18 false false false false true false false false false false false true false false true true false true true true true No description of principal activity 2023-05-01 Sage Accounts Production Advanced 2023 - FRS102_2023 14,977,268 3,962,994 32,508 2,946 35,454 xbrli:pure xbrli:shares iso4217:GBP 8021337 2023-05-01 2024-04-30 8021337 2024-04-30 8021337 2023-04-30 8021337 2022-05-01 2023-04-30 8021337 2023-04-30 8021337 2022-04-30 8021337 bus:RegisteredOffice 2023-05-01 2024-04-30 8021337 bus:OrdinaryShareClass1 2023-05-01 2024-04-30 8021337 bus:LeadAgentIfApplicable 2023-05-01 2024-04-30 8021337 bus:Director3 2023-05-01 2024-04-30 8021337 bus:Director1 2023-05-01 2024-04-30 8021337 core:WithinOneYear 2024-04-30 8021337 core:WithinOneYear 2023-04-30 8021337 core:LandBuildings 2023-04-30 8021337 core:MotorVehicles 2023-04-30 8021337 core:LandBuildings 2024-04-30 8021337 core:FurnitureFittings 2024-04-30 8021337 core:DeferredTaxation 2023-05-01 2024-04-30 8021337 core:LandBuildings 2023-05-01 2024-04-30 8021337 core:FurnitureFittings 2023-05-01 2024-04-30 8021337 core:MotorVehicles 2023-05-01 2024-04-30 8021337 core:RetainedEarningsAccumulatedLosses 2022-05-01 2023-04-30 8021337 core:RetainedEarningsAccumulatedLosses 2023-05-01 2024-04-30 8021337 core:UKTax 2023-05-01 2024-04-30 8021337 core:UKTax 2022-05-01 2023-04-30 8021337 bus:OrdinaryShareClass1 2022-05-01 2023-04-30 8021337 core:ShareCapital 2024-04-30 8021337 core:ShareCapital 2023-04-30 8021337 core:RetainedEarningsAccumulatedLosses 2024-04-30 8021337 core:RetainedEarningsAccumulatedLosses 2023-04-30 8021337 core:ShareCapital 2022-04-30 8021337 core:RetainedEarningsAccumulatedLosses 2022-04-30 8021337 core:BetweenOneFiveYears 2024-04-30 8021337 core:BetweenOneFiveYears 2023-04-30 8021337 core:CostValuation core:Non-currentFinancialInstruments 2023-04-30 8021337 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2024-04-30 8021337 core:DisposalsRepaymentsInvestments core:Non-currentFinancialInstruments 2024-04-30 8021337 core:CostValuation core:Non-currentFinancialInstruments 2024-04-30 8021337 core:Non-currentFinancialInstruments core:ProvisionsForImpairmentInvestments 2024-04-30 8021337 core:Non-currentFinancialInstruments 2024-04-30 8021337 core:Non-currentFinancialInstruments 2023-04-30 8021337 core:AcceleratedTaxDepreciationDeferredTax 2024-04-30 8021337 core:AcceleratedTaxDepreciationDeferredTax 2023-04-30 8021337 core:LandBuildings 2023-04-30 8021337 core:DeferredTaxation 2023-04-30 8021337 core:DeferredTaxation 2024-04-30 8021337 bus:LeadAgentIfApplicable 2022-05-01 2023-04-30 8021337 bus:MediumEntities 2023-05-01 2024-04-30 8021337 bus:Audited 2023-05-01 2024-04-30 8021337 bus:Medium-sizedCompaniesRegimeForAccounts 2023-05-01 2024-04-30 8021337 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 8021337 bus:FullAccounts 2023-05-01 2024-04-30 8021337 bus:OrdinaryShareClass1 2024-04-30 8021337 bus:OrdinaryShareClass1 2023-04-30 8021337 core:LandBuildings core:OwnedOrFreeholdAssets 2023-05-01 2024-04-30
COMPANY REGISTRATION NUMBER: 8021337
PADERO SOLAER LTD TRADING AS PS RENEWABLES
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 April 2024
PADERO SOLAER LTD TRADING AS PS RENEWABLES
FINANCIAL STATEMENTS
YEAR ENDED 30 APRIL 2024
Contents
Page
Strategic report
1
Directors' report
3
Independent auditor's report to the members
5
Profit and loss account
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11
PADERO SOLAER LTD TRADING AS PS RENEWABLES
STRATEGIC REPORT
YEAR ENDED 30 APRIL 2024
Principal activities The company is principally engaged in the design, development, supply and installation of solar energy systems and the ongoing maintenance of these systems and is one of the largest renewable energy development and construction companies within the United Kingdom. The company focuses on developing larger utility scale (and subsidy free) energy products, mainly solar farms with battery storage. Business review and future developments Throughout this year, Padero Solaer Ltd has continued to thrive as a trusted Energy Development Company (EDC). We have successfully developed significant and impactful renewable energy projects across the UK, both under the Town and Country planning regime and as Nationally Significant Infrastructure Projects (NSIPs). In addition to our development efforts, we have acquired Ready-to-Build projects from trusted partners. Furthermore, as an Engineering, Procurement, and Construction (EPC) company, we have also built projects that we previously secured planning consent for. For over a decade, we have been at the forefront of solar farm development, design, and construction in the UK. We take pride in the fact that our projects are either fully owned by us or backed by some of the world's largest energy funds and utility companies. Key financial performance indicators We consider that our key financial performance indicators are those that communicate the performance and strength of the company as a whole, these being turnover and gross margin as follows:
2024 2023
£ £
