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Registered number: 12878999
FASTNET SOLAR 2020 LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
TWP ACCOUNTING LLP
Chartered Accountants & Statutory Auditors
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE
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FASTNET SOLAR 2020 LIMITED
COMPANY INFORMATION
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R Kilduff (resigned 22 July 2025)
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D Meehan (resigned 20 March 2025)
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T Kilduff (resigned 3 April 2024)
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J Walsh (resigned 3 April 2024)
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J Buggy (appointed 15 November 2024)
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B Lynch (appointed 3 September 2025)
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Chartered Accountants & Statutory Auditors
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FASTNET SOLAR 2020 LIMITED
REGISTERED NUMBER: 12878999
BALANCE SHEET
AS AT 31 MARCH 2025
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Net current assets/(liabilities)
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Total assets less current liabilities
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 3 December 2025.
The notes on pages 2 to 6 form part of these financial statements.
Page 1
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FASTNET SOLAR 2020 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Fastnet Solar 2020 Limited (12878999) is incorporated in England and Wales and limited by shares. The nature of the company's operations and principal activity is an intermediate holding company and to provide non convertible loan notes. The address of the registered office is given in the company information page of these financial statements.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The company is the parent undertaking of a small group and as such is not required by the Companies Act 2006 to prepare group accounts. These financial statements therefore present information about the company as an individual undertaking and not it's group.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
The following principal accounting policies have been applied:
The company is reliant upon the continued financial support of its parent to provide sufficient working capital to meet its trading expectations for the foreseeable future which is defined as twelve months from the date of approval of these financial statements. Therefore the directors consider that the going concern basis of accounting is appropriate.
Interest income is recognised in profit or loss using the effective interest method.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Investments in subsidiaries are measured at cost less accumulated impairment.
Short term debtors are measured at transaction price, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Page 2
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FASTNET SOLAR 2020 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Investments in non-derivative instruments that are equity to the issuer are measured:
- at fair value with changes recognised in the Consolidated Statement of Comprehensive Income if the shares are publicly traded or their fair value can otherwise be measured reliably;
- at cost less impairment for all other investments.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated Statement of Comprehensive Income.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Group would receive for the asset if it were to be sold at the balance sheet date.
Finance costs are charged to the Statement of Comprehensive Income 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.
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The Company has no employees other than the directors, who did not receive any remuneration (2024 - £NIL).
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Page 3
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FASTNET SOLAR 2020 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Investments in subsidiary companies
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Amounts owed by group undertakings
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Cash and cash equivalents
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Page 4
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FASTNET SOLAR 2020 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Creditors: Amounts falling due within one year
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Non convertible 12% loan notes
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Amounts owed to group undertakings
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Accrued interest on non convertible loan notes
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At the beginning of the year, the company had in issue non convertible 12% loan notes of £4,235,000. The loan notes are repayable on 4 February 2025 or on an earlier sale of the Fastnet Solar 2020 Limited group, Fastnet Solar 2020 Limited or the Fastnet Solar 2020 Limited's wholly owned subsidiaries. Interest is charged at 12% per annum and is accumulated until the loan notes are repaid. During the year, all loan notes including accumulated interest were repaid at May 2024.
The non convertible 12% loan notes were secured by a fixed and floating charge over all the assets of the group and company.
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Allotted, called up and fully paid
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100 (2024 - 100) Ordinary shares of £1.00 each
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Profit and loss account
The profit and loss account represents profit and losses net of adjustments.
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Related party transactions
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The company is a parent to its wholly owned subsidiaries and accordingly has taken the exemptions provided within paragraph 33.1A of FRS 102 and therefore transactions with group companies have not been disclosed.
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Page 5
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FASTNET SOLAR 2020 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The company is a wholly owned subsidiary of FOCAP 2020 Limited, a company incorporated in England and Wales. Elgin Energy Holding Limited is the parent of the largest group in which the Company is consolidated. Copies of the accounts of Elgin Energy Holding Limited are available at the Companies House website.
The ultimate parent undertaking is CI V Porto Topco Limited, a company incorporated in England and Wales.
There is no ultimate controlling party.
The auditor's report on the financial statements for the year ended 31 March 2025 was unqualified.
The audit report was signed on 3 December 2025 by Philip Munk FCA FCCA (Senior Statutory Auditor) on behalf of TWP Accounting LLP.
This report is made solely to the company’s members, as a body, in accordance with Sections 495 and 496 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’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 company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Page 6
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