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Registered number: 13721911












TORES 1 LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 

TORES 1 LIMITED

CONTENTS



Page
Company information
 
1
Group strategic report
 
2 - 3
Directors' report
 
4
Directors' responsibilities statement
 
5
Independent auditors' report
 
6 - 9
Consolidated statement of comprehensive income
 
10
Consolidated balance sheet
 
11 - 12
Company balance sheet
 
13
Consolidated statement of changes in equity
 
14 - 15
Company statement of changes in equity
 
16
Consolidated statement of cash flows
 
17
Notes to the financial statements
 
18 - 37


 

TORES 1 LIMITED
 
COMPANY INFORMATION


Directors
M Hubbard 
S Watson 




Registered number
13721911



Registered office
7th Floor Wellington House
125-130 Strand

London

WC2R 0AP




Independent auditors
Blick Rothenberg Audit LLP
Chartered Accountants & Statutory Auditor

16 Great Queen Street

Covent Garden

London

WC2B 5AH




Page 1

 

TORES 1 LIMITED
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The directors present their strategic report on the group for the year ended 31 December 2023. The principal activity of the group is the operation of wind farms. During the year five wind farms were in operation with a total generating capacity of 57.4 MW.

Business review
 
The profit and loss account on page 11 of the financial statements provides a summary of the group's trading results for the year. The performance and results for the year are in line with the director's expectations.
There have been no significant issues with the turbines during the year.
The directors continue to review the business and the wider industry to minimise or mitigate the risks that are prevalent in the commercial environment. 

Principal risks and uncertainties
 
A principal risk to the group is that of wind turbine performance issues reducing availability. The group mitigates this risk, in part, through technical assessments and monitoring key risk areas associated with wind turbine performance and optimising service and maintenance activities to ensure each activity is appropriate based on operational knowledge. The group has long term scheduled maintenance and site management contracts in place with leading industry counterparties.
The changing wholsesale market for the sale of electricity is also a key risk to the group. The group continues to assess the wholesale energy markets and monitors the impact of market movements across seasons. When appropriate the group will enter into fixed price PPA agreements for the near term to deliver certainty to shareholders and comply with loan covenants. There are, however, factors that are more difficult to mitigate and plan for, including political, weather and regulatory challenges. 
Compliance and legislation affecting the group is another key risk. These changes can lead to additional obligations and have a financial impact on the group. The group mitigates this risk by appointing advisors to ensure that management are aware of any changes to legislation. The financial instruments used by the group arise wholly and directly from its activities. The main financial instruments comprise debtors, cash at bank and trade creditors. The financial risks arising from these financial instruments are considered low. The ongoing financial stability of the business and its ability to service payments in spite of potentially low revenue for the financial year, allows the company to maintain good terms with preferred suppliers and their credit partners.
Cash reserves have remained healthy over the year and the group continues to grow. Working capital will continue to be monitored on a regular basis by the directors. 
Tores 1 Limited will continue to manage its subsidiaries with the view of profits from operations being paid up to the holding company. 

Page 2

 

TORES 1 LIMITED

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Financial key performance indicators
 
The key performance indicators used by the group include output generated by the turbines, which was 121,343 MWh for the consolidated year, and turnover which was £19,062,552 for the year.
The board receives monthly reporting of key metrics which helps to ensure optimal business performance. 


This report was approved by the board and signed on its behalf.



S Watson
Director

Date: 4 October 2024

Page 3

 

TORES 1 LIMITED

DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Results and dividends

The loss for the year, after taxation and minority interests, amounted to £2,229,587 (2022 - profit £1,441,663).

A dividend of £6,760,403 (2022: £161,000) was declared and paid in the financial year.

Directors

The directors who served during the year were:

M Hubbard 
S Watson 

Disclosure of information to auditors

Each of the persons who are directors at the time when this directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

This report was approved by the board and signed on its behalf.
 