Turnover 8,481,623 24,995,398
Gross profit margin 33.3% 23.5%
Principal risks and uncertainties The process of risk management is addressed through a framework of policies, procedures and internal controls that are reviewed by the Board of Directors on a regular basis. The financial management unit in the parent company manages the company's financial risks. It establishes the procedure required to control its exposure to interest and exchange rates as well as to credit and liquidity risk. The principal risks and how they are mitigated or managed are set out below. Credit risk The credit risk on liquid funds is limited as they are maintained in financial institutions with high credit ratings. The credit risk on the recovery of amounts owed by customers for invoiced sales is managed by regular monitoring of outstanding amounts and through credit checks. Liquidity risk To ensure the liquidity and to meet its payment commitments arising from its business activity, the company holds the liquid assets shown in its statement of financial position, as well as the financing and credit lines with own resources. Market risk Market risks mainly relate to the evolution of market demand in the coming years. In this regard, the directors, considering the market evolution in the short-term and the positive prospects of the sector in which the company operates, consider that there will be an increase in net revenues which will turn into positive profitability figures.
This report was approved by the board of directors on 10 February 2025 and signed on behalf of the board by:
A Mozas Fenoll
Director
Registered office:
2 Crossways Business Centre
Bicester Road
Kingswood
Aylesbury
Buckinghamshire
HP18 0RA
PADERO SOLAER LTD TRADING AS PS RENEWABLES
DIRECTORS' REPORT
YEAR ENDED 30 APRIL 2024
The directors present their report and the financial statements of the company for the year ended 30 April 2024 .
Directors
The directors who served the company during the year were as follows:
G Lockhart
A Mozas Fenoll
Dividends
Particulars of recommended dividends are detailed in note 13 to the financial statements.
Events after the end of the reporting period
Particulars of events after the reporting date are detailed in note 25 to the financial statements.
Disclosure of information in the strategic report
The company has chosen in accordance with Companies Act 2006, s.414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of future developments and financial risk management.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' 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 elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the 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 the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - 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 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.
Statement of disclosure of information to auditors
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on 10 February 2025 and signed on behalf of the board by:
A Mozas Fenoll
Director
Registered office:
2 Crossways Business Centre
Bicester Road
Kingswood
Aylesbury
Buckinghamshire
HP18 0RA
PADERO SOLAER LTD TRADING AS PS RENEWABLES
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PADERO SOLAER LTD TRADING AS PS RENEWABLES
YEAR ENDED 30 APRIL 2024
Opinion
We have audited the financial statements of Padero Solaer Ltd trading as PS Renewables (the 'company') for the year ended 30 April 2024 which comprise the profit and loss account, balance sheet, statement of changes in equity and the related notes, 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (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 30 April 2024 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 auditor's 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 other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
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 strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which 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.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, 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 is 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.
Auditor's 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 an auditor’s report 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: - Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulations and fraud; - Challenging assumptions and judgements made by management in their significant accounting estimates; - Identifying and testing journal entries, in particular any manual journal entries posted by unexpected users, posted with descriptions indicating a higher level of risk, or posted late with a favourable impact on financial performance. There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely we would become aware of it. 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 auditor’s report. 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 an auditor's report 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.
