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FLEXION ENERGY SPV 2 LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Flexion Energy SPV 2 Ltd is a private company, limited by shares, registered in England and Wales, registered number 14073230. The registered office address is 27 Old Gloucester Street, London, United Kingdom, WC1N 3AX.
The Company's functional and presentational currency is GBP. The accounts are presented to the nearest whole £.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The following principal accounting policies have been applied:
The Company meets its day-to-day working capital requirements through financing as provided by the ultimate parent undertaking. The ultimate parent undertaking has provided a letter of support and will continue to provide the necessary financial support to the Company for at least fifteen months from the date of signing these financial statements. The Company therefore continues to adopt the going concern basis in preparing its financial statements.
Interest income is recognised in profit or loss using the effective interest method.
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.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.
Depreciation is provided on the following basis:
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Assets under construction
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Not depreciated until brought into use
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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 profit or loss.
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