REGISTERED NUMBER: 11161170 (England and Wales)

DIRECTORS' REPORT AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

SANDRIDGE BATTERY STORAGE LIMITED

Page

Company Information

1

Directors' Report

2

Income Statement

3

Balance Sheet

4

Notes to the Financial Statements

6

Directors:

R W Driver

E W Mountney

Registered office:

C/o Foresight Group Llp The Shard

32 London Bridge Street

London

SE1 9SG

Registered number:

11161170 (England and Wales)

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

Principal activity

The principal activity of the company in the year under review was that of construction of a battery energy storage system ("BESS") which will make electricity sales once operational.

Directors

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

R W Driver

E W Mountney

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

On behalf of the board:

E W Mountney - Director

26 September 2025

Turnover

-

-

Administrative expenses

(764,117

)

(161,375

)

Operating loss

(764,117

)

(161,375

)

Interest receivable and similar income

10,717

-

(753,400

)

(161,375

)

Interest payable and similar expenses

(1,371,955

)

(521,230

)

Loss before taxation

(2,125,355

)

(682,605

)

Tax on loss

705,398

-

Loss for the financial year

(1,419,957

)

(682,605

)

Fixed assets

Tangible assets

4

16,207,491

12,435,956

Current assets

Debtors

5

840,328

1,807,577

Cash at bank

2,408,448

1,724,422

3,248,776

3,531,999

Creditors

Amounts falling due within one year

6

(2,345,990

)

(2,487,721

)

Net current assets

902,786

1,044,278

Total assets less current liabilities

17,110,277

13,480,234

Creditors

Amounts falling due after more than one year

7

(18,739,783

)

(14,699,783

)

Net liabilities

(1,629,506

)

(1,219,549

)

Capital and reserves

Called up share capital

903

900

Share premium

1,009,997

-

Retained earnings

(2,640,406

)

(1,220,449

)

(1,629,506

)

(1,219,549

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The 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 26 September 2025 and were signed on its behalf by:

E W Mountney - Director

1.	Statutory information

Sandridge Battery Storage Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	Accounting policies

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The financial statements have been prepared on the basis the Company is a going concern, which the directors consider appropriate given the positive net asset position at the period end.

Operating leases

Rentals paid under operating leases are charged to the statement of profit or loss on a straight-line basis over the lease term.

Finance costs

Finance costs are charged to the statement of 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.

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.

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transactions costs, and are measured subsequently at amortised costs using the effective interest method.

3.	Employees and directors

The average number of employees during the year was NIL (2023 - NIL).

4.	Tangible fixed assets

Plant and

machinery

etc

£

Cost

At 1 January 2024

12,435,956

Additions

4,223,189

Disposals

(451,654

)

At 31 December 2024

16,207,491

Net book value

At 31 December 2024

16,207,491

At 31 December 2023

12,435,956

5.

Debtors: amounts falling due within one year

31.12.24

31.12.23

£

£

Amounts owed by group undertakings

1,824

-

Other debtors

4,678

14,400

VAT

83,870

1,715,919

Deferred tax asset

705,398

-

Prepayments and accrued income

44,558

77,258

840,328

1,807,577

6.

Creditors: amounts falling due within one year

31.12.24

31.12.23

£

£

Trade creditors

31,550

1,598,022

Interest payable

2,256,680

884,725

Accruals and deferred income

57,760

4,974

2,345,990

2,487,721

7.

Creditors: amounts falling due after more than one year

31.12.24

31.12.23

£

£

Other loans due after 5 years

18,739,783

14,699,783

Amounts falling due in more than five years:

Repayable by instalments

Other loans due after 5 years

18,739,783

14,699,783

8.	Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.24

31.12.23

£

£

Within one year

180,004

169,320

Between one and five years

732,095

677,280

In more than five years

2,470,819

2,455,140

3,382,918

3,301,740

9.	Related party disclosures

At the end of the reporting period the company owed a long-term loan of £18,739,783 (31.12.23 - £14,699,783) to Foresight Battery Storage Holding Limited, the parent company.

Interest payable is calculated at a flat rate of 8% and amounted to £1,371,955 (31.12.23 - £521,230) during the reporting period. The interest payable balance at the end of the reporting period amounted to £2,256,680 (31.12.23 - £884,725).

Additionally the parent owed £1,824 (31.12.23 - £nil) to the company in short term working capital requirements.

During the reporting period the aggregate cost of services provided by Foresight Asset Management Limited, in respect of asset management fees, amounted to £14,250 (2023 - £nil), of which £nil (2023 - £nil) was outstanding at the end of the reporting period.

10.	Ultimate controlling party

The company's ultimate parents and controlling entities are Foresight Environmental Infrastructure Limited (formerly known as JLEN Environmental Assets Group Limited), a company incorporated in Guernsey, Channel Islands, with a registered address of 1 Royal Plaza, Royal Avenue, St Peter Port, Guernsey, GY1 2HL and Foresight Solar Fund Limited, a company incorporated in Jersey, with a registered address of 28 Esplanade St Helier Jersey, JE2 3QA.