Preston Farm Solar Park Limited

Contents

Balance Sheet	1
Notes to the Financial Statements	2 to 7

Preston Farm Solar Park Limited

Balance Sheet

31 December 2024

	Note	2024 £	2023 £
Fixed assets
Deferred tax asset	8	4,558	-
Tangible assets	4	18,900,688	332,382
		18,905,246	332,382
Current assets
Debtors	5	644,670	169,782
Cash at bank and in hand		2,806	404
		647,476	170,186
Creditors: Amounts falling due within one year	6	(3,840,349)	(502,469)
Net current liabilities		(3,192,873)	(332,283)
Total assets less current liabilities		15,712,373	99
Creditors: Amounts falling due after more than one year	6	(15,545,132)	-
Provisions for liabilities	8	(180,816)	-
Net (liabilities)/assets		(13,575)	99
Capital and reserves
Called up share capital		100	100
Profit and loss account		(13,675)	(1)
Shareholders' (deficit)/funds		(13,575)	99

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 27 June 2025 and signed on its behalf by:
 

......................................... Mr C D Bennett Director

Company Registration Number: 12543533

Preston Farm Solar Park Limited

Notes to the Financial Statements

Year Ended 31 December 2024

1	General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
35 - 35A The Maltings
Lower Charlton Trading Estate
Shepton Mallet
Somerset
England
BA4 5QE

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The presentation currency of the financial statements is £ sterling.

Going concern

The financial statements have been prepared on a going concern basis. At the balance sheet date, the company had net current liabilities of £3,192,873 (2023: £332,283). At 31 December 2024 the company owed other group companies £19,365,033 (2023: £502,309) for funding the construction of a solar park. During the year, an element of the amounts owed to other group companies has been formalised into a loan (£15,545,132) which is repayable in 5 years from the date of drawdown. The remainder of the balance has been treated as due within one year as there are no formal terms attached to the balances. The directors have obtained confirmation from other group companies that the amounts owed will not be called in until the company has sufficient funds available to do so, or it obtains external finance.

Key sources of estimation uncertainty and judgements

Decommissioning provisions - At the end lease term, the group are required to reinstate the land occupied to its original state. The Directors take into account the future expected costs of dismantling the solar parks, less any residual value attached to the equipment.

Impairment of operational and solar parks under construction - The Directors review for signs of impairment in relation to the operational and solar parks under construction. The Directors will assess the present value of future expected cashflows against the carrying value of the assoicated assets. No impairment has been recorded in the year.

Preston Farm Solar Park Limited

Notes to the Financial Statements

Year Ended 31 December 2024

Tax

Taxation for the year 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 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 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 year 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Tangible fixed assets relate to a solar park in construction therefore no depreciation has been provided as the asset is not yet ready to use.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Preston Farm Solar Park Limited

Notes to the Financial Statements

Year Ended 31 December 2024

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances; and
• Balances with group undertakings.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

Preston Farm Solar Park Limited

Notes to the Financial Statements

Year Ended 31 December 2024

4	Tangible assets

	Solar park under construction £	Total £
Cost or valuation
At 1 January 2024	332,382	332,382
Additions	18,568,306	18,568,306
At 31 December 2024	18,900,688	18,900,688
Depreciation
At 1 January 2024	-	-
Charge for the year	-	-
At 31 December 2024	-	-
Carrying amount
At 31 December 2024	18,900,688	18,900,688
At 31 December 2023	332,382	332,382

5

Debtors

	2024 £	2023 £
Amounts owed by group undertakings	168	160
Prepayments	38,128	800
Other debtors	606,374	168,822
	644,670	169,782

6

Creditors

	2024 £	2023 £
Due within one year
Trade creditors	20,280	-
Amounts owed to group undertakings	3,820,069	502,469
	3,840,349	502,469