Padero Solaer Ltd trading as PS Renewables Company accounts

COMPANY REGISTRATION NUMBER: 8021337

PADERO SOLAER LTD TRADING AS PS RENEWABLES

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 April 2025

PADERO SOLAER LTD TRADING AS PS RENEWABLES

FINANCIAL STATEMENTS

YEAR ENDED 30 APRIL 2025

Contents	Page

Strategic report	1

Directors' report	3

Independent auditor's report to the members	5

Profit and loss account	8

Balance sheet	9

Statement of changes in equity	10

Notes to the financial statements	11

PADERO SOLAER LTD TRADING AS PS RENEWABLES

STRATEGIC REPORT

YEAR ENDED 30 APRIL 2025

Principal activities The company is principally engaged in the design, development, supply and installation of solar energy systems and the ongoing maintenance of these systems within the United Kingdom. The company focuses on developing larger utility scale (and subsidy free) energy products, mainly solar farms with battery storage. Business review and future developments Throughout this year, Padero Solaer Ltd has continued to thrive as a trusted Energy Development Company (EDC). We have successfully developed significant and impactful renewable energy projects across the UK, both under the Town and Country planning regime and as Nationally Significant Infrastructure Projects (NSIPs). In addition to our development efforts, we have acquired Ready-to-Build projects from trusted partners. Furthermore, as an Engineering, Procurement, and Construction (EPC) company, we have also built projects that we previously secured planning consent for. For over a decade, we have been at the forefront of solar farm development, design, and construction in the UK. We take pride in the fact that our projects are either fully owned by us or backed by some of the world's largest energy funds and utility companies. Key financial performance indicators We consider that our key financial performance indicators are those that communicate the performance and strength of the company as a whole, these being turnover and gross margin as follows:

		2025		2024
		£		£

Turnover	25,490,037	8,481,623
Gross profit margin	16.1%	33.3%

Principal risks and uncertainties The process of risk management is addressed through a framework of policies, procedures and internal controls that are reviewed by the Board of Directors on a regular basis. The financial management unit in the parent company manages the company's financial risks. It establishes the procedure required to control its exposure to interest and exchange rates as well as to credit and liquidity risk. The principal risks and how they are mitigated or managed are set out below. Credit risk The credit risk on liquid funds is limited as they are maintained in financial institutions with high credit ratings. The credit risk on the recovery of amounts owed by customers for invoiced sales is managed by regular monitoring of outstanding amounts and through credit checks. Liquidity risk To ensure the liquidity and to meet its payment commitments arising from its business activity, the company holds the liquid assets shown in its statement of financial position, as well as the financing and credit lines with own resources. Market risk Market risks mainly relate to the evolution of market demand in the coming years. In this regard, the directors, considering the market evolution in the short-term and the positive prospects of the sector in which the company operates, consider that there will be an increase in net revenues which will turn into positive profitability figures.

This report was approved by the board of directors on 30 April 2026 and signed on behalf of the board by:

A Mozas Fenoll

Director

Registered office:

2 Crossways Business Centre

Bicester Road

Kingswood

Aylesbury

Buckinghamshire

HP18 0RA

PADERO SOLAER LTD TRADING AS PS RENEWABLES

DIRECTORS' REPORT

YEAR ENDED 30 APRIL 2025

The directors present their report and the financial statements of the company for the year ended 30 April 2025 .

Directors

The directors who served the company during the year were as follows:

G Lockhart
A Mozas Fenoll

Dividends

Particulars of recommended dividends are detailed in note 13 to the financial statements.

Events after the end of the reporting period

Particulars of events after the reporting date are detailed in note 27 to the financial statements.

Disclosure of information in the strategic report

The company has chosen in accordance with Companies Act 2006, s.414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of future developments and financial risk management.

Directors' responsibilities statement

The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies 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 directors are 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are 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.