S Watson
Director

Date: 4 October 2024

Page 4

 

TORES 1 LIMITED
 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors are responsible for preparing the group strategic report, the directors' report and the consolidated financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:

select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;


prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 5

 

TORES 1 LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TORES 1 LIMITED
 FOR THE YEAR ENDED 31 DECEMBER 2023

Opinion


We have audited the financial statements of Tores 1 Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023, which comprise the consolidated statement of comprehensive income, the consolidated and company balance sheets, the consolidated and company statement of changes in equity, and the consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the group's and of the parent company's affairs as at 31 December 2023 and of the Group's loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's or the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 6

 

TORES 1 LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TORES 1 LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Other information


The other information comprises the information included in the annual report other than the financial statements and our auditors' report thereon. The directors are responsible for the other information contained within the annual reportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the group strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the group strategic report and the directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the group strategic report or the directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the directors' responsibilities statement set out on page 5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.


Page 7

 

TORES 1 LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TORES 1 LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the company's sector;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, environmental (including Waste Electrical and Electronic Equipment recycling (WEEE) Regulations 2013) and health and safety legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
 
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
 
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
 
To address the risk of fraud through management bias and override of controls, we:
 
performed analytical procedures to identify any unusual or unexpected relationships;
tested a sample of journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates set out in Note 3 were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.
 
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
 
agreeing financial statement disclosures to underlying supporting documentation;
reading the minutes of meetings of those charged with governance; and
enquiring of management as to actual and potential litigation and claims.

 
Page 8

 

TORES 1 LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TORES 1 LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
 
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Krishan Sivathondan BSc (Hons) FCA (senior statutory auditor)
  
for and on behalf of
Blick Rothenberg Audit LLP
 
Chartered Accountants
Statutory Auditor
  
16 Great Queen Street
Covent Garden
London
WC2B 5AH

 
Date: 
4 October 2024
Page 9

 

TORES 1 LIMITED
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
19,062,552
19,953,892

Gross profit
  
19,062,552
19,953,892

Administrative expenses
  
(13,171,907)
(12,528,596)

Operating profit
 5 
5,890,645
7,425,296

Amounts written off investments
  
(105,094)
(107,820)

Interest receivable and similar income
 8 
67
-

Interest payable and similar expenses
 9 
(5,488,051)
(5,662,128)

Fair value movement on financial swap instruments
  
(452,644)
1,584,646

(Loss)/profit before taxation
  
(155,077)
3,239,994

Tax on (loss)/profit
 10 
(1,815,011)
(1,764,586)

(Loss)/profit for the financial year
  
(1,970,088)
1,475,408

  

Total comprehensive income for the year
  
(1,970,088)
1,475,408

(Loss)/profit for the year attributable to:
  

Non-controlling interests
  
259,499
33,745

Owners of the parent Company
  
(2,229,587)
1,441,663

  
(1,970,088)
1,475,408

Total comprehensive income for the year attributable to:
  

Non-controlling interest
  
259,499
33,745

Owners of the parent Company
  
(2,229,587)
1,441,663

  
(1,970,088)
1,475,408

There were no items of other comprehensive income for either the year or the prior period other than those included in the consolidated statement of comprehensive income.

The notes on pages 18 to 37 form part of these financial statements.

Page 10


 
REGISTERED NUMBER:13721911
TORES 1 LIMITED

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 12 
43,591,523
49,040,463

Tangible assets
 13 
35,798,274
39,283,458

Investments
 14 
251,840
356,934

  
79,641,637
88,680,855

Current assets
  

Debtors: amounts falling due after more than one year
 15 
1,069,286
1,565,264

Debtors: amounts falling due within one year
 15 
7,238,275
6,970,309

Cash at bank and in hand
 16 
5,403,117
8,697,716

  
13,710,678
17,233,289

Creditors: amounts falling due within one year
 17 
(61,539,174)
(62,495,495)

Net current liabilities
  
 
 
