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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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BRIGHTSOURCE ENERGY UK LIMITED
COMPANY INFORMATION
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BRIGHTSOURCE ENERGY UK LIMITED
CONTENTS
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BRIGHTSOURCE ENERGY UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The Company was incorporated on 28 April 2013. Through 29 June 2023 the ultimate shareholder of the Company was BrightSource Energy, Inc (BSE), a Delaware limited liability company. On 29 June 2023 the ownership of the company was transferred to New BrightSource Energy Ltd., an Israel based limited liability company.
The Company's initial activity was to operate as a sales and marketing office for BSE, giving it an overseas presence. Such costs, which are mainly labour and office overheads were recharged to BSE on a cost plus markup basis in accordance with the Group's transfer pricing arrangements. On 19 October 2018, the Company entered into a Solar Equipment Supply Agreement (SESA) with a Hong Kong subsidiary of BSE's China joint venture, Shanghai Electric BrightSource Solar Energy (HK) Ltd for the supply of services and equipment for the DEWA project in Dubai. On 27 May 2020, the Company signed a High Level Services and Procurement Support Agreement with a sister company, BrightSource Industries (Israel) Ltd (BSII), under which BSII undertook certain of the Company's scope, liabilities and risks under the SESA (and other related agreements) for the DEWA Project in Dubai. In consideration for BSII’s services and undertaking, it receives the SESA Contract Price, after setting off the Company's consideration and costs, based on a transfer price study. On 28 May 2021, the Company entered into an agreement for the provision of engineering and procurement, of the solar field at the Redstone Solar Thermal Power Plant project in South Africa. On 31 August 2022, the Company signed a High Level Services and Procurement Support Agreement with BSII (Support Agreement), under which BSII undertook certain of the Company's scope, liabilities and risks under the Redstone Off Shore agreement for the Redstone Project in South Africa. In consideration for BSII's services and undertaking, it receives the Redstone Contract Price, after setting off the Company's consideration and costs, based on a transfer price study. In connection with transfer of ownership of the Company as discussed above, the Support Agreement was amended whereby BSII's liability for Project risks shall not exceed $100,000.
The Company provides project development and sales and marketing services for the New BrightSource Energy Group. The Group designs, develops and sells proprietary systems and equipment that are incorporated into utility scale solar powered electrical plants. The company is the distributor of the BrightSource group’s technology. As such, it signs agreements for the sale of the proprietary systems and equipment, and supports the supply of the aforementioned systems and equipment by affiliates and others, etc.
During the year of 2024 the Company has been active in development services for projects around the world and was specifically involved in the ongoing delivery of the solar projects in Dubai and Redstone. In addition, the company has been involved in the after sale deliveries and services in the Dubai and Redstone projects. As of the date of this report, the Company is involved in the following projects: 1. Support services relating to solar field software, components and engineering services for a project in Dubai. 2. Support of the offshore elements of the engineering and procurement of a solar field utility scale powered electrical plant in South Africa. 3. Support services related to Solar Field on going support and spare parts for the Dubai and Redstone projects.
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BRIGHTSOURCE ENERGY UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The industry in which the Company is involved is highly competitive and is characterised by the risks of changing technologies, market conditions and regulatory requirements. Penetration into markets requires investment of considerable resources and continuous development efforts. The Company's future success depends upon several factors including the technological quality, price and performance of its product relative to those of its competitors, the price of electricity in the markets in which it operates, access to appropriate sites for power plant development, and the nature of regulation in those markets.
The Company is subject to certain risks and uncertainties that could have a material and adverse effect on the Company’s future financial position and results of operations. These risks include, but are not limited to, new and rapidly evolving markets, a lengthy sales cycle, government and tax policies, reliance on additional financing at appropriate terms for funding of operations and the development of future solar thermal projects using the Company’s technology, dependence on the development of new technology and services, unfavourable economic and market conditions, competition from larger and more established companies, limited management resources, dependence on a limited number of contract manufacturers and suppliers, and the changing nature of the solar thermal industry. Failure by the Company to anticipate or to respond adequately to technological developments in its industry, changes in customer or supplier requirements, or changes in regulatory requirements or industry standards, or any significant delays in the development or introduction of technology and services, would have a material adverse effect on the Company's business and operating results. The Company, with its affiliates (the Group), are engaged in a solar thermal project in South Africa and Dubai. The Group is dependent on securing contracts related to the on going support and license of these projects and the mitigation of claims and settlement of the Redstone project contract. This represents a material uncertainty that casts doubt upon the company’s ability to continue as a going concern.
