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Registered number: 12515754 SPRING DEV 08 LIMITED UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
SPRING DEV 08 LIMITED REGISTERED NUMBER: 12515754 BALANCE SHEET AS AT 31 DECEMBER 2024
| 2024 | 2024 | 2023 | 2023
Note | £ | £ | £ | £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | 1,019,875 |  | 591,788
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 5 | 46,719 |  | 30,199 |
Cash at bank and in hand | 6 | 483 |  | 337 |
Creditors: amounts falling due within one year | 7 | (1,258,289) |  | (699,582) |
Net current liabilities |  |  | (1,211,087) |  | (669,046)
Net liabilities |  |  | (191,212) |  | (77,258)
Capital and reserves |  |  |  |  |
Called up share capital | 9 |  | 100 |  | 100
Profit and loss account |  |  | (191,312) |  | (77,358)
|  |  | (191,212) |  | (77,258)
The members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. The Company was entitled to exemption from audit under section 477 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The Company's financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 13 May 2025.
L A Cooper
Director
The notes on pages 2 to 7 form part of these financial statements. Page 1
SPRING DEV 08 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
Spring Dev 08 Limited ("the Company") is a private company limited by shares and incorporated in England and Wales. The address of its registered office is Leytonstone House, 3 Hanbury Drive, London, E11 1GA. The principal activity of the Company is that of production of electricity. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historic cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 101 'Reduced Disclosure Framework' and the Companies Act 2006. The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies. The following principal accounting policies have been applied:
| 2.2 | Financial Reporting Standard 101 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions under FRS 101: ∙the requirements of IFRS 7 Financial Instruments: Disclosures ∙the requirements of IAS 7 Statement of Cash Flows ∙the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures ∙the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member This information is included in the consolidated financial statements of ILOS Projects GmbH as at 31 December 2024 and these financial statements may be obtained from the German company registry, Unternehmensregister.
| 2.3 | Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the financial statements. The Company has the support of the wider Group and as such the directors consider it appropriate that the financial statements are to be prepared on a going concern basis. Page 2
SPRING DEV 08 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.4 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
| 2.5 | Revenue
Revenue 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. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
| 2.6 | Leases
Lease are classified as finance leases whenever the terms of the lease transfer substantially all the risks and reqards of ownership to the lessee. All other leases are classified as operating leases.
| 2.7 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.8 | Finance costs
Finance costs are charged to the Statement of income and retained earnings 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. Page 3
SPRING DEV 08 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.9 | 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 the manner intended by management. Tangible fixed assets are comprised of assets under construction. These assets are not subject to depreciation until the asset has been brought into use. After which, the asset will be depreciated over the estimated useful life. Borrowing costs are apportioned between the loan utilised for overhead expenditure or for the cost of assets under construction. Included within fixed assets is capitalised interest of £172,285 (2023 – £52,527) and capitalised finance costs of £6,282 (2023 - £6,282). Interest is charged at the rates implicit of the loan agreements. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of income and retained earnings.
| 2.10 | Debtors
Short-term debtors are measured at transaction price, less any impairment.
| 2.11 | 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.
| 2.12 | Creditors
Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. Page 4
SPRING DEV 08 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.13 | Financial instruments
The Company recognises financial instruments when it becomes a party to the contractual arrangements of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire. The Company's accounting policies in respect of financial instruments transactions are explained below: Financial assets and financial liabilities are initially measured at fair value. Financial assets All recognised financial assets are subsequently measured in their entirety at either fair value or amortised cost, depending on the classification of the financial assets. Fair value through profit or loss All of the Company's financial assets are subsequently measured at fair value at the end of each reporting period, with any fair value gains or losses being recognised in profit or loss to the extent they are not part of a designated hedging relationship. The net gain or loss recognised in profit or loss includes any dividend or interest earned on the financial asset. Financial liabilities Fair value through profit or loss Financial liabilities are classified as at fair value through profit or loss, when the financial liability is held for trading, or is designated as at fair value through profit or loss. This designation may be made if such designation eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise, or the financial liability forms part of a group of financial instruments which is managed and its performance is evaluated on a fair value basis, or the financial liability forms part of a contract containing one or more embedded derivatives, and IFRS 9 permits the entire combined contract to be designated as at fair value through profit or loss. Any gains or losses arising on changes in fair value are recognised in profit or loss to the extent that they are not part of a designated hedging relationship. At amortised cost Financial liabilities which are neither contingent consideration of an acquirer in a business combination, held for trading, nor designated as at fair value through profit or loss are subsequently measured at amortised cost using the effective interest method. This is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or where appropriate a shorter period, to the amortised cost of a financial liability.
3. | Employees
| The average monthly number of employees, including directors, during the year was 3 (2023 - 4).
Page 5
SPRING DEV 08 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
4. | Tangible fixed assets
|  | Other fixed assets
|  | £
| Cost or valuation |
| At 1 January 2024 | 591,788
| Additions | 428,087
| At 31 December 2024 | 1,019,875
| Net book value |
| At 31 December 2024 | 1,019,875
| At 31 December 2023 | 591,788
5. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade debtors | 15,297 | 29,600
| Other debtors | 30,954 | 389
| Prepayments and accrued income | 468 | 210
|  | 46,719 | 30,199
6. | Cash and cash equivalents
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Cash at bank and in hand | 483 | 337
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SPRING DEV 08 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
7. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade creditors | 789 | 5,163
| Amounts owed to group undertakings | 1,233,900 | 660,819
| Accruals and deferred income | 23,600 | 33,600
|  | 1,258,289 | 699,582
8. | Leases
| Company as a lessee
| The company has incurred £1,260 (2023 - £1,186) of expenses in the profit or loss account in relation to short-term leases.
9. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 100 (2023 - 100) Ordinary shares of £1.00 each | 100 | 100
10. | Related party transactions
| Included within creditors are amounts of £1,233,900 (2023 - £660,819) owed to companies under common control. Interest is charged on these loans at the rates implicit on the loan agreements. During the year, total sales of £Nil (2023 - £48,000) relate to recharges of costs to companies under common control.
11. | Post balance sheet events
Post year end the controlling party is considered to be AXA Investment Managers Alternatives by virtue of their controlling interest in ILOS Projects GmbH.
12. | Controlling party
The immediate parent company is Spring Dev 04 Limited. The ultimate controlling party is considered to be ILOS Projects GmbH.
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