(47,828,496)
 
 
(45,262,206)

Total assets less current liabilities
  
31,813,141
43,418,649

Creditors: amounts falling due after more than one year
 18 
(26,250,726)
(28,962,286)

Provisions for liabilities
  

Deferred taxation
 20 
(3,832,850)
(4,166,442)

Other provisions
 21 
(2,367,984)
(2,197,849)

Total provisions
  
 
 
(6,200,834)
 
 
(6,364,291)

Net (liabilities)/assets
  
(638,419)
8,092,072


Capital and reserves
  

Called up share capital 
 22 
100
100

Share premium account
 23 
6,574,600
6,574,600

Profit and loss account
 23 
(8,094,721)
895,269

Equity attributable to owners of the parent Company
  
(1,520,021)
7,469,969

Non-controlling interests
  
881,602
622,103

Total equity
  
(638,419)
8,092,072


Page 11


 
REGISTERED NUMBER:13721911
TORES 1 LIMITED
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

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




S Watson
Director

Date: 4 October 2024

The notes on pages 18 to 37 form part of these financial statements.

Page 12


 
REGISTERED NUMBER:13721911
TORES 1 LIMITED

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 14 
60,714,625
61,277,946

  
60,714,625
61,277,946

Current assets
  

Debtors: amounts falling due within one year
 15 
1,388,141
891,209

Cash at bank and in hand
 16 
55
747,276

  
1,388,196
1,638,485

Creditors: amounts falling due within one year
 17 
(55,020,417)
(54,426,008)

Net current liabilities
  
 
 
(53,632,221)
 
 
(52,787,523)

Total assets less current liabilities
  
7,082,404
8,490,423

  

  

Net assets
  
7,082,404
8,490,423


Capital and reserves
  

Called up share capital 
 22 
100
100

Share premium account
 23 
6,574,600
6,574,600

Profit and loss account brought forward
  
1,915,723
-

Other changes in the profit and loss account

  

(6,454,043)
-

Profit and loss account
  
507,704
1,915,723

Total equity
  
7,082,404
8,490,423


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




S Watson
Director
 
Date: 
4 October 2024

The notes on pages 18 to 37 form part of these financial statements.

Page 13


TORES 1 LIMITED


 
  
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023



Called up share capital
Share premium account
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity


£
£
£
£
£
£



At 1 November 2021
-
-
(385,394)
(385,394)
588,358
202,964



Comprehensive income for the period


Profit for the period
-
-
1,441,663
1,441,663
33,745
1,475,408

Total comprehensive income for the period
-
-
1,441,663
1,441,663
33,745
1,475,408



Contributions by and distributions to owners


Dividends outside of group
-
-
(161,000)
(161,000)
-
(161,000)


Shares issued during the period
100
6,574,600
-
6,574,700
-
6,574,700



Total transactions with owners
100
6,574,600
(161,000)
6,413,700
-
6,413,700





At 1 January 2023
100
6,574,600
895,269
7,469,969
622,103
8,092,072



Comprehensive income for the year


Loss for the year
-
-
(2,229,587)
(2,229,587)
259,499
(1,970,088)



Contributions by and distributions to owners


Dividends outside of group
-
-
(6,760,403)
(6,760,403)
-
(6,760,403)



Total transactions with owners
-
-
(6,760,403)
(6,760,403)
-
(6,760,403)



At 31 December 2023
100
6,574,600
(8,094,721)
(1,520,021)
881,602
(638,419)



Page 14


TORES 1 LIMITED


 
  
 


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

The notes on pages 18 to 37 form part of these financial statements.

