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BSR Group Holdings Limited

Annual Report and Consolidated Financial Statements
Year Ended 31 December 2023

Registration number: 08146982

 

BSR Group Holdings Limited

Contents

Company Information

1

Strategic Report

2 to 3

Directors' Report

4

Statement of Directors' Responsibilities

5

Independent Auditor's Report

6 to 9

Consolidated Profit and Loss Account

10

Consolidated Statement of Comprehensive Income

11

Consolidated Balance Sheet

12

Balance Sheet

13

Consolidated Statement of Changes in Equity

14

Statement of Changes in Equity

15

Consolidated Statement of Cash Flows

16

Notes to the Financial Statements

17 to 36

 

BSR Group Holdings Limited

Company Information

Directors

G Phillips

W R Peters

F M Button

T F Humpage

Registered office

35 And 35a
The Maltings Lower Charlton Trading Estate
Shepton Mallet
Somerset
England
BA4 5QE

Auditors

PKF Francis Clark
Statutory Auditor
Centenary House
Peninsula Park
Rydon Lane
Exeter
Devon
EX2 7XE

 

BSR Group Holdings Limited

Strategic Report

Year Ended 31 December 2023

The directors present their strategic report for the year ended 31 December 2023.

Principal activity

The principal activity of the group continued to be the development, design, supply and construction of solar and energy storage projects and systems, and the operation and maintenance of solar and energy storage plants.

Fair review of the business

The Group has continued to invest heavily in the future of the business through the continued development of an extensive pipeline of solar and battery storage projects. This extensive pipeline is key for 2024 and beyond as we transition to a full Independent Power Producer (IPP).

The focus of activities for 2024 and beyond will be as follows:

- Development of energy infrastructure projects in the UK and Australia specialising in large scale solar and energy storage projects,

- EPC activity on solar and energy storage plants in the UK and Australia,

- Owning and operating solar and energy storage plants in the UK and Australia,

- Providing first class O&M services to maximise the longevity and efficiencies of solar and energy storage plants for clients and BSR owned assets.

In addition to the above activities, the Group will continue to put ESG matters at the forefront of decision-making, ensuring we go above and beyond what is required across all of our projects.

The Group has invested heavily in its EPC UK and EPC Australia areas of the business ahead of building out its respective pipelines. The result of this focus on core activities is the recognition of a Loss for the year before tax and interest of £10.5m (2022: Loss £7.5m). In 2023 there has been particular attention on the Group becoming an IPP, which will present further growth in long term profits and operational assets held on its own balance sheet.

The Group adopts the 'Everyone, Safe, Always' mantra across all areas of the business from those working on site to those working in the office. The focus on health and safety is key in safeguarding the business, our employees, our subcontractors, our customers, and the public.

The Group has invested significant time and resources to ensure that our processes are as robust as they can be. We currently hold accreditations for ISO 9001 Quality Management, ISO 14001 Environmental Management Systems, ISO 45001 Occupational Health and Safety and ISO 50001 Energy Management. We continually strive to improve our processes.

Key performance indicators
 

Overall the above activities generated revenues of £1.8m (2022: £6.9m). The group generated an EBITDA of -£10.5m (2022: -£7.5m) in the Period. From a balance sheet perspective, the net liabilities position of the Group has decreased to £7.9m (2022: net assets of £3.7m) and the Group has net cash balances of £11.1m (2022: £2.1m) at 31 December 2023. The work undertaken during the period gives the Group a strong foundation for increased levels of activity in 2024 in the UK, Australia and the Netherlands.

 

BSR Group Holdings Limited

Strategic Report

Year Ended 31 December 2023

Principal risks and uncertainties

Operating risks
The key operating risk in 2024 is further changes in the UK, Australia and European regulatory regime which impact the solar and energy storage markets.

Financial risks
The main financial risk is the availability of funding and working capital to finance growth.

Price risk
The Group is exposed to fluctuations in the market prices of goods and services. The Group is proactive in its approach to managing these costs through strong relationships with suppliers and the regular reviewing of costs against budget.

Credit risk
The Group takes all necessary precautions before offering or continuing to offer credit terms to any new and existing customers. All new customers must meet the Group's stringent criteria prior to credit terms being offered. The Group utilise credit reports from reputable credit reference agencies along with industry knowledge and experience to assist in the decision-making process. The credit terms of existing customers are monitored and reviewed on a regular basis with specific consideration given to past trading experience, credit report updates and industry knowledge.

Foreign exchange risk
The Group carries out transactions in foreign currencies and reviews each transaction on a case-by-case basis.

