Limited Liability Partnership registration number OC367812 (England and Wales)
A SHADE GREENER (F8) LLP
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
A SHADE GREENER (F8) LLP
CONTENTS
Page
Members' report
1 - 2
Members' responsibilities statement
3
Independent auditor's report to the members of A Shade Greener (F8) LLP
4 - 7
Profit and loss account
8
Balance sheet
9
Reconciliation of members' interests
10 - 11
Notes to the financial statements
12 - 18
A SHADE GREENER (F8) LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated members
HGPE Steel Limited
HGPE Steel Nominee Limited
Limited liability partnership number
OC367812
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 (F8) LLP
MEMBERS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

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

Principal activities

The principal activity of A Shade Greener (F8) LLP (the "LLP") continued to be that of the production of electricity.

 

The LLP owns an operational portfolio of 6,315 rooftop solar systems around the UK which were installed between November 2012 and December 2014. A 25 year lease has been granted to the LLP 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 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 LLP, 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 LLP 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 with structured fixed repayments on a finance lease with a group entity.

 

The LLP's profit for the year was £1,333,479 (2023: £1,519,523).

 

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

 

Going concern

The LLP has made a profit in the year of £1,333,479 (2023: £1,519,523) and has net current assets of £7,564,928 (2023: £4,785,280) and net assets of £3,997,410 (2023: £2,663,931) at the balance sheet date. The members 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 LLP will have sufficient funds to meet its liabilities as they fall due for that period.

 

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

 

Future developments

Other than continuing operations there are presently no plans to expand the operations of the LLP 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.

Members' drawings, contributions and repayments

The members' drawing policy allows each member to draw a proportion of their profit share, subject to the cash requirements of the business.

 

Profit will be allocated to each members current account in proportion to their capital commitment upon the annual audited accounts being approved. Members may take drawings from the Partnership provided that this does not cause their current account to become negative. Any such amounts causing the member's current account to become negative would be due back to the LLP. The Members have no entitlement to interest on capital contributions and have no entitlement to receive back any part of this contribution.

A SHADE GREENER (F8) LLP
MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Designated members

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

HGPE Steel Limited
HGPE Steel Nominee Limited
Auditor

Albert Goodman LLP were appointed as auditor to the limited liability partnership and in accordance with section 485 of the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008), a resolution proposing that they be re-appointed will be put at a general meeting.

Statement of disclosure to auditor

Each of the members in office at the date of approval of this annual report confirms that:

 

Small LLPs exemption

This report has been prepared in accordance with the special provisions relating to small LLP's within Part 15 of the Companies Act 2006.

Approved by the members on 4 July 2025 and signed on behalf by:
04 July 2025
G S Gujral, for and on behalf of HGPE Steel Limited
Designated Member
A SHADE GREENER (F8) LLP
STATEMENT OF MEMBERS' RESPONSIBILITIES IN RESPECT OF THE MEMBERS' REPORT AND THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

The members are responsible for preparing the Members’ Report and the financial statements in accordance with applicable law and regulations.

The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 requires the members 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

Under Regulation 8 of the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 the members 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 LLP and of the profit or loss of the LLP for that period. In preparing these financial statements, the members are required to:

Under Regulation 6 of the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 the members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP’s transactions and disclose with reasonable accuracy at any time the financial position of the LLP and enable them to ensure that the financial statements comply with those regulations. 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 LLP and to prevent and detect fraud and other irregularities.

A SHADE GREENER (F8) LLP
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF A SHADE GREENER (F8) LLP
- 4 -
Opinion

We have audited the financial statements of A Shade Greener (F8) LLP (the 'LLP') for the year ended 31 December 2023, which comprise 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 Financial Reporting Standard 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 LLP’s affairs as at 31 December 2023 and of its profit for the year 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 as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

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 LLP 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 member'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 LLP's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the members with respect to going concern are described in the relevant sections of this report.

Other information

The members are responsible for the 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 (F8) LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF A SHADE GREENER (F8) LLP
- 5 -

Opinion on other matter 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 period for which the financial statements are prepared is consistent with the financial statements; and

the has been prepared in accordance with applicable legal requirements.

