| REGISTERED NUMBER: |
| Audited Financial Statements |
| for the Period 1 April 2024 to 31 December 2024 |
| for |
| JLEAG Solar 1 Limited |
| REGISTERED NUMBER: |
| Audited Financial Statements |
| for the Period 1 April 2024 to 31 December 2024 |
| for |
| JLEAG Solar 1 Limited |
| JLEAG Solar 1 Limited (Registered number: 09828399) |
| Contents of the Financial Statements |
| for the Period 1 April 2024 to 31 December 2024 |
| Page |
| Balance Sheet | 1 |
| Notes to the Financial Statements | 2 |
| JLEAG Solar 1 Limited (Registered number: 09828399) |
| Balance Sheet |
| 31 December 2024 |
| 31.12.24 | 31.3.24 |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 5 |
| Investments | 6 |
| CURRENT ASSETS |
| Debtors | 7 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 8 | ( |
) | ( |
) |
| NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES | ( |
) |
| CREDITORS |
| Amounts falling due after more than one year |
9 |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital | 10 |
| Share premium | 11 |
| Retained earnings | 11 | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| JLEAG Solar 1 Limited (Registered number: 09828399) |
| Notes to the Financial Statements |
| for the Period 1 April 2024 to 31 December 2024 |
| 1. | STATUTORY INFORMATION |
| JLEAG Solar 1 Limited is a |
| Registered number: |
| Registered office: |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| The current reporting period has been shortened to a 9 month period to align with a restructure of the business. Due to this change, the prior year comparatives are not entirely comparable. |
| 2. | STATEMENT OF COMPLIANCE |
| The financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Going concern |
| The company's forecasts and projections show that the company expects to be able to continue to operate. |
| The directors, at the time of approving the financial statements, are satisfied that the company has adequate resources to continue in operational existence for the foreseeable future, a period of not less that 12 months from the date of this report. Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements. |
| Judgements and key sources of estimation uncertainty |
| In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily ascertainable from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant.Actual outcomes may differ from these estimates. |
| The estimates and underlying assumptions are reviewed on a continuing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised. |
| There were no key judgements or estimation uncertainties in the application of the company's accounting policies during the year. |
| Turnover |
| Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. |
| Turnover is measured based on electricity generation in the period and applicable tariffs. Turnover is recognised as and when confirmed by the renewable energy FiT Licensee on a quarterly basis and includes an accrual for the revenue due for the period from the last agreed quarter end to the end of the accounting period. |
| JLEAG Solar 1 Limited (Registered number: 09828399) |
| Notes to the Financial Statements - continued |
| for the Period 1 April 2024 to 31 December 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in a manner intended by management. |
| Depreciation is charged so as to allocate the cost of the assets less their residual value over the estimated useful lives, using the straight line method. |
| Depreciation is provided on the following basis: |
| Plant and machinery - Straight line over 25 years |
| The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
| Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the profit and loss. |
| Investments in subsidiaries |
| Investments in subsidiaries are measured at cost less accumulated impairment. |
| Financial instruments |
| The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. |
| The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102. |
| 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. |
| Basic financial assets |
| Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
| Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments. |
| Other financial assets |
| Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment. |
| JLEAG Solar 1 Limited (Registered number: 09828399) |
| Notes to the Financial Statements - continued |
| for the Period 1 April 2024 to 31 December 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| Impairment of financial assets |
| Financial assets are assessed for indicators of impairment at each reporting date. |
| Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. |
| If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. |
| Financial liabilities |
| Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities. |
| Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. |
| Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. |
| Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. |
| Derecognition of financial instruments |
| Derecognition of financial assets |
| Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. |
| Derecognition of financial liabilities |
| Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled. |
| Taxation |
| Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. |
| JLEAG Solar 1 Limited (Registered number: 09828399) |
| Notes to the Financial Statements - continued |
| for the Period 1 April 2024 to 31 December 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date, except that: |
| - The recognition of deferred tax assets is limited to the extent that is is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and |
| - Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Provisions for liabilities |
| Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. |
| Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. |
| Increases in provisions are generally charged as an expense to the profit and loss. |
| Debtors |
| Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
| Cash and cash equivalents |
| Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
| In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management. |
| Finance costs |
| Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. |
| 4. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the period was NIL (2024 - NIL). |
| JLEAG Solar 1 Limited (Registered number: 09828399) |
| Notes to the Financial Statements - continued |
| for the Period 1 April 2024 to 31 December 2024 |
| 5. | TANGIBLE FIXED ASSETS |
| Plant and |
| machinery |
| £ |
| COST |
| At 1 April 2024 |
| Disposals | ( |
) |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 April 2024 |
| Charge for period |
| Eliminated on disposal | ( |
) |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 March 2024 |
| 6. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 April 2024 |
| Disposals | ( |
) |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 March 2024 |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.24 | 31.3.24 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| VAT |
| Prepayments |
| JLEAG Solar 1 Limited (Registered number: 09828399) |
| Notes to the Financial Statements - continued |
| for the Period 1 April 2024 to 31 December 2024 |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.24 | 31.3.24 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Corporation tax |
| Other creditors |
| Accruals and deferred income |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31.12.24 | 31.3.24 |
| £ | £ |
| Amounts owed to group undertakings |
| 10. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.12.24 | 31.3.24 |
| value: | £ | £ |
| Ordinary | 0.01 | 3 | 3 |
| 11. | RESERVES |
| Retained | Share |
| earnings | premium | Totals |
| £ | £ | £ |
| At 1 April 2024 | ( |
) | (9,501,686 | ) |
| Profit for the period |
| At 31 December 2024 | ( |
) | (9,104,377 | ) |
| 12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 13. | RELATED PARTY DISCLOSURES |
| The entire share capital of the company was sold on 9 December 2024 to MGMT Investments Ltd. |
| 14. | ULTIMATE CONTROLLING PARTY |
| The company's immediate parent company is MGMT Investments Ltd, a limited company incorporated in England. The registered office address of the company is Westminster House, 10 Westminster Road, Macclesfield, Cheshire, United Kingdom, SK10 1BX. |
| The ultimate parent undertaking is MGMT Holdings SA. It's registered office is Rue Jean L'Aveugle 16, 1148 Luxembourg, Luxembourg. |