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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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RECURRENT ENERGY POWER SERVICES UK LIMITED
COMPANY INFORMATION
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RECURRENT ENERGY POWER SERVICES UK LIMITED
CONTENTS
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RECURRENT ENERGY POWER SERVICES UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their strategic report for the period ended 31 December 2024. The biggest change during the period was the integration to the Recurrent Energy group.
The principal activites of the company were the delivery of solar and energy storage project development.
Turnover for the 12 months period ended 31 December 2024 was £18.6m (8 month period ended 31 December 2023 - £10.2m).
Market environment is highly competitive with customers pushing for low prices despite costs increasing. The company’s focus is to develop strong customer relationships with companies pursuing a service of quality and higher performance for their assets. Staffing has been a significant challenge with skilled engineers continuing to be increasingly scarce, along with pressure on materials and services supplies. Integration with Recurrent Energy’s procedures and systems has impacted 2024 results but have prepared the company for additional growth and better service standards. Recurrent Energy Power Services UK Limited remains in the top 5 UK’s Solar Operations and Maintenance (O&M) market. It continues to strengthen its national presence of over 190+ sites serviced by a skilled engineering workforce. Its business generates stable revenues as well as consolidating its customer base across the length and breadth of the UK. Headcount has decreased from 131 in December 2023 to 119 in December 2024 as a consequence of new technologies applied to increase labour productivity, which is a key element to mitigate talent scarcity in the green energy sector. It is the Directors opinion that the demand for solar energy will only continue to grow, we seek to match the growth in this area by expansion into territories, technologies and with new and existing clients.
The company’s activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk. The company does not use derivative financial instruments for speculative purposes.
Credit risk The company's principal financial assets are its cash at bank, and trade receivables. The credit risk on liquid funds is limited because the counterparties are banks with high credit ratings. Recurrent Energy Power Services UK Limited is contracted with a number of different asset managers which manages exposure to global market conditions as each of these parties has different finding regimes. Cash flow risk The business manages cash flow risk daily to ensure sufficient liquidity is available to meet foreseeable development needs.
In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the company uses a mixture of short-term finance, hire purchase, and cash reserves.
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RECURRENT ENERGY POWER SERVICES UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The company has different indicators for monitoring performance which are as follows:
O & M of solar assets – MW managed 1.283 MW (2023 - 1.218 MW) Employees – Number of hired 119 (2023 - 131)
This report was approved by the board and signed on its behalf.
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RECURRENT ENERGY POWER SERVICES UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are 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 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 to 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.
The loss for the year, after taxation, amounted to £1,315,606 (2023 - loss £1,975,122).
The directors do not recommend the payment of a final dividend.
The directors who served during the year were:
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RECURRENT ENERGY POWER SERVICES UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Since the year-end, the business has engaged in advanced discussions with portfolio asset managers and owners to increase the megawatts under management before the close of the calendar year. In addition to these efforts, we are focusing on the integration of new operational assets within utility-scale battery energy storage systems (BESS), which will enhance our overall portfolio and expand our energy solutions offering.
We are also experiencing growth through new clients, driven by successful participation in third-party tenders as well as direct assets under Recurrent Energy. The company is not only securing newly developed assets but also continuing to build relationships with leading industry players to further enhance our service delivery. To support these developments, we are investing in the internal upskilling of our teams, ensuring they are equipped with the necessary expertise to manage all asset types effectively. As our assets age, the importance of asset improvement and strategic management becomes even more crucial. We are committed to implementing a structured approach to maintaining and enhancing performance through targeted improvement works, ensuring long-term reliability and value for our clients. Going concern The Directors have reviewed the company’s financial position and ongoing operations and are confident that the company is well-positioned to continue its activities for the foreseeable future. This confidence is underpinned by a solid pipeline of new business, strong relationships with key clients, and stable cash flows from long-term contracts. Additionally, the company benefits from the support of Canadian Solar UK Projects Limited as a parent company, which provides further assurance of financial stability. With this backing, alongside prudent cost management and access to resources, the Directors believe the company is equipped to manage any potential challenges while continuing to grow and meet its financial obligations.
The auditors, Larking Gowen LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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RECURRENT ENERGY POWER SERVICES UK LIMITED
DIRECTORS' 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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RECURRENT ENERGY POWER SERVICES UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RECURRENT ENERGY POWER SERVICES UK LIMITED
We have audited the financial statements of Recurrent Energy Power Services UK Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of income and retained earnings, the Statement of financial position, the 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 Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We were unable to obtain sufficient appropriate audit evidence regarding the completeness and accuracy of the following balances included in the financial statements.
∙trade creditors - £1,821,670
∙accruals - 547,373
∙cost of sales - £17,317,879
∙administrative expenses - £2,581,185
The company’s accounting records did not provide adequate supporting documentation for trade creditor balances, and alternative audit procedures did not provide the evidence we required.
Consequently, we were unable to determine whether any adjustments might be necessary to trade creditors, accrauls, cost of sales, administrative expenses or related disclosures.
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RECURRENT ENERGY POWER SERVICES UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RECURRENT ENERGY POWER SERVICES UK LIMITED (CONTINUED)
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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are 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 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.
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RECURRENT ENERGY POWER SERVICES UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RECURRENT ENERGY POWER SERVICES UK LIMITED (CONTINUED)
Except for the matter described in the basis for qualified opinion section of our report, 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.
Arising solely from the limitation on the scope of our work relating to trade creditors, cost of sales and administrative expenses referred to above:
∙we have not obtained all the information and explanations that we considered necessary for the purpose of our audit;
∙we determined that adequate accounting records have not been kept; and
∙we were unable to determine whether the financial statements are in agreement with the accounting records and returns.