In the light of our knowledge and understanding of the LLP and its environment obtained in the course of the audit, we have not identified material misstatements in the Members’ 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 as applied to limited liability partnerships 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 Members were not entitled to prepare the financial statements in accordance with the small limited liability partnerships’ regime and take advantage of the small partnership’ exemptions in preparing the Members’ report and from the requirement to prepare a strategic report.

Responsibilities of members

As explained more fully in the set out on page 3, the members 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 members 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 members are responsible for assessing the LLP'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 members either intend to liquidate the LLP 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 (F8) LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF A SHADE GREENER (F8) LLP
- 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 LLP through discussions with members 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 LLP, 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 LLP’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;

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 members 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 (F8) LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF A SHADE GREENER (F8) LLP
- 7 -

Use of our report

This report is made solely to the LLP’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, as required by Regulation 39 of the Limited Liability Partnerships (Accounts and Audit) (Application of companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the LLP’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 LLP and the LLP’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 (F8) LLP
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
4,462,897
4,544,557
Administrative expenses
(2,233,403)
(2,124,559)
Operating profit
3
2,229,494
2,419,998
Interest receivable and similar income
31,636
77,175
Interest payable and similar expenses
5
(927,651)
(977,650)
Profit for the financial year before members' remuneration and profit shares
1,333,479
1,519,523
Members' remuneration charged as an expense
-
-
Profit for the financial year available for division among members
1,333,479
1,519,523

All activities are derived from continuing operations.

 

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

A SHADE GREENER (F8) LLP
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
6
12,642,123
14,094,573
Current assets
Debtors
7
7,704,606
3,689,627
Cash at bank and in hand
1,914,585
3,647,886
9,619,191
7,337,513
Creditors: amounts falling due within one year
8
(2,054,263)
(2,552,233)
Net current assets
7,564,928
4,785,280
Total assets less current liabilities
20,207,051
18,879,853
Creditors: amounts falling due after more than one year
9
(16,209,641)
(16,215,922)
Net assets attributable to members
3,997,410
2,663,931
Represented by:
Loans and other debts due to members within one year
Other amounts
2,857,934
1,524,455
Members' other interests
Members' capital classified as equity
1,139,476
1,139,476
3,997,410
2,663,931
Total members' interests
Loans and other debts due to members
2,857,934
1,524,455
Members' other interests
1,139,476
1,139,476
3,997,410
2,663,931

These financial statements have been prepared in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

The financial statements were approved by the members and authorised for issue on 4 July 2025 and are signed on their behalf by:
04 July 2025
G S Gujral, for and on behalf of HGPE Steel Limited
Designated Member
Limited Liability Partnership Registration No. OC367812
A SHADE GREENER (F8) LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
Current financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital (classified as equity)
Other reserves
Total
Other amounts
Total
Total
2024
£
£
£
£
£
£
Members' interests at 1 January 2024
1,139,476
-
1,139,476
1,524,455
1,524,455
2,663,931
Profit for the financial year available for division among members
-
1,333,479
1,333,479
-
-
1,333,479
Members' interests after profit for the year
1,139,476
1,333,479
2,472,955
1,524,455
1,524,455
3,997,410
Other division of profits
-
(1,333,479)
(1,333,479)
1,333,479
1,333,479
-
Members' interests at 31 December 2024
1,139,476
-
1,139,476
2,857,934
2,857,934
3,997,410
A SHADE GREENER (F8) LLP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
Prior financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital (classified as equity)
Other reserves
Total
Other amounts
Total
Total
2023
£
£
£
£
£
£
Members' interests at 1 January 2023
1,139,476
-
1,139,476
4,932
4,932
1,144,408
Profit for the financial year available for division among members
-
1,519,523
1,519,523
-
-
1,519,523
Members' interests after profit for the year
1,139,476
1,519,523
2,658,999
4,932
4,932
2,663,931
Other division of profits
-
(1,519,523)
(1,519,523)
1,519,523
1,519,523
-
Members' interests at 31 December 2023
1,139,476
-
1,139,476
1,524,455
1,524,455
2,663,931
A SHADE GREENER (F8) LLP
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
1
Accounting policies
Limited liability partnership information

A Shade Greener (F8) LLP is an LLP incorporated in England and Wales. The registered office is Sixth Floor, Capital Tower, 91 Waterloo Road, London, SE1 8RT.