W J E Kerr
(Senior Statutory Auditor)
For and on behalf of
Xeinadin Audit Limited
Chartered Accountants & Statutory Auditor
2 Crossways Business Centre
Bicester Road
Kingswood
Aylesbury
Bucks
HP18 0RA
10 February 2025
PADERO SOLAER LTD TRADING AS PS RENEWABLES
PROFIT AND LOSS ACCOUNT
YEAR ENDED 30 APRIL 2024
2024
2023
Note
£
£
Turnover
4
8,481,623
24,995,398
Cost of sales
( 5,654,455)
( 19,116,651)
-----------
------------
Gross profit
2,827,168
5,878,747
Administrative expenses
( 2,546,996)
( 1,577,886)
Gain/(loss) on disposal of shares in group undertakings
12,949,981
------------
-----------
Operating profit
5
13,230,153
4,300,861
Income from participating interests
9
1,873,464
318,279
Other interest receivable and similar income
10
143,897
34,228
Interest payable and similar expenses
11
( 812)
( 68,478)
------------
-----------
Profit before taxation
15,246,702
4,584,890
Tax on profit
12
( 269,434)
( 621,896)
------------
-----------
Profit for the financial year and total comprehensive income
14,977,268
3,962,994
------------
-----------
All the activities of the company are from continuing operations.
PADERO SOLAER LTD TRADING AS PS RENEWABLES
BALANCE SHEET
30 April 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
14
1,143,375
1,130,738
Investments
15
1,060
213
-----------
-----------
1,144,435
1,130,951
Current assets
Stocks
16
11,039,031
762,297
Debtors
17
5,153,846
15,724,691
Cash at bank and in hand
6,062,894
1,875,771
------------
------------
22,255,771
18,362,759
Creditors: amounts falling due within one year
18
( 7,735,004)
( 17,186,945)
------------
------------
Net current assets
14,520,767
1,175,814
------------
-----------
Total assets less current liabilities
15,665,202
2,306,765
Provisions
Taxation including deferred tax
19
( 35,454)
( 32,508)
------------
-----------
Net assets
15,629,748
2,274,257
------------
-----------
Capital and reserves
Called up share capital
22
100
100
Profit and loss account
23
15,629,648
2,274,157
------------
-----------
Shareholders funds
15,629,748
2,274,257
------------
-----------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 10 February 2025 , and are signed on behalf of the board by:
A Mozas Fenoll
Director
Company registration number: 8021337
PADERO SOLAER LTD TRADING AS PS RENEWABLES
STATEMENT OF CHANGES IN EQUITY
YEAR ENDED 30 APRIL 2024
Called up share capital
Profit and loss account
Total
£
£
£
At 1 May 2022
100
996,453
996,553
Profit for the year
3,962,994
3,962,994
----
-----------
-----------
Total comprehensive income for the year
3,962,994
3,962,994
Dividends paid and payable
13
( 2,685,290)
( 2,685,290)
----
-----------
-----------
Total investments by and distributions to owners
( 2,685,290)
( 2,685,290)
At 30 April 2023
100
2,274,157
2,274,257
Profit for the year
14,977,268
14,977,268
----
------------
------------
Total comprehensive income for the year
14,977,268
14,977,268
Dividends paid and payable
13
( 1,621,777)
( 1,621,777)
----
-----------
-----------
Total investments by and distributions to owners
( 1,621,777)
( 1,621,777)
----
------------
------------
At 30 April 2024
100
15,629,648
15,629,748
----
------------
------------
PADERO SOLAER LTD TRADING AS PS RENEWABLES
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 APRIL 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 2 Crossways Business Centre, Bicester Road, Kingswood, Aylesbury, HP18 0RA, England. The principal place of business is 7 Waltham Court, Hare Hatch, Reading RG10 9AA.
2. Statement of compliance
These financial statements have been prepared in compliance with 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.
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Sumando Ltd which can be obtained from Companies House, Crown Way, Cardiff CF14 3UZ. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented. (c) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The entity has taken advantage of the exemption from preparing consolidated financial statements contained in Section 400 of the Companies Act 2006 on the basis that it is a subsidiary undertaking and its immediate parent undertaking is established under the law of any part of the United Kingdom.
