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Registered number: 11977074 SPRING DEV 02 LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
SPRING DEV 02 LIMITED COMPANY INFORMATION
Directors | S Klos
| L A Cooper
Registered number | 11977074
Registered office | Leytonstone House
| 3 Hanbury Drive
| London
| E11 1GA
Independent auditors | Barnes Roffe LLP
| Chartered Accountants & Statutory Auditors
| Leytonstone House
| Leytonstone
| London
| E11 1GA
SPRING DEV 02 LIMITED CONTENTS
| Page
Directors' report | 1 - 2
Independent auditors' report | 3 - 6
Statement of profit or loss and other comprehensive income | 7
Statement of financial position | 8 - 9
Statement of changes in equity | 10
Statement of cash flows | 11
Notes to the financial statements | 12 - 26
Detailed profit and loss account and summaries | 26
SPRING DEV 02 LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The directors present their report and the financial statements for the year ended 31 December 2024.
Directors' responsibilities statement
The directors are responsible for preparing the Directors' report and the financial statements, in accordance with applicable law. Company law requires the directors to prepare financial statements for each financial year. Under that law they have elected to prepare the financial statements in accordance with International Financial Reporting Standards (IFRS) as adopted by the UK. Under company law the directors 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 Statement of profit or loss and other comprehensive income of the Company for that period. In preparing the financial statements, the directors are required to: ∙select suitable accounting policies and then apply them consistently; ∙make judgments and estimates that are reasonable and prudent; ∙state whether they have been prepared in accordance with IFRS as adopted by the UK, subject to any material departures disclosed and explained in the financial statements; ∙assess the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and ∙use the going concern basis of accounting unless they either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. The directors are 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.
Principal activity
The principal activity of the Company is the production of electricity.
Going concern assumption
The directors note that the company is trading adequately and has sufficient working capital and other finance available to continue trading for a period of not less than 12 months from the date of signing these financial statements. As such, the directors believe that there are no significant uncertainties in their assessment of whether the business is a going concern and therefore have prepared the accounts on a going concern basis.
Results and dividends
The profit for the year, after taxation, amounted to £1,904,897 (2023 - £302,324). At 31 December 2024, the company had net assets of £2,189,592 (2023 - £ 284,695). Page 1
SPRING DEV 02 LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Directors
The directors who served during the year were:
S Klos
L A Cooper (appointed 8 May 2024)
N Krane (resigned 2 April 2024)
H L House (resigned 2 April 2024)
L A Elmi (resigned 2 April 2024)
K Covill (appointed 2 April 2024, resigned 8 May 2024)
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
Auditors
The auditors, Barnes Roffe LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board on 30 April 2025 and signed on its behalf.
L A Cooper Director
Page 2
SPRING DEV 02 LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SPRING DEV 02 LIMITED
Opinion
We have audited the financial statements of Spring Dev 02 Limited for the year ended 31 December 2024 which comprise the Statement of profit or loss and other comprehensive income, the Statement of financial position, the Statement of changes in equity, the Statement of cash flows and the related notes, including a summary of significant accounting policies set out on pages 13 - 17. The financial reporting framework that has been applied in their preparation is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the United Kingdom. In our opinion the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its profit for the year then ended; ∙have been properly prepared in accordance with IFRSs as adopted by the United Kingdom; 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 auditors' 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 United Kingdom, including the Financial Reporting Council'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 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 period of at least twelve months from when the financial statements are 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. Page 3
SPRING DEV 02 LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SPRING DEV 02 LIMITED (CONTINUED)
Other information
The other information comprises the information included in the Annual report, other than the financial statements and our auditors' report thereon. The directors are responsible for the other information contained within the Annual report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.