Interest rate risk
The Group's exposure to interest rate risk in the current period was low as it did not have any third-party interest-bearing debt. Following on from the balance sheet date the Group has taken on third-party interest-bearing debt and therefore its exposure has increased. The Group ensures it takes all necessary steps to keep interest rate risk as low as possible through the detailed consideration and implementation of interest hedging instruments.

Approved and authorised by the Board on 2 August 2024 and signed on its behalf by:
 

.........................................
G Phillips
Director

 

BSR Group Holdings Limited

Directors' Report

Year Ended 31 December 2023

The directors present their report and the for the year ended 31 December 2023.

Directors of the group

The directors who held office during the year were as follows:

G Phillips

W R Peters

F M Button

T F Humpage

Financial instruments

Objectives and policies

The group’s principal financial instruments comprise short term trade and other debtors and creditors, balances with group undertakings including shareholder loans, and cash and bank balances. The main financial risks that arise from day-to-day activities are discussed above in the Strategic report.

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Approved and authorised by the Board on 2 August 2024 and signed on its behalf by:
 

.........................................
G Phillips
Director

 

BSR Group Holdings Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

BSR Group Holdings Limited

Independent Auditor's Report to the Members of BSR Group Holdings Limited

Opinion

We have audited the financial statements of BSR Group Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Income and Retained Earnings, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the group's and the parent company's affairs as at 31 December 2023 and of the group's loss for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group and parent company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

 

BSR Group Holdings Limited

Independent Auditor's Report to the Members of BSR Group Holdings Limited

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

the parent company financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group’s and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

 

BSR Group Holdings Limited

Independent Auditor's Report to the Members of BSR Group Holdings Limited

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Enquiring of management, including obtaining and reviewing supporting documentation, concerning the Company’s policies and procedures relating to:
• identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
• detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and
• the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.

Discussing among the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud;

Addressing the risk of management override of internal controls, including testing journal entries processed during the year and evaluating whether there was evidence of bias that represented a risk of material misstatement due to fraud; and

Considering the company’s compliance with laws and regulations that have a direct impact on the financial statements including, but not limited to, UK Company Law and UK Tax Legislation, and we considered the extent to which non-compliance might have a material effect on the company financial statements.

Our procedures to respond to the risks identified included the following:
• Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations (discussed above);
• Enquiring of management concerning actual and potential litigation and claims; and
• In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements. This risk increases the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements as we are less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

 

BSR Group Holdings Limited

Independent Auditor's Report to the Members of BSR Group Holdings Limited

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Tom Beable (FCA) (Senior Statutory Auditor)
PKF Francis Clark, Statutory Auditor

Centenary House
Peninsula Park
Rydon Lane
Exeter
Devon
EX2 7XE

7 August 2024

 

BSR Group Holdings Limited

Consolidated Profit and Loss Account

Year Ended 31 December 2023

Note

2023
£

2022
£

Turnover

3

1,805,671

6,919,177

Cost of sales

 

(2,873,780)

(8,633,284)

Gross loss

 

(1,068,109)

(1,714,107)

Administrative expenses

 

(9,421,828)

(5,027,674)

Operating loss

4

(10,489,937)

(6,741,781)

Exceptional items

7

-

(715,277)

   

(10,489,937)

(7,457,058)

Other interest receivable and similar income

87

54

Interest payable and similar expenses

9

(2,557,334)

(411,747)

Loss before tax

 

(13,047,184)

(7,868,751)

Tax on loss

10

1,022,998

1,876,850

Loss for the financial year

 

(12,024,186)

(5,991,901)

Profit/(loss) attributable to:

 

Owners of the company

 

(12,024,186)

(5,991,901)

 

BSR Group Holdings Limited

Consolidated Statement of Comprehensive Income

Year Ended 31 December 2023

2023
£

2022
£

Loss for the year

(12,024,186)

(5,991,901)

Foreign currency translation gains/(losses)

394,746

(3,534)

Total comprehensive income for the year

(11,629,440)

(5,995,435)

Total comprehensive income attributable to:

Owners of the company

(11,629,440)

(5,995,435)

 

BSR Group Holdings Limited

Consolidated Balance Sheet

31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

11

151,661

-

Tangible assets

12

25,577,071

469,100

Deferred tax asset

10

3,076,068

-

 

28,804,800

469,100

Current assets

 

Stocks

14

10,620,270

8,778,847

Debtors

15

12,381,895

14,088,650

Cash at bank and in hand

 

11,122,542

2,082,714

 

34,124,707

24,950,211

Creditors: Amounts falling due within one year

17

(6,789,760)

(8,945,957)

Net current assets

 

27,334,947

16,004,254

Total assets less current liabilities

 

56,139,747

16,473,354

Creditors: Amounts falling due after more than one year

17

(63,760,217)

