Company registration number 07530102 (England and Wales)
A SHADE GREENER (F2) LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
A SHADE GREENER (F2) LTD
COMPANY INFORMATION
Directors
G S Gujral
(Appointed 8 October 2024)
G P Schuler
(Appointed 7 November 2024)
B Odedra
(Appointed 2 June 2025)
Secretary
Arnold Hill & Co LLP
Company number
07530102
Registered office
Sixth Floor
Capital Tower
91 Waterloo Road
London
SE1 8RT
Auditor
Albert Goodman LLP
Goodwood House
Blackbrook Park Avenue
Taunton
Somerset
TA1 2PX
A SHADE GREENER (F2) LTD
CONTENTS
Page
Directors' report
1 - 2
Directors' responsibilities statement
3
Independent auditor's report to the members of A Shade Greener (F2) Limited
4 - 7
Profit and loss account
8
Balance sheet
9
Notes to the financial statements
10 - 17
A SHADE GREENER (F2) LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

 

Principal activities

The principal activity of A Shade Greener (F2) Limited ("the Company") continued to be that of the production of electricity.

 

The Company has an operational portfolio of 2,146 rooftop solar systems in and around the Sheffield area which were installed between April 2011 and October 2011. A 25 year lease has been granted to the Company by the householder for the roof of each installation site, an arrangement which passes to the new owner in the event the property is sold.

 

The main source of income from these installations is the government backed feed in tariff ('FIT') and export tariff ('ET'), both of which are currently protected by UK government legislation and are increased annually in line with the Retail Price Index ('RPI') increases. All income is paid by the FIT licensee, based upon the generation data figures for each installation. Operations and maintenance costs are also fixed under long term contracts.

 

Business review

Revenue is based on the output of electricity generated which is contingent on the intensity and duration of sunlight received. During the period energy generation has been in line with expectations as determined by the industry standard PVgis forecasting tools. Revenue is relatively fixed in real terms as no further systems are to be added by the Company, household leases are for a 25 year period, and both the FIT and ET are currently protected by UK government legislation and are subject to annual Retail Price Index ('RPI') increases.

 

The Company also has relatively fixed expenses as maintenance, repairs and replacements are provided for an annual maintenance fee on a per system basis, subject to annual indexation adjustments. This is governed by an operation and maintenance service agreement which ensures the continued availability of all systems. Finance costs are also stable having structured fixed loan repayment terms on the loan from a commercial loan provider.

 

The Company's profit for the year after taxation was £3,258,027 (2023: £2,609,777).

 

In view of the above factors and considering the credit risk relating to the FIT licensee is low, the Company is concluded to have minimal risks and uncertainties and has performed to expectations during the year.

 

Future developments

Other than continuing operations there are presently no plans to expand the operations of the Company nor are there any undertakings of research and development. There have been no significant events since the balance sheet date to the date of signing of the Annual Report and Financial Statements.

 

Going Concern

The Company has made a profit in the year of £3,258,027 (2023: £2,609,777) and has net current assets of £17,054,271 (2023: £17,160,457) and net assets of £3,368,313 (2023: £2,610,286) at the balance sheet date. The Directors have prepared cash flow forecasts for a period of 12 months from the date of approval of these financial statements which indicate that, taking account of reasonably possible downsides, the Company will have sufficient funds to meet its liabilities as they fall due for that period.

 

For these reasons, the directors have adopted the going concern basis in preparing these financial statements.

Dividends

There was a dividend of £2,500,000 paid during the year (2023: £0).

A SHADE GREENER (F2) LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Directors

The Directors who held office during the year and up to the date of signature of the financial statements were as follows:

S D Noble
(Resigned 6 September 2024)
L E Townsend
(Resigned 16 October 2024)
N Markham
(Resigned 7 November 2024)
G S Gujral
(Appointed 8 October 2024)
B J T Pieterse
(Appointed 7 November 2024 and resigned 2 June 2025)
G P Schuler
(Appointed 7 November 2024)
B Odedra
(Appointed 2 June 2025)
Auditor

Albert Goodman LLP was appointed as auditor to the Company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the Company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the Company’s auditor is aware of that information.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
G S Gujral
Director
4 July 2025
A SHADE GREENER (F2) LTD
STATEMENT OF DIRECTORS' RESPONSIBILITIES IN RESPECT OF THE DIRECTORS' REPORT AND THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

The Director is responsible for preparing the Director’s Report and the financial statements in accordance with applicable law and regulations.

Company law requires the Director to prepare financial statements for each financial year. Under that law they have elected to prepare the financial statements in accordance with applicable law and Section 1A of FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (UK Generally Accepted Accounting Practice applicable to Smaller Entities).

Under company law the Director 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 of the profit or loss of the Company for that period. In preparing these financial statements, the director is required to:

The Director is 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 responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Company and to prevent and detect fraud and other irregularities.