Statement of disclosure of information to auditors

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

This report was approved by the board of directors on 30 April 2026 and signed on behalf of the board by:

A Mozas Fenoll

Director

Registered office:

2 Crossways Business Centre

Bicester Road

Kingswood

Aylesbury

Buckinghamshire

HP18 0RA

PADERO SOLAER LTD TRADING AS PS RENEWABLES

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PADERO SOLAER LTD TRADING AS PS RENEWABLES

YEAR ENDED 30 APRIL 2025

Opinion

We have audited the financial statements of Padero Solaer Ltd trading as PS Renewables (the 'company') for the year ended 30 April 2025 which comprise the profit and loss account, balance sheet, statement of changes in equity 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 30 April 2025 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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. In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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 directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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 auditor’s 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: - Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulations and fraud; - Challenging assumptions and judgements made by management in their significant accounting estimates; - Identifying and testing journal entries, in particular any manual journal entries posted by unexpected users, posted with descriptions indicating a higher level of risk, or posted late with a favourable impact on financial performance. There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. 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 auditor’s report. Use of our 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 auditor's 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.

William Kerr

(Senior Statutory Auditor)

For and on behalf of

Xeinadin Audit Limited

Chartered Accountants & Statutory Auditor

2 Crossways Business Centre

Bicester Road

Kingswood

Aylesbury

Bucks

HP18 0RA

30 April 2026

PADERO SOLAER LTD TRADING AS PS RENEWABLES

PROFIT AND LOSS ACCOUNT

YEAR ENDED 30 APRIL 2025

		2025	2024
Note		£	£
Turnover	4	25,490,037	8,481,623

Cost of sales	( 21,384,915)	( 5,654,455)
	------------	-----------
Gross profit	4,105,122	2,827,168

Administrative expenses		( 2,803,484)	( 2,546,996)
Gain/(loss) on disposal of shares in group undertakings		(1,524,558)	12,949,981
Gain/(loss) on disposal of shares in associate undertakings		36,991,969	–
		------------	------------
Operating profit	5	36,769,049	13,230,153

Income from participating interests	9	–	1,873,464
Other interest receivable and similar income	10	532,482	143,897
Interest payable and similar expenses	11	( 344,895)	( 812)
		------------	------------
Profit before taxation		36,956,636	15,246,702

Tax on profit	12	( 539,573)	( 269,434)
		------------	------------
Profit for the financial year and total comprehensive income		36,417,063	14,977,268
		------------	------------

All the activities of the company are from continuing operations.

PADERO SOLAER LTD TRADING AS PS RENEWABLES

BALANCE SHEET

30 April 2025

	2025		2024
Note	£	£	£	£

Fixed assets

Intangible assets	14	5,626	–
Tangible assets	15	1,139,654	1,143,375
Investments	16	32,055,872	1,060
		------------	-----------
		33,201,152	1,144,435

Current assets

Stocks	17	11,436,813	11,039,031
Debtors	18	14,870,107	5,153,846
Cash at bank and in hand		19,707,377	6,062,894
		------------	------------
		46,014,297	22,255,771

Creditors: amounts falling due within one year	19	( 24,947,678)		( 7,735,004)
		------------		------------
Net current assets			21,066,619		14,520,767
			------------		------------
Total assets less current liabilities			54,267,771		15,665,202

Creditors: amounts falling due after more than one year	20		( 9,456,000)		–

Provisions

Taxation including deferred tax	21	( 34,650)	( 35,454)
		------------	------------
Net assets		44,777,121	15,629,748
		------------	------------

Capital and reserves

Called up share capital	24	100	100
Profit and loss account	25	44,777,021	15,629,648
		------------	------------
Shareholders funds		44,777,121	15,629,748
		------------	------------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.

