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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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TROJAN PROPERTY INVESTMENT MANAGEMENT (LPIM) LLP (FORMERLY KNOWN AS LIGHTSOURCE PROPERTY INVESTMENT MANAGEMENT (LPIM) LLP)
CONTENTS
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TROJAN PROPERTY INVESTMENT MANAGEMENT (LPIM) LLP (FORMERLY KNOWN AS LIGHTSOURCE PROPERTY INVESTMENT MANAGEMENT (LPIM) LLP)
INFORMATION
Trojan Property Investments 1 Limited (formerly known as Lightsource Property Investments 1 Ltd)
Trojan Property Investment Holdings Limited (formerly known as Lightsource Property Investment Holdings Ltd)
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TROJAN PROPERTY INVESTMENT MANAGEMENT (LPIM) LLP (FORMERLY KNOWN AS LIGHTSOURCE PROPERTY INVESTMENT MANAGEMENT (LPIM) LLP)
MEMBERS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The members present their annual report together with the audited financial statements of Trojan Property Investment Management (LPIM) LLP (formerly known as Lightsource Property Investment Management (LPIM) LLP) (the "LLP") for the year ended 31 December 2024.
Principal activities
The principal object of the LLP is to act as the General Partner for a limited partnership that acquires land upon which solar sites are built.
Members' drawings, contributions and repayments The members' share any profits in the same proportions in which they share capital contributions, subject to the cash requirements of the business. Member's profit allocations are decided by mutual agreement of the members. Profit allocations are not automatic. A member's capital contribution is linked to their share of profit and the financing requirements of the LLP. Members' capital will always remain at par value.
Members are entitled to make drawings out of loans and other debts due to members at the discretion of the members.
Designated Members
The designated members who held office during the year and up to the date of signature of the financial statements were the following:
Trojan Property Investment Holdings Limited (formerly known as Lightsource Property Investment Holdings Ltd)
Trojan Property Investment 1 Limited (formerly known as Lightsource Property Investment 1 Ltd)
Going concern
In the 12 months following approval of these financial statements cash outflows are expected to exceed current cash reserves and cash inflows. The members have already enacted cost saving measures which will reduce the expected cash outflows in the periods beyond 12 months. The LLP also owed the members £125,965 at the year end which is unsecured, interest free and repayable on demand, this amount remains outstanding. The members have confirmed that they will provide additional financial resources to the LLP and will not call in any debt unless the LLP has sufficient resources to do so. This confirmation of financial support is not legally binding and the members recognise that this creates a material uncertainty which may cast significant doubt about the LLP's ability to continue as a going concern. At the time of approval of the financial statements, the members have a reasonable expectation that the LLP will continue in operational existence for the foreseeable future and the LLP therefore continues to adopt the going concern basis in preparing its financial statements.
Qualifying third party indemnity provisions
As permitted by the articles of association of Lightsource bp Renewable Energy Investments Limited (“LS bp”) - the previous ultimate parent undertaking and controlling party of the LLP – any Director of a member of the LLP who is also a Director of LS bp have had the benefit of an indemnity which is a qualifying third party indemnity provision as defined by Section 234 of the Companies Act 2006. The indemnity was in force until 24 October 2024 when the LLP and it's members left the Lightsource BP Group.
Disclosure of information to auditor
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TROJAN PROPERTY INVESTMENT MANAGEMENT (LPIM) LLP (FORMERLY KNOWN AS LIGHTSOURCE PROPERTY INVESTMENT MANAGEMENT (LPIM) LLP)
MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The members at the time when this Members' Report is approved has confirmed that:
∙so far as that member is aware, there is no relevant audit information of which the LLP's auditor is unaware; and
∙that member has taken all the steps that ought to have been taken as a member in order to be aware of any relevant audit information and to establish that the LLP's auditor is aware of that information.
Independent Auditor
MHA will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
Small company exemption The LLP's financial statements have been prepared in accordance with the provisions applicable to LLP's subject to the small LLPs regime.
This report was approved by the members and signed on their behalf by:
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TROJAN PROPERTY INVESTMENT MANAGEMENT (LPIM) LLP (FORMERLY KNOWN AS LIGHTSOURCE PROPERTY INVESTMENT MANAGEMENT (LPIM) LLP)
MEMBERS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
The members are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law, (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008), requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law, as applied to LLPs, the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the LLP and of the profit or loss of the LLP for that period.
In preparing these financial statements, the members are required to:
∙select suitable accounting policies for the LLP's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the entity will continue in business.