Opinion 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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Directors' report have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' report. We have nothing to report in respect of the following matters in relation to which 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 remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit. Responsibilities of directors As explained more fully in the directors' responsibilities statement on page 1, 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. Page 4
SPRING DEV 02 LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SPRING DEV 02 LIMITED (CONTINUED) Auditors' 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 auditors' 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: ∙the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with the applicable laws and regulations; ∙we identified the laws and regulations applicable to the company through discussions with the director and other management, and from our commercial knowledge and experience of the relevant 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; ∙we assessed the extent of the compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; 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. ∙We also assessed whether judgments and assumptions made in determining the accounting estimates were indicative of potential bias, and investigated the rationale behind significant or unusual transactions. The areas we identified as being susceptible to misstatement through fraud were: ∙Management bias in the estimates and judgments made; and ∙Management override of controls. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 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 auditors' report. Page 5
SPRING DEV 02 LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SPRING DEV 02 LIMITED (CONTINUED)
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 auditors' 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. Graham Wallace (Senior statutory auditor) for and on behalf of Barnes Roffe LLP Chartered Accountants & Statutory Auditors Leytonstone House Leytonstone London E11 1GA Date: 30 April 2025 Page 6
SPRING DEV 02 LIMITED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2024
|  |  |  | 2024 | 2023
|  |  | Note | £ | £
Revenue | 7 | 285,926 | 1,700
Cost of sales |  | (107,917) | (1,700)
Gross profit |  | 178,009 | -
Administrative expenses |  | (246,952) | (376,330)
Loss from operations |  | (68,943) | (376,330)
Finance income |  | 101 | -
Finance expense |  | (247,653) | (89,293)
Loss before tax |  | (316,495) | (465,623)
Tax credit | 10 | 2,221,392 | 767,947
Profit for the year |  | 1,904,897 | 302,324
Total comprehensive income |  | 1,904,897 | 302,324
The notes on pages 13 to 26 form part of these financial statements.
Page 7
SPRING DEV 02 LIMITED REGISTERED NUMBER: 11977074 STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2024
| 2024 | 2023
Note | £ | £
Assets |  |
Non-current assets |  |  |
Property, plant and equipment | 11 | 25,177,786 | 6,661,647
Deferred tax assets | 10 | 2,989,339 | 767,947
|  | 28,167,125 | 7,429,594
Current assets |  |  |
Trade and other receivables | 12 | 337,525 | 353,251
Cash and cash equivalents |  | 1,932,393 | 1,049,129
|  | 2,269,918 | 1,402,380
Total assets |  | 30,437,043 | 8,831,974
Liabilities |  |
Non-current liabilities |  |  |
Trade and other liabilities | 13 | 981,282 | 153,810
Loans and borrowings | 14 | 1,674,301 | 1,589,259
Provisions | 15 | 587,065 | 425,947
|  | 3,242,648 | 2,169,016
Current liabilities |  |  |
Trade and other liabilities | 13 | 25,004,803 | 6,378,263
Total liabilities |  | 28,247,451 | 8,547,279
Net assets |  | 2,189,592 | 284,695
Issued capital and reserves |  |  |
Share capital | 16 | 100 | 100
Retained earnings |  | 2,189,492 | 284,595
TOTAL EQUITY |  | 2,189,592 | 284,695
Page 8
SPRING DEV 02 LIMITED REGISTERED NUMBER: 11977074 STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 DECEMBER 2024 The financial statements on pages 7 to 26 were approved and authorised for issue by the board of directors on 30 April 2025 and were signed on its behalf by:
L A Cooper
Director
The notes on pages 13 to 26 form part of these financial statements. Page 9
SPRING DEV 02 LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024
| Share capital | Retained earnings | Total equity
| £ | £ | £
At 1 January 2023 | 100 | (17,729) | (17,629)
Comprehensive income for the year |  |  |
Profit for the year | - | 302,324 | 302,324
Total comprehensive income for the year | - | 302,324 | 302,324
At 31 December 2023 | 100 | 284,595 | 284,695
At 1 January 2024 | 100 | 284,595 | 284,695
Comprehensive income for the year |  |  |
Profit for the year | - | 1,904,897 | 1,904,897
Total comprehensive income for the year | - | 1,904,897 | 1,904,897
At 31 December 2024 | 100 | 2,189,492 | 2,189,592
The notes on pages 13 to 26 form part of these financial statements.