These financial statements were approved by the board of directors and authorised for issue on 30 April 2026 , and are signed on behalf of the board by:

A Mozas Fenoll

Director

Company registration number: 8021337

PADERO SOLAER LTD TRADING AS PS RENEWABLES

STATEMENT OF CHANGES IN EQUITY

YEAR ENDED 30 APRIL 2025

		Called up share capital	Profit and loss account	Total
		£	£	£
At 1 May 2023		100	2,274,157	2,274,257

Profit for the year			14,977,268	14,977,268
		----	------------	------------
Total comprehensive income for the year		–	14,977,268	14,977,268

Dividends paid and payable	13	–	( 1,621,777)	( 1,621,777)
		----	------------	------------
Total investments by and distributions to owners		–	( 1,621,777)	( 1,621,777)

At 30 April 2024		100	15,629,648	15,629,748

Profit for the year			36,417,063	36,417,063
		----	------------	------------
Total comprehensive income for the year		–	36,417,063	36,417,063

Dividends paid and payable	13	–	( 7,269,690)	( 7,269,690)
		----	-----------	-----------
Total investments by and distributions to owners		–	( 7,269,690)	( 7,269,690)

		----	------------	------------
At 30 April 2025		100	44,777,021	44,777,121
		----	------------	------------

PADERO SOLAER LTD TRADING AS PS RENEWABLES

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 APRIL 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 Crossways Business Centre, Bicester Road, Kingswood, Aylesbury, HP18 0RA, England. The principal place of business is 7 Waltham Court, Hare Hatch, Reading RG10 9AA.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest pound. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Sumando Ltd which can be obtained from Companies House, Crown Way, Cardiff CF14 3UZ. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented. (c) No disclosure has been given for the aggregate remuneration of key management personnel.

Consolidation

The entity has taken advantage of the exemption from preparing consolidated financial statements contained in Section 400 of the Companies Act 2006 on the basis that it is a subsidiary undertaking and its immediate parent undertaking is established under the law of any part of the United Kingdom.

Judgements and key sources of estimation uncertainty

In applying the company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods. Critical judgements in applying the company's accounting policies. The critical judgements that the directors have made in the progress of applying the company's accounting policies that have the most significant effect on the amounts recognised in the statutory financial statements are discussed below. (i) Assessing indicators of impairment In assessing whether there have been any indicators of impairment assets, the directors have considered both internal and external sources of information such as market conditions, counterparty credit ratings and experience recoverability. There have been no indicators of impairments identified during the current financial year. Key sources of estimation uncertainty The key assumptions concerning the future, and other key sources of estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. (i) Estimating value in use Where an indication of impairment exists the directors will carry out an impairment review to determine the recoverable amount, which is the higher of fair value less cost to sell and value in use. The value in use calculation requires the directors to estimate the future cash flows expected to arise from the asset or the cash generating unit and a suitable discount rate in order to calculate present value. (ii) Recoverability of receivables The company establishes a provision for receivables that are estimated not to be recoverable. When assessing recoverability the directors consider factors such as the ageing of the receivables, past experience of recoverability, and the credit profile of individual or groups of customers. (iii) Determining residual values and useful economic lives of property, plant and equipment The company depreciate tangible assets over their estimated useful lives. The estimation of the useful lives of assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied by management. The actual lives of these assets can vary depending on a variety of factors, including technological innovation, product life cycles and maintenance programmes.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable and represents amounts receivable for goods and services supplied, stated net of discounts and of Value Added Tax. Turnover represents the amounts derived from construction contracts and the provision of services. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered. Construction contracts Where the outcome of a construction contract can be estimated reliably, contract revenue and contract costs associated with the construction contract are recognised in profit and loss using the percentage of completion method. The stage of completion is measured by the proportion of contract sales certified to date compared to the estimated total contract sales. Expected losses on construction contracts are recognised immediately in profit and loss when they are identified. Where the outcome of a construction contract cannot be estimated reliably, revenue is recognised only to the extent of contract costs incurred that it is probable will be recoverable. Contract costs are recognised as an expense in the period in which they are incurred.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Operating leases

Rentals payable under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Patents and trademarks	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold property	-	2% Straight line basis
Fixtures, fittings and equipment	-	10 - 25% Straight line basis
Motor vehicles	-	33% Straight line basis

Investments in subsidiaries

Investments in subsidiaries are accounted for at cost less any accumulated impairment losses.

