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Registered number: 14416989









ALTUS POWER EUROPE LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 DECEMBER 2023

 
ALTUS POWER EUROPE LIMITED
REGISTERED NUMBER: 14416989

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
Note
£

  

Current assets
  

Cash at bank and in hand
 5 
53,290

  
53,290

Creditors: amounts falling due within one year
 6 
(31,333)

Net current assets
  
 
 
21,957

Total assets less current liabilities
  
21,957

  

Net assets
  
21,957


Capital and reserves
  

Called up share capital 
  
1

Profit and loss account
  
21,956

  
21,957


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

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




................................................
D Weber
Director

Date: 11 October 2024

The notes on pages 2 to 5 form part of these financial statements.

Page 1

 
ALTUS POWER EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

1.


General information

Altus Power Europe Ltd (the 'Company') is a company incorporated on 13 October 2022, in the United Kingdom under the Companies Act. These financial statements are for the period from incorporation date to 31 December 2023. The Company is a private company limited by shares, registered in England and Wales. The registered office is Suite 1, 7th Floor, 50 Broadway, London, SW1H 0DB.
The principal activity of the Company in the period under review was the production of electricity.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

Going concern

The directors intend to liquidate the Company in the near future and do not consider it appropriate to adopt the going concern basis of preparation of the financial statements for the financial period to 31 December 2023. Therefore, the financial statements have been prepared on the basis other than that of the going concern basis
No material adjustments arise as a result of preparing the financial statements on a basis other than that of the going concern basis.

Page 2

 
ALTUS POWER EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP and the financial statements are rounded to the nearest £1.

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 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'.

 
2.5

Interest income

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

 
2.6

Finance costs

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

 
2.7

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 3

 
ALTUS POWER EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

3.


Employees




The average monthly number of employees, including directors, during the period was 1.


4.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


Additions
25,373



At 31 December 2023

25,373



Impairment


Charge for the period
25,373



At 31 December 2023

25,373



Net book value



At 31 December 2023
-


5.


Cash and cash equivalents

2023
£

Cash at bank and in hand
53,290



6.


Creditors: Amounts falling due within one year

2023
£

Trade creditors
15,850

Accruals and deferred income
15,483

31,333


Page 4

 
ALTUS POWER EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

7.


Related party transactions

Altus Power UK Limited
During the period the company provided funding of totalling £103,435 for its subsidiary Altus Power UK Limited, interest of £6,120 was accrued on this loan, at the period end the loan was waived as it was deemed irrecoverable
Altus Power Germany GmbH
During the period the company provided funding and met expenses totalling £144,983 for its subsidiary Altus Power Germany GmbH, interest of £4,627 was accrued on this loan, at the period end the loan was waived as it was deemed irrecoverable.
Altus Power Portugal, Unipessoal Lda
During the period the company provided funding of £22,866 for its subsidiary Altus Power Portugal, Unipessoal Lda, at the period end the loan was waived as it was deemed irrecoverable.
Altus Power, Inc,
During the period the company received funding of £517,110 from its ultimate parent company, at the period end the loan was waived as it was deemed irrecoverable.
Altus Power, LLC
During the period the company received funding of £564 from its parent company, at the period end the loan was waived as it was deemed irrecoverable.


8.


Controlling party

Altus Power, LLC (incorporated in United States of America) is the company's immediate parent company. Altus Power, Inc (incorporated in United States of America) is considered by the directors to be the company's ultimate controlling party.
The registered office of the ultimate parent company is 2200 Atlantic St, Sixth Floor, Stamford, Connecticut 06902, USA.


9.


Auditors' information

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

The audit report was signed on 11 October 2024 by Christopher Cairns (Senior Statutory Auditor) on behalf of Alliotts Chartered Accountants.

 
Page 5