AEI HOLDCO LIMITED


Directors	AHMET, Isabelle
	CARLSON, Christopher Hamilton


Registered Address	Level 4 Ldn:W
	3 Noble Street
	London
	EC2V 7EE


Registered Number	08567239 (England and Wales)

Notes to the Financial Statements
for the year ended 31 December 2024

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

	Statement of compliance
	The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	Going concern
	In performing their review management have focused their forecasting around the biannual bank debt repayments in March and September and the bank loans and short term debt held by its parent company Solar Income and Growth Limited. Management are satisfied that the historic cash flow trends and performance demonstrate that the Company will meet its banking requirements and debt repayment due in September 2025 and March 2026. Notwithstanding net liabilities of £14.6m (2023 - £14.4m) the directors are confident of the Company’s ability to continue as a going concern and service its external liabilities. As at 31 December 2024 the Company owed £19.6m to its immediate parent company, Solar Income and Growth Limited, which is under common control and management. The directors have not forecast or currently require the Company to service this intercompany liability other than out of forecasted surplus funds in line with prior years. Solar Income and Growth Limited is part funded by short term debt totalling £3.4m (2023 - £1.2m) that falls for renewal by June 2026. Management expect to maintain this level of funding through either renewal of the debt position, the replacement of existing debt with new debt, or by issuing equity replacements. Management are satisfied that given historic renewal trends the offering remains attractive ensuring the funding requirement will continue to be renewed as per previous years. The directors therefore consider that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Going concern

In performing their review management have focused their forecasting around the biannual bank debt repayments in March and September and the bank loans and short term debt held by its parent company Solar Income and Growth Limited.

Management are satisfied that the historic cash flow trends and performance demonstrate that the Company will meet its banking requirements and debt repayment due in September 2025 and March 2026.

Notwithstanding net liabilities of £14.6m (2023 - £14.4m) the directors are confident of the Company’s ability to continue as a going concern and service its external liabilities. As at 31 December 2024 the Company owed £19.6m to its immediate parent company, Solar Income and Growth Limited, which is under common control and management. The directors have not forecast or currently require the Company to service this intercompany liability other than out of forecasted surplus funds in line with prior years.

Solar Income and Growth Limited is part funded by short term debt totalling £3.4m (2023 - £1.2m) that falls for renewal by June 2026. Management expect to maintain this level of funding through either renewal of the debt position, the replacement of existing debt with new debt, or by issuing equity replacements. Management are satisfied that given historic renewal trends the offering remains attractive ensuring the funding requirement will continue to be renewed as per previous years.

The directors therefore consider that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

	Revenue from sale of goods
	Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.

Revenue from sale of goods

Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.

	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.

	Deferred tax
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Investments
	Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

	Stocks and work in progress
	Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss.

Stocks and work in progress

Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss.

	Trade and other debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Trade and other debtors

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Cash and cash equivalents
	Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less.

	Trade and other creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Financial instruments
	A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss. All other investments are subsequently measured at cost less impairment. Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss. All other investments are subsequently measured at cost less impairment.

Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. 

	Share capital
	Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

2.	Average number of employees


		2024		2023
	Average number of employees during the year	0		0

3.	Fixed asset investments

	Investments in groups¹	Total
	£	£
Cost or valuation
At 01 January 24	32,332,670	32,332,670
At 31 December 24	32,332,670	32,332,670
Net book value
At 31 December 24	32,332,670	32,332,670
At 31 December 23	32,332,670	32,332,670

	Notes
	¹Investments in group undertakings and participating interests

4.	Stocks

	2024	2023
	£	£
Other stocks	5,289	10,651
Total	5,289	10,651

5.	Debtors: amounts due within one year

	2024	2023
	£	£
Trade debtors / trade receivables	-	676,275
Amounts owed by group undertakings	565,974	1,340,647
Other debtors	9,427	-
Deferred tax asset, debtors	433,017	433,017
Total	1,008,418	2,449,939

6.	Creditors: amounts due within one year

	2024	2023
	£	£
Trade creditors / trade payables	116	-
Bank borrowings and overdrafts	2,304,136	2,243,538
Amounts owed to related parties	28,547,622	27,844,019
Taxation and social security	-	82,126
Accrued liabilities and deferred income	113,395	128,329
Total	30,965,269	30,298,012


	Secured loans The bank loans of the Company are secured by way of a charge on the Company's shares held by its parent company.

7.	Creditors: amounts due after one year

	2024	2023
	£	£
Bank borrowings and overdrafts	19,948,561	21,578,089
Total	19,948,561	21,578,089


	Secured loans The bank loans of the Company are inflation linked and secured by way of a charge on the Company's shares held by its parent company.

8.	Controlling party
	The Company's immediate parent is Solar Income and Growth Limited, a company incorporated in England and Wales. The registered office is Level 4 LDN:W, 3 Noble Street London EC2V 7EE.

	Notes	2024		2023
		£	£	£	£
Fixed assets
Investments	3		32,332,670		32,332,670
			32,332,670		32,332,670
Current assets
Stocks	4	5,289		10,651
Debtors	5	1,008,418		2,449,939
Cash at bank and on hand		2,909,718		2,654,163
		3,923,425		5,114,753
Creditors amounts falling due within one year	6	(30,965,269)		(30,298,012)
Net current assets (liabilities)			(27,041,844)		(25,183,259)
Total assets less current liabilities			5,290,826		7,149,411
Creditors amounts falling due after one year	7		(19,948,561)		(21,578,089)
Net assets			(14,657,735)		(14,428,678)
Capital and reserves
Called up share capital			1		1
Profit and loss account			(14,657,736)		(14,428,679)
Shareholders' funds			(14,657,735)		(14,428,678)