SG RENEWABLES LIMITED


Directors	AHMET, Isabelle
	CARLSON, Christopher


Registered Address	Level 4 Ldn:W
	3 Noble Street
	London
	EC2V 7EE


Registered Number	14303791 (England and Wales)

Statement of Financial Position
31 March 2025

	Notes	2025		2024
		£	£	£	£
Fixed assets
Investments	3		211,730		46,001
			211,730		46,001
Current assets
Debtors	4	7,326,946		4,858,552
Cash at bank and on hand		620,558		334,886
		7,947,504		5,193,438
Creditors amounts falling due within one year	5	(4,802,694)		(3,276,530)
Net current assets (liabilities)			3,144,810		1,916,908
Total assets less current liabilities			3,356,540		1,962,909
Creditors amounts falling due after one year	6		(3,887,672)		(2,212,892)
Net assets			(531,132)		(249,983)
Capital and reserves
Called up share capital			1		1
Profit and loss account			(531,133)		(249,984)
Shareholders' funds			(531,132)		(249,983)

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit and loss account under section 444 (5A) Companies Act 2006.

The financial statements were approved and authorised for issue by the Board of Directors on 19 December 2025, and are signed on its behalf by:

CARLSON, Christopher
Director
Registered Company No. 14303791

SG RENEWABLES LIMITED

Notes to the Financial Statements
for the year ended 31 March 2025

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

	Statement of compliance
	The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	Going concern
	The financial statements have been prepared on a going concern basis. Although the company is in a net liability position at the balance sheet date, this does not indicate any concerns regarding liquidity or solvency. The company meets its day-to-day working capital requirements through distributions from its subsidiaries, and the directors believe it is appropriate to prepare the financial statements on this basis. If the company were unable to continue in operational existence for the foreseeable future, adjustments would be required to reduce asset values to their recoverable amounts, provide for additional liabilities, and reclassify fixed assets as current assets.

Going concern

The financial statements have been prepared on a going concern basis. Although the company is in a net liability position at the balance sheet date, this does not indicate any concerns regarding liquidity or solvency. The company meets its day-to-day working capital requirements through distributions from its subsidiaries, and the directors believe it is appropriate to prepare the financial statements on this basis.

If the company were unable to continue in operational existence for the foreseeable future, adjustments would be required to reduce asset values to their recoverable amounts, provide for additional liabilities, and reclassify fixed assets as current assets.

	Turnover policy
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.

	Current taxation
	The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Current taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

	Deferred tax
	Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: • The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and • Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
•	The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
•	Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

	Investments
	Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

Investments

Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

	Trade and other debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Trade and other debtors

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Cash and cash equivalents
	Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less.

	Trade and other creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Financial instruments
	A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss. All other investments are subsequently measured at cost less impairment. Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss. All other investments are subsequently measured at cost less impairment.

Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. 

2.	Average number of employees


		2025		2024
	Average number of employees during the year	0		0

3.	Fixed asset investments

	Investments in groups¹	Total
	£	£
Cost or valuation
At 01 April 24	46,001	46,001
Additions	165,729	165,729
At 31 March 25	211,730	211,730
Net book value
At 31 March 25	211,730	211,730
At 31 March 24	46,001	46,001

	Notes
	¹Investments in group undertakings and participating interests

4.	Debtors: amounts due within one year

	2025	2024
	£	£
Amounts owed by group undertakings	7,286,619	4,818,225
Deferred tax asset, debtors	40,327	40,327
Total	7,326,946	4,858,552

5.	Creditors: amounts due within one year

	2025	2024
	£	£
Bank borrowings and overdrafts	368,624	444,538
Amounts owed to related parties	4,432,198	2,830,222
Taxation and social security	1,872	1,770
Total	4,802,694	3,276,530

6.	Creditors: amounts due after one year

	2025	2024
	£	£
Bank borrowings and overdrafts	3,887,672	2,212,892
Total	3,887,672	2,212,892


	The loan notes are securitised by way of fixed charge covering all the property of the Group. Repayments are made on a twice yearly basis at the end of each interest period.

7.	Controlling party
	The parent and ultimate holding company of the largest group to consolidate these financial statements is Solar Growth Limited, a company incorporated in the UK. The registered office is Level 4 LDN:W, 3 Noble Street, London, England, EC2V 7EE.