Year Ended
Registration number:
Whaddon Farm Solar Park Limited
Balance Sheet
31 December 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Deferred tax asset |
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- |
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Tangible assets |
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Current assets |
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Debtors |
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- |
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Cash at bank and in hand |
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- |
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- |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
- |
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Provisions for liabilities |
( |
- |
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Net (liabilities)/assets |
( |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
( |
( |
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Shareholders' (deficit)/funds |
( |
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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
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Company Registration Number: 13190271
Whaddon Farm Solar Park Limited
Notes to the Financial Statements
Year Ended 31 December 2024
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General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
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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 except that as disclosed in the accounting policies certain items are shown at fair value.
The presentation currency of 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 £4,861,394 (2023: £703,335). At 31 December 2024 the company owed other group companies £26,110,473 (2023: £703,335) 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 (£21,203,820) 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.
Whaddon Farm Solar Park Limited
Notes to the Financial Statements
Year Ended 31 December 2024
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.
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
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.
Whaddon Farm Solar Park Limited
Notes to the Financial Statements
Year Ended 31 December 2024
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Balances with group undertakings; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
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.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Whaddon Farm Solar Park Limited
Notes to the Financial Statements
Year Ended 31 December 2024
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Tangible assets |
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Solar park under construction |
Total |
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Cost or valuation |
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At 1 January 2024 (unaudited) |
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Additions |
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At 31 December 2024 |
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Depreciation |
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At 1 January 2024 (unaudited) |
- |
- |
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Charge for the year |
- |
- |
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At 31 December 2024 |
- |
- |
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Carrying amount |
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At 31 December 2024 |
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At 31 December 2023 (unaudited) |
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Debtors |
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Note |
2024 |
2023 |
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Amounts owed by group undertakings |
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- |
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Prepayments |
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- |
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Other debtors |
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- |
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- |
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Creditors |
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2024 |
2023 |
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Due within one year |
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Trade creditors |
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- |
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Amounts owed to group undertakings |
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Whaddon Farm Solar Park Limited
Notes to the Financial Statements
Year Ended 31 December 2024
Creditors: amounts falling due after more than one year
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Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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- |
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Loans and borrowings |
Non-current loans and borrowings
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2024 |
2023 |
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Amounts due to group undertakings |
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- |
Borrowings due to group undertakings are due for repayment 5 years from drawdown and carry an interest rate of 3% plus SONIA. The borrowings are unsecured.
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Share capital |
Allotted, called up and fully paid shares
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2024 |
2023 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
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Deferred tax and other provisions |
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Deferred tax |
Other provisions |
Total |
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Additional provisions |
( |
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At 31 December 2024 |
( |
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Other provisions relate to a decommissioning provision for the cost of final restoration of the land, on which the solar park is situated, to its original state.
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Related party transactions |
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 transaction with wholly owned subsidiaries within the group.
Whaddon Farm Solar Park Limited
Notes to the Financial Statements
Year Ended 31 December 2024
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Parent and ultimate parent undertaking |
The immediate parent company is Sulis Midco 1 Limited, a company registered in England & Wales.
The ultimate parent company is Owl Topco 1 Limited, a company registered in England & Wales.
The smallest group in which the results of the company are consolidated is that headed by BSR Group Holdings Limited, a company registered in England & Wales. The largest group in which the results of the company is consolidated is that headed by Owl TopCo 1 Limited, a company registered in England & Wales. Copies of the publicly available consolidated financial statements may be obtained from the Registrar of Companies.
The directors do not consider there to be any individual who has ultimate control.
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Audit report |