The performance of the Company on construction projects is monitored using a range of "Key Performance Indicators" (KPIs). The primary financial KPIs are revenue forecasts, estimated costs to completion, project contingency and the overall project payment status. The KPIs are reviewed by management with monthly project forecasting updates. At 31 December 2024 the Company had recognised 100% of its revenue for the Dubai project and 94% of its revenue for the South Africa project, reflecting the percentage completion based on project forecasts. Its margin is based on the Group's transfer pricing arrangements which allocate a markup of 5% on all non pass-through costs incurred.
For non project revenues, income is recognised at cost plus a markup of 5% in accordance with the Group's transfer pricing arrangements. Current and future Company cashflows are also reviewed on an ongoing basis.
The performance of the Company on construction projects is monitored using a range of "Key Performance Indicators" (KPIs). The primary non financial KPIs are equipment and material supply, software supply, project timescales, project risks and opportunities and overall project quality. The KPIs are reviewed with a monthly project progress report which is issued to key project stakeholders.
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BRIGHTSOURCE ENERGY UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
This report was approved by the board and signed on its behalf.
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BRIGHTSOURCE ENERGY UK LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The director presents his report and the financial statements for the year ended 31 December 2024.
The director is responsible for preparing the Strategic report, the Director's report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the director is required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to $9,831 (2023 - $35,181).
The director has not recommended that a dividend be declared.
The director who served during the year was:
The company intends to continue its role as main sub-contractor on the Group’s solar field installation project through completion. It has completed the Dubai project and will work to complete the Redstone project according to the project schedule, which currently assumes completion by the end of 2025. In addition the company intends to support the ramp up and ongoing activities of the Dubai and Redstone projects. The company will work with its fellow group companies and associates to identify and progress other opportunities.
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BRIGHTSOURCE ENERGY UK LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The Company has substantially met its milestones relating to the Redstone Project. However, the Project has suffered delays and cost overruns, the final completion of the project is also dependent on other parties including company affiliate and is currently expected to occur by end of 2025.
During July 2025, after substantial completion of the milestones related to the Redstone project, the Company’s affiliate BrightSource Energy South Africa (Pty) Ltd (BSSA) has assigned all of its rights and obligations under the Redstone project contracts to the company. A portion of the commissioning is still ongoing and is being performed by BrightSource Industries (Israel) Ltd (BSII) under the intercompany agreements. The contract assigned by BSSA bears the same liquidated damages (LD) risk as the company’s Redstone contract, however, both companies’ contracts are liable jointly and severally for these LDs, and therefore there is no additional exposure to the company as a result of this assignment. During Q3 of 2025, the company has signed service agreements related to the Redstone and Dubai projects for the support of performance, software and commissioning.
The auditors, Xeinadin Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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BRIGHTSOURCE ENERGY UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRIGHTSOURCE ENERGY UK LIMITED
We have audited the financial statements of Brightsource Energy UK Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of income and retained earnings, the Analysis of net debt, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We draw attention to Note 2.2 in the financial statements, which indicates that the Company has a potential liability for liquidated damages in respect of one of its projects. The contingent liability is further discussed in Note 17. We draw further attention to the fact that Note 2.2 states that further contracts to secure revenues for the Group for 2026 have not yet been secured. As stated in Note 2.2, these events or conditions, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
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BRIGHTSOURCE ENERGY UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRIGHTSOURCE ENERGY UK LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The director is responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Director's report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Director's report.
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BRIGHTSOURCE ENERGY UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRIGHTSOURCE ENERGY UK LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We assessed the risk of material misstatement due to non-compliance with laws and regulation by: - Obtaining an understanding of the legal and regulatory frameworks that are applicable to the group and how it complies with those through enquiries of management and those charged with governance. Laws and regulations which may have a direct material effect on the financial statements include the Companies Act 2006. Other laws and regulations which may have a material affect on the financial statements include contract law, tax legislation, data protection and employment laws; - Making enquiries of management and reviewing documentation to understand whether there were any known instances of non-compliance with laws and regulations; and - Communicating within the audit team and maintaining professional scepticism. To address the risk of non-compliance with laws and regulations we: - Made enquiries of management, including those charged with governance, concerning actual and potential litigation or claims; - Reviewed the Company's records for evidence of legal costs which may indicate non-compliance with laws and regulations and; - Considered the effectiveness of internal controls to mitigate such risks. Specifically in respect of fraud we discussed with those charged with governance areas in which the group was susceptible to fraud and whether there were any instances of known, suspected or alleged fraud. We also assessed the ability of internal controls to mitigate the risk of fraud. To address the fraud risk of management override of controls and other fraud risks we: - Tested the validity of journal entries; - Tested accounting estimates and revenue recognition, in particular in respect of long-term contract accounting, for evidence of potential bias; - Performed analytical procedures to identify any unusual relationships that may indicate risks of material misstatements due to fraud; - Performed detailed testing over related party transactions and transfer pricing adjustments; and - Assessed the appropriateness of accounting policies, including in respect of revenue recognition.
