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REGISTERED NUMBER: 14539260 (England and Wales)




















Report of the Directors and

Financial Statements

FOR THE PERIOD

13 December 2022 to 31 December 2023

for

RWE RENEWABLES UK SOLAR AND STORAGE
LIMITED

PREVIOUSLY KNOWN AS
JBM SOLAR LIMITED

RWE RENEWABLES UK SOLAR AND STORAGE
LIMITED (REGISTERED NUMBER: 14539260)
PREVIOUSLY KNOWN AS JBM SOLAR LIMITED

Contents of the Financial Statements
FOR THE PERIOD 13 DECEMBER 2022 TO 31 DECEMBER 2023










Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 4

Statement of Comprehensive Income 7

Statement of Financial Position 8

Statement of Changes in Equity 9

Notes to the Financial Statements 10


RWE RENEWABLES UK SOLAR AND STORAGE
LIMITED
PREVIOUSLY KNOWN AS JBM SOLAR LIMITED

Company Information
FOR THE PERIOD 13 DECEMBER 2022 TO 31 DECEMBER 2023







DIRECTORS: C O Hennessy
A I Murkin
A Swarbrick





SECRETARY: Mrs K Loncaric





REGISTERED OFFICE: Windmill Hill Business Park
Whitehill Way
Swindon
Wiltshire
SN5 6PB





REGISTERED NUMBER: 14539260 (England and Wales)





AUDITORS: Melinek Fine LLP
Chartered Accountants
Statutory Auditors
First Floor, Winston House
349 Regents Park Road
London
N3 1DH

RWE RENEWABLES UK SOLAR AND STORAGE
LIMITED (REGISTERED NUMBER: 14539260)
PREVIOUSLY KNOWN AS JBM SOLAR LIMITED

Report of the Directors
FOR THE PERIOD 13 DECEMBER 2022 TO 31 DECEMBER 2023


The directors present their report with the financial statements of the company for the period 13 December 2022 to 31 December 2023.

INCORPORATION
The company was incorporated on 13 December 2022 and commenced trading on 1 March 2023.

The company passed a special resolution on 2 January 2024 changing its name from JBM Solar Limited to RWE Renewables UK Solar and Storage Limited.

PRINCIPAL ACTIVITIES
The principal activity of the company in the period under review was that of development of electricity producing assets.

EVENTS SINCE THE END OF THE PERIOD
Information relating to events since the end of the period is given in the notes 14 to the financial statements.

DIRECTORS
The directors who have held office during the period from 13 December 2022 to the date of this report are as follows:

J A Pillai - appointed 13 December 2022 - resigned 1 March 2023
C O Hennessy - appointed 1 March 2023
A I Murkin - appointed 1 March 2023
Mrs J Woodhall - appointed 1 March 2023

A Swarbrick was appointed as a director after 31 December 2023 but prior to the date of this report.

Mrs J Woodhall ceased to be a director after 31 December 2023 but prior to the date of this report.

All the directors who are eligible offer themselves for election at the forthcoming first Annual General Meeting.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Annual Report and the 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 prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 101 “Reduced Disclosure Framework”, and applicable law). Under company law, 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 of the profit or loss of the company for that period. In preparing the financial statements, the directors are required to:

· select suitable accounting policies and then apply them consistently;

· state whether applicable United Kingdom Accounting Standards, comprising FRS 101 have been followed, subject to any material departures disclosed and explained in the financial statements;

· make judgements and accounting estimates that are reasonable and prudent; and

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


The directors are also 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 enable them to ensure that the financial statements comply with the Companies Act 2006.They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

RWE RENEWABLES UK SOLAR AND STORAGE
LIMITED (REGISTERED NUMBER: 14539260)
PREVIOUSLY KNOWN AS JBM SOLAR LIMITED

Report of the Directors
FOR THE PERIOD 13 DECEMBER 2022 TO 31 DECEMBER 2023


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Melinek Fine LLP, will resign as independent auditors, and Deloitte LLP will be appointed independent auditors subsequent to the period end. There are no circumstances connected with Melinek Fine LLP ceasing to hold office which need to be brought to the attention of the members or creditors of the company. The decision for the change in independent auditors was based on change in ultimate parent company where RWE have appointed Deloitte LLP as independent auditors globally for all entities of the RWE AG group.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





A I Murkin - Director


10 October 2024

Report of the Independent Auditors to the Members of
RWE Renewables UK Solar and Storage
Limited
previously known as JBM Solar Limited


Opinion
We have audited the financial statements of RWE Renewables UK Solar and Storage Limited (the 'company') for the period ended 31 December 2023 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and Notes to the Financial Statements, 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 101 'Reduced Disclosure Framework' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its loss for the period 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'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 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our 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.