Investments in joint ventures

Investments in joint ventures are accounted for at cost less any accumulated impairment losses.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Work in progress

Work in progress represents costs incurred on building and developing solar farm sites at various stages of completion for which no construction contracts exist at the balance sheet date. Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress. Upon the signing of a construction contract work in progress is recognised as revenue in accordance with the accounting policy for construction contracts.

Financial instruments

The company has chosen to adopt sections 11 and 12 of FRS 102 in respect of financial instruments. Basic financial assets, which include trade and other receivables, loans to fellow group companies and other related entities and cash and bank balances, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. Basic financial liabilities, which include trade and other payables and loans from fellow group undertakings, loans from fellow group companies and other related entities and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade payables 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 payment is due within one year of less. If not, then they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. Employee benefits Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received.

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

Distributions to equity holders

Dividends and other distributions to the company's shareholders are recognised as a liability in the financial statements in the period in which the dividends and other distributions are approved by the shareholders. These amounts are recognised in the statement of changes in equity.

4. Turnover

Turnover arises from:

	2025	2024
	£	£
Rendering of services	434,618	408,820
Construction contracts	25,055,419	8,072,803
	------------	-----------
	25,490,037	8,481,623
	------------	-----------

The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.

5. Operating profit

Operating profit or loss is stated after charging:

	2025	2024
	£	£
Amortisation of intangible assets	194	–
Depreciation of tangible assets	23,409	18,092
Foreign exchange differences	91,319	279,371
	-------	--------

6. Auditor's remuneration

	2025	2024
	£	£
Fees payable for the audit of the financial statements	30,000	30,000
	-------	-------

7. Staff costs

The average number of persons employed by the company during the year, including the directors, amounted to:

	2025	2024
	No.	No.
Production staff	21	16
Management staff	2	2
	----	----
	23	18
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

	2025	2024
	£	£
Wages and salaries	2,844,499	1,489,586
Social security costs	370,544	185,103
Other pension costs	113,975	73,705
	-----------	-----------
	3,329,018	1,748,394
	-----------	-----------

8. Directors' remuneration

The directors' aggregate remuneration in respect of qualifying services was:

	2025	2024
	£	£
Remuneration	7,379	7,485
Company contributions to defined contribution pension plans	250	250
	------	------
	7,629	7,735
	------	------

The number of directors who accrued benefits under company pension plans was as follows:

	2025	2024
	No.	No.
Defined contribution plans	1	1
	----	----

9. Income from participating interests

	2025	2024
	£	£
Dividends from participating interests	–	1,873,464
	----	-----------

10. Other interest receivable and similar income

	2025	2024
	£	£
Interest on loans and receivables	143,562	48,421
Interest on cash and cash equivalents	388,920	95,476
	--------	--------
	532,482	143,897
	--------	--------

11. Interest payable and similar expenses

	2025	2024
	£	£
Other interest payable and similar charges	344,895	812
	--------	----

12. Tax on profit

Major components of tax expense

	2025	2024
	£	£

Current tax:

UK current tax expense	540,377	239,395
Adjustments in respect of prior periods	–	27,093
	--------	--------
Total current tax	540,377	266,488
	--------	--------

Deferred tax:

Origination and reversal of timing differences	( 804)	2,946
	--------	--------
Tax on profit	539,573	269,434
	--------	--------

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is lower than (2024: lower than) the standard rate of corporation tax in the UK of 25 % (2024: 25 %).

