Acorah Software Products - Accounts Production 16.3.350 false true 31 May 2023 1 January 2022 false 1 June 2023 31 May 2024 31 May 2024 10648802 Mr Richard Meakin Mr William Alan Davies Terra Firma (Miners Road) Ltd true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 10648802 2023-05-31 10648802 2024-05-31 10648802 2023-06-01 2024-05-31 10648802 frs-core:CurrentFinancialInstruments 2024-05-31 10648802 frs-core:Non-currentFinancialInstruments 2024-05-31 10648802 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-06-01 2024-05-31 10648802 frs-core:FurnitureFittings 2024-05-31 10648802 frs-core:FurnitureFittings 2023-06-01 2024-05-31 10648802 frs-core:FurnitureFittings 2023-05-31 10648802 frs-core:OtherResidualIntangibleAssets 2024-05-31 10648802 frs-core:OtherResidualIntangibleAssets 2023-06-01 2024-05-31 10648802 frs-core:OtherResidualIntangibleAssets 2023-05-31 10648802 frs-core:PlantMachinery 2024-05-31 10648802 frs-core:PlantMachinery 2023-06-01 2024-05-31 10648802 frs-core:PlantMachinery 2023-05-31 10648802 frs-core:ShareCapital 2024-05-31 10648802 frs-core:RetainedEarningsAccumulatedLosses 2024-05-31 10648802 frs-bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 10648802 frs-bus:FilletedAccounts 2023-06-01 2024-05-31 10648802 frs-bus:SmallEntities 2023-06-01 2024-05-31 10648802 frs-bus:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 10648802 frs-bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 10648802 1 2023-06-01 2024-05-31 10648802 frs-bus:Director1 2023-06-01 2024-05-31 10648802 frs-bus:Director2 2023-06-01 2024-05-31 10648802 frs-countries:EnglandWales 2023-06-01 2024-05-31 10648802 2021-12-31 10648802 2023-05-31 10648802 2022-01-01 2023-05-31 10648802 frs-core:CurrentFinancialInstruments 2023-05-31 10648802 frs-core:Non-currentFinancialInstruments 2023-05-31 10648802 frs-core:ShareCapital 2023-05-31 10648802 frs-core:RetainedEarningsAccumulatedLosses 2023-05-31
Registered number: 10648802
Sedg (Miners) Ltd
Unaudited Financial Statements
For The Year Ended 31 May 2024
Valentis (UK) Ltd
ACCA
6-8 Great Eastern Street
London
EC2A 3NT
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 10648802
31 May 2024 31 May 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 194,238 210,413
Tangible Assets 5 13,263,862 10,850,494
13,458,100 11,060,907
CURRENT ASSETS
Debtors 6 24,976 1,527,785
Cash at bank and in hand 1,285 73
26,261 1,527,858
Creditors: Amounts Falling Due Within One Year 7 (2,591,294 ) (9,499,453 )
NET CURRENT ASSETS (LIABILITIES) (2,565,033 ) (7,971,595 )
TOTAL ASSETS LESS CURRENT LIABILITIES 10,893,067 3,089,312
Creditors: Amounts Falling Due After More Than One Year 8 (12,171,974 ) (3,299,711 )
NET LIABILITIES (1,278,907 ) (210,399 )
CAPITAL AND RESERVES
Called up share capital 10 2 2
Profit and Loss Account (1,278,909 ) (210,401 )
SHAREHOLDERS' FUNDS (1,278,907) (210,399)
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Page 2
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Richard Meakin
Director
06/05/2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Sedg (Miners) Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 10648802 . The registered office is C/O Aticus Law Solicitors, 5 John Dalton Street, Manchester, M2 6ET.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Intangible Fixed Assets and Amortisation - Other Intangible
Intangible fixed assets are stated at cost less accumulated amortisation and any impairment losses. Amortisation is charged to the profit and loss account on a systematic basis over the estimated useful life of each asset, reflecting the pattern in which the asset’s economic benefits are consumed.
The company’s intangible assets include:
Grid and Gas Connection Offers – These represent non-refundable payments made to secure access to utility infrastructure essential to the site’s operation. These are amortised on a straight-line basis over 20 years.
Licences and Agreements – These relate to permits or licences issued for the setup of the gas peaking plant. These are amortised on a straight-line basis over the life of the licence or the lease, whichever is shorter.
Amortisation policies and useful lives are reviewed annually and adjusted if necessary.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less any accumulated depreciation and impairment losses. Cost includes the purchase price and any directly attributable costs incurred to bring the asset into working condition for its intended use.
No depreciation has been applied to the site infrastructure, energy-generating equipment, or associated plant and machinery during the financial year, as the site remained under construction at the balance sheet date.
Once the site becomes fully operational, the directors will adopt a depreciation policy and valuation basis that appropriately reflects the nature, usage, and expected useful life of each asset class.
Plant & Machinery Depreciation to commence upon site completion
Site Costs (Under Construction) Depreciation to commence upon site completion
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 1)
2 1
4. Intangible Assets
Licences & Agreements
£
Cost
As at 1 June 2023 224,393
As at 31 May 2024 224,393
Amortisation
As at 1 June 2023 13,980
Provided during the period 16,175
As at 31 May 2024 30,155
Net Book Value
As at 31 May 2024 194,238
As at 1 June 2023 210,413
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Page 4
5. Tangible Assets
Plant & Machinery Site Costs (Under Construction) Total
£ £ £
Cost or Valuation
As at 1 June 2023 9,077,583 1,772,911 10,850,494
Additions 1,625,658 787,710 2,413,368
As at 31 May 2024 10,703,241 2,560,621 13,263,862
Net Book Value
As at 31 May 2024 10,703,241 2,560,621 13,263,862
As at 1 June 2023 9,077,583 1,772,911 10,850,494
Site Status
As at the balance sheet date, the site was under construction and approaching completion. It became fully operational and commenced trading in the following financial year.
6. Debtors
31 May 2024 31 May 2023
£ £
Due within one year
Prepayments and accrued income 21,883 91,421
VAT 3,093 1,436,364
24,976 1,527,785
7. Creditors: Amounts Falling Due Within One Year
31 May 2024 31 May 2023
£ £
Trade creditors 35,476 9,490,689
VAT facility 1,795,000 -
Accruals and deferred income 760,818 8,764
2,591,294 9,499,453
8. Creditors: Amounts Falling Due After More Than One Year
31 May 2024 31 May 2023
£ £
Development facility 9,282,117 -
Amounts owed to connected companies 2,889,857 3,299,711
12,171,974 3,299,711
Amounts Owed to Connected Companies
At the balance sheet date, amounts due to connected companies totalled £2,889,857 (2023: £3,299,711). These balances are unsecured, interest-free, and repayable on demand.
9. Secured Creditors
At the balance sheet date, the company had access to a secured development facility used to fund the construction and development of the site. The facility was fully drawn during the year and was subsequently refinanced into two new term loans (“Loan A” and “Loan B”), each secured by fixed and floating charges over the company’s assets.
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10. Share Capital
31 May 2024 31 May 2023
£ £
Allotted, Called up and fully paid 2 2
11. Ultimate Controlling Party
The company’s immediate controlling party is Terra Firma (Miners Road) Ltd, by virtue of its ownership of 100% of the issued share capital.
The company’s ultimate controlling party is Terra Firma Energy Ltd, which holds a majority interest in Terra Firma (Miners Road) Ltd.
Page 5