Judgements and key sources of estimation uncertainty
In applying the company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ. 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. Critical judgements in applying the company's accounting policies. The critical judgements that the directors have made in the progress of applying the company's accounting policies that have the most significant effect on the amounts recognised in the statutory financial statements are discussed below. (i) Assessing indicators of impairment In assessing whether there have been any indicators of impairment assets, the directors have considered both internal and external sources of information such as market conditions, counterparty credit ratings and experience recoverability. There have been no indicators of impairments identified during the current financial year. Key sources of estimation uncertainty The key assumptions concerning the future, and other key sources of estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. (i) Estimating value in use Where an indication of impairment exists the directors will carry out an impairment review to determine the recoverable amount, which is the higher of fair value less cost to sell and value in use. The value in use calculation requires the directors to estimate the future cash flows expected to arise from the asset or the cash generating unit and a suitable discount rate in order to calculate present value. (ii) Recoverability of receivables The company establishes a provision for receivables that are estimated not to be recoverable. When assessing recoverability the directors consider factors such as the ageing of the receivables, past experience of recoverability, and the credit profile of individual or groups of customers. (iii) Determining residual values and useful economic lives of property, plant and equipment The company depreciate tangible assets over their estimated useful lives. The estimation of the useful lives of assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied by management. The actual lives of these assets can vary depending on a variety of factors, including technological innovation, product life cycles and maintenance programmes.
Revenue recognition
Turnover represents the amounts derived from construction contracts and the provision of maintenance services. Revenue for construction contracts is recognised by reference to the percentage of completion of the contract, provided the outcome can be reliably measured. When the outcome cannot be reliably measured, revenue is only recognised to the extent that it is probable that costs are recoverable. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Rentals payable under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
10% Straight line basis
Fixtures, fittings and equipment
-
10 - 25% Straight line basis
Motor vehicles
-
25% Straight line basis
Investments in subsidiaries
Investments in subsidiaries are accounted for at cost less any accumulated impairment losses.
Investments in joint ventures
Investments in joint ventures are accounted for at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Work in progress
Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
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 trade and other receivables, loans to fellow group companies and other related entities and cash and bank balances, 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. Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. Basic financial liabilities, which include trade and other payables and loans from fellow group undertakings, loans from fellow group companies and other related entities and cash and bank balances, 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. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. 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. Employee benefits Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
Distributions to equity holders
Dividends and other distributions to the company's shareholders are recognised as a liability in the financial statements in the period in which the dividends and other distributions are approved by the shareholders. These amounts are recognised in the statement of changes in equity.
4. Turnover
Turnover arises from:
2024
2023
£
£
Rendering of services
408,820
728,902
Construction contracts
8,072,803
24,266,496
-----------
------------
8,481,623
24,995,398
-----------
------------
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Operating profit
Operating profit or loss is stated after charging/crediting:
2024
2023
£
£
Depreciation of tangible assets
18,092
7,858
Foreign exchange differences
279,371
( 106,051)
--------
--------
6. Auditor's remuneration
2024
2023
£
£
Fees payable for the audit of the financial statements
30,000
30,000
-------
-------
7. Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:
2024
2023
No.
No.
Production staff
16
11
Management staff
2
2
----
----
18
13
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
1,489,586
947,242
Social security costs
185,103
114,361
Other pension costs
73,705
62,412
-----------
-----------
1,748,394
1,124,015
-----------
-----------
8. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2024
2023
£
£
Remuneration
7,485
6,274
Company contributions to defined contribution pension plans
250
254
------
------
7,735
6,528
------
------
The number of directors who accrued benefits under company pension plans was as follows:
2024
2023
No.
No.
Defined contribution plans
1
1
----
----
9. Income from participating interests
2024
2023
£
£
Dividends from participating interests
1,873,464
318,279
-----------
--------
10. Other interest receivable and similar income
2024
2023
£
£
Interest on loans and receivables
48,421
34,228
Interest on cash and cash equivalents
95,476
--------
-------
143,897
34,228
--------
-------
11. Interest payable and similar expenses
2024
2023
£
£
Other interest payable and similar charges
812
68,478
----
-------
12. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
239,395
589,388
Adjustments in respect of prior periods
27,093
--------
--------
Total current tax
266,488
589,388
--------
--------
Deferred tax:
Origination and reversal of timing differences
2,946
32,508
--------
--------
Tax on profit
269,434
621,896
--------
--------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is lower than (2023: lower than) the standard rate of corporation tax in the UK of 25 % (2023: 19.49 %).