	2025	2024
	£	£
Profit on ordinary activities before taxation	36,956,636	15,246,702
	------------	------------
Profit on ordinary activities by rate of tax	9,239,159	3,811,676
Adjustment to tax charge in respect of prior periods	–	27,093
Effect of expenses not deductible for tax purposes	167,267	136,977
Effect of revenue exempt from tax	( 8,866,853)	( 3,705,861)
Adjustments in respect of prior periods - deferred tax	–	(451)
	------------	------------
Tax on profit	539,573	269,434
	------------	------------

13. Dividends

Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):

	2025	2024
	£	£
Dividends paid on ordinary shares	7,269,690	1,621,777
	-----------	-----------

14. Intangible assets

	Patents, trademarks and licences
	£
Cost
Additions	5,820
	------
At 30 April 2025	5,820
	------
Amortisation
Charge for the year	194
	------
At 30 April 2025	194
	------
Carrying amount
At 30 April 2025	5,626
	------
At 30 April 2024	–
	------

15. Tangible assets

	Freehold property	Fixtures, fittings and equipment	Motor vehicles	Total
	£	£	£	£
Cost
At 1 May 2024	993,169	176,156	–	1,169,325
Additions	–	6,787	12,900	19,687
	--------	--------	-------	-----------
At 30 April 2025	993,169	182,943	12,900	1,189,012
	--------	--------	-------	-----------
Depreciation
At 1 May 2024	–	25,950	–	25,950
Charge for the year	–	23,050	358	23,408
	--------	--------	-------	-----------
At 30 April 2025	–	49,000	358	49,358
	--------	--------	-------	-----------
Carrying amount
At 30 April 2025	993,169	133,943	12,542	1,139,654
	--------	--------	-------	-----------
At 30 April 2024	993,169	150,206	–	1,143,375
	--------	--------	-------	-----------

16. Investments

	Shares in group undertakings	Shares in joint ventures	Total
	£	£	£
Cost
At 1 May 2024	250,104	101	250,205
Additions	34,892,948	–	34,892,948
Disposals	( 2,838,105)	( 31)	( 2,838,136)
Transfers	(83)	83	–
	------------	----	------------
At 30 April 2025	32,304,864	153	32,305,017
	------------	----	------------
Impairment
At 1 May 2024 and 30 April 2025	249,145	–	249,145
	------------	----	------------

Carrying amount
At 30 April 2025	32,055,719	153	32,055,872
	------------	----	------------
At 30 April 2024	959	101	1,060
	------------	----	------------

Subsidiaries, associates and other investments

Details of the investments in which the company has an interest of 20% or more are as follows:

	Name of company		Country of incorporation	Class of share	Percentage of shares held

Directly held subsidiary undertakings

A Perfect Planet Solar Farm Ltd	England and Wales	Ordinary	100%
Blue Planet Solar Ltd	England and Wales	Ordinary	100%
Carbon Free 2030 Energy Ltd	England and Wales	Ordinary	100%
CB Battery Ltd	England and Wales	Ordinary	100%
CBB SPV Ltd	England and Wales	Ordinary	100%
Church Lane Solar Farm Ltd	England and Wales	Ordinary	100%
Clean Air Renewables Ltd	England and Wales	Ordinary	100%
Clean Planet Solar Farm Ltd	England and Wales	Ordinary	100%
Creyke Beck Solar Ltd	England and Wales	Ordinary	100%
Crockwell Hill Solar Farm Ltd	England and Wales	Ordinary	100%
Cross Rein Solar Farm Ltd	England and Wales	Ordinary	100%
Dunmow Solar Ltd	England and Wales	Ordinary	100%
Ferry Lane Solar Farm Ltd	England and Wales	Ordinary	100%
Green Energy Storage 140 Ltd	England and Wales	Ordinary	100%
Green Hydrogen Solar Farm Ltd	England and Wales	Ordinary	100%
Hamer Warren Bess Ltd	England and Wales	Ordinary	100%
Lady Wood Solar Farm Ltd	England and Wales	Ordinary	100%
Living Energy SPV 99 Ltd	England and Wales	Ordinary	100%
Northorpe Fen Solar Farm Ltd	England and Wales	Ordinary	100%
One Planet Solar Farm Ltd	England and Wales	Ordinary	100%
PACE Nano Energy Ltd	England and Wales	Ordinary	100%
Pilmoor Solar Ltd	England and Wales	Ordinary	100%
Protect Our Planet Energy Ltd	England and Wales	Ordinary	100%
PS-Clean-Air Solar Farm Ltd	England and Wales	Ordinary	100%
PS-Level-Up Solar Farm Ltd	England and Wales	Ordinary	100%
Pure Life Energy SPV Ltd	England and Wales	Ordinary	100%
Sand Lane Solar Farm Ltd	England and Wales	Ordinary	100%
Save Our Planet Energy Ltd	England and Wales	Ordinary	100%
Simple Energy SPV 100 Ltd	England and Wales	Ordinary	100%
Skye Green Solar Farm Ltd	England and Wales	Ordinary	100%
The Clean Future Renewables Ltd	England and Wales	Ordinary	100%
Wimbish Solar Farm Ltd	England and Wales	Ordinary	100%
WSE Afon Llan Ltd	England and Wales	Ordinary	100%
WSE Cox's Brook Ltd	England and Wales	Ordinary	100%
Jigg FM UK Ltd	England and Wales	Ordinary	60%

