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Registered number: 05814263












TREF NO.1 LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 

TREF NO.1 LIMITED

CONTENTS



Page
Company information
 
1
Balance sheet
 
2 - 3
Notes to the financial statements
 
4 - 11


 

TREF NO.1 LIMITED
 
COMPANY INFORMATION


Directors
S Watson 
M Hubbard 




Registered number
05814263



Registered office
7th Floor
Wellington House

125-130 Strand

London

WC2R 0AP




Independent auditor
Blick Rothenberg Audit LLP
Chartered Accountants & Statutory Auditor

16 Great Queen Street

Covent Garden

London

WC2B 5AH




Page 1


 
REGISTERED NUMBER:05814263
TREF NO.1 LIMITED

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
5,846,920
6,270,272

  
5,846,920
6,270,272

Current assets
  

Debtors: amounts falling due after more than one year
 6 
156,929
118,798

Debtors: amounts falling due within one year
 6 
815,560
508,430

Cash at bank and in hand
  
167,004
218,768

  
1,139,493
845,996

Creditors: amounts falling due within one year
 7 
(1,063,988)
(745,620)

Net current assets
  
 
 
75,505
 
 
100,376

Total assets less current liabilities
  
5,922,425
6,370,648

Creditors: amounts falling due after more than one year
 8 
(4,294,800)
(4,531,322)

Provisions for liabilities
  

Other provisions
 10 
(265,221)
(249,034)

  
 
 
(265,221)
 
 
(249,034)

Net assets
  
1,362,404
1,590,292


Capital and reserves
  

Called up share capital 
 11 
38,702
38,702

Other reserves
 12 
2,046,772
2,476,772

Profit and loss account
 12 
(723,070)
(925,182)

Total equity
  
1,362,404
1,590,292


Page 2


 
REGISTERED NUMBER:05814263
TREF NO.1 LIMITED
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




S Watson
Director
Date: 13 September 2024

The notes on pages 4 to 11 form part of these financial statements.

Page 3

 

TREF NO.1 LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

TREF No.1 Limited is a private company limited by shares incorporated in England and Wales. The registered office is 7th Floor, Wellington House, 125 -130 Strand, London, England, WC2R 0AP.
The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

 
2.3

Turnover

Turnover represents amounts receivable from the generation and sale of electricity and associated benefits net of VAT and is recognised on an accruals basis according to the quantity of electricity generated, once this can be measured reliably and it is probable that the economic benefits associated with the transactions will flow to the entity. 

 
2.4

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 that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
Borrowing costs incurred during the capital expenditure phase, including interest, have been capitalised and are included within the cost of the asset.

Page 4

 

TREF NO.1 LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

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:

Wind turbine development
-
straight-line over 20 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.

  
2.5

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.
Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 
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. 
The company’s policies for its major classes of financial assets and financial liabilities are set out below. 
Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances, intercompany working capital balances, and intercompany financing are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Financial liabilities
Basic financial liabilities, including trade and other creditors, bank loans and loans from fellow group companies, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Page 5

 

TREF NO.1 LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.5

Financial instruments (continued)

Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. 
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. 
For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

  
2.6

Provisions for liabilities

Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

Page 6

 

TREF NO.1 LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

  
2.8

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares are shown in equity as a deduction, net of tax, from the proceeds.

 
2.9

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.10

Borrowing costs

Borrowing costs are recognised in profit or loss in the year in which they are incurred. 

