Company Registration No. 15625379 (England and Wales)
ASUK HOLDCO 1 LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
Celixir House
Stratford Business & Technology Park
Innovation Way, Banbury Road
Stratford-upon-Avon
Warwickshire
United Kingdom
CV37 7GZ
ASUK HOLDCO 1 LIMITED
CONTENTS
Page
Company information
Strategic report
1 - 2
Balance sheet
3
Statement of changes in equity
Notes to the financial statements
4 - 10
ASUK HOLDCO 1 LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 1 -
The directors present the strategic report for the period ended 31 December 2024.
Fair review of the business
ASUK Holdco1 Limited is a wholly owned subsidiary of Arise Renewable Energy UK Limited. The company is part of the Arise Group, which develops, constructs and sells solar and wind farms and asset management of these farms. Arise AB (publ) is a Swedish public limited liability company listed on Nasdaq Stockholm.
The results for the year and financial position of the Company are shown in the annexed financial statements.
During the period, the company incurred a loss of £72,862.
The company has required intra-group loans, which at the end of the year amounts to £2,279,274.
Principal risks and uncertainties
ASUK's activities primarily relate to the acquisition, development, construction, financing and operation of wind, solar, and battery storage. The company is exposed to several key risks that could impact its ability to develop and commercialize projects successfully. These include regulatory, financial, operational, and market risks.
Arise proactively manages these risks through a combination of strategic foresight, financial discipline, and operational excellence. The company continuously monitors the external environment to adapt to emerging risks and opportunities, ensuring long-term resilience and competitiveness in the renewable energy sector.
Market and Competitive Risks
The renewable energy market is evolving rapidly, with technological advancements, shifting policy frameworks, and increased competition potentially affecting project viability and profitability. While wind and solar power remain cost-competitive, emerging energy technologies could disrupt the market landscape. Additionally, competition for land and grid connections continues to intensify. Arise expects however that there will continue to be demand for electricity supplied from green sources for the foreseeable future and addresses these risks through diversification across different technologies and maintaining strong relationships with landowners / stakeholders to maintain a competitive project pipeline.
Regulatory and Project Planning Risks
Arise operates in a highly regulated environment, with projects subject to extensive permitting, environmental assessments, and grid connection approvals. Delays or failures in securing planning consents, changing government policies, or increased regulatory burdens could significantly impact project timelines and financial outcomes. Arise proactively engages with stakeholders to ensure smooth planning processes and employs in-house expertise in planning and regulatory aspects to follow known and established practices when developing its projects.
ASUK HOLDCO 1 LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 2 -
Development and performance
Financial Risks
Arise is exposed to financial risks, including fluctuations in energy prices, project financing constraints, interest rate movements, currency exchange rate volatility, parent company funding risk and liquidity risk. Unfavourable market conditions could impact the company's ability to secure investment for projects or achieve targeted returns. Arise maintains robust cost control over expenditure and benefits from parent company support resources in respect of these risks.
Operational and Execution Risks
The successful development and operation of renewable energy projects depend on efficient project execution, cost control, and supply chain reliability. Challenges such as rising material costs, contractor performance issues, and unforeseen technical difficulties could impact project delivery and profitability. Arise employs strong project management capabilities and undertakes rigorous risk assessment through the projects life cycle and regularly engages with suppliers to monitor supply chain stability and cost predictability.
Key Personnel and Organizational Risks
The expertise and experience of key individuals within Arise are critical to the company’s success. The loss of senior management or technical specialists could disrupt operations and strategic execution.
Mr M Larsson
Director
12 February 2025
ASUK HOLDCO 1 LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 3 -
2024
Notes
£
£
Fixed assets
Tangible assets
4
1,872,078
Current assets
Debtors
5
369,753
Cash at bank and in hand
13,572
383,325
Creditors: amounts falling due within one year
6
(48,891)
Net current assets
334,434
Total assets less current liabilities
2,206,512
Creditors: amounts falling due after more than one year
7
(2,279,274)
Net liabilities
(72,762)
Capital and reserves
Called up share capital
8
100
Profit and loss reserves
(72,862)
Total equity
(72,762)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered 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 12 February 2025 and are signed on its behalf by:
Mr M Larsson
Director
Company registration number 15625379 (England and Wales)
ASUK HOLDCO 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 4 -
1
Accounting policies
Company information
ASUK Holdco 1 Limited is a private company limited by shares incorporated in England and Wales. The registered office is 78 York Street, London, United Kingdom, W1H 1DP.
1.1
Reporting period
The financial statements represent the period from incorporation on 8 April 2024 to the financial year end 31 December 2024.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
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 financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues
Section 26 ‘Share based Payment’ Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’ Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Arise AB. These consolidated financial statements are available from its registered office, Box 808, 301 18 Halmstad, Sweden
ASUK HOLDCO 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.3
Going concern
The financial statements have been prepared on the going concern basis, which assumes that the company will continue in operational existence for the foreseeable future.true
During the year the company made a loss of £72,862, and as at 31 December 2024 the company had net current liabilities of £1,944,840 and net liabilities of £72,762, which could indicate that the company has insufficient resources to continue trading for the foreseeable future. However, the directors believe that it is appropriate to prepare the financial statements on the going concern basis due to the ongoing financial support of its ultimate parent entity, Arise AB.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
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 credited or charged to profit or loss.
1.5
Impairment of fixed assets
At each reporting period 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.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
ASUK HOLDCO 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 6 -
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including 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. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
ASUK HOLDCO 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 7 -
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Judgements and 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
ASUK HOLDCO 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 8 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
Number
4
4
Tangible fixed assets
Assets under construction
£
Cost
At 8 April 2024
Additions
1,872,078
At 31 December 2024
1,872,078
Depreciation and impairment
At 8 April 2024 and 31 December 2024
Carrying amount
At 31 December 2024
1,872,078
5
Debtors
2024
Amounts falling due within one year:
£
Other debtors
369,753
6
Creditors: amounts falling due within one year
2024
£
Trade creditors
25,516
Accruals and deferred income
23,375
48,891
ASUK HOLDCO 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 9 -
7
Creditors: amounts falling due after more than one year
2024
£
Amounts owed to group undertakings
2,279,274
8
Share capital
2024
2024
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of £1 each
100
100
Each share has full rights regarding voting, dividends and distribution.
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Mark Bullock FCA
Statutory Auditor:
TC Group
Date of audit report:
12 February 2025
10
Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
ASUK HOLDCO 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 10 -
11
Ultimate controlling party
The company's immediate parent company is Arise Renewable Energy UK Limited, registered in United Kingdom, by virtue of holding 100% of the company's share capital.
The ultimate parent company is Arise AB, registered in Sweden. The company's financial statements are included in the consolidated accounts of Arise AB and a copy can be obtained from 808 Box 808, Halmstad, Sweden, 30118.