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BRIGHTSOURCE ENERGY UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRIGHTSOURCE ENERGY UK LIMITED (CONTINUED)
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 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 Auditors' 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.
for and on behalf of
Chartered Accountants
Statutory Auditor
Wadebridge House
16 Wadebridge Square
Dorset
DT1 3AQ
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BRIGHTSOURCE ENERGY UK LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2024
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BRIGHTSOURCE ENERGY UK LIMITED
REGISTERED NUMBER: 08508976
BALANCE SHEET
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 14 to 31 form part of these financial statements.
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BRIGHTSOURCE ENERGY UK LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
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BRIGHTSOURCE ENERGY UK LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024
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BRIGHTSOURCE ENERGY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Brightsource Energy (UK) Limited (company number 08508976) is a private company limited by shares and incorporated in England and Wales. Its registered office and principal place of business is Donald Reid Group Limifed, 1010 Eskdale Road, Winnersh Triangle, Wokingham, RG41 5TS. The company's principal activity is that of distribution of proprietary systems using a solar thermal technology to produce reliable clean energy in utility-scale electric power plants.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
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BRIGHTSOURCE ENERGY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
In May 2021, the Company, together with its international affiliates (hereafter – the Group), entered into an agreement with an unrelated party for provision of specific solar field components and engineering services for a concentrated Solar Thermal project located in South Africa. The completion of the project has been delayed and is currently expected to be completed by December 2025.
As discussed in Note 17, the Group has provided Project guarantees for liquidated damages (LDs) in the maximum amount of $52 million. The Company is jointly and severally liable for such guarantees. The project’s Initial Acceptance (IA) was 31 October 2023. The project has yet to meet its IA date. Mitigating circumstances include force majeure due to the war in Israel and flooding at the site which damaged approximately one third of the solar mirrors, which had to be replaced. The current expected date for IA is 31 December 2025. Management believes that BrightSource’s scope has not solely been on the critical path, and activities delaying IA could have progressed in parallel. Due to the above, the company is of the opinion that the delay was not its sole responsibility. Accordingly, management is unable to quantify the amount, if any, of expected delay LDs. In respect of Performance LDs, currently there is no reason to assume the company will not pass the performance tests. The Group is negotiating additional contracts for revenues to be received during 2026 in relation to the Dubai and Redstone projects, however, these contracts have not yet been secured as of the date of signing these financial statements. In case these contracts are not secured the Group may have insufficient cash to meet its obligations, which would impact its ability to continue to support the Company. The above issues represent material uncertainty regarding the company’s ability to continue as a going concern. The financial statements do not include any adjustments relating to the recoverability or classification of assets or the amount and classification of recorded liabilities that might be necessary should the company be unable to continue as a going concern.
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BRIGHTSOURCE ENERGY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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BRIGHTSOURCE ENERGY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Costs include direct material, labor, and indirect costs. Accounting for contracts that are satisfied over time includes use of several estimates such as variable consideration related to performance guarantees and warranties and total estimated cost for completing the contract. The estimated amount of variable consideration will be included in the transaction price only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognised will not occur when the uncertainty associated with the variable consideration is subsequently resolved. These estimates are based on historical experience, anticipated performance and the Company’s best judgment at the time. Modifications or change requests by customers are treated as cumulative catch-ups to revenues since the additional goods are not distinct from those already provided. Additional revenues related to the modifications in transaction price are included when both parties to the contract approved the modification. As a significant change in one or more of these estimates could affect the profitability of the contracts, The Company reviews and updates the contract-related estimates regularly. Adjustments in revenues on contracts are recognised under the cumulative catch-up method. In contracts for which the Company determines that control is not transferred continuously to the customer, revenues are recognised at the point in time when the customer obtains control of the asset. Revenues for such contracts are recorded upon delivery and acceptance by the customer. Contract costs includes all direct material and labor costs and those indirect costs related to contract performance, such as indirect labor, supplies, tools, and depreciation costs. Marketing, general and administrative costs are charged to expense as incurred. Change orders either initiated by the
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BRIGHTSOURCE ENERGY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Billings in excess of costs and estimated earnings on uncompleted contracts on the balance sheet represents billings in excess of revenue recognised. Typically, billings are made based on the completion of certain milestones as provided for in the contracts and generally the timing of revenue recognition is different from the contractual billing schedules. The Company is party to a transfer price (TP) agreement with its affiliate BrightSource Industries (Israel) Limited, pursuant to a TP analysis prepared by independent TP consultants. In accordance with this agreement, the Company receives a 5% margin on internal costs. Costs incurred on the purchase of equipment, etc. where the Company provides no added value are sold at a 0% margin.