In connection with our audit of the financial statements, 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 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.

Opinions 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 Report of the Directors for the financial period for which the financial statements are
prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
RWE Renewables UK Solar and Storage
Limited
previously known as JBM Solar Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, 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 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 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 company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
RWE Renewables UK Solar and Storage
Limited
previously known as JBM Solar Limited


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 a Report of the Auditors 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 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.

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to failure to comply with UK tax legislation, environmental regulations, health and safety regulations, and data protection regulations, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006 and Financial Reporting Standard 101. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries. Audit procedures performed by the engagement team included:

· Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;

· Assessing design and implementation of controls designed to prevent fraud and detect irregularities and fraud;

· Assessing significant judgements and estimates involved in preparing the financial statements; and

· Identifying and testing journal entries during the period and subsequent to the period end, in particular those journal entries posted with unusual account combinations.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through 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 Report of the Auditors.

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 2006. Our 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 a Report of the Auditors 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.




Aryeh Melinek (Senior Statutory Auditor)
for and on behalf of Melinek Fine LLP
Chartered Accountants
Statutory Auditors
First Floor, Winston House
349 Regents Park Road
London
N3 1DH

10 October 2024

RWE RENEWABLES UK SOLAR AND STORAGE
LIMITED (REGISTERED NUMBER: 14539260)
PREVIOUSLY KNOWN AS JBM SOLAR LIMITED

Statement of Comprehensive
Income
FOR THE PERIOD 13 DECEMBER 2022 TO 31 DECEMBER 2023

Notes £   

TURNOVER -

Administrative expenses 10,858,810
(10,858,810 )

Other operating income 3 7,114,464
(3,744,346 )

Interest receivable and similar income 4,440
LOSS BEFORE TAXATION 5 (3,739,906 )

Tax on loss 6 (893,730 )
LOSS FOR THE FINANCIAL PERIOD (2,846,176 )


OTHER COMPREHENSIVE INCOME -
TOTAL COMPREHENSIVE LOSS FOR THE
PERIOD

(2,846,176

)

RWE RENEWABLES UK SOLAR AND STORAGE
LIMITED (REGISTERED NUMBER: 14539260)
PREVIOUSLY KNOWN AS JBM SOLAR LIMITED

Statement of Financial Position
31 DECEMBER 2023

Notes £   
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment 7 1,512,332
Investments 8 4,000
1,516,332
CURRENT ASSETS
Trade and other receivables 9 55,446,961
Cash and cash equivalents 54,121,579
109,568,540

LIABILITIES
CURRENT LIABILITIES
Trade and other payables 10 113,926,948
NET CURRENT LIABILITIES (4,358,408 )
NET LIABILITIES (2,842,076 )
SHAREHOLDERS' EQUITY
Called up share capital 11 4,100
Profit and loss account 12 (2,846,176 )
TOTAL EQUITY (2,842,076 )

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

The financial statements were approved by the Board of Directors and authorised for issue on 10 October 2024 and were signed on its behalf by:





A I Murkin - Director


RWE RENEWABLES UK SOLAR AND STORAGE
LIMITED (REGISTERED NUMBER: 14539260)
PREVIOUSLY KNOWN AS JBM SOLAR LIMITED

Statement of Changes in Equity
FOR THE PERIOD 13 DECEMBER 2022 TO 31 DECEMBER 2023

Called up Profit
share and loss Total
capital account equity
£    £    £   

Changes in equity
Issue of share capital 4,100 - 4,100
Total comprehensive loss - (2,846,176 ) (2,846,176 )
Balance at 31 December 2023 4,100 (2,846,176 ) (2,842,076 )

RWE RENEWABLES UK SOLAR AND STORAGE
LIMITED (REGISTERED NUMBER: 14539260)
PREVIOUSLY KNOWN AS JBM SOLAR LIMITED

Notes to the Financial Statements
FOR THE PERIOD 13 DECEMBER 2022 TO 31 DECEMBER 2023


1. STATUTORY INFORMATION

RWE Renewables UK Solar and Storage Limited is a private company, limited by shares, registered in England and Wales. The company's registered office is Windmill Hill Business Park, Whitehill Way, Swindon, Wiltshire, United Kingdom, SN5 6PB. The company's principal activities and nature of its operations are disclosed in the report of the directors.