Page 15


TORES 1 LIMITED


 
  
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023



Called up share capital
Share premium account
Profit and loss account
Total equity


£
£
£
£



Comprehensive income for the period


Profit for the period
-
-
1,915,723
1,915,723



Contributions by and distributions to owners


Shares issued during the period
100
6,574,600
-
6,574,700



Total transactions with owners
100
6,574,600
-
6,574,700





At 1 January 2023
100
6,574,600
1,915,723
8,490,423



Comprehensive income for the period


Profit for the year
-
-
5,046,024
5,046,024



Contributions by and distributions to owners


Dividends outside of group
-
-
(6,454,043)
(6,454,043)



Total transactions with owners
-
-
(6,454,043)
(6,454,043)



At 31 December 2023
100
6,574,600
507,704
7,082,404



The notes on pages 18 to 37 form part of these financial statements.

Page 16

 

TORES 1 LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

(Loss)/profit for the financial year
(1,970,088)
1,475,408

Adjustments for:

Amortisation of intangible assets
5,448,940
5,448,940

Depreciation of tangible assets
3,493,460
3,450,277

Interest paid
5,488,051
5,662,128

Interest received
(67)
-

Taxation charge
1,815,011
1,764,586

Decrease/(increase) in debtors
228,012
(6,970,309)

(Decrease)/increase in creditors
(40,442)
59,823,713

Increase in provisions
-
2,224,447

Corporation tax (paid)
(1,729,291)
(288,900)

Net cash generated from operating activities

12,733,586
72,590,290


Cash flows from investing activities

Purchase of unlisted and other investments
-
(56,953,837)

Interest received
67
-

Income from investments
105,094
-

Net cash from investing activities

105,161
(56,953,837)

Cash flows from financing activities

Repayment of loans
(3,874,892)
(5,318,590)

Dividends paid
(6,770,403)
(161,000)

Interest paid
(5,488,051)
(5,662,128)

Cash acquired on acquisition of subsidiaries
-
4,202,981

Net cash used in financing activities
(16,133,346)
(6,938,737)

Net (decrease)/increase in cash and cash equivalents
(3,294,599)
8,697,716

Cash and cash equivalents at beginning of year
8,697,716
-

Cash and cash equivalents at the end of year
5,403,117
8,697,716


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
5,403,117
8,697,716

5,403,117
8,697,716


Page 17

 

TORES 1 LIMITED

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

1.


General information

Tores 1 Limited is a private company limited by shares and incorporated in England and Wales. The address of its registered office and principal place of business is 7th Floor Wellington House, 125-130 Strand, London, United Kingdom, WC2R 0AP.
The group consists of Tores 1 Limited and all of its subsidiaries. 
The financial statements are presented in Sterling (£), which is the functional currency of the company and group. 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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires group management to exercise judgement in applying the group's accounting policies (see note 3).

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own statement of comprehensive income in these financial statements.
The company is a qualifying entity for the purposes of FRS 102 and has elected to take the exemption under paragraph 1.12(b) of FRS 102 not to present the company statement of cash flows.

The following principal accounting policies have been applied:

  
2.2

Basis of consolidation

The consolidated financial statements present the results of the company and its own subsidiaries ("the group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated profit and loss account from the date on which control is obtained. They are deconsolidated from the date control ceases. 

Page 18

 

TORES 1 LIMITED

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

2.Accounting policies (continued)

  
2.3

Going concern

The directors have considered future financial forecasts and the ability of the group to provide ongoing support. These forecasts indicate an underlying profit. In making their going concern assessment, the directors have obtained written confirmation from its parent company. The company will be reliant on the written confirmation from its parent company that it will provide financial support to the company for a period of at least 12 months from the date of approval of the financial statements to assist in meeting the company's liabilities as and when they fall due to the extent that it is not available from its existing resources. The directors are not aware of any reasons why this support would be withdrawn in the foreseeable future.
For these reasons, the directors continue to believe that it is appropriate to adopt the going concern basis for the preparation of the financial statements.

 
2.4

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the consolidated statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

  
2.5

Revenue

Revenue 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 reliably measured and it is probable that the economic benefits associated with the transactions will flow to the entity.