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BRIGHTSOURCE ENERGY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme). Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period. Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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BRIGHTSOURCE ENERGY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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.
Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) 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 debtors due with the operating cycle fall into this category of financial instruments.
Basic financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
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BRIGHTSOURCE ENERGY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
The Company accounts for its projects as the principal party to these contracts, rather than as an agent for the Group. The primary reasons for this determination are as follows: - The Company has exposure to significant project related risks – specifically liquidated damages for late delivery and performance; - The Company bears the credit risk for the amounts receivable from the customer; and - The Company’s affiliate is hired as a subcontractor for the project contracts with the Company being the sole party to which the customer has recourse.
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BRIGHTSOURCE ENERGY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Analysis of turnover by country of destination:
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BRIGHTSOURCE ENERGY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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BRIGHTSOURCE ENERGY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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BRIGHTSOURCE ENERGY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
10.Taxation (continued)
There were no factors that may affect future tax charges.
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BRIGHTSOURCE ENERGY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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BRIGHTSOURCE ENERGY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
12.Debtors (continued)
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BRIGHTSOURCE ENERGY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Profit and loss account
Dubai Project
Pursuant to the Solar Equipment Supply Agreement for Dubai and related intercompany agreement, effective 21 June 2023, the Company has provided guarantees relating to delivery delays, product warranties and solar field performance. These guarantees are capped at $12m. As of the date of these financial statements, the Company has completed the Project and is awaiting formal acceptance by the customer. Redstone Project Pursuant to the Redstone agreements and related intercompany agreement, the Company has provided Project guarantees for liquidated damages (LDs) in respect of delivery delays in the maximum amount of $23 million, in respect of product warranties and solar field performance in the maximum amount of $45 million (total for Project not to exceed $52 million). The Company is jointly and severally liable for such guarantees. According to the project’s original schedule, Initial Acceptance (IA) was scheduled for 31 October 2023. The project has not yet met its IA date. Mitigating circumstances include force majeure due to the war in Israel and flooding at the site which damaged approximately one third of the solar mirrors, which had to be replaced. The current expected date for IA is 31 December 2025, Management believes that BrightSource’s scope has not solely been on the critical path, and activities delaying IA could have progressed in parallel. Due to the above, the Company is of the opinion that the delay was not its sole responsibility. Accordingly, management is unable to quantify the amount, if any, of expected delay LDs. . In respect of Performance LDs, currently there is no reason to assume the company will not pass the performance tests.
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BRIGHTSOURCE ENERGY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to $99,038 (2023 - $93,221). Contributions totalling $3,425 (2023 - $14,917) were payable to the fund at the balance sheet date and are included in creditors.
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BRIGHTSOURCE ENERGY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 30
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BRIGHTSOURCE ENERGY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
During July 2025, after substantial completion of the milestones related to the Redstone project, the Company’s affiliate BrightSource Energy South Africa (Pty) Ltd (BSSA) has assigned all of its rights and obligations under the Redstone project contracts to the company. A portion of the commissioning is still ongoing and is being performed by BrightSource Industries (Israel) Ltd (BSII) under the intercompany agreements. The contract assigned by BSSA bears the same liquidated damages (LD) risk as the company’s Redstone contract, however, both companies’ contracts are liable jointly and severally for these LDs, and therefore there is no additional exposure to the company as a result of this assignment. During 2025 the company has signed service agreements related to the Redstone and Dubai projects for the support of performance, software and commissioning.
The company is a 100% subsidiary of New BrightSource Energy Limited, a company incorporated in Israel, which is also its ultimate controlling party. Its registered address is 11 Kiryat Mada St, Jerusalem, 9777611, Israel.
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