The Company's project income has ended in June 2024 and the Directors are planning on liquidating the company now all remaining balances have been settled.

Based on the above circumstances the Directors therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern.

No adjustment has been made in these accounts as the Directors consider there would be no difference between the valuation on a going concern basis and valuation on a basis other than going concern or on liquidation.

Judgements
Tangible assets
Based on the project agreements, the installations of the energy efficient lighting apparatus on the customer site are capitalised as fixed assets. The risks and reward of ownership of the lighting apparatus remain with the Company at all times during the term of the agreement.

Turnover
Turnover represents the total income receivable, excluding value added tax. Turnover is recognised based on the energy services agreement signed with one customer in one location to retrofit the existing light fittings with energy efficiency LED lamps. The Company is entitled to a monthly service fee, calculated based on the customer's annual energy savings over the set life of the project, on completion of each phase of the project.

Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Plant and machinery - This is calculated based on the project agreement. Straight line over 7 years after the completion on phase 1 of the project and over 7 years after the completion on phase 2 of the project. The residual values will be £1 at the end of the periods.

Gren Retrofit (Lightning) Limited (Registered number: 09504784)

Notes to the Financial Statements - continued
for the Period 1 April 2023 to 31 December 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Basic financial liabilities, including 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 receipts discounted at a market rate of interest.

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

Taxation
Taxation for the period 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 period 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was NIL (2023 - NIL).

4. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
At 1 April 2023
and 31 December 2023 1,015,743
DEPRECIATION
At 1 April 2023 906,234
Charge for period 65,705
At 31 December 2023 971,939
NET BOOK VALUE
At 31 December 2023 43,804
At 31 March 2023 109,509

Gren Retrofit (Lightning) Limited (Registered number: 09504784)

Notes to the Financial Statements - continued
for the Period 1 April 2023 to 31 December 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.3.23
£    £   
Trade debtors 16,661 29,897

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.3.23
£    £   
Trade creditors 19,639 -
Amounts owed to group undertakings 84,983 219,699
Corporation Tax 18,444 -
VAT 20,007 19,265
Accrued expenses 7,334 4,551
150,407 243,515

7. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.3.23
£    £   
Amounts owed to group - 219,699

Fixed and floating charges over the property of the company.

8. PROVISIONS FOR LIABILITIES
31.12.23 31.3.23
£    £   
Deferred tax
Accelerated capital allowances 10,951 -

Deferred
tax
£   
Accelerated capital allowances 10,951
Trading losses
Balance at 31 December 2023 10,951

Gren Retrofit (Lightning) Limited (Registered number: 09504784)

Notes to the Financial Statements - continued
for the Period 1 April 2023 to 31 December 2023

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

The Report of the Auditors was unqualified.


We draw attention to the Going Concern Note in the financial statements which explains that the directors intend to liquidate the company and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in the Note.

Our opinion is not modified in respect of this matter.

Craig Baird FCA (Senior Statutory Auditor)
for and on behalf of Willsons (Higham Ferrers) Ltd

10. 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.

11. ULTIMATE CONTROLLING PARTY

The Company's immediate parent is Gren Retrofit Limited. Gren Retrofit Limited's parent is Gren Energy Limited both incorporated in England. Gren Energy Limited ultimate parent is Gren Holding 1 S.a.r.l. incorporated in Luxembourg. The ultimate controlling party is the Partners Group Holding AG in Switzerland.

12. INCOME AGREEMENTS

Minimum income receivables from a customer under non-cancellable agreements fall due as follows:
Within one year £83,304 (31 March 2023 - £199,698); between one and five years £nil (31 March 2023 - £41,652).