Registration number: 09690936

Solarig Development UK Ltd

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 10

Solarig Development UK Ltd

Company Information

Directors

Alexander Hepburn Raquel Bonafonte Gomez

Registered office

4th Floor, Butler House, 177-178 Tottenham Court Road, London England W1T 7NY

Auditors

Carbon Accountancy Limited Chartered Accountants and Registered Auditors80-83 Long Lane London EC1A 9ET

Solarig Development UK Ltd

(Registration number: 09690936)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Current assets
Debtors	5	1,383,515	199,281
Cash at bank and in hand		146,028	35,289
		1,529,543	234,570
Creditors: Amounts falling due within one year	6	(472,221)	(1,179,087)
Total assets less current liabilities		1,057,322	(944,517)
Creditors: Amounts falling due after more than one year	6	(1,903,668)	-
Net liabilities		(846,346)	(944,517)
Capital and reserves
Called up share capital	7	5,000	5,000
Other reserves		208,635	-
Retained earnings		(1,059,981)	(949,517)
Shareholders' deficit		(846,346)	(944,517)

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 26 December 2025 and signed on its behalf by:
 

......................................... Alexander Hepburn Director

Solarig Development UK Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

1	General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
4th Floor, Butler House,
177-178 Tottenham Court Road,
London
England
W1T 7NY

These financial statements were authorised for issue by the Board on 26 December 2025.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The accounts have been prepared on a going concern despite the deficit in shareholders’ funds of £846,346 (2023: £944,517). The directors have obtained a letter of support from the parent company, Solaring Global Services S.A. that it will continue to support the company for the foreseeable future and that any intercompany debts will not be repayable until the company has the funds to do so.

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 26 December 2025 was John Leyden, who signed for and on behalf of Carbon Accountancy Limited.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Revenue in relation to operations and maintenance contracts is recognised evenly over the contractual period.

Revenue in relation to additional services is recognised in the period in which the services are performed.

Solarig Development UK Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

Foreign currency transactions and balances

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Deferred tax is recognised in the respect of all timing differences that have originated but not reversed at the balance sheet 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	10% on cost

Intangible assets

Intangible assets are stated in the balance sheet at cost, less any subsequent accumulated amortization and
accumulated impairment losses.
The cost of intangible assets includes directly attributable incremental costs incurred in their acquisition and
development.

Amortisation

Asset class	Amortisation method and rate
Computer software	over 3 years

Solarig Development UK Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Operating leases

Rentals paid under operating leases are charged to profit or loss on straight line basis over the period of the leases.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company’s pension scheme are charged to profit or loss in the period to which they relate.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2023 - 3).

Solarig Development UK Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

4	Intangible assets

	Other intangible assets  £	Total £
Cost or valuation
At 1 January 2024	6,000	6,000
At 31 December 2024	6,000	6,000
Amortisation
At 1 January 2024	6,000	6,000
At 31 December 2024	6,000	6,000
Carrying amount
At 31 December 2024	-	-

5

Debtors

	Note	2024 £	2023 £
Amounts owed by related parties	10	968,614	7,880
Other debtors		67,868	10,847
Prepayments		347,033	180,554
		1,383,515	199,281

Included within other debtors is a deposit balance of £8,400 (2024: £6,186), which is due after more than one year.

Solarig Development UK Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

6

Creditors

Creditors: amounts falling due within one year

	Note	2024 £	2023 £
Due within one year
Trade creditors		42,033	38,478
Amounts due to related parties	10	331,476	1,104,945
Social security and other taxes		23,123	5,134
Outstanding defined contribution pension costs		1,935	616
Accruals		73,654	29,914
		472,221	1,179,087
Due after one year
Amount due to related parties		1,903,668	-

The parent company has entered into a loan agreement facility with the company to lend a maximum of 3,000,000 euros, with an effective date for the loan of 1 October 2017 and termination date of 31 December 2027. The loan is unsecured and the current rate of the interest charged an annual basis is 2.79% .

Creditors: amounts falling due after more than one year

	2024 £	2023 £
Due after one year
Amounts due to related parties	1,903,668	-

7	Share capital

Allotted, called up and fully paid shares

	2024		2023
	No.	£	No.	£
Ordinary of £1 each	5,000	5,000	5,000	5,000

Solarig Development UK Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

8	Obligations under leases and hire purchase contracts

Operating leases

The company entered into vehicle hire arrangements under a 28-day rolling Master Hire Agreement. The contract automatically renews every 28 days and may be terminated by either party with 24 hours’ notice after the initial 28-day period.

On 11 July 2025, the Company entered into a new office lease agreement. The lease is for a term of five years from July 2025 to July 2030, with an annual rent of £53,550 (exclusive of VAT). The lease includes a break clause on 12 January 2028, exercisable with six months’ notice. This is a non-adjusting event after the reporting period, and therefore no adjustment has been made to the financial statements for the year ended 31 December 2024

The property current lease agreement will expire on 30 April 2025. The total of future minimum lease payments in respect of the property is as follows:

	2024 £	2023 £
Not later than one year	22,800	47,400

The amount of non-cancellable operating lease payments recognised as an expense during the year was £58,883 (2023 - £33,530).

10	Related party transactions

Summary of transactions with parent

Solarig Global Services, S.A.

Company’s working capital is being funded by its parent company Solarig Global Services, S.A., a company incorporated in Spain. At the balance sheet date amount due to parent and entities with joint control or significant influence was:

Income and receivables from related parties

2024	Parent £	Entities with joint control or significant influence £
Receipt of services	201,228	962,175
Amounts receivable from related party	201,228	962,175

2023

Expenditure with and payables to related parties

2024	Parent £
Rendering of services	354,303

Solarig Development UK Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

2023	Parent £
Rendering of services	167,870
Amounts payable to related party	167,870

Loans to related parties

2024	Entities with joint control or significant influence £	Total £
At start of period	7,880	7,880
Advanced	962,175	962,175
Repaid	(1,440)	(1,440)
At end of period	968,615	968,615

2023	Entities with joint control or significant influence £	Total £
Advanced	7,880	7,880
At end of period	7,880	7,880

Loans from related parties

2024	Parent £	Total £
At start of period	1,104,945	1,104,945
Advanced	1,537,732	1,537,732
Repaid	(409,863)	(409,863)
Interest transactions	37,054	37,054
Impairment	(45,254)	(45,254)
At end of period	2,224,614	2,224,614

2023	Parent £	Total £
Advanced	1,083,350	1,083,350
Interest transactions	21,595	21,595
At end of period	1,104,945	1,104,945

Solarig Development UK Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

11	Parent and ultimate parent undertaking

The company is 100% subsidiary of Solarig Global Services SA, a company registered in Spain. Its registered address, Calle Ribera del Loira, Num28. Planta 2, 28042 Madrid - Spain.