2. ACCOUNTING POLICIES

Basis of preparation
These financial statements have been prepared in accordance with Financial Reporting Standard 101 "Reduced Disclosure Framework" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statement has been prepared for a period of more than 12 months, as it is the first period of accounts.

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

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 101 "Reduced Disclosure Framework":

the requirements of IFRS 7 Financial Instruments: Disclosures;
the requirements of paragraphs 10(d), 16, 111 and 134 to 136 of IAS 1;
the requirements of IAS 7 Statement of Cash Flows;
the requirements of paragraph 74(b) of IAS 16;
the requirements of paragraphs 17 and 18A of IAS 24 Related Party Disclosures;
the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into
between two or more members of a group.
Where required, equivalent disclosures are given in the consolidated financial statements of RWE AG. The consolidated financial statement of RWE AG is available to the public and can be obtained as set out in Note 13.

Exemption from consolidation
The company has taken advantage of the exemption under section 399(2A)(a)(i) of the Companies Act 2006 not to prepare consolidated financial statements as it is subject to the small companies' regime. The financial statements present information about company as an individual entity and not about its group.

RWE RENEWABLES UK SOLAR AND STORAGE
LIMITED (REGISTERED NUMBER: 14539260)
PREVIOUSLY KNOWN AS JBM SOLAR LIMITED

Notes to the Financial Statements - continued
FOR THE PERIOD 13 DECEMBER 2022 TO 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Property, plant and equipment is stated in the net asset statement at cost, less any subsequent accumulated depreciation and subsequent impairment losses.

The cost of property, plant and equipment includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation of property, plant and equipment is provided on a straight-line basis to write off the cost less the estimated residual value of the assets by equal instalments over their estimated useful economic life as follows:

Fixtures and fittings depreciated 33% on cost
Computer equipment depreciated 33% on cost

Assets in the course of construction are not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit or loss.

Impairment of tangible assets
At each reporting end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

RWE RENEWABLES UK SOLAR AND STORAGE
LIMITED (REGISTERED NUMBER: 14539260)
PREVIOUSLY KNOWN AS JBM SOLAR LIMITED

Notes to the Financial Statements - continued
FOR THE PERIOD 13 DECEMBER 2022 TO 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
Financial assets
A financial asset is recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit and loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs. The company only has financial assets held at amortised cost.

Financial assets held at amortised cost
Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (e.g. trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.

Impairment of financial assets
Financial assets, other than those measured at fair value through profit or loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.

For trade receivables and contract assets, the company applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

Financial liabilities
The company recognises financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'. The company only has other financial liabilities.

Other financial liabilities
Other financial liabilities, including borrowings, trade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Derecognition of financial liabilities
Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

RWE RENEWABLES UK SOLAR AND STORAGE
LIMITED (REGISTERED NUMBER: 14539260)
PREVIOUSLY KNOWN AS JBM SOLAR LIMITED

Notes to the Financial Statements - continued
FOR THE PERIOD 13 DECEMBER 2022 TO 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Taxation
The tax expense for the period comprises current and deferred tax. Tax is recognised through profit or loss, except to the extent that it relates to items recognised in other comprehensive income, in this case, the tax is also recognised in other comprehensive income.

Current tax
The current income tax charge is calculated on the basis of the laws enacted or substantively enacted at the reporting date in the countries where the company operates and generates taxable income.

Where the company surrenders tax losses to other group members, the consideration receivable is treated as a credit to the tax figure recorded in profit or loss.

Deferred tax
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled.

Deferred income tax assets are recognised only to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilised.

Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balance on a net basis.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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.

Included in the net asset statement are receivables of £48.03m relating to group undertakings which are special purpose vehicles (SPVs). Each SPV represents a single project whose primary purpose is to build and operate a solar farm. If the solar farm is not constructed, then the debt would be irrecoverable.

At the reporting date no projects had been impaired. Between the reporting date and the date of signing the net asset statement there were no impairments in the subsequent period. However, until a solar farm is ready to construct then there is an inherent uncertainty regarding the recoverability of the balance. No provision has been made at the reporting date for irrecoverable debts.

Based on the position at the date of signing the net asset statement, £21.5m of these debts relate to SPVs which have solar farms not yet ready to construct.

RWE RENEWABLES UK SOLAR AND STORAGE
LIMITED (REGISTERED NUMBER: 14539260)
PREVIOUSLY KNOWN AS JBM SOLAR LIMITED

Notes to the Financial Statements - continued
FOR THE PERIOD 13 DECEMBER 2022 TO 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Going concern
The financial statements have been prepared on the going concern basis.