Indirectly held subsidiary undertakings

Sunnica Ltd	England and Wales	Ordinary	30.6%
Sunnica Farm Ltd	England and Wales	Ordinary	30.6%
Sunnica Energy Farm Ltd	England and Wales	Ordinary	30.6%
Sunnica Energy Ltd	England and Wales	Ordinary	30.6%

Directly held associate undertakings

Rosefield Energyfarm Ltd	England and Wales	Ordinary	49%
PSH Holdings Ltd	England and Wales	Ordinary	51%
PACE PSR Renewable Energy Hold Co Ltd	England and Wales	Ordinary	50%
One Earth 740 SPV Ltd	England and Wales	Ordinary	51%

Indirectly held subsidiaries of associate undertakings

Tranquility Energy Ltd	England and Wales	Ordinary	51%
One Earth Solar Farm Ltd	England and Wales	Ordinary	51%
PACE Angus Energy Ltd	England and Wales	Ordinary	50%
PACE Astral Energy Ltd	England and Wales	Ordinary	50%
PACE Brigadier Energy Ltd	England and Wales	Ordinary	50%
PACE Charolais Energy Ltd	England and Wales	Ordinary	50%
PACE Dexter Energy Ltd	England and Wales	Ordinary	50%

PACE Koyoto Energy Ltd	England and Wales	Ordinary	50%
PACE Lilac Energy Ltd	England and Wales	Ordinary	50%
PACE Maia Energy Ltd	England and Wales	Ordinary	50%
PACE Nighthawk Energy Ltd	England and Wales	Ordinary	50%
PACE Olive Energy Ltd	England and Wales	Ordinary	50%
PACE Pickle Energy Ltd	England and Wales	Ordinary	50%
PACE Quantum Energy Ltd	England and Wales	Ordinary	50%
PACE Rex Energy Ltd	England and Wales	Ordinary	50%
PACE Rudder Energy Ltd	England and Wales	Ordinary	50%
PACE Strike Energy Ltd	England and Wales	Ordinary	50%
PACE Tribute Energy Ltd	England and Wales	Ordinary	50%
PACE Underhill Energy Ltd	England and Wales	Ordinary	50%
PACE Vanish Energy Ltd	England and Wales	Ordinary	50%
PACE Warrior Energy Ltd	England and Wales	Ordinary	50%
PACE Wedge Energy Ltd	England and Wales	Ordinary	50%
PACE Xtreme Energy Ltd	England and Wales	Ordinary	50%
PACE Yoyo Energy Ltd	England and Wales	Ordinary	50%
PACE Zulu Energy Ltd	England and Wales	Ordinary	50%

