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Ashton Power Limited



Annual Report and Financial Statements
Period from 1 June 2023 to 31 December 2023

Registration number: 10132657

 

Ashton Power Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 9

 

Ashton Power Limited

Company Information

Company number

10132657

     

Directors

Mr E Clemente Lorente

Mr F A P M Gerbier

Ms S N Janarthanan

Company secretary

Intertrust (UK) Limited

Registered office

1 Bartholomew Lane
London
England
EC2N 2AX

Auditors

PKF Francis Clark
Statutory Auditor
Ground Floor
90 Victoria Street
Bristol
United Kingdom
BS1 6DP

 

Ashton Power Limited

Balance Sheet

31 December 2023

Note

Period ended
31 December
2023
£

(As restated)
Year ended
31 May
2023
£

Fixed assets

 

Tangible assets

6

7,344,154

2,726,007

Current assets

 

Debtors

7

375,621

366,052

Cash at bank and in hand

 

800,160

3,849,175

 

1,175,781

4,215,227

Creditors: Amounts falling due within one year

8

(9,217,691)

(7,267,978)

Net current liabilities

 

(8,041,910)

(3,052,751)

Net liabilities

 

(697,756)

(326,744)

Capital and reserves

 

Called up share capital

9

1

1

Profit and loss account

(697,757)

(326,745)

Shareholders' deficit

 

(697,756)

(326,744)

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 24 September 2024 and signed on its behalf by:
 

.........................................
Mr F A P M Gerbier
Director

   
     

Company Registration Number: 10132657

 

Ashton Power Limited

Notes to the Financial Statements

Period from 1 June 2023 to 31 December 2023

1

General information

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

The address of its registered office is:

1 Bartholomew Lane
London
England
EC2N 2AX

The principal activity of the company is that of the development and construction and, once complete, the operation of a reserve power plant.

These financial statements were authorised for issue by the Board on 24 September 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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' including Section 1A and the Companies Act 2006.

The financial statements are prepared in pounds sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.

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.

Going concern

During the period ending 31 December 2023 the company continued construction of a reserve power plant. Prior to the company becoming cash flow positive, the company’s ability to meet its cashflow requirements is dependent on ongoing support from its parent company. The directors have received assurances of continued financial support from the Company's ultimate parent company, Generate Capital, PBC, and the directors believe that such financial support will continue to be available for the next 12 months. Accordingly, they have adopted the going concern basis of accounting in preparing these financial statements.

 

Ashton Power Limited

Notes to the Financial Statements

Period from 1 June 2023 to 31 December 2023

Prior period adjustment

The prior year loss has been restated from £175,989 to a loss of £325,640. In addition, the opening reserves have been restated by £149,651. The overall impact on net assets is a decrease of £149,651. The restatement is the result of management service fees not directly attributable to the construction in progress and therefore not permitted to be capitalised under FRS102.

As previously

Adjustment

As restated

reported

Year ended 31 May 2023

£

£

£

Management fees

-

149,651

149,651

Fixed assets

2,875,658

(149,651)

2,726,007

Closing profit and loss reserve

(177,094)

(149,651)

(326,745)

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.

At the balance sheet date the only assets held by the company were assets under construction and as such no depreciation has been charged.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest rate method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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.

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.

 

Ashton Power Limited

Notes to the Financial Statements

Period from 1 June 2023 to 31 December 2023

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances.
• Amounts owed to group undertakings.

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.


 

Depreciation

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

Asset class

Depreciation method and rate

Assets under construction

No depreciation

 

Ashton Power Limited

Notes to the Financial Statements

Period from 1 June 2023 to 31 December 2023

3

Key sources of estimation uncertainty

In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key judgement that has a significant effect on the financial statements is in respect of going concern. In the opinion of the directors, there are no key sources of estimation uncertainty as at 31 December 2023.

Determining whether there are any indicators of impairment of the company's tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset. The carrying amount is £7,344,154 (2023: £2,726,007).

4

Employees

The average number of persons employed by the company (including directors) during the period, was 3 (2023 - 3).

5

Auditors' remuneration

Period ended
31 December
2023
£

Year ended
31 May
2023
£

Audit of the financial statements

7,200

7,675


 

 

Ashton Power Limited

Notes to the Financial Statements

Period from 1 June 2023 to 31 December 2023

6

Tangible assets

Assets under construction
 £

Total
£

Cost or valuation

At 1 June 2023 (restated)

2,726,007

2,726,007

Additions

4,618,147

4,618,147

At 31 December 2023

7,344,154

7,344,154

Carrying amount

At 31 December 2023

7,344,154

7,344,154

At 31 May 2023 (restated)

2,726,007

2,726,007

7

Debtors

Period ended
31 December
2023
£

Year ended
31 May
2023
£

Prepayments

9,135

2,501

Other debtors

366,486

363,551

375,621

366,052

8

Creditors

Period ended
31 December
2023
£

Year ended
31 May
2023
£

Due within one year

Trade creditors

-

694,535

Amounts due to group undertakings

9,177,011

6,535,897

Accruals

40,680

37,546

9,217,691

7,267,978

 

Ashton Power Limited

Notes to the Financial Statements

Period from 1 June 2023 to 31 December 2023

9

Share capital

Allotted, called up and fully paid shares

 

Period ended
31 December
2023

Year ended
31 May
2023

 

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

         

10

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

Period ended
31 December
2023
£

Year ended
31 May
2023
£

Not later than one year

39,150

39,150

Later than one year and not later than five years

156,707

156,707

Later than five years

545,955

568,908

741,812

764,765

The amount of non-cancellable operating lease payments recognised as an expense during the period was £22,729 (2023 - £18,897).

11

Related party transactions

The Company has applied the exemption granted by paragraph 33.1A of FRS102 Related Party Disclosures not to disclose transactions with members of the same group.

12

Parent and ultimate parent undertaking

The company's immediate parent is Generate UK Power I Limited, incorporated in England & Wales.

 The ultimate controlling party is Generate Capital, PBC.

Generate Capital, PBC, is a company incorporated in the state of Delaware, United States of America, which is the parent company of the smallest and largest group to consolidate these financial statements. The registered office of Generate Capital, PBC is 251 Little Falls Drive, Wilmington, Delaware, 19808, USA with a physical address at 560 Davis Street, Suite 250, San Francisco, California, 94111, USA.

 

 

Ashton Power Limited

Notes to the Financial Statements

Period from 1 June 2023 to 31 December 2023

13

Audit report

The Independent Auditors' Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report was Robert Whitehead FCCA, who signed for and on behalf of PKF Francis Clark on 25 September 2024.