REGISTERED NUMBER: 11871728 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 APRIL 2024 TO 30 SEPTEMBER 2024

FOR

MONICA SOLAR LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M Shah

Thames Street Services Limited

REGISTERED OFFICE:

10 Lower Thames Street

London

EC3R 6AF

REGISTERED NUMBER:

11871728 (England and Wales)

FIXED ASSETS

Tangible assets

4

21,120,179

21,606,467

CURRENT ASSETS

Debtors

5

1,470,251

913,047

Cash at bank

1,248,848

1,030,898

2,719,099

1,943,945

CREDITORS

Amounts falling due within one year

6

(268,886

)

(24,386,197

)

NET CURRENT ASSETS/(LIABILITIES)

2,450,213

(22,442,252

)

TOTAL ASSETS LESS CURRENT LIABILITIES

23,570,392

(835,785

)

CREDITORS

Amounts falling due after more than one year

7

(24,612,008

)

-

PROVISIONS FOR LIABILITIES

8

(466,674

)

(452,740

)

NET LIABILITIES

(1,508,290

)

(1,288,525

)

CAPITAL AND RESERVES

Called up share capital

9

1

1

Retained earnings

10

(1,508,291

)

(1,288,526

)

SHAREHOLDERS' FUNDS

(1,508,290

)

(1,288,525

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 September 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2025 and were signed on its behalf by:

Thames Street Services Limited - Director

1.	STATUTORY INFORMATION

Monica Solar 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Critical accounting judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an on-going basis. Estimates are based on historical experience and other assumptions that are considered reasonable in the circumstances. The actual amount or values may vary in certain instances from the assumptions and estimates made. Changes will be recorded, with corresponding effect in profit or loss, when, and if, better information is obtained.

Information about assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment within the next financial year are included below. Critical judgements that management has made in the process of applying accounting policies disclosed herein and that have a significant effect on the amounts recognised in the financial statements relates to the following:

Going concern

The directors have adopted the going concern basis in preparing the financial statements. In assessing whether the going concern assumption is appropriate, the directors have taken into account all relevant information about the future.

Useful lives of depreciable assets

Management reviews its estimate of the useful lives of depreciable assets at each reporting date,

based on the expected utility of the assets.

Turnover

Turnover represents income from the generation of renewable electricity from the operational installation during the year, excluding Value Added Tax. Turnover is recognised in the period in which the electricity is generated.

Turnover is generated through the sale of electricity under Contracts for Difference (CfDs) and the sale of Renewable Energy Guarantees of Origin certficates (REGOs).

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following bases:

Decommissioning asset - Depreciated over the lease term of 40 years

Inverters - 10%

Modules - 4%

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.

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.

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 debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) 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 debtors due with the operating cycle fall into this category of

financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual

arrangements entered into. An equity instrument is 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 creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). 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 creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors 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.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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.

Reporting period length

These financial statements cover the period from 01/04/2024 to 30/09/2024. The previous financial statements covered the 12 months to 31/03/2024, therefore, the comparatives are not entirely comparable.

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.

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

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 transaction costs, and are measured subsequently at amortised cost using the effective interest method.

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 profit or loss.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was NIL (2024 - NIL).

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2024

22,276,107

Additions

1,051

At 30 September 2024

22,277,158

DEPRECIATION

At 1 April 2024

669,640

Charge for period

487,339

At 30 September 2024

1,156,979

NET BOOK VALUE

At 30 September 2024

21,120,179

At 31 March 2024

21,606,467

5.

DEBTORS

30/9/24

31/3/24

(Audited)

£

£

Amounts falling due within one year:

Trade debtors

181,281

115,048

VAT debtor

-

47,791

Prepayments

55,503

13,933

Accrued income

757,559

320,305

994,343

497,077

Amounts falling due after more than one year:

Tax

475,908

415,970

Aggregate amounts

1,470,251

913,047

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/9/24

31/3/24

(Audited)

£

£

Trade creditors

106,997

215,020

Amounts owed to group undertakings

-

23,089,343

VAT creditor

4,454

-

Accruals and deferred income

157,435

1,081,834

268,886

24,386,197

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30/9/24

31/3/24

(Audited)

£

£

Amounts owed to group undertakings

24,612,008

-

8.	PROVISIONS FOR LIABILITIES

30/09/2024

31/03/2024

£

£

At the beginning of the year

415,970

-

Charged to profit and loss

59,938

415,970

=======

========

At the end of the year

475,908

415,970

========

========

30/09/2024

31/03/2024

£

£

Accelerated capital allowances

(2,677,499

)

(2,723,339

)

Tax losses carried forward

3,146,030

3,134,661

Other timing differences

7,377

4,648

========

=========

475,908

415,970

========

=========

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30/9/24

31/3/24

value:

£

£

1

Ordinary

1

1

1

10.

RESERVES

Retained

earnings

£

At 1 April 2024

(1,288,526

)

Deficit for the period

(219,765

)

At 30 September 2024

(1,508,291

)

11.	OTHER FINANCIAL COMMITMENTS

At 30 September 2024 the Company had future minimum lease payments due under non-cancellable

operating leases of £5,856,493 (31/03/2024 - £5,893,687).

12.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

13.	ULTIMATE CONTROLLING PARTY

The Company's ultimate parent and controlling entity is Bagnall Energy Limited, a company incorporated in England and Wales. The financial statements of Bagnall Energy Limited can be obtained from that company's registered office: 10 Lower Thames Street, London, England, EC3R 6AF.