ALTUS POWER UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
Altus Power UK 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 provision of solar panels.
The financial statements are prepared in pound sterling, which is the functional currency of the Company, and rounded to the nearest whole £.
2.Accounting policies
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Basis of preparation of financial statements
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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:
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.
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.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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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.
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