We have nothing further to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
∙certain disclosures of directors' remuneration specified by law are not made
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RECURRENT ENERGY POWER SERVICES UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RECURRENT ENERGY POWER SERVICES 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.
Our approach was as follows:
∙Obtaining an understanding of the legal and regulatory frameworks that are applicable to the Company through discussions with directors and other management, and from our commercial knowledge and experience of the sector in which the Company operates. We determined that the most significant are those that relate to the reporting framework (FRS 102 and the UK Companies Act); relevant tax compliance
regulations; Health and Safety; and employment law (including Working Time Directive);
∙Enquiries with management and those charged with governance around actual and potential litigation and claims;
∙Enquiries of entity staff in the finance function to identify any instances of non-compliance with laws and regulations;
∙Reviewing minutes of management and board meetings;
∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
∙Challenging assumptions and judgements made by management in their significant accounting estimates, in particular in relation to asset improvement income; and
∙Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness and evaluating the business rationale of significant transactions outside the normal course of business.
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.
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RECURRENT ENERGY POWER SERVICES UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RECURRENT ENERGY POWER SERVICES UK LIMITED (CONTINUED)
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 Auditors
Ipswich
8 May 2026
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RECURRENT ENERGY POWER SERVICES UK LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2024
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RECURRENT ENERGY POWER SERVICES UK LIMITED
REGISTERED NUMBER: 10881452
STATEMENT OF FINANCIAL POSITION
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 15 to 28 form part of these financial statements.
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RECURRENT ENERGY POWER SERVICES UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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RECURRENT ENERGY POWER SERVICES UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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RECURRENT ENERGY POWER SERVICES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Recurrent Energy Power Services UK Limited is a private company limited by shares and incorporated in England and Wales. The Company's registered number is 10881452 and its registered office is Suite M Part Second Floor, The Octagon, Middleborough, Colchester, CO1 1TG.
2.Accounting policies
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 financial statements are presented in Sterling and rounded to the nearest £.
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Canadian Solar Inc. as at year ended 31 December 2024 and these financial statements may be obtained from the Canadian Solar Inc. website.
The Directors have reviewed the company’s financial position and ongoing operations and are confident that the company is well-positioned to continue its activities for the foreseeable future.
Additionally, the company benefits from the support of Canadian Solar UK Projects Limited as a parent company, which provides further assurance of financial stability. With this backing, alongside prudent cost management and access to resources, the Directors believe the company is equipped to manage any potential challenges while continuing to grow and meet its financial obligations. The Directors therefore continue to adopt the going concern basis of accounting in preparing these financial statements.
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RECURRENT ENERGY POWER SERVICES 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
Where a contract has only been partially completed at the balance sheet date, turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the balance sheet date. Where payments are received from customers in advance of services provided, the amount are recorded as deferred income and included as part of creditors falling due within one year.
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RECURRENT ENERGY POWER SERVICES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
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RECURRENT ENERGY POWER SERVICES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
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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RECURRENT ENERGY POWER SERVICES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Onboarding costs Onboarding costs are incurred in advance of income being generated on new contracts. The cost, per MW (megawatt) onboarded, is calculated using the average direct employee cost per MW. Direct staff costs include all operational staff in the operational team, being electrical, green, monitoring, technical and commercial account managers. All administrative, health and safety and business development staff are excluded for the purposes of this cost. The onboarding cost is revised each quarter to take into account staff members starting and leaving and therefore represents real economic costs to the company. The cost is applied per MW once the Company is the agreed operations and maintenance contractor. The onboarding cost is recorded as a prepayment in the Statement of financial position in the quarter that a site comes into the Recurrent portfolio and a credit released to cost of sales in the Income statement. Costs are initially released to the Income statement over the shorter of: (a) the initial period of the contract; or (b) the first break clause in the contract; or (c) the full agreed term of the contract. Should a contract be terminated the remaining onboarding cost is released to cost of sales in the income statement in that year. Similarly should a contracting term be extended prior to the whole of the costs being released then the end date will be revised such that the remaining costs are released over the new extended period of the revised contract.
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RECURRENT ENERGY POWER SERVICES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to and from related parties.
Amounts recoverable on long-term contracts The Company applies its policies on turnover and long term contracts as described in note 2.5. The application of this policy requires judgments to be made in respect of the total expected costs to complete and the profit margin achievable on each contract. The Company has in place established internal control processes to ensure that the evaluation of costs and turnover is based upon appropriate estimates.
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RECURRENT ENERGY POWER SERVICES 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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RECURRENT ENERGY POWER SERVICES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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RECURRENT ENERGY POWER SERVICES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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RECURRENT ENERGY POWER SERVICES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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RECURRENT ENERGY POWER SERVICES 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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RECURRENT ENERGY POWER SERVICES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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RECURRENT ENERGY POWER SERVICES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Capital contribution
Profit and loss account
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 £188,054 in the year to 31 December 2024 (2023 - £121,364). Contributions totalling £Nil in the year to 31 December 2024 (2023 - £Nil) were payable to the fund at the balance sheet date and are included in creditors.
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RECURRENT ENERGY POWER SERVICES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The immediate parent undertaking of the Company is Canadian Solar UK Projects Limited, a company registered in England and Wales. The parent of the smallest group in which these financial statements are consolidated is Canadian Solar Inc., which is the ultimate parent company and is incorporated in Canada. The registered office address of Canadian Solar Inc. is 545 Speedvale Avenue West, Guelph, Ontario, Canada, N1K 1E6.
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