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COMPANY REGISTRATION NUMBER: 12397115
PACE DITTO ENERGY LIMITED
FILLETED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 January 2024
PACE DITTO ENERGY LIMITED
BALANCE SHEET
31 January 2024
2024
2023
Note
£
£
£
£
Current assets
Stocks
704,343
255,721
Debtors
5
67,977
9,780
--------
--------
772,320
265,501
Creditors: amounts falling due within one year
6
( 790,462)
( 267,551)
--------
--------
Net current liabilities
( 18,142)
( 2,050)
-------
------
Total assets less current liabilities
( 18,142)
( 2,050)
-------
------
Net liabilities
( 18,142)
( 2,050)
-------
------
Capital and reserves
Called up share capital
7
100
100
Profit and loss account
( 18,242)
( 2,150)
-------
------
Shareholders deficit
( 18,142)
( 2,050)
-------
------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 14 January 2025 , and are signed on behalf of the board by:
J Armstrong
Director
Company registration number: 12397115
PACE DITTO ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 JANUARY 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 Des Roches Square, Witney, OX28 4BE, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest pound. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
The company has chosen to adopt sections 11 and 12 of FRS 102 in respect of financial instruments. Basic financial assets, which include other receivables, 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. Basic financial liabilities, which include trade and other payables, 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 receipts discounted at a market rate of interest. Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year of less. If not, then they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 2 ).
5. Debtors
2024
2023
£
£
Other debtors
67,977
9,780
-------
------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
902
480
Amounts owed to group undertakings
682,351
266,321
Amounts owed to other related entities
94,709
Other creditors
12,500
750
--------
--------
790,462
267,551
--------
--------
7. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
8. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
72,625
Later than 1 year and not later than 5 years
290,500
Later than 5 years
1,513,021
-----------
----
1,876,146
-----------
----
9. Summary audit opinion
The auditor's report dated 15 January 2025 was unqualified .
The senior statutory auditor was W J E Kerr , for and on behalf of Xeinadin Audit Limited .
10. Controlling party
Up to 12 July 2023, the parent company was Pathfinder Clean Energy (PACE) Ltd, a company registered in England and Wales. On 12 July 2023 the company was acquired by Sumando UK IPP Ltd, a company registered in England and Wales. The ultimate parent was Sumando Acciones SL, a company registered in Spain. The ultimate controlling parties were Cecu Solar SL and Los Leandros Solares SL, both companies are incorporated in Spain and have equal control. On 17 July 2024 the company was acquired by Padero Solaer Ltd, a company registered in England and Wales. There were no changes to the ultimate parent or the ultimate controlling parties. On 6 September 2024 the company was acquired by Gresham House Solar Distribution LLP, a partnership registered in England and Wales. The ultimate controlling party was Gresham House Limited by virtue of its ultimate shareholding of the Designated Members.