REGISTERED NUMBER: 14001055 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

GM CLOUGH ROAD BESS LTD

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

L J M Gardner

T V Gartner

E A Erdal

REGISTERED OFFICE:

Beckside Court

Annie Reed Road

Beverley

East Yorkshire

HU17 0LF

REGISTERED NUMBER:

14001055 (England and Wales)

ACCOUNTANTS:

Sowerby

Chartered Accountants

Beckside Court

Annie Reed Road

Beverley

East Yorkshire

HU17 0LF

FIXED ASSETS

Intangible assets

4

387,599

311,618

CURRENT ASSETS

Debtors

5

5,112

11,361

Cash at bank

2,723

1,139

7,835

12,500

CREDITORS

Amounts falling due within one year

6

408,903

332,742

NET CURRENT LIABILITIES

(401,068

)

(320,242

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(13,469

)

(8,624

)

CAPITAL AND RESERVES

Called up share capital

7

100

100

Retained earnings

(13,569

)

(8,724

)

SHAREHOLDERS' DEFICIT

(13,469

)

(8,624

)

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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 December 2025 and were signed on its behalf by:

L J M Gardner - Director

1.	GENERAL INFORMATION

GM Clough Road BESS Limited is a private company, limited by shares, registered in England. The registered number of the company is 14001055 and the registered office is at Beckside Court, Annie Reed Road, Beverley, East Yorkshire, England, HU17 0LF. Due to the nature of the trade there is no physical trading address.

The financial statements are presented in the Pound Sterling (£) as this is the functional currency of business activities.

The principal activity of the company is the production of electricity.

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.

Having regard to liquidity risk, current market conditions and other factors affecting the company, the use of the going concern basis of accounting is appropriate as, in the opinion of the directors, there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Intangible assets are not currently being amortised as they are not yet available for use.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Cash and cash equivalents

Cash is represented by cash on hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

3.	EMPLOYEES AND DIRECTORS

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

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2024

311,618

Additions

75,981

At 31 December 2024

387,599

NET BOOK VALUE

At 31 December 2024

387,599

At 31 December 2023

311,618

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Other debtors

5,112

11,361

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

160,039

127,951

Amounts owed to group undertakings

246,883

201,836

Other creditors

1,981

2,955

408,903

332,742

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

100

Ordinary

£1.00

100

100

8.	RELATED PARTY DISCLOSURES

Included in the creditors amount is a loan owed to group undertakings of £406,920.

The loan owed to group undertakings is interest-free, unsecured, and repayable on demand.

9.	SUBSEQUENT EVENTS

There have been no significant events affecting the Company since the reporting date.

10.	ULTIMATE PARENT COMPANY AND CONTROLLING PARTY

The Company's immediate parent undertaking is Gamcap Magnora Development Company Limited, a company incorporated in the UK. Gamcap Capital Development Company is jointly owned by Gam Capital Limited and Magnora UK PV Holding Limited, both of which are incorporated in the UK. Magnora UK PV Holding Limited is further owned by Magnora UK PV Holding AS, incorporated in Norway and owned by Magnora ASA, also incorporated in Norway. The Company's ultimate parent undertaking and controlling party is Magnora ASA, Karenslyst Alle 6, 0277, Oslo. Magnora ASA is the smallest and largest group that prepares consolidated financial statements that include the Company, which can be obtained from https://magnoraasa.com/services/financial-reports/.