2024
2023
£
£
Profit on ordinary activities before taxation
15,246,702
4,584,890
------------
-----------
Profit on ordinary activities by rate of tax
3,811,676
893,740
Adjustment to tax charge in respect of prior periods
27,093
Effect of expenses not deductible for tax purposes
136,977
391
Effect of revenue exempt from tax
( 3,705,861)
( 62,043)
Utilisation of tax losses
( 210,816)
Investment in tax credit
(4,600)
Adjustment to closing deferred tax to average tax rate
7,161
Adjustments in respect of prior periods - deferred tax
(451)
(1,937)
------------
-----------
Tax on profit
269,434
621,896
------------
-----------
An increase in the UK corporation tax rate from 19% to 25% (effective 1 April 2023) was substantively enacted on 24 May 2021. The deferred tax liability at 30 April 2024 has been calculated at 25%.
13. Dividends
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):
2024
2023
£
£
Dividends paid on ordinary shares
1,621,777
2,685,290
-----------
-----------
14. Tangible assets
Freehold property
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 May 2023
1,138,596
19,495
1,158,091
Additions
30,729
30,729
Disposals
( 19,495)
( 19,495)
Transfers
(145,427)
145,427
-----------
--------
-------
-----------
At 30 April 2024
993,169
176,156
1,169,325
-----------
--------
-------
-----------
Depreciation
At 1 May 2023
7,858
19,495
27,353
Charge for the year
18,092
18,092
Disposals
( 19,495)
( 19,495)
Transfers
(7,858)
7,858
-----------
--------
-------
-----------
At 30 April 2024
25,950
25,950
-----------
--------
-------
-----------
Carrying amount
At 30 April 2024
993,169
150,206
1,143,375
-----------
--------
-------
-----------
At 30 April 2023
1,130,738
1,130,738
-----------
--------
-------
-----------
15. Investments
Shares in group undertakings
Shares in joint ventures
Total
£
£
£
Cost
At 1 May 2023
249,307
51
249,358
Additions
816
50
866
Disposals
( 19)
( 19)
--------
----
--------
At 30 April 2024
250,104
101
250,205
--------
----
--------
Impairment
At 1 May 2023 and 30 April 2024
249,145
249,145
--------
----
--------
Carrying amount
At 30 April 2024
959
101
1,060
--------
----
--------
At 30 April 2023
162
51
213
--------
----
--------
Subsidiaries, associates and other investments
Details of the investments in which the company has an interest of 20% or more are as follows:
Name of company Country of incorporation Class of share Percentage of shares held
Directly held subsidiary undertakings
One Earth 740 SPV Ltd England and Wales Ordinary 80.6%
Blue Planet Solar Ltd England and Wales Ordinary 100%
Carbon Free 2030 Energy Ltd England and Wales Ordinary 100%
Clean Air Renewables Ltd England and Wales Ordinary 100%
Clean Planet Solar Farm Ltd England and Wales Ordinary 100%
Green Energy Storage 140 Ltd England and Wales Ordinary 100%
Green Hydrogen Solar Farm Ltd England and Wales Ordinary 100%
One Planet Solar Farm Ltd England and Wales Ordinary 100%
PS-Gander-Down Solar Farm Ltd England and Wales Ordinary 100%
The Clean Future Renewables Ltd England and Wales Ordinary 100%
WSE Afon Llan Ltd England and Wales Ordinary 100%
WSE Cox's Brook Ltd England and Wales Ordinary 100%
A Perfect Planet Solar Farm Ltd England and Wales Ordinary 100%
Hamer Warren Bess Ltd England and Wales Ordinary 100%
Living Energy SPV 99 Ltd England and Wales Ordinary 100%
Simple Energy SPV 100 Ltd England and Wales Ordinary 100%
PS-Level-Up Solar Farm Ltd England and Wales Ordinary 100%
PS-Clean-Air Solar Farm Ltd England and Wales Ordinary 100%
Protect Our Planet Energy Ltd England and Wales Ordinary 100%
Pure Life Energy SPV Ltd England and Wales Ordinary 100%
Save Our Planet Energy Ltd England and Wales Ordinary 100%
Crockwell Hill Solar Farm Ltd England and Wales Ordinary 100%