A Perfect Planet Solar Farm Ltd, Cross Rein Solar Farm Ltd, Ferry Lane Solar Farm Ltd, Hamer Warren Bess Ltd, Lady Wood Solar Farm Ltd, Northorpe Fen Solar Ltd, Protect Our Planet Energy Ltd, PS-Level-Up Solar Farm Ltd, PS-Clean-Air Solar Farm Ltd, Sand Lane Solar Farm Ltd, Save Our Planet Energy Ltd, Sunnica Farm Ltd, Sunnica Energy Ltd, Sunnica Energy Farm Ltd and Wimbish Solar Farm Ltd are dormant. Rosefield Energyfarm Ltd, PSH Holdings Ltd, PACE PSR Renewable Energy Hold Co Ltd and One Earth 740 SPV Ltd are jointly controlled with other third party entities in accordance with respective joint venture agreements and therefore have been accounted for as joint ventures. The address of the registered office for PSH Holdings Ltd is 1&2 Tollgate Business Park, Tollgate West, Stanway, Colchester, Essex CO3 8AB. The address of the registered office for Rosefield Energyfarm Ltd is Alexander House, 1 Mandarin Road, Rainton Bridge Business Park, Houghton Le Spring, Sunderland DH4 5RA. The address of the registered office for PACE PSR Renewable Energy Hold Co Ltd, PACE Angus Energy Ltd, PACE Astral Energy Ltd, PACE Brigadier Energy Ltd, PACE Charolais Energy Ltd, PACE Dexter Energy Ltd, PACE Koyoto Energy Ltd, PACE Lilac Energy Ltd, PACE Maia Energy Ltd, PACE Nighthawk Ltd, PACE Olive Energy Ltd, PACE Pickle Energy Ltd, PACE Quantum Energy Ltd, PACE Rex Energy Ltd, PACE Rudder Energy Ltd, PACE Strike Energy Ltd, PACE Tribute Energy Ltd, PACE Underhill Energy Ltd, PACE Vanish Energy Ltd, PACE Warrior Energy Ltd, PACE Wedge Energy Ltd, PACE Xtreme Energy Ltd, PACE Yoyo Energy Ltd and PACE Zulu Energy Ltd is Central House, 20 Central Avenue, St Andrews Business Park, Norwich NR7 0HR. The address of the registered office for Dunmow Solar Ltd is Deanery Road, Bristol, Avon BS1 5AS. The address of the registered office for PACE Nano Energy Ltd is 120 Kings Road, London SW3 4TR. The address of the registered office for Blue Planet Solar Ltd is Alexander House, 1 Mandarin Road, Rainton Bridge Business Park, Houghton Le Spring, Sunderland DH4 5RA. The address of the registered office for all the rest of the above companies is 2 Crossways Business Centre, Bicester Road, Kingswood, Aylesbury HP18 0RA. During the year the company sold 30% of the issued share capital in One Earth 740 SPV Ltd for consideration of £37,000,000 and 100% of the issued share capital of PS-Gander-Down Solar Farm Ltd for consideration of £100,000.

17. Stocks

	2025	2024
	£	£
Work in progress	11,436,813	11,039,031
	------------	------------

18. Debtors

	2025	2024
	£	£
Trade debtors	136,251	222,446
Amounts owed by group undertakings	10,770,776	2,075,442
Amounts owed by undertakings in which the company has a participating interest	3,490,163	1,562,665
Called up share capital not paid	100	100
Prepayments and accrued income	55,340	32,049
Other debtors	417,477	1,261,144
	------------	-----------
	14,870,107	5,153,846
	------------	-----------

The debtors above include the following amounts falling due after more than one year:

	2025	2024
	£	£
Amounts owed by group undertakings	920,686	–
	--------	----

Included in amounts owed by group undertakings is a loan to one group company of £920,686 which is due for repayment in June 2035. All other amounts owed by group undertakings and other related entities are repayable on demand.