(12,536,446)

Provisions for liabilities - deferred tax

10

(262,132)

(190,070)

Net (liabilities)/assets

 

(7,882,602)

3,746,838

Capital and reserves

 

Called up share capital

21

3

3

Share premium reserve

7,032,501

7,032,501

Profit and loss account

(14,915,106)

(3,285,666)

Equity attributable to owners of the company

 

(7,882,602)

3,746,838

Shareholders' (deficit)/funds

 

(7,882,602)

3,746,838

Approved and authorised by the Board on 2 August 2024 and signed on its behalf by:
 

.........................................
G Phillips
Director

Company Registration Number: 08146982

 

BSR Group Holdings Limited

Balance Sheet

31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

11

151,661

-

Tangible assets

12

60,461

44,046

Investments

13

6,698,053

6,698,052

Deferred tax asset

 

372,504

-

 

7,282,679

6,742,098

Current assets

 

Debtors

15

67,403,121

22,164,805

Cash at bank and in hand

 

7,211,543

198,145

 

74,614,664

22,362,950

Creditors: Amounts falling due within one year

17

(5,845,591)

(4,393,866)

Net current assets

 

68,769,073

17,969,084

Total assets less current liabilities

 

76,051,752

24,711,182

Creditors: Amounts falling due after more than one year

17

(63,564,548)

(12,331,077)

Net assets

 

12,487,204

12,380,105

Capital and reserves

 

Called up share capital

21

3

3

Share premium reserve

7,032,501

7,032,501

Profit and loss account

5,454,700

5,347,601

Shareholders' funds

 

12,487,204

12,380,105

The company has taken the exemption in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account. The company made a profit after tax for the financial year of £107,099 (2022 - loss of £2,451,071).

Approved and authorised by the Board on 2 August 2024 and signed on its behalf by:
 

.........................................
G Phillips
Director

Company Registration Number: 08146982

 

BSR Group Holdings Limited

Consolidated Statement of Changes in Equity

Year Ended 31 December 2023

Share capital
£

Share premium
£

Profit and loss account
£

Total
£

At 1 January 2023

3

7,032,501

(3,285,666)

3,746,838

Loss for the year

-

-

(12,024,186)

(12,024,186)

Other comprehensive income

-

-

394,746

394,746

Total comprehensive income

-

-

(11,629,440)

(11,629,440)

At 31 December 2023

3

7,032,501

(14,915,106)

(7,882,602)

Share capital
£

Share premium
£

Profit and loss account
£

Total
£

At 1 January 2022

3

6,199,999

2,709,769

8,909,771

Loss for the year

-

-

(5,991,901)

(5,991,901)

Other comprehensive income

-

-

(3,534)

(3,534)

Total comprehensive income

-

-

(5,995,435)

(5,995,435)

Sale of treasuy shares

-

832,502

-

832,502

At 31 December 2022

3

7,032,501

(3,285,666)

3,746,838

 

BSR Group Holdings Limited

Statement of Changes in Equity

Year Ended 31 December 2023

Share capital
£

Share premium
£

Profit and loss account
£

Total
£

At 1 January 2023

3

7,032,501

5,347,601

12,380,105

Profit for the year

-

-

107,099

107,099

At 31 December 2023

3

7,032,501

5,454,700

12,487,204

Share capital
£

Share premium
£

Profit and loss account
£

Total
£

At 1 January 2022

3

6,199,999

7,798,672

13,998,674

Loss for the year

-

-

(2,451,071)

(2,451,071)

Sale of treasuy shares

-

832,502

-

832,502

At 31 December 2022

3

7,032,501

5,347,601

12,380,105

 

BSR Group Holdings Limited

Consolidated Statement of Cash Flows

Year Ended 31 December 2023

Note

2023
£

2022
£

Cash flows from operating activities

Loss for the year

 

(12,024,186)

(5,991,901)

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

4

28,706

37,487

Finance income

(87)

(54)

Finance costs

9

2,557,334

411,747

Income tax expense

10

(1,022,998)

(1,876,850)

Foreign exchange gains/losses

 

394,842

-

 

(10,066,389)

(7,419,571)

Working capital adjustments

 

Increase in stocks

14

(5,762,080)

(2,816,453)

Increase in trade debtors

15

(81,408)

(1,303,707)

Decrease in trade creditors

17

(2,810,271)

(324,096)

Decrease in deferred income

 

(9,700)

-

Net cash flow from operating activities

 

(18,729,848)

(11,863,827)

Cash flows from investing activities

 

Interest received

87

54

Acquisitions of tangible assets

(18,160,314)

-

Acquisition of intangible assets

11

(151,661)