Page 19

 

TORES 1 LIMITED

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

2.Accounting policies (continued)

 
2.6

Operating leases: the Group as lessee

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

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

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.

 
2.9

Borrowing costs

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

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, 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.
Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years.
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.

Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.
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 except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 20

 

TORES 1 LIMITED

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

2.Accounting policies (continued)

  
2.11

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the profit and loss account over its useful economic life.
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.

 
2.12

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 group 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.

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 Power Asset
-
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.

 
2.13

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

Page 21

 

TORES 1 LIMITED

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

2.Accounting policies (continued)

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

  
2.15

Cash

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

  
2.16

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. 

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


2.18

Financial instruments

The Group 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 Group 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 Group after deducting all of its liabilities. 
 
The Group’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.

Page 22

 

TORES 1 LIMITED

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

2.Accounting policies (continued)


 (continued)



 (continued)

Financial liabilities

Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 23

 

TORES 1 LIMITED

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

2.Accounting policies (continued)

  

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 Group 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.

 
2.19

Hedge accounting

The Group uses variable to fixed interest rate swaps to manage its exposure to fair value risk on its assets.. These derivatives are measured at fair value at each balance sheet date.

To the extent the cash flow hedge is effective, movements in fair value are recognised in other comprehensive income and presented in a separate cash flow hedge reserve. Any ineffective portions of those movements are recognised in profit or loss for the year.

Gains and losses on the hedging instruments and the hedged items are recognised in profit or loss for the year. When a hedged item is an unrecognised firm commitment, the cumulative hedging gain or loss on the hedged item is recognised as an asset or liability with a corresponding gain or loss recognised in profit or loss.

Page 24

 

TORES 1 LIMITED

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

2.Accounting policies (continued)

 
2.20

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. 


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

As presented in Note 13 within accrued income there is an amount accrued for in relation to Renewable Obligation Certificates (ROCs). Income is recognised based on a single £GBP per megawatt hours 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 turbine assets has been estimated by reference to a third party report which sets out the current estimated scrap value of the turbines.
The decommissioning liability to be incurred at the end of the initial lease term has also been estimated with reference to this report which sets out the current estimated cost of decommissioning the wind turbines and restoring the site to its previous use. 


4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Electricity
19,062,552
19,953,892


All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Depreciation of tangible fixed assets
3,493,460
3,450,277

Amortisation of goodwill
5,448,940
5,448,940

Exchange differences
(5,848)
6,367

Audit fees payable to the group's auditor
90,286
85,240

Page 25

 

TORES 1 LIMITED

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

6.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
40,000
40,000


7.


Employees





The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Directors
2
3
2
2


8.


Interest receivable

2023
2022
£
£


Other interest receivable
67
-


9.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
559,801
646,200

Other loan interest payable
4,708,472
4,879,877

Unwind of discount
165,928
136,051

Other interest payable
53,850
-

5,488,051
5,662,128

Page 26

 

TORES 1 LIMITED

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

10.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
2,467,621
1,717,134


2,467,621
1,717,134


Total current tax
2,467,621
1,717,134

Deferred tax


Origination and reversal of timing differences
(652,610)
47,452

Total deferred tax
(652,610)
47,452


Tax on (loss)/profit
1,815,011
1,764,586

Factors affecting tax charge for the year/period

There were no factors that affected the tax charge for the year/period which has been calculated on the profits on ordinary activities before tax at the standard rate of corporation tax in the UK of  25% (2022 - 19%).



Factors that may affect future tax charges

In the Spring Budget 2021, the UK Government announced that from 1 April 2023 the corporation tax rate would increase to 25% for companies with profits of over £250,000. A small profits rate will also be introduced for companies with profits of £50,000 or less so that they will continue to pay corporation tax at 19%. From this date companies with profits between £50,000 and £250,000 will pay tax at the main rate reduced by a marginal relief providing a gradual increase in the effective corporation tax rate. This new law was substantively enacted on 24 May 2021. Deferred taxes at the balance sheet date have been measured using these enacted tax rates and reflected in these financial statements. 