 
2.11

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

  
2.12

Current and deferred taxation

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
 
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 7

 

TREF NO.1 LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

As presented in Note 6 within prepayments and accrued income is an amount accrued in relation to Renewable Obligation Certificates (ROCs - recycling). Income is recognised based on £GBP per megawatt hour basis and this value is not determined until November after the reporting period ends. The price used for the period is an estimate based on the prior year's price set by Ofgem. 
The value of ROC recycling is dependent on the total number of ROC's presented, obligation levels and the buy-out fund. A price is then set for the distribution to suppliers.
The residual or scrap value of the Wind Power Asset has been estimated using market metal rates set out and converted to GBP Sterling. The component make up of the turbine can then be multiplied by the market price to estimate a scrap price.
The decommissioning liability to be incurred at the end of the initial lease term has also been estimated with reference to a third party report prepared for a similar company within the group. This sets out the current estimated cost of decommissioning the wind turbines and restoring the site to its previous use. This is then inflated to the end of the lease and subsequently discounted back to the present value at the year end using the company's cost of capital.


4.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).


5.


Tangible fixed assets





Wind turbine development

£



Cost


At 1 January 2023
8,740,961



At 31 December 2023

8,740,961



Depreciation


At 1 January 2023
2,470,689


Charge for the year
423,352



At 31 December 2023

2,894,041



Net book value



At 31 December 2023
5,846,920



At 31 December 2022
6,270,272

Page 8

 

TREF NO.1 LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Debtors

2023
2022
£
£

Due after more than one year

Deferred tax asset
156,929
118,798


2023
2022
£
£

Due within one year

Trade debtors
173,770
-

Prepayments and accrued income
641,790
440,056

Deferred taxation
-
68,374

815,560
508,430



7.


Creditors: amounts falling due within one year

2023
2022
£
£

Trade creditors
10,309
414

Amounts owed to group undertakings
966,424
619,881

Other taxation and social security
15,460
62,399

Accruals and deferred income
71,795
62,926

1,063,988
745,620



8.


Creditors: amounts falling due after more than one year

2023
2022
£
£

Amounts owed to group undertakings
4,294,800
4,531,322


The amounts owed to group undertakings consist of a mezzanine loan facility extended by the company's parent undertaking, and is unsecured. Interest is charged in arrears at 8% per annum.

The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:

2023
2022
£
£


Repayable by instalments
3,139,308
3,463,005


Page 9

 

TREF NO.1 LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:





2023


£






At beginning of year
187,172


Charged to profit or loss
(30,243)



At end of year
156,929

The deferred tax asset is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(733,173)
(771,632)

Tax losses carried forward
890,102
958,804

156,929
187,172

Factors that may affect future tax charges
From 1 April 2023 the corporation tax rate increased to 25% for companies with profits of over £250,000. Deferred taxes at the balance sheet date have been measured using these enacted tax rates and reflected in these financial statements.
 
On 1 January 2023 the UK government introduced the Electricity Generator Levy (EGL) which will apply a further 45% tax charge, in addition to the usual corporation tax due, on certain exceptional profits earned by electricity generators in the period from 1 January 2023 to 31 March 2028. The directors will continue to review guidance in relation to the EGL to ascertain if there is any impact on the group.


10.


Provisions




Decommissioning provision

£





At 1 January 2023
249,034


Charged to profit or loss
16,187



At 31 December 2023
265,221

Page 10

 

TREF NO.1 LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



3,870,200 (2022 - 3,870,200) Ordinary shares of £0.01 each
38,702
38,702

The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the company.



12.


Reserves

Other reserves

Other reserves represents a distributable special reserve which may be used for the purpose of paying dividends.


13.


Related party transactions

The company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures" from disclosing transactions with entities which are a wholly owned part of the group.


14.


Parent undertaking

The immediate parent undertaking is Temporis Renewable Energy L.P., a limited partnership registered in the Cayman Islands. Its registered office address is Ground Floor Windward 1 Regatta Office Park West Bay Road P.O. Box 30100, Grand Cayman, KY1-1201, Cayman Islands.
 
The ultimate controlling party is Temporis Limited, a company incorporated in Malta. Its registered office address is 171 Old Bakery Street, Valletta VLT1455, Malta.


15.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 13 September 2024 by Krishan Sivathondan BSC (Hons) FCA (senior statutory auditor) on behalf of Blick Rothenberg Audit LLP.

 
Page 11