-

Acquistion of subsidiary undertakings

 

(2,611,300)

(291,357)

Cash acquired on acquisition

 

1,507

56

Net cash flows from investing activities

 

(20,921,681)

(291,247)

Cash flows from financing activities

 

Interest paid

9

(3,228)

(49,716)

Sale of treasury shares

 

-

832,502

New shareholder loans in period

 

48,700,000

13,848,404

Repayment of other borrowing

 

-

(1,899,993)

Payments to finance lease creditors

 

(5,415)

(18,876)

Net cash flows from financing activities

 

48,691,357

12,712,321

Net increase in cash and cash equivalents

 

9,039,828

557,247

Cash and cash equivalents at 1 January

 

2,082,714

1,525,467

Cash and cash equivalents at 31 December

 

11,122,542

2,082,714

 

BSR Group Holdings Limited

Notes to the Financial Statements

Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
35 And 35a
The Maltings Lower Charlton Trading Estate
Shepton Mallet
Somerset
England
BA4 5QE

These financial statements were authorised for issue by the Board on 2 August 2024.

2

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 financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis of preparation

These 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.

Summary of disclosure exemptions

The company meets the definition of a qualifying entity under FRS102 and has therefore taken advantage of the disclosure exemptions available to it. Exemptions have been taken in relation to financial instruments, the cash flow statement and key management compensation..

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 December 2023.

As a consolidated profit and loss account is published, a separate profit and loss account for the parent company is omitted from the group financial statements by virtue of section 408 of the Companies Act 2006.

 

BSR Group Holdings Limited

Notes to the Financial Statements

Year Ended 31 December 2023

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group.

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.

Going concern

The financial statements have been prepared on a going concern basis.

Since the acquisition of the group in 2022, the group have and are investing significantly in developing renewable projects with a view to hold these assets for the foreseeable future. Significant investment is being made in identifying potential development sites, supporting the planning process, the construction phase as well as operating and maintaining the assets. The projects being developed require substantial capital spend.

As the group looks to scale operations during the investment phase, it is expected that the group will report losses. A loss after tax of £12,024,186 (2022: £5,991,901) has been reported for the year to 31 December 2023, which was in line with the directors’ expectation.

During this investment phase, the group are reliant on equity investment from the ultimate principal shareholder. The directors prepare detailed group cashflow forecasts which identify the timing and need for equity drawdowns.

The directors have obtained confirmation from the principal shareholder that they will continue, and have the ability, to provide further equity drawdowns for the foreseeable future, being at least 12 months from approval of the financial statements, to enable the growth of the group.

The directors have also secured loan finance since the balance sheet date to fund certain capital projects, as disclosed in note 23 of the financial statements.

As such, the directors believe that the going concern basis to be appropriate.

 

BSR Group Holdings Limited

Notes to the Financial Statements

Year Ended 31 December 2023

Judgements

The preparation of the financial statements requires the directors to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date, and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

The following judgements and estimates have had the most significant effect on amounts recognised in the financial statements.

Carrying value of work in progress work in progress
Work in progress includes costs associated with the development of solar parks. The directors assess the development costs based on a gate process, whereby each stage in the development cycle is required to go through a robust viability assessment. Certain development costs are incurred prior to planning permission being obtained on sites and are included within work in progress where the directors believe planning will be obtained, based on historical experience. Further to this certain costs incurred may be partially refundable in the event of a project not being taken forward.

Where planning is not expected to be obtained or the proposed development is not currently viable, the associated costs are provided against.

The total value of work in progress that is still subject to obtaining planning permission is £9,090,211 but the directors consider this to be recoverable based on historic experience. A provision of £1,006,308 has been recognised against work in progress at the balance sheet date, which has been recognised as an expense in the period.

Deferred tax assets - utilisation of historical tax losses
The group have taxable losses of £19,039,140 available to utilise in the future. The directors have exercised judgement in the level of taxable losses that they believe the group will be able to utilise in the future based on financial forecasts for solar park projects and the wider group’s activity. A deferred tax asset of £3,021,890 has been recognised in relation to these losses. A number of projects are expected to cover a significant period of time and as such the deferred tax asset has been treated as a non-current asset in the current year. The directors' assessment has changed since the comparative period, where deferred tax assets were treated as current assets, due to the timing of significant expected transactions.

Revenue recognition

Turnover represents net sales during the year (excluding value added tax) adjusted for accrued and deferred income where applicable. Turnover is recognised when there is a commitment to transfer the significant risks and rewards of ownership to the customer for sales of goods. Sales of services is covered under contract revenue recognition below.

