REGISTERED NUMBER: 13903955 (England and Wales)

REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD 1 MARCH 2024 TO 31 DECEMBER 2024

FOR

GLENDEVON ENERGY STORAGE HOLDING LIMITED

Page

Company Information

1

Report of the Directors

2

Income Statement

3

Balance Sheet

4

Notes to the Financial Statements

6

Directors:

D R Weeks

J P Hardy

Registered office:

C/o Foresight Group Llp, The Shard

32 London Bridge Street

London

SE1 9SG

Registered number:

13903955 (England and Wales)

The directors present their report with the financial statements of the company for the period 1 March 2024 to 31 December 2024.

Principal activity

The principal activity of the company in the period under review was that of a holding company.

Directors

D R Weeks has held office during the whole of the period from 1 March 2024 to the date of this report.

Other changes in directors holding office are as follows:

J P Hardy was appointed as a director after 31 December 2024 but prior to the date of this report.

J B Williams ceased to be a director 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

4,656

(17,750

)

Operating profit/(loss)

4,656

(17,750

)

Income from shares in group undertakings

899,625

101,260

904,281

83,510

Interest payable and similar expenses

(1,169,247

)

(418,753

)

Loss before taxation

(264,966

)

(335,243

)

Tax on loss

151,183

-

Loss for the financial period

(113,783

)

(335,243

)

Fixed assets

Investments

5

34,864,068

7,821,235

Current assets

Debtors

6

1,152,880

205,622

Cash at bank

100,000

-

1,252,880

205,622

Creditors

Amounts falling due within one year

7

(1,606,624

)

(424,283

)

Net current liabilities

(353,744

)

(218,661

)

Total assets less current liabilities

34,510,324

7,602,574

Creditors

Amounts falling due after more than one year

8

(27,986,771

)

(6,349,685

)

Net assets

6,523,553

1,252,889

Capital and reserves

Called up share capital

57,203

3,145

Share premium

6,920,095

1,589,706

Retained earnings

(453,745

)

(339,962

)

6,523,553

1,252,889

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

The members have not required the company to obtain an audit of its financial statements for the period 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 Holding 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.

Investments in subsidiaries

Investments in Glendevon Energy Storage Limited, a Battery asset that is under construction, are recognised at cost.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

3.	Employees and directors

The average number of employees during the period was NIL (2024 - NIL).

4.	Prior year adjustment

The 29 February 2024 comparative figures have been restated. This is due to the incorrect asset classifications of investments into the subsidiary that were included in the loans to group undertakings.

To correct this error the investment value postings have been posted to shares in group undertakings.

5.	Fixed asset investments

31.12.24

29.2.24

as restated

£

£

Shares in group undertakings

11,040,201

5,534,305

Loans to group undertakings

23,823,867

2,286,930

34,864,068

7,821,235

Additional information is as follows:

Shares in

group

undertakings

£

Cost

At 1 March 2024

5,534,305

Additions

5,505,896

At 31 December 2024

11,040,201

Net book value

At 31 December 2024

11,040,201

At 29 February 2024

5,534,305

Loans to

group

undertakings

£

At 1 March 2024

2,286,930

New in year

21,536,937

At 31 December 2024

23,823,867

6.

Debtors: amounts falling due within one year

31.12.24

29.2.24

as restated

£

£

Trade debtors

-

102,071

Other debtors

1

100,001

Interest receivable

1,001,696

-

VAT

-

3,550

Deferred tax asset

151,183

-

1,152,880

205,622

7.

Creditors: amounts falling due within one year

31.12.24

29.2.24

as restated

£

£

Interest payable

1,593,529

424,283

Amounts owed to group undertakings

11,221

-

Accruals and deferred income

1,874

-

1,606,624

424,283

8.

Creditors: amounts falling due after more than one year

31.12.24

29.2.24

as restated

£

£

Shareholder loan

27,986,771

6,349,685

9.	Related party disclosures

At the end of the reporting period Glendevon Energy Storage Limited, the subsidiary owed a long-term loan of £23,823,867 (29/02/24 - £2,286,930) to Glendevon Energy Storage Holding Limited.

Interest receivable is calculated at a flat rate of 8% and amounted to £899,625 (29/02/24 - £101,260) during the reporting period. The interest receivable balance at the end of the reporting period amounted to £1,001,696 (29/02/24 - £102,071).

Additionally at the end of the reporting period the company owed £11,221 (29/02/24 - £nil) in short term working capital requirements to Glendevon Energy Storage Limited.

At the end of the reporting period the company owed a long-term loan of £27,986,771 (29/02/24 - £6,349,685) to Foresight Energy Infrastructure Partners 1 S.à r.l, the parent company.

Interest payable is calculated at a flat rate of 7.935% and amounted to £1,169,247 (29/02/24 - £418,753) during the reporting period. The interest payable balance at the end of the reporting period amounted to £1,593,530 (29/02/24 - £424,284).

During the reporting period the aggregate cost of services provided by Foresight Asset Management Limited, in respect of asset management fees, amounted to £6,294 (29/02/24 - £6,600), of which £nil was outstanding at the end of the reporting period.

10.	Ultimate controlling party

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