In making their assessment the directors have considered the foreseeable future which is a period of at least 12 months from the date of signing of the statement of financial position.

In line with expectations the company has initially made losses in the first year of trading and has a negative statement of financial position. The company has at the reporting date net current liabilities of £4,358,408 and negative reserves of £2,846,176.

The company is part of a group that has the financial resources to support the company and has provided a letter of support to meet the company's future liabilities as they fall due. This is a statement of intent and not a legally binding arrangement.

3. OTHER OPERATING INCOME
£   
Recharge income 7,114,464

Other operating income is measured at the fair value of the consideration received or receivable in respect of the invoiced and accrued value excluding discounts, rebates, value added tax and other operating income taxes.

Other operating income represents income from recharge costs relating to the management services provided to subsidiaries during the period and is recognised when the performance obligation of the related project is satisfied, which is when the corresponding cost invoices are received from suppliers for each development project. Other operating income is measured based on the amounts collected on behalf of third parties for each subsidiary.

4. EMPLOYEES AND DIRECTORS
£   
Wages and salaries 2,268,286

The average number of employees during the period was as follows:

United Kingdom 22

The employees of the company were all transferred to RWE Renewables Management UK Limited during the accounting period. This arrangement was subject to Transfer of Undertakings (Protection of Employment) right.

The directors do not receive any remuneration from the company in respect of their services to the company. Instead, they are employed and paid by another related entity, RWE Renewables Management UK Limited. Due to the nature of the services provided and the number of entities to which it relates, it is not possible to meaningfully allocate the directors' remuneration in respect of qualifying services to the company.

5. LOSS BEFORE TAXATION

The loss before taxation is stated after charging:
£   
Depreciation - owned assets 38,144
Auditors' remuneration 2,800
Foreign exchange differences 6,971

RWE RENEWABLES UK SOLAR AND STORAGE
LIMITED (REGISTERED NUMBER: 14539260)
PREVIOUSLY KNOWN AS JBM SOLAR LIMITED

Notes to the Financial Statements - continued
FOR THE PERIOD 13 DECEMBER 2022 TO 31 DECEMBER 2023


6. TAXATION

Analysis of tax expense
No liability to UK corporation tax arose for the period ended 31 December 2023.

Changes to corporation tax rate
The main corporation tax rate increased from 19% to 25% with effect from 1 April 2023.

Deferred tax
The company has yet to commence trading however, there is a deferred tax asset of £893,730 recognised in respect of pre-trading expenditure.

7. PROPERTY, PLANT AND EQUIPMENT
Asset Fixtures
under and Computer
construction fittings equipment Totals
£    £    £    £   
COST
Additions 1,455,625 2,434 92,417 1,550,476
At 31 December 2023 1,455,625 2,434 92,417 1,550,476
DEPRECIATION
Charge for period - 811 37,333 38,144
At 31 December 2023 - 811 37,333 38,144
NET BOOK VALUE
At 31 December 2023 1,455,625 1,623 55,084 1,512,332

8. INVESTMENTS
Shares in
group
undertakings
£   
COST
Additions 4,000
At 31 December 2023 4,000
NET BOOK VALUE
At 31 December 2023 4,000

RWE RENEWABLES UK SOLAR AND STORAGE
LIMITED (REGISTERED NUMBER: 14539260)
PREVIOUSLY KNOWN AS JBM SOLAR LIMITED

Notes to the Financial Statements - continued
FOR THE PERIOD 13 DECEMBER 2022 TO 31 DECEMBER 2023


8. INVESTMENTS - continued

The group or the company's investments at the reporting date in the share capital of companies include the following:

Subsidiaries
Each of the following has the same registered address: Windmill Hill Business Park, Whitehill Way, Swindon, Wiltshire, United Kingdom, SN5 6PB

