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REGISTERED NUMBER: 10866265 (England and Wales)















Financial Statements for the Year Ended 31 December 2023

for

Branston Solar Farm Limited

Branston Solar Farm Limited (Registered number: 10866265)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


Branston Solar Farm Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: M Deooray
A Ruiz Martin





REGISTERED OFFICE: 25 Eccleston Place
London
SW1W 9NF





REGISTERED NUMBER: 10866265 (England and Wales)





AUDITORS: Shinewing Wilson Accountancy Limited
Chartered Certified Accountants
and Statutory Auditors
9 St Clare Street
London
EC3N 1LQ

Branston Solar Farm Limited (Registered number: 10866265)

Statement of Financial Position
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 26,246,745 27,462,810

CURRENT ASSETS
Debtors 5 417,224 710,000
Cash at bank 2,032,238 2,302,802
2,449,462 3,012,802
CREDITORS
Amounts falling due within one year 6 8,442,841 15,272,732
NET CURRENT LIABILITIES (5,993,379 ) (12,259,930 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

20,253,366

15,202,880

CREDITORS
Amounts falling due after more than one year 7 (18,034,968 ) (18,531,343 )

PROVISIONS FOR LIABILITIES (217,472 ) (123,406 )
NET ASSETS/(LIABILITIES) 2,000,926 (3,451,869 )

CAPITAL AND RESERVES
Called up share capital 427,864 427,864
Retained earnings 1,573,062 (3,879,733 )
2,000,926 (3,451,869 )

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 13 September 2024 and were signed on its behalf by:





A Ruiz Martin - Director


Branston Solar Farm Limited (Registered number: 10866265)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Branston Solar Farm 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Going concern
During the year the company made profit before tax of £6.7m and at the balance sheet date the net current liabilities of £6m, which was mainly due to the amount owed to the parent company, no short term demand of repayment is expected. The company has stable income generated from supplying electricity. The company meets its day-to-day working capital requirements through its bank reserve. The company is able to operate for at least twelve months from the signing of the financial statements. At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, the directors continue to adopt the going concern basis of accounting in preparing financial statements.

Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of the accounting policies and reported amounts of assets and liabilities, revenue and expenses. Actual results may differ from these estimates.

Estimates and underlying assumptions are continually evaluated and are based on historical experience and other factors, including expectations of future events that are reasonable under the circumstances. Revisions to accounting estimates are recognised in the year in which the estimates are revised and in any future years that are affected.

Depreciation and useful life of plant and machinery
Depreciation is provided so as to write down the assets to their residual values over their estimated useful lives as set out in the company's accounting policy. The selection of these estimated lives requires the exercise of management judgement. Useful lives are regularly reviewed and should management's assessment of useful lives shorten then depreciation charges in the financial statements would increase and carrying amounts of plant and machinery would reduce accordingly. The carrying amount of plant and machinery by each class is included in Note 5 and details of the useful lives are included within the accounting policy.

Turnover
Turnover comprises the fair value of the consideration received or receivable in respect of the invoiced value of generated electricity and accrued income. Revenue is shown net of sales, value added tax, returns, rebates and discounts. Revenue on the generation of energy is recognised when electricity is delivered.

Branston Solar Farm Limited (Registered number: 10866265)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure 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 the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery etc - 25 years

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.

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including trade and other payables, and loans from group undertakings, 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 method.

Share capital
Financial instruments issued by the company are classified as equity only to the extent that they do not meet the definition of a financial liability or financial asset.

The company's ordinary shares are classified as equity instruments.

Branston Solar Farm Limited (Registered number: 10866265)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Taxation
Taxation for the year 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 year 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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.

Contingencies: decommissioning provision
Contingent liabilities arise as a result of past events when (i) it is not probable that there will be an outflow of resources or that the amount cannot be reliably measured at the reporting date or (ii) when the existence will be confirmed by the occurrence or non-occurrence of uncertain future events not wholly within the company's control. Contingent liabilities are disclosed in the financial statements unless the probability of an outflow of resources is remote.

Decommissioning provision is not recognised until commencement date under the term.

Exceptional items
Exceptional items are disclosed separately in the financial statements where it is necessary to do so to provide further understanding of the financial performance of the company. They are items that are material either because of their size or their nature, or that are nonrecurring are considered as exceptional items and are presented within the line items to which they best relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

Branston Solar Farm Limited (Registered number: 10866265)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023
and 31 December 2023 30,383,048
DEPRECIATION
At 1 January 2023 2,920,238
Charge for year 1,216,065
At 31 December 2023 4,136,303
NET BOOK VALUE
At 31 December 2023 26,246,745
At 31 December 2022 27,462,810

The solar farm is used to secure the financing from Aviva Investors Infrastructure Income No.4A Limited.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 189,034 356,101
Other debtors 228,190 353,899
417,224 710,000

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 878,399 888,317
Amounts owed to group undertakings 6,131,226 13,700,077
Taxation and social security 1,153,530 -
Other creditors 279,686 684,338
8,442,841 15,272,732

Amounts owed to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Other creditors 18,034,968 18,531,343

The balance represents the reverse premiums provided by AVIVA which is payable evenly till 24 April 2060.

Branston Solar Farm Limited (Registered number: 10866265)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

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

The Report of the Auditors was unqualified.

Nijendra Dhungana (Senior Statutory Auditor)
for and on behalf of Shinewing Wilson Accountancy Limited

9. CONTINGENT LIABILITIES

As per lease agreement, on or before the third anniversary of the Commissioning Date the tenant shall provide security to the Landlord for the reinstatement of the Premises in a sum equal to the Tenant's reasonable estimate of the cost of complying with its obligation under the agreement, subject to a minimum of £150,000 ("the security amount"), the security amount shall be multiplied by the Increase (the review figure divided by the base figure) on the fifty anniversary of the Commissioning Date and on each subsequent anniversary thereof.

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 immediate parent company is Renesola Power UK Ltd, a company incorporated and registered in 25 Eccleston Place, London, England, SW1W 9NF.

The ultimate parent company is Emeren Group Limited (previously known as Renesola Limited), a company incorporated in British Virgin Islands and listed on the New York Stock Exchange.

The smallest and largest group to consolidate these financial statements is Emeren Group Limited. Copies of the consolidated financial statements can be obtained from the Company website http://www.emeren.com/.

The ultimate controlling party is Mr. Himanshu Harshad Shah.