Contract revenue recognition

Long-term contracts are assessed on a contract by contract basis and are reflected in the Consolidated Income Statement by recording turnover and related costs as contract activity progresses based on the percentage completed. Where the outcome of each long-term contract can be assessed with reasonable certainty before its conclusion, the attributable profit is recognised in the Consolidated Income Statement as the difference between the reported turnover and related costs for that contract.

The completion stage of a contract is determined by reference percentage complete, which can be estimated based on the total costs incurred to date compared to the total expected costs to be incurred.

 

BSR Group Holdings Limited

Notes to the Financial Statements

Year Ended 31 December 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the consolidated profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than solar parks under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

33% SL

Solar parks are depreciated as soon as the they are fully commissioned and generating revenue.

Intangible assets

Intangible assets are recorded at cost less accumulated amortisation and any provision for impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Software

20% SL

 

BSR Group Holdings Limited

Notes to the Financial Statements

Year Ended 31 December 2023

Intangible assets are only amortised once the asset is complete is being utilised.

Investments

Investments in subsidiaries are stated at cost less provision for impairment.

Stocks

Work in progress represents the cost of early stage solar park developments. Work in progress is valued at the lower of cost and net realisable value. Cost is based on the cost of purchase and, where relevent, absorbed overheads and staff costs. Net realisable value is based on estimated selling price less additional costs to completion and sale.

Finance costs

Finance costs are included wihtin the cost of fixed asssets where they directly relate to a project under constrction. Finance costs relating to non site specific borrowings are charged to the Consolidated Income Statement over the term of the debt using the effective interest rate method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

BSR Group Holdings Limited

Notes to the Financial Statements

Year Ended 31 December 2023

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Balances with group undertakings including shareholder loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for shareholder loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Shareholder loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.

3

Turnover

The analysis of the group's Turnover for the year from continuing operations is as follows:

2023
£

2022
£

Provision of services

1,805,671

7,154,180

Sale of trading stock

-

(235,003)

1,805,671

6,919,177

The analysis of the group's Turnover for the year by market is as follows:

2023
£

2022
£

UK

1,805,671

6,680,920

Rest of world

-

238,257

1,805,671

6,919,177

 

BSR Group Holdings Limited

Notes to the Financial Statements

Year Ended 31 December 2023

4

Operating loss

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

28,706

37,487

Foreign exchange losses/(gains)

683,616

(263,122)

5

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2023
£

2022
£

Wages and salaries

5,012,578

4,352,307

Social security costs

530,050

409,379

Pension costs, defined contribution scheme

411,733

440,426

5,954,361

5,202,112

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

2023
No.

2022
No.

Engineering, procurement and construction

30

24

Operations and maintenance

19

20

Administration

69

54

Directors

4

2

122

100

6

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

-

291,068

Contributions paid to money purchase schemes

-

11,417

-

302,485

In respect of the highest paid director:

2023
£

2022
£

Remuneration

-

81,474

Company contributions to money purchase pension schemes

-

3,078

 

BSR Group Holdings Limited

Notes to the Financial Statements

Year Ended 31 December 2023

Directors are now remunerated from the immediate parent undertaking.

Key management personnel are considered to be the directors.

7

Exceptional items

£828,599 of the exceptional items in the prior year relate to a bonus paid to employees. This was paid in relation to the group's restructuring activities. The remainder of the exceptional items in the prior year relate to the partial reversal of an accrual previosuly held in relation to the group's restructuring activities.

8

Auditor's remuneration

2023
£

2022
£

Audit of these financial statements and subsidiary undertakings

103,000

69,500


 

9

Interest payable and similar expenses

2023
£

2022
£

Interest on obligations under finance leases and hire purchase contracts

2,525

1,172

Interest on shareholder loans (charged by group undertakings)

2,554,106

410,442

Other finance costs

703

133

2,557,334

411,747

 

BSR Group Holdings Limited

Notes to the Financial Statements

Year Ended 31 December 2023

10

Taxation

Tax charged/(credited) in the profit and loss account

2023
 £

2022
 £

Current taxation

UK corporation tax

(1,167,112)

-

(1,167,112)

-

Foreign tax

-

-

Total current income tax

(1,167,112)

-

Deferred taxation

Deferred tax charge

144,114

(1,876,850)

Tax credit in the income statement

(1,022,998)

(1,876,850)

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2022 - lower than the standard rate of corporation tax in the UK) of 23.52% (2022 - 19%).

