Period from 1 June 2023 to
Registration number:
Hamilton Lane Power Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Hamilton Lane Power Limited
Company Information
Company number |
10132408 |
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Directors |
Mr E Clemente Lorente Mr F A P M Gerbier Ms S N Janarthanan |
Company secretary |
Intertrust (UK) Limited |
Registered office |
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Auditors |
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Hamilton Lane Power Limited
Balance Sheet
31 December 2023
Note |
Period ended |
(As restated) |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
( |
( |
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Shareholders' deficit |
( |
( |
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
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Company Registration Number: 10132408
Hamilton Lane Power Limited
Notes to the Financial Statements
Period from 1 June 2023 to 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal activity of the company is that of the development and construction and, once complete, the operation of a battery energy storage system.
These financial statements were authorised for issue by the
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 work developing a battery energy storage system project. 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.
Hamilton Lane 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 £56,630 to a loss of £413,908. In addition, the opening reserves have been restated by £357,278. The overall impact on net assets is a decrease of £357,278. 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 |
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reported |
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Year ended 31 May 2023 |
£ |
£ |
£ |
Management fees |
- |
357,278 |
357,278 |
Fixed assets |
579,597 |
(357,278) |
222,319 |
Closing profit and loss reserve |
(57,578) |
(357,278) |
(414,856) |
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 comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
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
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.
Hamilton Lane Power Limited
Notes to the Financial Statements
Period from 1 June 2023 to 31 December 2023
Financial instruments
Classification
• 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
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 |
Hamilton Lane Power Limited
Notes to the Financial Statements
Period from 1 June 2023 to 31 December 2023
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 £464,441 (2023: £222,319).
Employees |
The average number of persons employed by the company (including directors) during the period, was
Auditors' remuneration |
Period ended |
Year ended |
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Audit of the financial statements |
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Hamilton Lane Power Limited
Notes to the Financial Statements
Period from 1 June 2023 to 31 December 2023
Tangible assets |
Assets under construction |
Total |
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Cost or valuation |
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At 1 June 2023 (restated) |
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Additions |
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At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
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At 31 May 2023 (restated) |
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Debtors |
Period ended |
Year ended |
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Other debtors |
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Creditors |
Period ended |
Year ended |
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Due within one year |
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Trade creditors |
- |
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Amounts due to group undertakings |
1,104,171 |
1,373,247 |
Accruals |
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Hamilton Lane Power Limited
Notes to the Financial Statements
Period from 1 June 2023 to 31 December 2023
Share capital |
Allotted, called up and fully paid shares
Period ended |
Year ended |
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No. |
£ |
No. |
£ |
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1 |
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1 |
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
Period ended |
Year ended |
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Not later than one year |
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- |
Later than one year and not later than five years |
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- |
Later than five years |
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- |
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- |
The amount of non-cancellable operating lease payments recognised as an expense during the period was £
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.
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate controlling party is
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.
Hamilton Lane Power Limited
Notes to the Financial Statements
Period from 1 June 2023 to 31 December 2023
Audit report |