Page 10
SPRING DEV 02 LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024
|  |  |  | 2024 | 2023
|  |  | Note | £ | £
Cash flows from operating activities |  |  |
Profit for the year |  | 1,904,897 | 302,324
Adjustments for |  |  |
Depreciation of property, plant and equipment | 11 | 63,572 | 12,353
Finance income |  | (101) | -
Finance expense |  | 247,653 | 89,293
|  | 2,216,021 | 403,970
Movements in working capital: |  |  |
(Increase)/decrease in trade and other receivables | 12 | 15,726 | (152,487)
Increase/(decrease) in trade and other payables | 13 | 19,615,130 | 7,624,346
Increase in deferred tax |  | (2,221,392) | (767,947)
Cash generated from operations |  | 19,625,485 | 7,107,882
Net cash from operating activities |  | 19,625,485 | 7,107,882
Cash flows from investing activities |  |  |
Purchases of property, plant and equipment | 11 | (18,579,711) | (5,969,460)
Interest received |  | 101 | -
Net cash used in investing activities |  | (18,579,610) | (5,969,460)
Cash flows from financing activities |  |  |
Interest paid |  | (247,653) | (89,293)
New finance leases | 14 | 85,042 | -
Net cash used in financing activities |  | (162,611) | (89,293)
Net increase in cash and cash equivalents |  | 883,264 | 1,049,129
Cash and cash equivalents at the beginning of year |  | 1,049,129 | -
Cash and cash equivalents at the end of the year |  | 1,932,393 | 1,049,129
The notes on pages 13 to 26 form part of these financial statements. Page 11
SPRING DEV 02 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | Reporting entity
Spring Dev 02 Limited (the 'Company') is a limited company incorporated in England and Wales. The Company's registered office is at Leytonstone House, 3 Hanbury Drive, London, E11 1GA. The Company's principal activity is that of production of electricity.
2. | Basis of preparation
The financial statements have been prepared in accordance with International Financial Reporting Standards, International Accounting Standards and Interpretations as adopted by the UK (collectively IFRSs). Details of the Company's accounting policies, including changes during the year, are included in note 4. In preparing these financial statements, management has made judgments, estimates and assumptions that affect the application of the Company accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively. The areas where judgments and estimates have been made in preparing the financial statements and their effects are disclosed in note 5.
| 2.1 Basis of measurement
The financial statements have been prepared on the historical cost basis.
| 2.2 Changes in accounting policies i) New standards, interpretations and amendments effective from 1 January 2024
There are not expected to be any new or amended accounting standards that are not yet in effect that will have a material impact on the Company in the current or future reporting periods and on foreseeable future transactions.
3. | Functional and presentation currency
These financial statements are presented in pound sterling, which is the Company's functional currency. All amounts have been rounded to the nearest pound, unless otherwise indicated. Page 12
SPRING DEV 02 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 4.Accounting policies
| 4.1 | 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 forseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the financial statements. Creditors consist of balances due to the ultimate controlling party, and other companies under common control. Assurances have been obtained from these parties that they will continue to support the company for a period of not less than 12 months from the date of approval of the annual report and financial statements.
| 4.2 | Revenue
Revenue is measured based on the consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties. The Company recognises revenue when it transfers control over a product or service to a customer. The Company does not expect to have any contracts where the period between the transfer of the promised goods or services to the customer and payment by the customer exceeds one year. As a consequence, the Company does not adjust any of the transaction prices for the time value of money.
| 4.3 | Leasing
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases.
| 4.4 | Foreign currency
In preparing the financial statements of each individual group entity, transactions in currencies other than the entity's functional currency (foreign currencies) are recognised at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. Exchange differences on monetary items are recognised in profit or loss in the period in which they arise. For the purposes of presenting these financial statements, the assets and liabilities of the Company's foreign operations are translated into pounds using exchange rates prevailing at the end of each reporting period. Income and expense items are translated at the average exchange rates for the period, unless exchange rates fluctuate significantly during that period, in which case the exchange rates at the dates of the transactions are used. The financial statements are prepared in Sterling, which is considered to be the functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest £1. Page 13
SPRING DEV 02 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 4.Accounting policies (continued)
| 4.5 | Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in the Statement of profit or loss and other comprehensive income in the period in which they are incurred.