The differences are reconciled below:

2023
£

2022
£

Loss before tax

(13,047,184)

(7,868,751)

Corporation tax at standard rate

(3,068,698)

(1,495,063)

Effect of expense not deductible in determining taxable profit (tax loss)

80,949

-

Effect of foreign tax rates

(18,736)

(455,352)

Increase from tax losses for which no deferred tax asset was recognised

1,769,105

-

Deferred tax expense from unrecognised temporary difference from a prior period

214,382

-

Tax increase arising from group relief

-

73,565

Total tax credit

(1,022,998)

(1,876,850)

 

BSR Group Holdings Limited

Notes to the Financial Statements

Year Ended 31 December 2023

Deferred tax

Group

Deferred tax assets and liabilities

2023

Asset
£

Liability
£

Deferred capital allowances

45,977

262,132

Tax losses carried forward

3,021,890

-

Short term timing differences

8,201

-

3,076,068

262,132

2022

Asset
£

Liability
£

Deferred capital allowances

32,051

-

Fair value uplift of assets on the acquisition of a subsidiary

-

190,070

Tax losses carried forward

2,926,076

-

2,958,127

190,070

11

Intangible assets

Group and company

Computer software
 £

Total
£

Cost or valuation

At 1 January 2023

-

-

Additions

151,661

151,661

At 31 December 2023

151,661

151,661

Amortisation

At 1 January 2023

-

-

Amortisation charge

-

-

At 31 December 2023

-

-

Carrying amount

At 31 December 2023

151,661

151,661

At 31 December 2022

-

-

 

BSR Group Holdings Limited

Notes to the Financial Statements

Year Ended 31 December 2023

12

Tangible assets

Group

Plant and machinery
£

Fixtures and fittings
£

Solar parks under construction
£

Total
£

Cost or valuation

At 1 January 2023

278,174

-

425,035

703,209

Additions

65,050

14,768

18,080,496

18,160,314

Acquired through business combinations

-

-

3,245,795

3,245,795

Transfers from WIP

-

-

3,730,587

3,730,587

Foreign exchange movements

(2,175)

-

-

(2,175)

At 31 December 2023

341,049

14,768

25,481,913

25,837,730

Depreciation

At 1 January 2023

234,109

-

-

234,109

Charge for the year

28,706

-

-

28,706

Foreign exchange movements

(2,156)

-

-

(2,156)

At 31 December 2023

260,659

-

-

260,659

Carrying amount

At 31 December 2023

80,390

14,768

25,481,913

25,577,071

At 31 December 2022

44,065

-

425,035

469,100

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

 

2023
£

2022
£

Plant and machinery

38,748

44,046

     
 

BSR Group Holdings Limited

Notes to the Financial Statements

Year Ended 31 December 2023

Company

Plant and machinery
 £

Total
£

Cost or valuation

At 1 January 2023

56,630

56,630

Additions

45,121

45,121

At 31 December 2023

101,751

101,751

Depreciation

At 1 January 2023

12,584

12,584

Charge for the year

28,706

28,706

At 31 December 2023

41,290

41,290

Carrying amount

At 31 December 2023

60,461

60,461

At 31 December 2022

44,046

44,046

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

 

2023
£

2022
£

Plant and machinery

38,748

44,046

     

13

Investments

Company

Subsidiaries

£

Cost or valuation

At 1 January 2023

9,001,054

Additions

1

At 31 December 2023

9,001,055

Provision for impairment

At 1 January 2023

2,303,002

Impairment charge

-

At 31 December 2023

2,303,002

Carrying amount

At 31 December 2023

6,698,053

At 31 December 2022

6,698,052

 

BSR Group Holdings Limited

Notes to the Financial Statements

Year Ended 31 December 2023

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

British Solar Renewables Limited

Ordinary

100%

100%

Solar Power Generation Limited

Ordinary

100%

100%

Solar Farm Investments Limited

Ordinary

100%

100%

Solar Park Investments Limited

Ordinary

100%

100%

BSR Energy Holdings Limited^

Orindary

100%

100%

Omnio Energy Limited*

Ordinary

100%

100%

BSR Connect Limited*

Ordinary

100%

100%

Solar Park Holdings Limited*

Ordinary

100%

100%

BSR Energy Limited*

Ordinary

100%

100%

BSR EPC Limited

Ordinary

100%

100%

BSR EPC PTY Limited

Ordinary

100%

100%

BSR Applications Limited*

Ordinary

100%

100%

BSR EPC Netherlands B.V.

