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Registered number: 09748691










FIRST RENEWABLE PSI LIMITED

AUDITED
FINANCIAL STATEMENTS

FOR THE YEAR ENDED
31 DECEMBER 2023
 






 



 






 
FIRST RENEWABLES PSI LIMITED
 

COMPANY INFORMATION


Directors
Mrs S J Johnston (resigned 8 December 2023)
Mr M Quatraro 
Mr P W Kent (resigned 2 August 2024)
Ms A K Yoon (resigned 2 August 2024)
Ms A L Bath (appointed 8 December 2023)
Ms C Marlow (appointed 2 August 2024)
Mr P A White (appointed 2 August 2024)




Registered number
09748691



Registered office
24 Savile Row

London

England

W1S 2ES




Independent auditors
Wellden Turnbull Limited
Chartered Accountants & Statutory Auditors

Albany House

Claremont Lane

Esher

Surrey

KT10 9FQ





 
FIRST RENEWABLES PSI LIMITED
 

CONTENTS



Page
Balance Sheet
 
 
1
Notes to the Financial Statements
 
 
2 - 7


 
FIRST RENEWABLES PSI LIMITED
REGISTERED NUMBER: 09748691

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible fixed assets
 5 
3,075,906
3,311,673

Current assets
  

Debtors: amounts falling due within one year
 6 
143,586
115,422

Bank and cash balances
  
335,190
304,509

  
478,776
419,931

Current liabilities
  

Creditors: amounts falling due within one year
 7 
(4,296,721)
(4,929,043)

Net current liabilities
  
 
 
(3,817,945)
 
 
(4,509,112)

Total assets less current liabilities
  
(742,039)
(1,197,439)

  

Net liabilities
  
(742,039)
(1,197,439)


Capital and reserves
  

Called up share capital 
 8 
10
10

Profit and loss account
 9 
(742,049)
(1,197,449)

  
(742,039)
(1,197,439)


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 statement of income and retained earnings 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: 




Ms A L Bath
Director

Date: 25 September 2024

The notes on pages 2 to 7 form part of these financial statements.

Page 1

 
FIRST RENEWABLES PSI LIMITED
 

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

1.


General information

First Renewable PSI Limited is a private company, limited by shares and incorporated in England and Wales, registration number 09748691. The registered office address is 24 Savile Row, London, United Kingdom, W1S 2ES. The principal place of business is Asfordby Farm South, Melton Mowbray, LE65 2TE.

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 (see note 3).

These financial statements are presented in sterling which is the functional currency of the Company and rounded to the nearest £.

The following principal accounting policies have been applied:

  
2.2

Compliance with accounting standards

The financial statements have been prepared using FRS102, the financial reporting standard applicable in the UK and Republic of Ireland, including the disclosure and presentation requirements of Section 1A, applicable to small companies. There were no material departures from that standard.

 
2.3

Going concern

The Company was profit making in the period and is in a net liability position at the year end date. The financial statements have been prepared on a going concern basis which means that the Company can be expected to meet its liabilities as they fall due for a period of 12 months from the date of signing these financial statements. In assessing the appropriateness of the going concern basis of preparation the Directors have taken into account the key risks of the business  as well as the Company’s business model and the availability of cash resources.
In preparing this assessment the Directors cite the ability of the Company to currently generate sufficient cash to meet its liabilities as they fall due. Further the Directors cite the ongoing support of fellow group companies and the Company’s parent to not call its debt to the detriment of the Company. On this basis the Directors consider it is appropriate to prepare the financial statements on a going concern basis.

 
2.4

Revenue

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

 
2.5

Operating leases: the Company as lessee

The fixed element of rentals applicable to operating leases where substantially all the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

Page 2

 
FIRST RENEWABLES PSI LIMITED
 

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

2.Accounting policies (continued)

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest 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.

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.8

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.

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:

Solar Arrays
-
5% on cost

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.

  
2.9

Borrowing costs related to the fixed assets

Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 3

 
FIRST RENEWABLES PSI LIMITED
 

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

2.Accounting policies (continued)

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In preparing these financial statements, management is required to make judgements, estimates and assumptions which affect expected reported income, expenses, assets and liabilities and disclosure of contingent assets and liabilities. Use of available information and application of judgement are inherent in the formation of estimates, together with past experience and expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates.
The following are the Company's key sources of estimation uncertainty:
Decommissioning Liabilities
Provision has not been recognised in respect of site restoration costs on the basis the Directors have determined the likelihood of a liability arising to be remote based on the assumption that the scrap value of the asset will be sufficient to cover any decommissioning costs and that there is also potential that the renewable energy farm will be re-energised and the related site lease renewed. If circumstances change and indicate otherwise, the Company will review the position and recognise either a contingent liability or provision as appropriate.


4.


Employees

In the current and prior year the Company had no employees, other than its Directors, who did not receive any remuneration.

Page 4

 
FIRST RENEWABLES PSI LIMITED
 

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

5.


Tangible fixed assets





Solar Arrays

£



Cost or valuation


At 1 January 2023
5,000,496


Additions
27,602


Disposals
(19,777)



At 31 December 2023

5,008,321



Depreciation


At 1 January 2023
1,688,823


Charge for the year on owned assets
250,351


Disposals
(6,759)



At 31 December 2023

1,932,415



Net book value



At 31 December 2023
3,075,906



At 31 December 2022
3,311,673

Included within the above cost or valuation are capitalised borrowing costs at 31 December 2023 of £116,844 (2022 - £116,844).


6.


Debtors

2023
2022
£
£


Other debtors
5,200
-

Prepayments and accrued income
138,386
115,422

143,586
115,422


Page 5

 
FIRST RENEWABLES PSI LIMITED
 

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

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
7,937
6,692

Amounts owed to group undertakings
4,283,339
4,907,601

Accruals and deferred income
5,445
14,750

4,296,721
4,929,043


Amounts owed to group undertakings are interest bearing and repayable on demand.


8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



10 (2022 - 10) Ordinary shares of £1.00 each
10
10



9.


Reserves

Profit and loss account

The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.


10.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
22,500
22,500

Later than 1 year and not later than 5 years
90,000
90,000

Later than 5 years
317,342
339,842

429,842
452,342

The amounts stated above represent the base charges payable under the Company's operating leases. Actual payments will be adjusted for inflation indexation in accordance with the terms of the lease and will therefore be greater than the amounts stated above.

Page 6

 
FIRST RENEWABLES PSI LIMITED
 

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

11.


Related party transactions

The Company is exempt under the terms of Financial Reporting Standard 102 (FRS102) Section 33 paragraph 1A, from disclosing related party transactions with other group companies, on the grounds that the Company is wholly owned within the Group.


12.


Controlling party

The Company's immediate parent company is Solarplicity UC Holdings Limited, a company incorporated in England and Wales. 
The ultimate parent and controlling party is Gravis Asset Holdings Limited, a company incorporated in England and Wales.
The smallest and largest group of undertakings into which the results of the Company are consolidated is headed by Gravis Asset Holdings Limited
The registered office address of Gravis Asset Holdings Limited is 24 Savile Row, London, United Kingdom, W1S 2ES. The consolidated financial statements are available from the registered office address and Companies House.


13.


Auditors' information

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

The audit report was signed on 25 September 2024 by Mark Nelligan FCA (Senior Statutory Auditor) on behalf of Wellden Turnbull Limited.


Page 7