19. Creditors: amounts falling due within one year

	2025	2024
	£	£
Trade creditors	2,509,623	1,511,614
Amounts owed to group undertakings	10,867,561	4,231,844
Amounts owed to undertakings in which the company has a participating interest	52	51
Accruals and deferred income	138,597	119,587
Corporation tax	540,377	267,300
Social security and other taxes	2,873	–
Amounts owed to other related entities	8,819,438	1,594,144
Other creditors	2,069,157	10,464
	------------	-----------
	24,947,678	7,735,004
	------------	-----------

Amounts due to group undertakings and other related entities are repayable on demand.

20. Creditors: amounts falling due after more than one year

	2025	2024
	£	£
Other creditors	9,456,000	–
	-----------	----

21. Provisions

	Deferred tax (note 22)
	£
At 1 May 2024	35,454
Amounts recognised in profit and loss account	(804)
	-------
At 30 April 2025	34,650
	-------

22. Deferred tax

The deferred tax included in the balance sheet is as follows:

	2025	2024
	£	£
Included in provisions (note 21)	34,650	35,454
	-------	-------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2025	2024
	£	£
Accelerated capital allowances	34,650	35,454
	-------	-------

23. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 113,725 (2024: £ 73,455 ).

24. Called up share capital

Issued and called up

	2025		2024
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100	100	100
	----	----	----	----

Shares issued and partly paid

	2025		2024
	No.	£	No.	£
Ordinary shares - £– paid of £ 1 each	100	–	100	–
	----	----	----	----

25. Reserves

Profit and loss account - This reserve records retained earnings and accumulated losses.

26. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2025	2024
	£	£
Not later than 1 year	92,837	52,437
Later than 1 year and not later than 5 years	54,398	8,242
	--------	-------
	147,235	60,679
	--------	-------

27. Events after the end of the reporting period

On 1 May 2025 the company acquired 100% of the issued share capital of College Lane Solar Farm Ltd. On 8 May 2025 the company sold 100% of the issued share capital of Dunmow Solar Ltd. On 1 July 2025 the company sold 54% of the issued share capital of Blue Planet Solar Ltd. On 28 November 2025 the company sold 50% of the issued share capital of Clean Air Renewables Ltd. On 5 January 2026 the company sold 100% of the issued share capital of PACE Nano Energy Ltd.

28. Related party transactions

Information about related party transactions and outstanding balances are outlined below:

	2025	2024
	£	£

Sales to entities over which the entity has control, joint control or significant influence	10,258,154	358,418
Purchases from entities over which the entity has control, joint control or significant influence	–	100,677
Interest receivable from entities over which the entity has control, joint control or significant influence	143,562	48,326
Amounts due from entities over which the entity has control, joint control or significant influence	14,260,939	2,474,613
Amounts due to entities over which the entity has control, joint control or significant influence	322	721
Amounts due to entities with control, joint control or significant influence over the entity	10,867,290	4,231,174
Sales to other related parties	8,317	7,009,958
Purchases from other related parties	–	643,578
Management fees from other related parties	–	108,000
Amounts due from other related parties	–	1,252,224
Amounts due to other related parties	106,810	151,206
Management fees from entities that provide key management personnel services	170,400	72,000
Amounts due to key management personnel	8,712,628	1,442,938

29. Controlling party

The immediate parent company is Sumando Ltd, a company incorporated in England and Wales. The ultimate parent company is Sumando Acciones SL, a company incorporated in Spain. The smallest and largest group to prepare consolidated financial statements which include Padero Solaer Ltd is Sumando Ltd. The address of the registered office for Sumando Ltd is 2 Crossways Business Centre, Bicester Road, Kingswood, Aylesbury, Bucks HP18 0RA. The consolidated financial statements for Sumando Ltd can be obtained from Companies House, Crown Way, Cardiff CF14 3UZ. The ultimate controlling parties are Cecu Solar SL and Los Leandros Solares SL, both companies are incorporated in Spain and have equal control.