| 4.6 | Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
| (i) Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from ‘profit before tax’ as reported in the Statement of profit or loss and other comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. Page 14
SPRING DEV 02 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 4.Accounting policies (continued)
| 4.6 | Taxation (continued)
| (ii) Deferred tax
Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. Such deferred tax assets and liabilities are not recognised if the temporary difference arises from the initial recognition (other than in a business combination) of assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. In addition, deferred tax liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill. Deferred tax liabilities are recognised for taxable temporary differences associated with investments in subsidiaries and associates, and interests in joint ventures, except where the Company is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments and interests are only recognised to the extent that it is probable that there will be sufficient taxable profits against which to utilise the benefits of the temporary differences and they are expected to reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
| (iii) Current and deferred tax for the year
Current and deferred tax are recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax are also recognised in other comprehensive income or directly in equity respectively. Where current tax or deferred tax arises from the initial accounting for a business combination, the tax effect is included in the accounting for the business combination. Page 15
SPRING DEV 02 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 4.Accounting policies (continued)
| 4.7 | Tangible fixed assets
Items of property, plant and equipment are measured at 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. If significant parts of an item of property, plant and equipment have different useful lives, then they are accounted for as separate items (major components) of property, plant and equipment. Any gain or loss on disposal of an item of property, plant and equipment is recognised in profit or loss. Subsequent expenditure is capitalised only if it is probable that the future economic benefits associated with the expenditure will flow to the Company. Depreciation on assets under construction does not commence until they are complete and available for use. Leased assets are depreciated over the shorter of the lease term and their useful lives unless it is reasonably certain that the Company will obtain ownership by the end of the lease term. 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 £984,852 (2023 - £110,867) and capitalised upfront fees of £49,354 (2023 - £35,930). Interest is charged at the rates implicit of the loan agreements.
| 4.8 | Impairment of tangible and intangible assets other than goodwill
At the end of each reporting period, the Company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). When it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs. When a reasonable and consistent basis of allocation can be identified, corporate assets are also allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified. Recoverable amount is the higher of fair value less costs of disposal 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.
| 4.9 | Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and demand deposits, together with other short-term, highly liquid investments maturing within 90 days from the date of acquisition that are readily convertible into known amounts of cash and which are subject to an insignificant risk of changes in value. Page 16
SPRING DEV 02 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 4.Accounting policies (continued)
| 4.10 | Provisions
Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. When a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material). When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
| 4.11 | Financial instruments
Financial assets and financial liabilities are recognised when an entity becomes a party to the contractual provisions of the instruments. Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in the Statement of profit or loss and other comprehensive income. Page 17
SPRING DEV 02 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
5. | Accounting estimates and judgments
The preparation of the financial statements in accordance with UK adopted international accounting standards requires the use of certain critical accounting estimates. It also requires management to exercise its judgments in the process of applying the Company’s accounting policies. Estimates and judgments are continually evaluated, and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. No significant judgments have had to be made by management in prepaing these financial statements. The key sources of estimation uncertainty at the reporting date that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the financial year are: i) Present value calculations Given the nature of the Company, they have entered in to a long-term lease agreement which has been capitalised within the financial statements based on future expected cash flows. The fixed asset and lease liability have been subsequently discounted at a rate which was determined by the Company based on historical knowledge of the industry, comparative knowledge of similar projects which have taken place in the wider group and by making use of independent discounting tools. ii) Decommissioning provisions Given the nature of the principal activity of the Company, a provision has been included in the financial statements for decommissioning the site at the end of the lease tenure. An external independent company was consulted to provide the expected valuation of costs to decommission the site. The valuation has subsequently also been discounted over the life of the lease using the implicit discounting rate noted above. iii) Useful economic life of tangible fixed assets The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets.
6. | Employees
The average monthly number of employees, including directors, during the year was 3 (2023 - 4). Page 18
SPRING DEV 02 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
7. | Revenue
| The following is an analysis of the Company's revenue for the year from continuing operations:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Generation of electricity | 264,196 | -
| Intercompany recharges | 21,730 | 1,700
|  | 285,926 | 1,700
| All revenue during the year is attributable to the United Kingdom.
