Company registration number 08025996 (England and Wales)
HGPE ASG LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
HGPE ASG LIMITED
COMPANY INFORMATION
Directors
G P Schuler
(Appointed 7 November 2024)
G S Gujral
(Appointed 8 October 2024)
B Odedra
(Appointed 2 June 2025)
Secretary
Arnold Hill & Co LLP
Company number
08025996
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
HGPE ASG LIMITED
CONTENTS
Page
Directors' report
1 - 2
Directors' responsibilities statement
3
Independent auditor's report to the members of HGPE ASG Limited
4 - 7
Profit and loss account
8
Balance sheet
9
Notes to the financial statements
10 - 14
HGPE ASG LIMITED
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 HGPE ASG Limited (the "Company") continued to be that of an investment holding company and an intermediary for intercompany borrowings.

 

The Company holds 100% of the share capital in A Shade Greener (F2) Limited ("ASG F2 Limited") and HGPE ASG AssetCo Limited ("ASG AssetCo Limited"). The Company and its immediate parent HGPE ASG Finance Limited, along with ASG F2 Limited and HGPE ASG AssetCo Limited, are referred to as the "Group".

 

Going Concern

Notwithstanding net current liabilities of £12,329,843 (2023: £11,554,388), the Company has net assets of £2,938,051 (2023: £3,713,506) and a cash balance of £419 (2023: £14,684). The Company will continue to be supported by both the Group and its investor Atrato Onsite Energy Holdco Limited, from whom a letter of support has been obtained to corroborate the investor's intentions in this regard. The Group remains profitable, generating a significant cash surplus each year above its group liabilities. Noting this, the directors believe that the Group and the investor both have the financial resources to support the Company as a going concern. Accordingly, the Directors continue to adopt the going concern basis in preparing the financial statements. See note 1 for further details.

Dividends

Ordinary dividends were paid amounting to £2,500,000 (2023: £nil).

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)
B J T Pieterse
(Appointed 7 November 2024 and resigned 2 June 2025)
G P Schuler
(Appointed 7 November 2024)
G S Gujral
(Appointed 8 October 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.

HGPE ASG LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
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
HGPE ASG LIMITED
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.

HGPE ASG LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HGPE ASG LIMITED
- 4 -
Opinion

We have audited the financial statements of HGPE ASG Ltd (the 'Company') for the year ended 31 December 2023, 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 2023 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.

 

HGPE ASG LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HGPE ASG LIMITED (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:

HGPE ASG LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HGPE ASG LIMITED (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.

HGPE ASG LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HGPE ASG LIMITED (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
2025-07-07
HGPE ASG LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
13,134
63,549
Administrative expenses
(22,960)
(25,083)
Operating (loss)/profit
(9,826)
38,466
Other income
4
2,500,532
675
Interest payable and similar expenses
5
(766,161)
(235,980)
Profit/(loss) before taxation
1,724,545
(196,839)
Taxation
6
-
0
-
0
Profit/(loss) for the financial year
1,724,545
(196,839)
Total comprehensive income for the year
1,724,545
(196,839)

All activities are derived from continuing operations.

 

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

HGPE ASG LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
8
15,267,894
15,267,894
Current assets
Debtors
9
25,716
3,163,981
Cash at bank and in hand
419
14,684
26,135
3,178,665
Creditors: amounts falling due within one year
10
(12,355,978)
(14,733,053)
Net current liabilities
(12,329,843)
(11,554,388)
Net assets
2,938,051
3,713,506
Capital and reserves
Called up share capital
3,394,608
3,394,608
Profit and loss reserves
(456,557)
318,898
Total equity
2,938,051
3,713,506

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. 08025996
HGPE ASG LIMITED
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
1
Accounting policies
Company information

HGPE ASG Limited is a private company limited by shares 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. The principal accounting policies adopted are set out below.

1.2
Going concern

The Company is an investment holding company. Notwithstanding its net current liabilities of £9,829,843 as at 31 December 2024 which is predominantly due to a loan from its subsidiary, the financial statements have been prepared on a going concern basis which the directors consider appropriate for the following reasons. true

The Directors have prepared a going concern assessment 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 during that period.

The going concern assessment is dependent on the immediate parent, HGPE ASG Finance Limited not seeking repayment of the amounts currently due, which at 31 December 2024 amounted to £11,572,979. HGPE ASG Finance Limited has indicated that it does not intend to seek repayment of the amounts due and Atrato Onsite Energy Holdco Limited has indicated its intention to continue to make available such funds as are needed by the Company during the going assessment period.

As with any company placing reliance on other group entities for financial support, the Directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so.

Consequently, the Directors are confident that the Company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.

1.3
Turnover and other income

Turnover is comprised of interest revenue on financial assets and is recognised in the profit and loss account over the term of such instruments at a constant rate on the carrying amount.

Dividends are recognised as other income, when the right to receive payment has been established.

1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the Company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

HGPE ASG LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 11 -
1.5
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.

1.6
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.

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.

1.7
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.

HGPE ASG LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
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.

Recoverability of fixed asset investments

The Directors assess the investment for an indication of impairment at the year end or at such time that an indicator is noted. If an indication is noted the Directors determine whether the fixed asset investments are impaired. The assessment requires an estimation of the future cash flows expected to arise from the investments and a suitable discount rate in order to calculate the present value. No indication of impairment has been noted during the current year or since the year end.

3
Employees

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

4
Other income
2024
2023
£
£
Other income includes the following:
Income from shares in group undertakings
2,500,000
-
0
Interest on bank deposits
532
675
Total income
2,500,532
675
5
Interest payable and similar expenses
2024
2023
£
£
Interest payable and similar expenses includes the following:
Interest payable to group undertakings
766,161
235,980
HGPE ASG LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
6
Taxation

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

2024
2023
£
£
Profit/(loss) before taxation
1,724,545
(196,839)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.50%)
431,136
(46,257)
Tax effect of income not taxable in determining taxable profit
(625,000)
-
0
Group relief surrendered
193,864
46,257
Taxation charge for the year
-
-

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

7
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
15,267,894
15,267,894
8
Fixed asset investments

Details of the Company's investments at 31 December 2024 are as follows. The registered office for each investment is Sixth Floor, Capital Tower, 91 Waterloo Road, London, SE1 8RT.

Name of undertaking
Country of incorporation
Nature of business
% Held
Direct
A Shade Greener (F2) Limited
United Kingdom
Electricity generation
100.00
HGPE ASG Assetco Limited
United Kingdom
Non-trading
100.00
9
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
21,409
3,131,660
Other debtors
4,307
32,321
25,716
3,163,981
HGPE ASG LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
10
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,140
1,710
Amounts owed to group undertakings
11,622,180
14,477,862
Accruals and deferred income
732,658
253,481
12,355,978
14,733,053

During the year, ASG Finance Limited provided a loan of £11,450,000 to the Company, a loan which is repayable on demand and on which interest is charged at an annual rate of 8%.

 

The loan is 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.

11
Financial commitments, guarantees and contingent liabilities

As part of the loan note agreement with A Shade Greener (F2) Ltd, the Company has entered into a cross group guarantee with A Shade Greener (F2) Ltd, HGPE ASG Limited and HGPE ASG Assetco Ltd. At the balance sheet date, the maximum liability under the cross group guarantee for the Company was £23,394,679 (2023 - £24,857,000).

12
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.

13
Events after the reporting date

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

14
Ultimate controlling party

As at 31 December 2024, the immediate parent Company was HGPE ASG Finance 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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