Company registration number 14463415 (England and Wales)
QE DEVELOPMENT HOLDCO LTD
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
QE DEVELOPMENT HOLDCO LTD
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
4 - 8
QE DEVELOPMENT HOLDCO LTD
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
Non-current assets
Investments
4
131,691
131,688
Current assets
Trade and other receivables
6
505,757
254,085
Cash and cash equivalents
995,772
296,979
1,501,529
551,064
Current liabilities
Trade and other payables
8
397,787
237,719
Net current assets
1,103,742
313,345
Non-current liabilities
Borrowings
7
1,888,126
817,639
Net liabilities
(652,693)
(372,606)
Equity
Called up share capital
9
340,006
340,000
Share premium account
10
1,487,204
-
0
Retained earnings
(2,479,903)
(712,606)
Total equity
(652,693)
(372,606)
QE DEVELOPMENT HOLDCO LTD
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024
31 December 2024
- 2 -

For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the income statement within the financial statements.

The financial statements were approved by the board of directors and authorised for issue on 30 September 2025 and are signed on its behalf by:
J Jimenez
Director
Company registration number 14463415 (England and Wales)
QE DEVELOPMENT HOLDCO LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
13
(1,781,668)
(689,069)
Interest paid
-
(39,903)
Net cash outflow from operating activities
(1,781,668)
(728,972)
Investing activities
Purchase of subsidiaries
-
(131,688)
Interest received
151
-
0
Net cash generated from/(used in) investing activities
151
(131,688)
Financing activities
Proceeds from issue of shares
1,487,210
340,000
Proceeds from borrowings
993,100
817,639
Net cash generated from financing activities
2,480,310
1,157,639
Net increase in cash and cash equivalents
698,793
296,979
Cash and cash equivalents at beginning of year
296,979
-
0
Cash and cash equivalents at end of year
995,772
296,979
QE DEVELOPMENT HOLDCO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
1
Accounting policies
Company information

QE Development Holdco Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 58 Marylebone High Street, London, W1U 5HT. The company's principal activities and nature of its operations are disclosed in the directors' report.

1.1
Accounting convention

The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the United Kingdom and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS, except as otherwise stated.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The directors have at the time of approving the financial statements, a reasonable expectation that the true company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.4
Financial assets

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.

Financial assets held at amortised cost

Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.

Impairment of financial assets

Financial assets carried at amortised cost are assessed for indicators of impairment at each reporting end date.

The expected credit losses associated with these assets are estimated on a forward-looking basis. A broad range of information is considered when assessing credit risk and measuring expected credit losses, including past events, current conditions, and reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.

QE DEVELOPMENT HOLDCO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

1.5
Financial liabilities

The company recogni s es financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

Other financial liabilities

Other financial liabilities, including borrowings, t rade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

2
Critical accounting estimates and judgements

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The Company makes judgements in considering whether the carrying amounts of the project work in progress is recoverable and estimates their recoverable amounts where there are indicators of impairment.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
0
0
4
Investments
Current
Non-current
2024
2023
2024
2023
£
£
£
£
Investments in subsidiaries
-
0
-
0
131,691
131,688
QE DEVELOPMENT HOLDCO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
4
Investments
(Continued)
- 6 -
Fair value of financial assets carried at amortised cost

The directors believe that the carrying amounts of financial assets carried at amortised cost in the financial statements approximate to their fair values.

5
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Ferndale QE BESS 1 Limited
England and Wales
Ordinary
100.00
QE Kingsnorth SPV Limited
England and Wales
Ordinary
100.00
Pembroke Power BESS Limited
England and Wales
Ordinary
100.00
Heolddu Solar Park Limited
England and Wales
Ordinary
100.00
6
Trade and other receivables
2024
2023
£
£
VAT recoverable
131,404
150,516
Amounts owed by fellow group undertakings
60,524
-
0
Project work in progress
310,909
103,569
Prepayments
2,920
-
0
505,757
254,085
7
Borrowings
Non-current
2024
2023
£
£
Borrowings held at amortised cost:
Loans from related parties
1,888,126
817,639

The directors consider that the carrying amount of trade and other payables is approximately equal to their fair

value.

All financial instruments held by the group in the current period are carried at amortised cost.

The company's main liquidity risk exposure is with its parent undertaking, which at the reporting date was £1,888,126. The amounts payable are unsecured, repayable after more than 4 years, and bear interest a rate of 11%. Management deems liquidity risk to be low, given that these loans do not expire within 4 years.

QE DEVELOPMENT HOLDCO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
8
Trade and other payables
2024
2023
£
£
Trade payables
242,212
15,428
Amounts owed to fellow group undertakings
-
216,891
Accruals
155,575
5,400
397,787
237,719
9
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of £1 each
6
5
6
5
B Ordinary shares of £1 each
6
5
6
5
C Ordinary shares of £1 each
6
5
6
5
D Ordinary shares of £1 each
6
5
6
5
E Ordinary shares of £1 each
6
5
6
5
F Ordinary shares of £1 each
6
5
6
5
Deferred shares of 1p each
33,997,000
33,997,000
339,970
339,970
33,997,036
33,997,030
340,006
340,000

Ordinary shares carry full rights of voting. All shares have the right to participate in any distribution or dividends payable and rank pari passu in respect of dividends and on winding up.

Reconciliation of movements during the year:
Ordinary
Deferred
Number
Number
At 1 January 2024
30
33,997,000
Issue of fully paid shares
6
-
At 31 December 2024
36
33,997,000

On 18 December 2024, 6 £1 shares were issued at a premium of £1,487,204.

10
Share premium account
2024
2023
£
£
At the beginning of the year
-
0
-
0
Issue of new shares
1,487,204
-
At the end of the year
1,487,204
-
0
11
Capital risk management
QE DEVELOPMENT HOLDCO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
11
Capital risk management
(Continued)
- 8 -

The company is not subject to any externally imposed capital requirements.

12
Related party transactions

During the year the company entered into the following transactions with related parties:

Receipt of services
2024
2023
£
£
Other related parties
57,500
55,050
13
Cash absorbed by operations
2024
2023
£
£
Loss for the year before income tax
(1,767,297)
(712,606)
Adjustments for:
Finance costs
154,279
39,903
Investment income
(151)
-
0
Movements in working capital:
Increase in trade and other receivables
(251,675)
(254,085)
Increase in trade and other payables
83,176
237,719
Cash absorbed by operations
(1,781,668)
(689,069)
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