8. | Auditors' remuneration
| The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.
9. | Finance income and expense
| Recognised in profit or loss
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
Finance income |  |
| Bank interest receivable | 101 | -
| Total finance income | 101 | -
| Finance expense |  |
| Bank interest payable | 134,817 | 56,865
| Other loan interest payable | 112,836 | 32,428
| Total finance expense | 247,653 | 89,293
| Net finance expense recognised in profit or loss | (247,552) | (89,293)
Page 19
SPRING DEV 02 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
10. | Tax expense
| 10.1 Income tax recognised in profit or loss
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Current tax |  |
| Deferred tax expense |  |
| Origination and reversal of timing differences | (2,221,392) | (767,947)
| Total deferred tax | (2,221,392) | (767,947)
| Total tax expense |  |
| Tax expense excluding tax on sale of discontinued operation and share of tax of equity accounted associates and joint ventures | (2,221,392) | (767,947)
|  | (2,221,392) | (767,947)
| The reasons for the difference between the actual tax charge for the year and the standard rate of corporation tax in the United Kingdom applied to profits for the year are as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Profit for the year | 1,904,897 | 302,324
| Income tax credit/expense (including income tax on associate, joint venture and discontinued operations) | (2,221,392) | (767,947)
| Loss before income taxes | (316,495) | (465,623)
| Tax using the Company's domestic tax rate of 25% (2023 - 25%) | (79,124) | (116,406)
| Non-tax deductible amortisation of goodwill and impairment | 62,037 | (156,653)
| Capital allowances for the year in excess of depreciation | (2,204,305) | (2,025,747)
| Other timing differences leading to an increase/(decrease) in taxation | (2,221,392) | (767,947)
| Change in tax rate | - | 6,984
| Unrelieved tax losses carried forward | 2,221,392 | 2,291,822
| Total tax expense | (2,221,392) | (767,947)
Changes in tax rates and factors affecting the future tax charges There were no factors that may affect future tax charges. Page 20
SPRING DEV 02 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
11. | Property, plant and equipment
|  | Plant and machinery | Right of use asset | Assets under construction | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 1 January 2023 | - | - | 704,540 | 704,540
| Additions | - | 1,633,072 | 4,336,388 | 5,969,460
| At 31 December 2023 | - | 1,633,072 | 5,040,928 | 6,674,000
| Additions | - | 9,829 | 18,569,882 | 18,579,711
| Transfers between classes | 23,610,810 | - | (23,610,810) | -
| At 31 December 2024 | 23,610,810 | 1,642,901 | - | 25,253,711
|  | Plant and machinery | Reight of use asset | Assets under construction | Total
|  | £ | £ | £ | £
| Accumulated depreciation and impairment |  |  |  |
| At 1 January 2023 | - | - | - | -
| Charge owned for the year | - | 12,353 | - | 12,353
| At 31 December 2023 | - | 12,353 | - | 12,353
| Charge owned for the year | 33,879 | 29,693 | - | 63,572
| At 31 December 2024 | 33,879 | 42,046 | - | 75,925
| Net book value |  |  |  |
| At 1 January 2023 | - | - | 704,540 | 704,540
| At 31 December 2023 | - | 1,620,719 | 5,040,928 | 6,661,647
| At 31 December 2024 | 23,576,931 | 1,600,855 | - | 25,177,786
Page 21
SPRING DEV 02 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
| 12.1 Assets held under leases
| The net book value of owned and leased assets included as "Property, plant and equipment" in thestatement of financial position is as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Property, plant and equipment owned | 23,576,931 | 5,040,928
| Right-of-use assets, excluding investment property | 1,600,855 | 1,600,855
|  | 25,177,786 | 6,641,783
| The right-of-use assets shown above comprise leasehold land.