The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and to enable him to ensure that the financial statements comply with the Limited Liability Partnerships (Accounts and Audit) (Application of the Companies Act 2006) Regulations 2008. They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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TROJAN PROPERTY INVESTMENT MANAGEMENT (LPIM) LLP (FORMERLY KNOWN AS LIGHTSOURCE PROPERTY INVESTMENT MANAGEMENT (LPIM) LLP)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TROJAN PROPERTY INVESTMENT MANAGEMENT (LPIM) LLP (FORMERLY KNOWN AS LIGHTSOURCE PROPERTY INVESTMENT MANAGEMENT (LPIM) LLP)
We have audited the financial statements of Trojan Property Investment Management (LPIM) LLP (formerly known as Lightsource Property Investment Management (LPIM) LLP) (the 'LLP') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Reconciliation of Members' Interests and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the LLP's in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
We draw attention to note 2.2 in the financial statements, which indicates that in the 12 months following approval of these financial statements, cash outflows are expected to exceed current cash reserves and cash inflows. The LLP also owed the members £125,965 at the year end which remains outstanding. As stated in note 2.2, these events or conditions, along with the other matters as set forth in note 2.2, indicate that a material uncertainty exists that may cast significant doubt on the LLP's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
In auditing the financial statements, we have concluded that the members' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Our responsibilities and the responsibilities of the members with respect to going concern are described in the relevant sections of this report.
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TROJAN PROPERTY INVESTMENT MANAGEMENT (LPIM) LLP (FORMERLY KNOWN AS LIGHTSOURCE PROPERTY INVESTMENT MANAGEMENT (LPIM) LLP)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TROJAN PROPERTY INVESTMENT MANAGEMENT (LPIM) LLP (FORMERLY KNOWN AS LIGHTSOURCE PROPERTY INVESTMENT MANAGEMENT (LPIM) LLP) (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The members are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Under the Companies Act 2006 as applicable to limited liability partnerships we are required to report to you if, in our opinion, the members were not entitled to: prepare financial statements in accordance with the small limited liability partnerships regime. We have no exceptions to report arising from this responsibility.
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TROJAN PROPERTY INVESTMENT MANAGEMENT (LPIM) LLP (FORMERLY KNOWN AS LIGHTSOURCE PROPERTY INVESTMENT MANAGEMENT (LPIM) LLP)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TROJAN PROPERTY INVESTMENT MANAGEMENT (LPIM) LLP (FORMERLY KNOWN AS LIGHTSOURCE PROPERTY INVESTMENT MANAGEMENT (LPIM) LLP) (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙Enquiry of management and those charged with governance around actual and potential litigation and claims, non-compliance with laws and regulations and fraud;
∙Enquiry of entity staff in compliance functions to identify instances of non-compliance with laws and regulations;
∙Evaluate the overall presentation, structure and content of the financial statements, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation;
∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness;
∙Reviewing of the financial statements disclosures and assessing compliance with applicable laws and regulations; and
∙Discussions amongst the engagement team in relation to how and where fraud might occur in the financial statements and any potential indicators of fraud.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.
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TROJAN PROPERTY INVESTMENT MANAGEMENT (LPIM) LLP (FORMERLY KNOWN AS LIGHTSOURCE PROPERTY INVESTMENT MANAGEMENT (LPIM) LLP)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TROJAN PROPERTY INVESTMENT MANAGEMENT (LPIM) LLP (FORMERLY KNOWN AS LIGHTSOURCE PROPERTY INVESTMENT MANAGEMENT (LPIM) LLP) (CONTINUED)
This report is made solely to the LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, as applied by Part 12 of The Limited Liability Partnerships (Accounts and Audit) (Applications of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the LLP's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the LLP and the LLP's members, as a body, for our audit work, for this report, or for the opinions we have formed.
For and on behalf of MHA, Statutory Auditor
Leicester, United Kingdom Date: MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542).
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TROJAN PROPERTY INVESTMENT MANAGEMENT (LPIM) LLP (FORMERLY KNOWN AS LIGHTSOURCE PROPERTY INVESTMENT MANAGEMENT (LPIM) LLP)
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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TROJAN PROPERTY INVESTMENT MANAGEMENT (LPIM) LLP (FORMERLY KNOWN AS LIGHTSOURCE PROPERTY INVESTMENT MANAGEMENT (LPIM) LLP)
REGISTERED NUMBER: OC428035
BALANCE SHEET
AS AT 31 DECEMBER 2024
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TROJAN PROPERTY INVESTMENT MANAGEMENT (LPIM) LLP (FORMERLY KNOWN AS LIGHTSOURCE PROPERTY INVESTMENT MANAGEMENT (LPIM) LLP)
REGISTERED NUMBER: OC428035
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
The LLP's financial statements have been prepared in accordance with the provisions applicable to LLP's subject to the small LLP's regime.
The financial statements were approved and authorised for issue by the members and were signed on their behalf by:
The notes on pages 13 to 19 form part of these financial statements.
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