Ordinary

100%

100%

Aller Langport Solar Park Limited*

Ordinary

100%

100%

Rampisham Woods Solar Park Limited*

Ordinary

100%

100%

Akeman Solar Park Limited*

Ordinary

100%

100%

BSR O&M Limited

Ordinary

100%

100%

Coldharbour Farm Solar Park Limited*

Ordinary

100%

100%

Kerang Solar Plant PTY Limited*

Ordinary

100%

100%

North Dairy Farm Solar Park Limited*

Ordinary

100%

100%

Rush Wall Solar Park Limited*^

Ordinary

100%

100%

World's End Farm Solar Park Limited*

Ordinary

100%

100%

BSR Energy Holdings 2 Limited^

Ordinary

100%

100%

BSR Energy Holdings 3 Limited^

Ordinary

100%

100%

BSR Energy 2 Limited*

Ordinary

100%

100%

BSR Energy 3 Limited*^

Ordinary

100%

100%

BSR Energy (Rampisham) Limited*^

Ordinary

100%

100%

BSR Energy (Brook Street) Limited*^

Ordinary

100%

100%

BSR Energy (Sunnydale Farm) Limited*^

Ordinary

100%

100%

 

BSR Group Holdings Limited

Notes to the Financial Statements

Year Ended 31 December 2023

Undertaking

Holding

Proportion of voting rights and shares held

Park Farm Solar Park Limited*^

Ordinary

100%

100%

Preston Farm Solar Park Limited*

Ordinary

100%

100%

Lower Wyke Farm Solar Park Limited*^

Ordinary

100%

100%

Town Farm Lane Solar Park Limited*^

Ordinary

100%

100%

Higher Wraxall Solar Park Limited*^

Ordinary

100%

100%

Knowl Green Solar Park Limited*^

Ordinary

100%

100%

Dengie Solar Park Limited*^

Ordinary

100%

100%

Sustainable Power Generation Limited*^

Ordinary

100%

100%

Renewable Energy Connections Limited*^

Ordinary

100%

100%

George Solar Farm Limited*^

Ordinary

100%

100%

The Down House Solar Park Limited*^

Ordinary

100%

100%

Coombe Farm Solar Park Limited*^

Ordinary

100%

100%

BSR International Limited*

Ordinary

100%

100%

Sulis Topco Limited

Ordinary

100%

0%

Whaddon Farm Solar Park Limited*

Ordinary

100%

0%

Sulis Midco Limited*

Ordinary

100%

0%

Sulis Holdco Pty Limited*

Ordinary

100%

0%

BSR Asset Management Limited*^

Ordinary

100%

0%

Frog Lane Energy Storage Limited*^

Ordinary

100%

0%

* Held indirectly
^ Dormant entities

All companies are incorporated in England and Wales and have the same registered office as the company other than:

Incorporated in Netherlands:
• BSR EPC Netherlands B.V - registered office of: Concertgebouwplein 15-H, 1071 LL Amsterdam, The Netherlands.

Incorporated in Australia:
• BSR EPC PTY Limited
• Kerang Solar Plant PTY Limited
• Sulis Holdco Pty Limited
All the Australian companies have a registered office of: Level 8, 1 O'Connell Street, Sydney, NSW 2000

All non dormant subsidiaries are either holding companies or involved in the operation and maintenance, construction and development of solar parks or energy storage units.

 

BSR Group Holdings Limited

Notes to the Financial Statements

Year Ended 31 December 2023

14

Stocks

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Work in progress

10,620,270

8,778,847

-

-

15

Debtors

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Trade debtors

684,503

770,071

-

-

Amounts due from group undertakings

1,095,000

156,650

66,410,528

21,829,890

Other debtors

3,337,745

2,317,136

311,140

81,952

Deferred tax assets

-

2,958,127

-

-

Prepayments

7,264,647

7,886,666

681,453

252,963

12,381,895

14,088,650

67,403,121

22,164,805

16

Cash and cash equivalents

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Cash at bank

11,122,542

2,082,714

7,211,543

198,145

17

Creditors

   

Group

Company

Note

2023
£

2022
£

2023
£

2022
£

Due within one year

 

Loans and borrowings

18

32,339

17,119

32,339

17,119

Trade creditors

 

3,257,364

4,522,500

1,614,912

91,929

Amounts due to group undertakings

-

-

3,960,414

3,873,376

Social security and other taxes

 

179,651

153,870

-

-

Other creditors

 

193,061

2,076

1,060

554

Accruals and deferred income

 

3,127,345

4,250,392

236,866

410,888

 

6,789,760

8,945,957

5,845,591

4,393,866

 

BSR Group Holdings Limited

Notes to the Financial Statements

Year Ended 31 December 2023

   

Group

Company

Note

2023
£

2022
£

2023
£

2022
£

Due after one year

 

Loans and borrowings

18

63,564,548

12,331,077

63,564,548

12,331,077

Accruals and deferred income

 

195,669

205,369

-

-

 

63,760,217

12,536,446

63,564,548

12,331,077

 

BSR Group Holdings Limited

Notes to the Financial Statements

Year Ended 31 December 2023

18

Loans and borrowings

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Non-current loans and borrowings

Finance lease liabilities

-

20,635

-

20,635

Shareholder loans

63,564,548

12,310,442

63,564,548

12,310,442

63,564,548

12,331,077

63,564,548

12,331,077

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

32,339

17,119

32,339

17,119

The shareholder loan is repayable in July 2030 and bears interest ar 7% per annum. Interest accrues and compounds quarterly when not paid.