Name of Subsidiary Nature of business Share class % Holding
JBM Solar Projects 2 Limited Renewable energy Ordinary 100
JBM Solar Projects 3 Limited Renewable energy Ordinary 100
JBM Solar Projects 5 Limited Renewable energy Ordinary 100
JBM Solar Projects 6 Limited Renewable energy Ordinary 100
JBM Solar Projects 7 Limited Renewable energy Ordinary 100
JBM Solar Projects 8 Limited Renewable energy Ordinary 100
JBM Solar Projects 10 Limited Renewable energy Ordinary 100
JBM Solar Projects 11 Limited Renewable energy Ordinary 100
JBM Solar Projects 12 Limited Renewable energy Ordinary 100
JBM Solar Projects 13 Limited Renewable energy Ordinary 100
JBM Solar Projects 14 Limited Renewable energy Ordinary 100
JBM Solar Projects 15 Limited Renewable energy Ordinary 100
JBM Solar Projects 16 Limited Renewable energy Ordinary 100
JBM Solar Projects 17 Limited Renewable energy Ordinary 100
JBM Solar Projects 19 Limited Renewable energy Ordinary 100
JBM Solar Projects 20 Limited Renewable energy Ordinary 100
JBM Solar Projects 21 Limited Renewable energy Ordinary 100
JBM Solar Projects 22 Limited Renewable energy Ordinary 100
JBM Solar Projects 24 Limited Renewable energy Ordinary 100
JBM Solar Projects 25 Limited Renewable energy Ordinary 100
JBM Solar Projects 26 Limited Renewable energy Ordinary 100
JBM Solar Projects 27 Limited Renewable energy Ordinary 100
JBM Solar Projects 28 Limited Renewable energy Ordinary 100
JBM Solar Projects 29 Limited Renewable energy Ordinary 100
JBM Solar Projects 30 Limited Renewable energy Ordinary 100
JBM Solar Projects 31 Limited Renewable energy Ordinary 100
JBM Solar Projects 32 Limited Renewable energy Ordinary 100
JBM Solar Projects 33 Limited Renewable energy Ordinary 100
JBM Solar Projects 34 Limited Renewable energy Ordinary 100
JBM Solar Projects 35 Limited Renewable energy Ordinary 100
JBM Solar Projects 36 Limited Renewable energy Ordinary 100
JBM Solar Projects 37 Limited Renewable energy Ordinary 100
JBM Solar Projects 38 Limited Renewable energy Ordinary 100
JBM Solar Projects 39 Limited Renewable energy Ordinary 100
JBM Solar Projects 40 Limited Renewable energy Ordinary 100
JBM Solar Projects 41 Limited Renewable energy Ordinary 100
JBM Solar Projects 42 Limited Renewable energy Ordinary 100
JBM Solar Projects 43 Limited Renewable energy Ordinary 100
JBM Solar Projects 44 Limited Renewable energy Ordinary 100
JBM Solar Projects 45 Limited Renewable energy Ordinary 100

9. RECEIVABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Trade receivables 9,411
Amounts owed by group undertakings 48,025,093
Other receivables 7,412,457
55,446,961

RWE RENEWABLES UK SOLAR AND STORAGE
LIMITED (REGISTERED NUMBER: 14539260)
PREVIOUSLY KNOWN AS JBM SOLAR LIMITED

Notes to the Financial Statements - continued
FOR THE PERIOD 13 DECEMBER 2022 TO 31 DECEMBER 2023


10. PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Trade payable 2,995
Amounts owed to group undertakings 113,517,590
Social security and other taxes 37,223
Other payable 214,580
Accruals and deferred income 154,560
113,926,948

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal
value: £   
4,100 Ordinary £1 4,100

12. RESERVES

The only movement in reserves during the period is the loss for the period.

13. ULTIMATE PARENT COMPANY

The company's immediate parent is RWE Renewables UK Solar Holdings Limited.

The ultimate parent company is RWE AG, a company incorporated in Germany. Copies of RWE AG's consolidated financial statements are available upon request from RWE AG, RWE Platz 1, 45141 Essen, Germany.

The most senior parent entity producing publicly available consolidated financial statements is RWE AG.

The parent of the smallest and largest group in which these financial statements are consolidated is RWE AG, incorporated in Germany. The registered address of the parent company is as per the above paragraph.

14. EVENTS AFTER THE REPORTING PERIOD

Subsequent to the period end, all assets were transferred from the following subsidiaries to the company:

JBM Solar Projects 12 Limited,JBM Solar Projects 34 Limited,
JBM Solar Projects 15 Limited,JBM Solar Projects 35 Limited,
JBM Solar Projects 22 Limited,JBM Solar Projects 36 Limited,
JBM Solar Projects 25 Limited,JBM Solar Projects 37 Limited,
JBM Solar Projects 29 Limited,JBM Solar Projects 38 Limited,
JBM Solar Projects 30 Limited,JBM Solar Projects 39 Limited,
JBM Solar Projects 32 Limited,JBM Solar Projects 40 Limited,
JBM Solar Projects 33 Limited,JBM Solar Projects 41 Limited.

The directors of these companies intend to cease trading and subsequently dissolve these companies due course.