11.


Dividends

2023
2022
£
£


Ordinary dividends paid to entities outside of the group
6,760,403
161,000

Page 27

 

TORES 1 LIMITED

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

12.


Intangible assets

Group





Goodwill

£



Cost


At 1 January 2023
54,489,403



At 31 December 2023

54,489,403



Amortisation


At 1 January 2023
5,448,940


Charge for the year
5,448,940



At 31 December 2023

10,897,880



Net book value



At 31 December 2023
43,591,523



At 31 December 2022
49,040,463



Page 28

 

TORES 1 LIMITED

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

13.


Tangible fixed assets

Group






Wind Farm Development

£



Cost 


At 1 January 2023
42,733,736



At 31 December 2023

42,733,736



Depreciation


At 1 January 2023
3,450,278


Charge for the year
3,485,184



At 31 December 2023

6,935,462



Net book value



At 31 December 2023
35,798,274



At 31 December 2022
39,283,458

Page 29

 

TORES 1 LIMITED

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

14.


Fixed asset investments

Group





Unlisted investments

£



Cost


At 1 January 2023
356,934


Amounts written off
(105,094)



At 31 December 2023
251,840




Company





Investments in subsidiary companies
Unlisted investments
Total

£
£
£



Cost 


At 1 January 2023
59,556,102
1,721,844
61,277,946


Amounts written off
-
(563,321)
(563,321)



At 31 December 2023
59,556,102
1,158,523
60,714,625




Page 30

 

TORES 1 LIMITED

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

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

Achairn Energy Limited
The Ca'D'Oro, 45 Gordon Street, Glasgow, G1 3PE
Operation of a windfarm
Ordinary shares
74.47%
Biggleswade Wind Farm Limited
7th Floor, Wellington House, 125-130 Strand, London, England, WC2R 0AP
Operation of a windfarm
Ordinary shares
100%
White Mill Windfarm Limited
7th Floor, Wellington House, 125-130 Strand, London, England, WC2R 0AP
Operation of a windfarm
Ordinary shares
100%
Bernard Matthews Green Energy Halesworth Limited
 7th Floor, Wellington House, 125-130 Strand, London, England, WC2R 0AP
Operation of a windfarm
Ordinary shares
100%
Eye Wind Power Limited
 7th Floor, Wellington House, 125-130 Strand, London, England, WC2R 0AP
Operation of a windfarm
Ordinary shares
100%

Page 31

 

TORES 1 LIMITED

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

15.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Due after more than one year

Other debtors
236,519
-
-
-

Financial instruments (after 1 yr)
832,767
1,565,264
-
-

1,069,286
1,565,264
-
-


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Due within one year

Trade debtors
595,078
837,012
-
-

Amounts owed by group undertakings
-
-
319,018
-

Other debtors
361,830
496,721
-
-

Prepayments and accrued income
5,976,081
5,636,576
38,527
60,116

Deferred taxation
-
-
1,030,596
831,093

Financial instruments
305,286
-
-
-

7,238,275
6,970,309
1,388,141
891,209



16.


Cash

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
5,403,117
8,697,716
55
747,276


Page 32

 

TORES 1 LIMITED

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

17.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank loans
1,820,501
4,199,827
-
-

Other loans
1,209,459
-
-
-

Trade creditors
471,720
91,728
-
-

Amounts owed to group undertakings
54,315,265
54,386,008
54,916,317
54,386,008

Corporation tax
2,344,267
1,924,955
-
-

Other taxation and social security
486,812
898,116
-
-

Other creditors
100
-
100
-

Accruals and deferred income
891,050
994,861
104,000
40,000

61,539,174
62,495,495
55,020,417
54,426,008


Amounts owed to group undertakings accrue interest annually at a fixed rate of 7% per annum and at a default rate of 9%, have no fixed repayment date and are repayable on demand. 