19

Obligations under leases and hire purchase contracts

Group

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

669,727

223,556

Later than one year and not later than five years

1,463,628

135,998

Later than five years

1,647,697

-

3,781,052

359,554

The amount of non-cancellable operating lease payments recognised as an expense during the year was £446,752 (2022 - £261,586).

 

BSR Group Holdings Limited

Notes to the Financial Statements

Year Ended 31 December 2023

20

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £411,733 (2022 - £440,426).

21

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £0.0001 each

30,114

3.01

30,114

3.01

         

22

Contingent assets and liabilities

Group

At the balance sheet date, the group were in a contractual dispute. Following the balance sheet date the group have agreed to enter into mediation talks with all parties involved. The directors are confident that the group’s case is strong and as such do not believe this will result in any further cash outflow other than what they were initially contracted to, which has already been accrued for within the financial statements. The group have also recognised assets which reflect the original contracted outturn. However, the directors have considered the uncertainty of this dispute and believe it gives rise to a contingent asset or a contingent liability. No further amounts have been disclosed as the directors believe this would be seriously prejudicial to group’s case.

23

Non adjusting events after the financial period

The group have obtained new financing facilities since the balance sheet date. At the date of approval £16.6m has been drawn from this new facility.

Since the balance sheet date, the group has signed an agreement to purchase the entire share capital of a company for an undisclosed amount. The amount is undisclosed as the purchase is still contingent on certain conditions being met.

 

BSR Group Holdings Limited

Notes to the Financial Statements

Year Ended 31 December 2023

24

Business combinations

On 24 March 2023, BSR Energy 2 Limited acquired 100% of the issued share capital of Whaddon Farm Solar Park Limited , obtaining control.

Whaddon Farm Solar Park Limited contributed £nil revenue and £nil result to the group's loss for the period between the date of acquisition and the Balance Sheet date.

The amounts recognised in respect of the identifiable assets acquired and liabilities assumed are as set out in the table below:
 

Book value
2023
£

Fair value adjustments
2023
£

Fair value
2023
£

Assets and liabilities acquired

Financial assets

4,359

-

4,359

Stocks

634,495

(634,495)

-

Tangible assets

-

3,245,795

3,245,795

Financial liabilities

(638,854)

-

(638,854)

Total identifiable assets

-

2,611,300

2,611,300

-

-

-

Total consideration

-

2,611,300

2,611,300

Satisfied by:

Cash

2,611,300

-

2,611,300

Cash flow analysis:

Cash consideration

2,611,300

-

2,611,300

Less: cash and cash equivalent balances acquired

(1,507)

-

(1,507)

Net cash outflow arising on acquisition

2,609,793

-

2,609,793

At acqusition, Whaddon Farm Solar Park Limited held the rights to develop a solar park. As such, the fair value adjustments on acquisition represent the reallocation of amounts that were previously held as work in progress to tangible fixed assets and all remaining consideration in excess of the book value as tangible fixed assets. It is the groups intention to develop and hold the solar park for the foreesable future.

 

BSR Group Holdings Limited

Notes to the Financial Statements

Year Ended 31 December 2023

25

Analysis of changes in net debt

Group

At 1 January 2023
£

Financing cash flows
£

At 31 December 2023
£

Cash and cash equivalents

Cash

2,082,714

9,039,828

11,122,542

Borrowings

Long term borrowings

(12,310,442)

(51,254,106)

(63,564,548)

Lease liabilities

(37,754)

5,415

(32,339)

(12,348,196)

(51,248,691)

(63,596,887)

 

(10,265,482)

(42,208,863)

(52,474,345)

26

Financial instruments

Group

Categorisation of financial instruments

2023
 £

2022
 £

Financial assets measured at amortised cost

16,239,693

5,056,622

Financial liabilities measured at amortised cost

67,047,313

16,872,772

Financial assets measured at amortised cost comprise cash, trade debtors, amounts owed by group undertakings and other debtors.

Financial liabilities measured at amortised cost comprise hire purchase liabilities, trade creditors, other creditors and shareholder loans.

27

Parent and ultimate parent undertaking

The ultimate parent is Owl TopCo 1 Limited, incorporated in England & Wales.