12. | Trade and other receivables
|  | 2024 | 2023
|  | £ | £
| Current |  |
| Trade receivables | - | 34,344
| Prepayments and accrued income | 309,738 | 318,807
| Other receivables | 27,787 | 100
| Total current trade and other receivables | 337,525 | 353,251
Page 22
SPRING DEV 02 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
13. | Trade and other payables
|  | 2024 | 2023
|  | £ | £
| Trade payables | 3,340 | 7,165
| Payables to related parties | 22,069,586 | 2,743,958
| Payables to participating interests | 2,875,284 | 3,578,063
| Other payables | 981,282 | 153,810
| Accruals | 56,593 | 48,561
| Total financial liabilities, excluding loans and borrowings, classified as financial liabilities measured at amortised cost | 25,986,085 | 6,531,557
| Other payables - tax and social security payments | - | 516
| Total trade and other payables | 25,986,085 | 6,532,073
| Less: current portion - trade payables | (3,340) | (7,165)
| Less: current portion - payables to related parties | (22,069,586) | (2,743,958)
| Less: current portion - payables to participating interests | (2,875,284) | (3,578,063)
| Less: current portion - other payables | - | (516)
| Less: current portion - accruals | (56,593) | (48,561)
| Total current portion | (25,004,803) | (6,378,263)
| Total non-current position | 981,282 | 153,810
14. | Loans and borrowings
|  | 2024 | 2023
|  | £ | £
| Non-current |  |
| Lease liabilities | 1,674,301 | 1,589,259
Page 23
SPRING DEV 02 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
| 15. | Provisions
|  | Decommissioning provision
|  | £
| Charged to profit or loss | 587,065
| At 31 December 2024 | 587,065
| Due after more than one year | 587,065
16. | Share capital
| Authorised |
|  | 2024 | 2024 | 2023 | 2023
|  | Number | £ | Number | £
| Shares treated as equity |  |  |  |
| Ordinary shares of £1.00 each | 100 | 100 | 100 | 100
|  | 100 | 100 | 100 | 100
| Issued and fully paid |
|  | 2024 | 2024 | 2023 | 2023
|  | Number | £ | Number | £
| Ordinary shares of £1.00 each |  |  |  |
| At 1 January and 31 December | 100 | 100 | 100 | 100
17. | Reserves
Retained earning s This reserve relates to cumulative retained earnings less amounts distributed to shareholders. Page 24
SPRING DEV 02 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
18. | Leases
| (i) Leases as a lessee
| The Company has four seperate leases in place for the land on which it is constructing the solar farm.
| Lease liabilities are due as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Contractual undiscounted cash flows due |  |
| Not later than one year | 70,724 | 12,734
| Between one year and five years | 442,109 | 432,908
| Later than five years | 4,218,633 | 4,307,055
|  | 4,731,466 | 4,752,697
| The company has incurred £1,260 (2023 - £1,186) of expenses in the profit or loss account in relation to short-term leases.
| Extension options
| The Company has an option in place on all four leases to extend the lease for an additional 15 year term. The Company may exercise the option at any time during the last 20 years of the standard 40 year lease. Future cash outflows in periods after the date on which an extension option may be exercised are only included in lease liabilities if it is reasonably certain that a lease will be extended or will not be terminated.
19. | Related party transactions
Included within creditors are amounts of £25,926,152 (2023 - £6,475,831) 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 £21,730 (2023 - £1,700) relate to recharges of costs to Companies under common control.
20. | Controlling party
The immediate parent company is Hollywood Borrower Limited. The ultimate controlling party is considered to be ILOS Project GmbH.
21. | Contingent liabilities
During the year, the parent company, Hollywood Borrower Ltd, has received an external loan to assist in funding the projects within the group. The loan received by the parent company is cross guaranteed by all companies in the Group that received the funds and is secured on assets held by such companies. Page 25
SPRING DEV 02 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
22. | Capital risk management
The Company manages its capital to ensure its ability to continue as a going concern and to maintain an optimal capital structure to reduce cost of capital. The capital structure of the Company comprises equity attributable to equity holders of the Company consisting of issued ordinary share capital, reserves and retained earnings as disclosed in the statement of changes in equity.
23. | Financial risk management
The quantitative data disclosed in the financial statements as at the end of the reporting period is considered to be sufficiently representative of the entity's exposure to risk and its concentration.
24. | Events after the reporting date
Post year end the controlling party is considered to be AXA Investment Managers Alternatives by virtue of their controlling interest in ILOS Projects GmbH.
Page 26