A SHADE GREENER (F2) LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF A SHADE GREENER (F2) LTD
- 4 -
Opinion

We have audited the financial statements of A Shade Greener (F2) Ltd (the 'Company') for the year ended 31 December 2024, which comprise the Statement of comprehensive income, Balance Sheet, and Notes to the Financial Statements, 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 Section 1A '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 31 December 2024 and of its profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

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 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 Director's 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 year of at least twelve months from when the original financial statements were 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. 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.

A SHADE GREENER (F2) LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF A SHADE GREENER (F2) LTD (CONTINUED)
- 5 -

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 for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Directors’ report has been prepared in accordance with applicable legal requirements.

In the light of our knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Director’s Report.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where 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 Director's remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit; or

The Directors were not entitled to prepare the financial statements in accordance with the small Companies regime and take advantage of the small Companies’ exemptions in preparing the Directors’ report and from the requirement to prepare a strategic report.

Responsibilities of directors

As explained more fully in the Directors’ responsibility statement set out on page 3, 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:

A SHADE GREENER (F2) LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF A SHADE GREENER (F2) LTD (CONTINUED)
- 6 -

The extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

we identified the laws and regulations applicable to the Company through discussions with Directors and other management, and from our commercial knowledge and experience of the renewable energy sector;

we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, including the Companies Act 2006, taxation legislation, health and safety legislation;

we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and examining legal expenditure; and

identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

performed analytical procedures to identify any unusual or unexpected relationships;

tested journal entries to identify unusual transactions;

assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

agreeing financial statement disclosures to underlying supporting documentation; and

enquiring of management as to actual and potential litigation and claims.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the Directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or 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.

A SHADE GREENER (F2) LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF A SHADE GREENER (F2) LTD (CONTINUED)
- 7 -

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://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.

 

 

Christopher Walford BSc ACA (Senior Statutory Auditor)

For and on behalf of Albert Goodman LLP, Statutory Auditor

 

Goodwood House

Blackbrook Park Avenue

Taunton

Somerset

TA1 2PX

 

7 July 2025
A SHADE GREENER (F2) LTD
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
4,430,570
4,573,327
Administrative expenses
(1,017,522)
(1,049,110)
Operating profit
3
3,413,048
3,524,217
Interest receivable and similar income
1,028,641
329,207
Interest payable and similar expenses
5
(512,900)
(532,633)
Profit before taxation
3,928,789
3,320,791
Taxation
6
(670,762)
(711,014)
Profit for the financial year
3,258,027
2,609,777
Total comprehensive income for the year
3,258,027
2,609,777

All activities are derived from continuing operations.

 

The Company has no recognised gains or losses other than those included in the results above.

A SHADE GREENER (F2) LTD
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
7
8,617,016
9,363,824
Current assets
Debtors
8
16,303,379
15,358,228
Cash at bank and in hand
2,875,875
3,812,181
19,179,254
19,170,409
Creditors: amounts falling due within one year
9
(2,124,983)
(2,009,952)
Net current assets
17,054,271
17,160,457
Total assets less current liabilities
25,671,287
26,524,281
Creditors: amounts falling due after more than one year
10
(21,854,358)
(23,394,679)
Provisions for liabilities
12
(448,616)
(519,316)
Net assets
3,368,313
2,610,286
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
3,368,213
2,610,186
Total equity
3,368,313
2,610,286

These financial statements have been prepared 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 4 July 2025 and are signed on its behalf by:
G S Gujral
Director
Company Registration No. 07530102
A SHADE GREENER (F2) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
1
Accounting policies
Company information

A Shade Greener (F2) Ltd is a limited company domiciled and incorporated in England and Wales. The registered office is Sixth Floor, Capital Tower, 91 Waterloo Road, London, SE1 8RT.

1.1
Accounting convention

These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

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 GBP.

The financial statements have been prepared under the historical cost convention.

1.2
Going concern

The Company has continued to produce electricity. The Directors have prepared cash flow forecasts for a period of 12 months from the date of approval of these financial statements which indicate that, taking account of plausible downsides, the Company will have sufficient funds to meet its liabilities as they fall due for that period.true

1.3
Turnover

Revenue is generated from feed in tariff ('FIT') and export tariff ('ET') under a UK government scheme associated with electricity exported to the grid. It is recognised net of VAT, trade discounts, and other sales taxes when the electricity is physically exported.

1.4
Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values straight line over their useful lives on the following bases:

Plant and machinery
25 years

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.

A SHADE GREENER (F2) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 11 -

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.

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.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

 

Trade and other debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade or other debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

 

Trade and other creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

A SHADE GREENER (F2) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 12 -
Borrowing

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the year of the relevant borrowing.

 

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

 

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Finance costs are recognised in the Profit and Loss Account calculated at a constant periodic rate of interest over the term of the liability.

1.8
Equity instruments

Equity instruments issued by the Company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

1.9
Taxation

The tax expense recorded in the Profit and Loss Statement represents the sum of the current tax payable for the year and the movement in the year of the deferred tax liability.

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.

A SHADE GREENER (F2) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
2
Judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the Directors 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.

Critical judgements

The following judgements and estimates have had the most significant effect on amounts recognised in the financial statements.