18.


Creditors: Amounts falling due after more than one year

Group
Group
2023
2022
£
£

Bank loans
15,338,094
28,955,751

Other loans
10,912,632
-

Financial instruments (after 1 yr)
-
6,535

26,250,726
28,962,286


Bank loans and other loans are secured by way of fixed and floating charges over the group and company assets.
Bank loans are repayable in bi-annual amounts with interest charged at different rates for each loan. These vary between 2.708% and 6.190% per annum.

Page 33

 

TORES 1 LIMITED

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

19.


Loans


Analysis of the maturity of loans is given below:


Group
Group
2023
2022
£
£

Amounts falling due within one year

Bank loans
1,820,501
4,199,827

Other loans
1,209,459
-


3,029,960
4,199,827

Amounts falling due 2-5 years

Bank loans
6,804,474
11,021,824

Other loans
4,692,804
-


11,497,278
11,021,824

Amounts falling due after more than 5 years

Bank loans
8,533,620
17,933,927

Other loans
6,219,828
-


14,753,448
17,933,927


29,280,686
33,155,578



20.


Deferred taxation


Group



2023


£






At beginning of year
(4,166,442)


Charged to profit or loss
288,730


Arising on business combinations
(16,003)


Utilised in year
60,865



At end of year
(3,832,850)

Page 34

 

TORES 1 LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
20.Deferred taxation (continued)

Company


2023


£






At beginning of year
831,093


Charged to profit or loss
199,503



At end of year
1,030,596

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Accelerated capital allowances
(5,776,090)
(6,201,060)
-
-

Tax losses carried forward
435,247
850,065
-
-

Short term timing differences
1,507,993
1,184,553
1,030,596
831,093

(3,832,850)
(4,166,442)
1,030,596
831,093


21.


Provisions


Group



Decommissioning provision

£





At 1 January 2023
2,197,849


Charged to profit or loss
170,135



At 31 December 2023
2,367,984


22.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100


Page 35

 

TORES 1 LIMITED

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

23.


Reserves

Share premium account

The share premium reserve includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium. 

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses. 

24.


Analysis of net debt





At 1 January 2023
Cash flows
Other non-cash changes
At 31 December 2023
£

£

£

£

Cash at bank and in hand

8,697,716

(3,294,599)

-

5,403,117

Debt due after 1 year

(28,962,286)

-

2,711,560

(26,250,726)

Debt due within 1 year

(4,199,827)

3,881,427

(2,711,560)

(3,029,960)


(24,464,397)
586,828
-
(23,877,569)


25.


Commitments under operating leases

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


Group
Group
2023
2022
£
£

Not later than 1 year
2,005,237
2,152,446

Later than 1 year and not later than 5 years
8,018,168
7,442,621

Later than 5 years
8,349,588
8,391,543

18,372,993
17,986,610
Page 36

 

TORES 1 LIMITED

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

26.


Related party transactions

Included in creditors is an amount of £54,315,265 due to the immediate parent of the company.
Included in interest payable for the period is £331,937 which was payable to the immediate parent of the company. Interest income of £159,449 was also received during the period in relation to income from loan investments. 
Included within debtors is an amount owing of £38,527 in relation to mezzanine loan interest. This relates to balances owing from subsidiaries which have been eliminated upon consolidation. 
Included within investments of the company is a balance of £251,840 which relate to long term balances owing from two of the groups subsidiaries which were acquired upon acquisition. 
During the period, the company received dividends of £8,433,640 from its subsidiary companies. 


27.


Controlling party

The immediate parent undertaking is Temporis Operational Renewable Energy Strategy LP, a limited partnership incorporated in the Cayman Islands.
The parent of the smallest group that prepares consolidated financial statements and for which the company is a member is that headed by Temporis Limited, a company incorporated in Malta. THe registered office of Temporis Limited is 171 Old Bakery Street, Valletta VLT1455, Malta.

 
Page 37