Church Lane Solar Farm Ltd England and Wales Ordinary 100%
Lady Wood Solar Farm Ltd England and Wales Ordinary 100%
Mawkin Solar Farm Ltd England and Wales Ordinary 100%
Skye Green Solar Farm Ltd England and Wales Ordinary 100%
Jigg FM UK Ltd England and Wales Ordinary 60%
Indirectly held subsidiary undertakings
Tranquility Energy Ltd England and Wales Ordinary 80.6%
One Earth Solar Farm Ltd England and Wales Ordinary 80.6%
Sunnica Ltd England and Wales Ordinary 30.6%
Sunnica Farm Ltd England and Wales Ordinary 30.6%
Sunnica Energy Farm Ltd England and Wales Ordinary 30.6%
Sunnica Energy Ltd England and Wales Ordinary 30.6%
Directly held associate undertakings
Rosefield Energyfarm Ltd England and Wales Ordinary 49%
PSH Holdings Ltd England and Wales Ordinary 51%
PACE PSR Renewable Energy Hold Co Ltd England and Wales Ordinary 50%
Indirectly held subsidiaries of associate undertakings
PACE Angus Energy Ltd England and Wales Ordinary 50%
PACE Astral Energy Ltd England and Wales Ordinary 50%
PACE Brigadier Energy Ltd England and Wales Ordinary 50%
PACE Koyoto Energy Ltd England and Wales Ordinary 50%
PACE Lilac Energy Ltd England and Wales Ordinary 50%
PACE Maia Energy Ltd England and Wales Ordinary 50%
PACE Nighthawk Energy Ltd England and Wales Ordinary 50%
PACE Olive Energy Ltd England and Wales Ordinary 50%
PACE Pickle Energy Ltd England and Wales Ordinary 50%
PACE Quantum Energy Ltd England and Wales Ordinary 50%
PACE Rex Energy Ltd England and Wales Ordinary 50%
PACE Rudder Energy Ltd England and Wales Ordinary 50%
PACE Strike Energy Ltd England and Wales Ordinary 50%
PACE Tribute Energy Ltd England and Wales Ordinary 50%
PACE Underhill Energy Ltd England and Wales Ordinary 50%
PACE Vanish Energy Ltd England and Wales Ordinary 50%
PACE Warrior Energy Ltd England and Wales Ordinary 50%
PACE Wedge Energy Ltd England and Wales Ordinary 50%
PACE Xtreme Energy Ltd England and Wales Ordinary 50%
PACE Yoyo Energy Ltd England and Wales Ordinary 50%
PACE Zulu Energy Ltd England and Wales Ordinary 50%
Sunnica Farm Ltd, Sunnica Energy Ltd, Sunnica Energy Ltd, A Perfect Planet Solar Farm Ltd, Hamer Warren Bess Ltd, Living Energy SPV 99 Ltd, Simple Energy SPV 100 Ltd, PS-Level-Up Solar Farm Ltd, PS-Clean-Air Solar Farm Ltd, Protect Our Planet Energy Ltd, Pure Life Energy SPV Ltd and Save Our Planet Energy Ltd, Crockwell Hill Solar Farm Ltd, Church Lane Solar Farm Ltd, Lady Wood Solar Farm Ltd, Mawkin Solar Farm Ltd and Skye Green Solar Farm Ltd are dormant. The address of the registered office for PSH Holdings Ltd and PSH Operations Ltd is 1&2 Tollgate Business Park, Tollgate West, Stanway, Colchester, Essex CO3 8AB. The address of the registered office for Rosefield Energyfarm Ltd is Alexander House, 1 Mandarin Road, Rainton Bridge Business Park, Houghton Le Spring, Sunderland DH4 5RA. The address of the registered office for PACE PSR Renewable Energy Hold Co Ltd, PACE Angus Energy Ltd, PACE Astral Energy Ltd, PACE Brigadier Energy Ltd, PACE Koyoto Energy Ltd, PACE Lilac Energy Ltd, PACE Maia Energy Ltd, PACE Nighthawk Ltd, PACE Olive Energy Ltd, PACE Pickle Energy Ltd, PACE Quantum Energy Ltd, PACE Rex Energy Ltd, PACE Rudder Energy Ltd, PACE Strike Energy Ltd, PACE Tribute Energy Ltd, PACE Underhill Energy Ltd, PACE Vanish Energy Ltd, PACE Warrior Energy Ltd, PACE Wedge Energy Ltd, PACE Xtreme Energy Ltd, PACE Yoyo Energy Ltd and PACE Zulu Energy Ltd is Central House, 20 Central Avenue, St Andrews Business Park, Norwich NR7 0HR. The address of the registered office for all the rest of the above companies is 2 Crossways Business Centre, Bicester Road, Kingswood, Aylesbury HP18 0RA. During the year the company sold 19.4% of the issued share capital in One Earth 740 SPV Ltd for consideration of £12,950,000.
