REGISTERED NUMBER: 13146302 (England and Wales)

REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

GLENDEVON ENERGY STORAGE LIMITED

Page

Company Information

1

Report of the Directors

2

Income Statement

3

Balance Sheet

4

Notes to the Financial Statements

5

Directors:

J P Hardy

D R Weeks

Registered office:

C/o Foresight Group Llp, The Shard

32 London Bridge Street

London

SE1 9SG

Registered number:

13146302 (England and Wales)

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

Principal activity

The principal activity of the company in the year under review was that of owning a Battery Energy Storage Facility, which was under construction during the year. The Company expects to pursue a principal trading activity primarily focused on the storage and sale of electricity, once construction reaches completion.

Directors

J P Hardy and D R Weeks were appointed as directors after 31 December 2024 but prior to the date of this report.

S Ullah and J B Williams ceased to be directors after 31 December 2024 but prior to the date of this report.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

On behalf of the board:

D R Weeks - Director

10 December 2025

Turnover

-

-

Administrative expenses

(122,569

)

(122,430

)

Operating loss

(122,569

)

(122,430

)

Interest receivable and similar income

18,593

-

(103,976

)

(122,430

)

Interest payable and similar expenses

(929,013

)

(73,004

)

Loss before taxation

(1,032,989

)

(195,434

)

Tax on loss

286,511

-

Loss for the financial year

(746,478

)

(195,434

)

Fixed assets

Tangible assets

4

25,966,618

1,990,198

Current assets

Debtors

5

3,516,258

544,037

Cash at bank

302,687

1,914

3,818,945

545,951

Creditors

Amounts falling due within one year

6

(1,120,968

)

(153,810

)

Net current assets

2,697,977

392,141

Total assets less current liabilities

28,664,595

2,382,339

Creditors

Amounts falling due after more than one year

7

(23,823,867

)

(2,200,880

)

Net assets

4,840,728

181,459

Capital and reserves

Called up share capital

57,552

26

Share premium

5,728,271

380,050

Retained earnings

(945,095

)

(198,617

)

4,840,728

181,459

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

The financial statements were approved by the Board of Directors and authorised for issue on 10 December 2025 and were signed on its behalf by:

D R Weeks - Director

1.	Statutory information

Glendevon Energy Storage Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	Accounting policies

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Tangible fixed assets

The Battery asset is still under construction and is valued at cost in the Financial Statements.

3.	Employees and directors

The average number of employees during the year was NIL (2023 - NIL).

4.	Tangible fixed assets

Plant and

machinery

£

Cost

At 1 January 2024

1,990,198

Additions

23,976,420

At 31 December 2024

25,966,618

Net book value

At 31 December 2024

25,966,618

At 31 December 2023

1,990,198

5.

Debtors: amounts falling due within one year

31.12.24

31.12.23

£

£

Trade debtors

-

183,779

Amounts owed by group undertakings

11,221

-

Other debtors

271,657

-

VAT

2,914,369

360,258

Deferred tax asset

286,511

-

Prepayments and accrued income

32,500

-

3,516,258

544,037

6.

Creditors: amounts falling due within one year

31.12.24

31.12.23

£

£

Trade creditors

17,357

80,806

Interest payable

1,001,696

73,004

Other creditors

101,915

-

1,120,968

153,810

7.

Creditors: amounts falling due after more than one year

31.12.24

31.12.23

£

£

Shareholder loan

23,823,867

2,200,880

8.	Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.24

31.12.23

£

£

Within one year

62,467

-

Between one and five years

249,868

-

In more than five years

1,561,677

-

1,874,012

-

9.	Related party disclosures

At the end of the year the company owed a long-term loan of £23,823,867 (2023 - £2,200,880) to Glendevon Energy Storage Holding Limited, the parent company.

Interest payable is calculated at a flat rate of 8% and amounted to £928,692 (2023 - £73,004) during the year. The interest payable balance at the end of the year amounted to £1,001,696 (2023 - £73,004).

Additionally at the end of the year the company was owed £11,221 (2023 - £nil) in short term working capital requirements from its parent entity.

During the year the aggregate cost of services provided by Foresight Asset Management Limited, a related party through common control, in respect of asset management fees, amounted to £13,588 (2023 - £9,750), of which £nil was outstanding at the end of the year.

10.	Ultimate controlling party

The ultimate controlling party is Foresight Energy Infrastructure Partners S.C.Sp, a private, regulated fund resident in Luxembourg.