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BSR Energy Limited

Annual Report and Financial Statements
Year Ended 31 December 2023

Registration number: 10435323

 

BSR Energy Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 8

 

BSR Energy Limited

Balance Sheet

31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Deferred tax assets

 

747,193

-

Investments

4

1,700

1,500

 

748,893

1,500

Current assets

 

Stocks

5

5,465,007

3,509,013

Debtors

6

2,338,833

1,877,419

Cash at bank and in hand

 

23,295

2,215

 

7,827,135

5,388,647

Creditors: Amounts falling due within one year

7

(12,220,697)

(6,079,256)

Net current liabilities

 

(4,393,562)

(690,609)

Net liabilities

 

(3,644,669)

(689,109)

Capital and reserves

 

Called up share capital

8

100

100

Profit and loss account

(3,644,769)

(689,209)

Shareholders' deficit

 

(3,644,669)

(689,109)

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

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

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

Company Registration Number: 10435323

 

BSR Energy 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 - 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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

Group accounts not prepared

The financial statements contain information about BSR Energy Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company has taken advantage of the exemption conferred by section 400 of the Companies Act 2006 not to produce consolidated financial statements as it is included in group accounts of a larger UK group.

 

BSR Energy Limited

Notes to the Financial Statements

Year Ended 31 December 2023

Going concern

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

The company has net liabilities of £3,644,669.

In making their going concern assessment, the directors have obtained confirmation that the ultimate parent undertaking and other group companies will continue to provide financial and non financial support to the company for the foreseeable future, being at least 12 months from approval of the financial statements.

The directors have obtained confirmation that the amounts due to group companies, whilst considered repayable on demand, will only be called in when there are sufficient funds to do so and not in detriment to third party creditors.

The directors have also considered the ability of the ultimate parent undertaking and other group companies ability to provide financial and non financial support for the foreseeable future.

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

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

Turnover is recognised when there is a commitment to transfer the significant risks and rewards of ownership to the customer.

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 company 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 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.

Investments

Investments in subsidiary undertakings are recognised at cost less provision for impairment

 

BSR Energy Limited

Notes to the Financial Statements

Year Ended 31 December 2023

Stocks

Work in progress represents design and planning costs on proposed renewable asset developments and is valued at the lower of cost and recoverable value.

Cost is based on the cost of purchase and include direct labour and overheads when such costs are receovable and dependent on the stage of development.

Net recoverable value is based on estimated selling price less additional costs to completion and disposal.

Significant judgements and estimates
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 includes costs associated with the development of renewable assets. 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 £5,446,809 but the directors consider this to be recoverable based on historic experience. A provision of £276,617 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 losses
The company has taxable losses of £2,988,772 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 renewable asset projects and the wider group’s activity. A deferred tax asset of £747,193 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.

 

BSR Energy 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; 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.

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.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 0).

The company does not employ staff directly. However it receives a recharge from a group company for staff that work on specific projects operated by the company.

4

Investments

2023
£

2022
£

Investments in subsidiaries

1,700

1,500

Subsidiaries

£

Cost or valuation

At 1 January 2023

1,500

Additions

200

At 31 December 2023

1,700

Carrying amount

At 31 December 2023

1,700

At 31 December 2022

1,500

 

BSR Energy 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

BSR Energy (Rampisham) Limited

Ordinary shares

100%

100%

BSR Energy (Brook Street) Limited

Ordinary shares

100%

100%

Coldharbour Solar Park Limited

Ordinary shares

100%

100%

BSR Energy (Sunnydale Farm) Limited

Orindary shares

100%

100%

Akeman Solar Park Limited

Ordinary shares

100%

100%

North Dairy Farm Solar Park Limited

Ordinary shares

100%

100%

Park Farm Solar Park Limited

Ordinary shares

100%

100%

Preston Farm Solar Park Limited

Ordinary shares

100%

100%

Lower Wyke Farm Solar Park Limited

Ordinary shares

100%

0%

Town Farm Lane Solar Park Limited

Ordinary shares

100%

100%

Higher Wraxall Solar Park Limited

Ordinary shares

100%

100%

World's End Farm Solar Park Limited

Ordinary shares

100%

100%

Knowl Green Solar Park Limited

Ordinary shares

100%

100%

Rush Wall Solar Park Limited

Ordinary shares

100%

100%

Dengie Solar Park Limited

Ordinary shares

100%

100%

Ash Tree Solar Park Limited

Ordinary shares

100%

0%

Each subsidiary has the same registered address as the company. The principle activity of each subsidiary undertaking is the production of electricity.

5

Stocks

2023
£

2022
£

Work in progress

5,465,007

3,509,013

 

BSR Energy Limited

Notes to the Financial Statements

Year Ended 31 December 2023

6

Debtors

2023
£

2022
£

Amounts due from group undertakings

2,292,972

1,274,694

Other debtors

33,723

63,232

Prepayments

12,138

188,230

Deferred tax assets

-

351,263

2,338,833

1,877,419

7

Creditors

2023
£

2022
£

Due within one year

Trade creditors

203,464

362,827

Amounts owed to group undertakings

11,925,898

5,643,529

Other creditors

1,100

900

Accruals and deferred income

90,235

72,000

12,220,697

6,079,256

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Shareholding of £1 each

100

100

100

100

         

9

Parent and ultimate parent undertaking

The immediate parent company is BSR Energy Holdings Limited, a company registered in England & Wales. The ultimate parent company is Owl TopCo 1 Limited, a company registered in England & Wales.

The smallest group in which the results of the company are consolidated is that headed by BSR Group Holdings Limited, a company registered in England & Wales. The largest group in which the results of the company is consolidated is that headed by Owl TopCo 1 Limited, a company registered in England & Wales. Copies of the publicly available consolidated financial statements may be obtained from the Registrar of Companies.

The directors do not consider there to be any individual who has ultimate control.

 

BSR Energy Limited

Notes to the Financial Statements

Year Ended 31 December 2023

10

Audit report

The Independent Auditors' Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report was Tom Beable (FCA), who signed for and on behalf of PKF Francis Clark on 7 August 2024.