16. Stocks
2024
2023
£
£
Work in progress
11,039,031
762,297
------------
--------
17. Debtors
2024
2023
£
£
Trade debtors
222,446
11,665,435
Amounts owed by group undertakings
2,075,442
1,610,901
Amounts owed by undertakings in which the company has a participating interest
1,562,665
226,194
Called up share capital not paid
100
100
Prepayments and accrued income
32,049
374,108
Other debtors
1,261,144
1,847,953
-----------
------------
5,153,846
15,724,691
-----------
------------
18. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,511,614
788,365
Amounts owed to group undertakings
4,231,844
2,925,290
Amounts owed to undertakings in which the company has a participating interest
51
Accruals and deferred income
119,587
4,460,656
Corporation tax
267,300
589,388
Social security and other taxes
2,167,150
Amounts owed to other related entities
1,594,144
6,255,985
Other creditors
10,464
111
-----------
------------
7,735,004
17,186,945
-----------
------------
19. Provisions
Deferred tax (note 20)
£
At 1 May 2023
32,508
Additions
2,946
-------
At 30 April 2024
35,454
-------
20. Deferred tax
The deferred tax included in the balance sheet is as follows:
2024
2023
£
£
Included in provisions (note 19)
35,454
32,508
-------
-------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
35,454
32,508
-------
-------
21. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 73,455 (2023: £ 62,158 ).
22. Called up share capital
Issued and called up
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
Shares issued and partly paid
2024
2023
No.
£
No.
£
Ordinary shares - £– paid of £ 1 each
100
100
----
----
----
----
23. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
24. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
52,437
21,978
Later than 1 year and not later than 5 years
8,242
5,627
-------
-------
60,679
27,605
-------
-------
25. Events after the end of the reporting period
On 10 May 2024 the company acquired 100% of the issued share capital of Dunmow Solar Ltd. On 27 June 2024 the company sold 15.3% of the issued share capital of One Earth 740 SPV Ltd. On 17 July 2024 the company acquired 100% of the issued share capital of PACE Ditto Energy Ltd. On 6 September 2024 the company sold 100% of the issued share capital of PACE Ditto Energy Ltd. On 18 September 2024 the company acquired 100% of the issued share capital of Creyke Beck Solar Ltd, CB Battery Ltd and CBB SPV Ltd.
26. Related party transactions
Information about related party transactions and outstanding balances are outlined below:
2024 2023
£ £
Sales to entities over which the entity has control, joint control or significant influence 358,418 4,365
Purchases from entities over which the entity has control, joint control or significant influence 100,677 571
Interest receivable from entities over which the entity has control, joint control or significant influence 48,326
Amounts due from entities over which the entity has control, joint control or significant influence 2,474,613 1,616,783
Amounts due to entities over which the entity has control, joint control or significant influence 721 120,572
Amounts due to entities with control, joint control or significant influence over the entity 4,231,174 2,925,290
Sales to other related parties 7,009,958
Purchases from other related parties 643,578
Management fees from other related parties 108,000
Assets purchased from other related parties 950,000
Amounts due from other related parties 1,252,224 567,903
Amounts due to other related parties 151,206 6,255,985
Management fees from entities that provide key management personnel services 72,000
Amounts due to key management personnel 1,442,938
27. Controlling party
Up to 7 November 2023 the immediate and ultimate parent company was Sumando Ltd, a company incorporated in England and Wales. From 8 November 2023 the ultimate parent company was Sumando Acciones SL, a company incorporated in Spain. The smallest and largest group to prepare consolidated financial statements which include Padero Solaer Ltd is Sumando Ltd. The address of the registered office for Sumando Ltd is 2 Crossways Business Centre, Bicester Road, Kingswood, Aylesbury, Bucks HP18 0RA. The consolidated financial statements for Sumando Ltd can be obtained from Companies House, Crown Way, Cardiff CF14 3UZ. The ultimate controlling parties are Cecu Solar SL and Los Leandros Solares SL, both companies are incorporated in Spain and have equal control.