Accrued income

Revenue is generated under a UK government scheme associated with electricity exported to the grid, and is recognised when the electricity is physically exported.

 

Accrued income is estimated based on the value of the electricity which has been exported but is yet to be invoiced, based on the tariff prices in effect at the balance sheet date.

Recoverability of fixed assets

Tangible fixed assets are measured at cost less depreciation and impairment losses.

 

Determining whether tangible fixed assets are impaired requires an estimation of the value in use of these assets. The value in use calculation requires the Company to estimate the future cash flows expected to arise from the assets and a suitable discount rate in order to calculate the present value. On this basis, no impairment loss has been recognised in the current year.

3
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Depreciation of owned tangible fixed assets
746,808
746,808
4
Employees

There were no employees during the current or prior year. No Directors' remuneration was paid in either period.

5
Interest payable and similar expenses
2024
2023
£
£
Interest payable and similar expenses includes the following:
Interest on loans and finance leases
512,900
532,633
A SHADE GREENER (F2) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
6
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
741,462
772,744
Deferred tax
Origination and reversal of timing differences
(70,700)
(61,730)
Total tax charge
670,762
711,014

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
3,928,789
3,320,791
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.50%)
982,197
780,386
Group relief
(309,139)
(65,111)
Movement in deferred tax provision
(70,700)
(61,730)
Depreciation in excess of capital allowances
68,404
57,469
Taxation charge for the year
670,762
711,014

The deferred tax liability as at 31 December 2024 has been calculated based on these rates, reflecting the expected timing of the related temporary differences (2023: 25%).

A SHADE GREENER (F2) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
7
Tangible fixed assets
Plant and machinery
£
Cost
At 1 January 2024 and 31 December 2024
18,670,200
Depreciation and impairment
At 1 January 2024
9,306,376
Depreciation charged in the year
746,808
At 31 December 2024
10,053,184
Carrying amount
At 31 December 2024
8,617,016
At 31 December 2023
9,363,824
8
Debtors
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
223,214
-
0
Amounts due from group undertakings
15,548,872
14,595,344
Other debtors
531,293
762,884
16,303,379
15,358,228

During the year ended, the Company extended a loan to Rooftop Solar 2 Limited of £14,470,285, which is repayable on demand and accrues interest at an annual rate of 8%.

 

Amounts due from group undertakings repayable on demand, but the Directors will only seek repayment if sufficient funds are available to make the repayment. Repayment may therefore take place after more than one year in certain instances.

9
Creditors: amounts falling due within one year
2024
2023
£
£
Loans
1,540,327
1,462,320
Trade creditors
1,440
91,616
Amounts owed to group undertakings
500,835
-
0
Corporation tax
-
0
351,722
Other taxation and social security
12,178
20,448
Accruals and deferred income
70,203
83,846
2,124,983
2,009,952
A SHADE GREENER (F2) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
10
Creditors: amounts falling due after more than one year
2024
2023
£
£
Loans
21,854,358
23,394,679

On 16 August 2019, the Company entered into a £30,000,000 loan with a third party loan provider. Loan repayments are made six-monthly and interest is calculated at an effective rate of 2.07%.

Amounts payable in greater than one year, by instalments, are as follows:
2024
2023
£
£
Within two and five years
6,982,003
6,648,038
In over five years
14,872,349
16,746,641
21,854,352
23,394,679
11
Deferred taxation

Deferred tax assets and liabilities are offset where the Company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
448,616
519,316
2024
Movements in the year:
£
Liability at 1 January 2024
519,316
Credit to profit or loss
(70,700)
Liability at 31 December 2024
448,616
12
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
11
448,616
519,316
A SHADE GREENER (F2) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
13
Financial commitments, guarantees and contingent liabilities

Contingent Liabilities

A clause within the 2,146 rooftop solar system operating lease agreements stipulate that upon expiry of the lease the Company is required to remove the system if requested by the householder. The likelihood of such requests is considered remote and considering the significant uncertainties regarding the number of requests an accurate estimation of future expenditure is not possible, and hence no related contingent liability nor provision has been raised.

 

The Company has entered into a cross group guarantee with HGPE ASG Finance Limited, HGPE ASG Limited and HGPE AssetCo Limited for the loan note held in the Company. At the balance sheet date, the total liability was £23,394,679 (2023 - £24,857,000).

14
Events after the reporting date

There have been no significant events since the balance sheet date to the date of signing the Annual Report and Financial Statements.

15
Related party transactions

The Company has taken advantage of the exemption contained within Section 33 of FRS 102 from the requirement to disclose details of transactions entered into between two or more members of a group, where the parties to the transactions are wholly owned subsidiary undertakings of that group.

16
Ultimate controlling party

As at 31 December 2024, the immediate parent company was HGPE ASG Limited. Following a group restructuring post year end, the ultimate controlling party is Brookfield Corporation by virtue of its shareholding, a company registered in Ontario, Canada. The registered office is Brookfield Place, 181 Bat Street, Suite 100, Toronto, Ontario, M5J 2T3.

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