 

The LLP's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2018, together 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 limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest GBP.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The LLP has continued to produce electricity. The members 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 LLP will have sufficient funds to meet its liabilities as they fall due for that period.

1.3
Turnover

Turnover 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
Members' participating interests

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).

 

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

 

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members'. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

A SHADE GREENER (F8) LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -
1.5
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 over their useful lives on the following basis:

Plant and machinery
Straight-line over 20 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 recognised in the profit and loss account.

1.6
Impairment of fixed assets

At each reporting period end date, the LLP 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 limited liability partnership estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

 

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
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.

1.8
Financial instruments

The LLP 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 limited LLP's statement of financial position when the LLP becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

A SHADE GREENER (F8) LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
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.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

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.

Borrowings

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.

1.9
Taxation

No provision has been made in the financial statements of the LLP for taxation. Each Member is liable for any tax liability arising out of their interest in the LLP.

A SHADE GREENER (F8) LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
1.10
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

2
Judgements and key sources of estimation uncertainty

In the application of the LLP's accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

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 generated 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 LLP 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
1,452,450
1,452,450
4
Employees

The average number of persons (excluding members) employed by the partnership during the year was nil (2023: nil).

A SHADE GREENER (F8) LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
5
Interest payable and similar expenses
2024
2023
£
£
Interest on finance leases
927,651
977,650
6
Tangible fixed assets
Plant and machinery
£
Cost
At 1 January 2024 and 31 December 2024
29,049,000
Depreciation and impairment
At 1 January 2024
14,954,427
Depreciation charged in the year
1,452,450
At 31 December 2024
16,406,877
Carrying amount
At 31 December 2024
12,642,123
At 31 December 2023
14,094,573
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
7,102,559
3,075,087
Accrued income and other debtors
602,047
614,540
7,704,606
3,689,627

Amounts owed by group undertakings are repayable on demand, but the members are confident that repayment will only be required if sufficient funds are available to make the repayment. Repayment may therefore take place after more than one year in certain instances.

8
Creditors: amounts falling due within one year
2024
2023
£
£
Obligations to group entities under finance leases
10
1,336,112
1,820,562
Trade creditors
1,440
216,863
Amounts owed to group undertakings
-
225,096
Other taxation and social security
74,741
82,587
Accruals and deferred income
641,970
207,125
2,054,263
2,552,233
A SHADE GREENER (F8) LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
8
Creditors: amounts falling due within one year
(Continued)
- 17 -

Amounts due to group undertakings are repayable on demand, but the members 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 after more than one year
2024
2023
Notes
£
£
Obligations to group entities under finance leases
10
16,209,641
16,215,922
10
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
1,336,112
1,820,562
Within two and five years
7,631,812
7,840,769
In over five years
8,577,830
8,375,153
17,545,754
18,036,484

Finance lease payments represent rentals payable by the LLP for plant and machinery, under a lease agreement with HGPE ASG2 Assetco LLP. The average lease term is 20 years and the lease carries an interest rate of 5.2% per annum.

11
Financial commitments, guarantees and contingent liabilities

A clause within the rooftop solar operating lease agreements stipulate that upon the expiry of the lease the LLP 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 not provision has been raised.

As part of the loan note agreement with HGPE Steel Limited, the LLP has entered into a cross group guarantee with HGPE Steel Nominee Limited, Empower Community Solar LLP and HGPE ASG2 AssetCo LLP. At the balance sheet date, the year end liability under the cross group guarantee for the LLP was £19,178,373 (2023 - £20,865,492).

12
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.

13
Related party transactions

The LLP 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.

 

A SHADE GREENER (F8) LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
14
Ultimate Controlling Party

As at 31 December 2024, the immediate parent company was HGPE Steel 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 Bay Street, Suite 100, Toronto, Ontario, M5J 2T3.

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