Sumando Ltd Group accounts (Group and Company)

COMPANY REGISTRATION NUMBER: 14377755

SUMANDO LTD

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 April 2025

SUMANDO LTD

CONSOLIDATED FINANCIAL STATEMENTS

YEAR ENDED 30 APRIL 2025

Contents	Page

Strategic report	1

Directors' report	3

Independent auditor's report to the members	5

Consolidated statement of comprehensive income	8

Consolidated statement of financial position	9

Company statement of financial position	10

Consolidated statement of changes in equity	11

Company statement of changes in equity	12

Consolidated statement of cash flows	13

Notes to the consolidated financial statements	14

SUMANDO LTD

STRATEGIC REPORT

YEAR ENDED 30 APRIL 2025

Principal activities The group 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 group 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, the group 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 The key financial highlights for the group are as follows:

	2025	2024
	£	£

Turnover	20,875,588	8,258,977
Gross profit margin	18.4%	33.7%

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 group'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 group 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 director, considering the market evolution in the short-term and the positive prospects of the sector in which the group operates, considers 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 10 June 2026 and signed on behalf of the board by:

J L Gandia Fornes

Director

Registered office:

2 Crossways Business Centre

Bicester Road

Kingswood

Aylesbury

Bucks

United Kingdom

HP18 0RA

SUMANDO LTD

DIRECTORS' REPORT

YEAR ENDED 30 APRIL 2025

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

Directors

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

A Mozas Fenoll
J L Gandia Fornes	(Appointed 5 September 2024)

Dividends

The directors do not recommend the payment of a dividend.

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 consolidated financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare consolidated financial statements for each financial year. Under that law the directors have elected to prepare the consolidated 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 consolidated financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and the profit or loss of the group for that period. In preparing these consolidated 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 consolidated 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 consolidated 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 group and 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 group and the company's auditor is aware of that information.

This report was approved by the board of directors on 10 June 2026 and signed on behalf of the board by:

J L Gandia Fornes

Director

Registered office:

2 Crossways Business Centre

Bicester Road

Kingswood

Aylesbury

Bucks

United Kingdom

HP18 0RA

SUMANDO LTD

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SUMANDO LTD

YEAR ENDED 30 APRIL 2025

Opinion

We have audited the consolidated financial statements of Sumando Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2025 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the consolidated financial statements: - give a true and fair view of the state of the group's and of the parent company's affairs as at 30 April 2025 and of the group's 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 consolidated financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the consolidated 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 consolidated financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the consolidated 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 group's or the parent company's ability to continue as a going concern for a period of at least twelve months from when the consolidated 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 consolidated financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the consolidated 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 consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the consolidated 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 consolidated 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 consolidated financial statements are prepared is consistent with the consolidated 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 group and the parent 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company consolidated 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 consolidated 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 consolidated financial statements that are free from material misstatement, whether due to fraud or error. In preparing the consolidated financial statements, the directors are responsible for assessing the group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the consolidated financial statements

Our objectives are to obtain reasonable assurance about whether the consolidated 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 consolidated 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 consolidated 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

16 June 2026

SUMANDO LTD

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

YEAR ENDED 30 APRIL 2025

		2025	2024
Note		£	£
Turnover	4	20,875,588	8,258,977

Cost of sales	( 17,036,119)	( 5,476,364)
	------------	-----------
Gross profit	3,839,469	2,782,613

Administrative expenses		( 5,056,232)	( 3,036,520)
Gain/(loss) on disposal of shares in group undertakings		(1,417,192)	5,562,852
Gain on disposal of shares in joint ventures		36,992,000	7,400,082
		------------	------------
Operating profit	5	34,358,045	12,709,027

Share of profit of associates	13	–	1,070,903
Share of loss of joint ventures	13	–	( 84)
Other interest receivable and similar income	8	519,001	144,471
Interest payable and similar expenses	9	( 354,970)	( 2,549)
		------------	------------
Profit before taxation		34,522,076	13,921,768

Tax on profit	10	( 545,534)	( 249,564)
		------------	------------
Profit for the financial year and total comprehensive income		33,976,542	13,672,204
		------------	------------

Profit for the financial year attributable to:

The owners of the parent company	20,490,917	8,139,100
Non-controlling interests	13,485,625	5,533,104
	------------	------------
	33,976,542	13,672,204
	------------	------------

All the activities of the group are from continuing operations.

SUMANDO LTD

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

30 April 2025

	2025	2024
Note	£	£

Fixed assets

Intangible assets	11	32,953,256	1,896,397
Tangible assets	12	1,698,916	1,270,800
Investments:	13
Investments in associates		51	51
		------------	-----------
		34,652,223	3,167,248

Current assets

Stocks	14	33,748,393	24,442,783
Debtors	15	11,489,440	21,279,010
Cash at bank and in hand		22,882,042	6,442,000
		------------	------------
		68,119,875	52,163,793

Creditors: amounts falling due within one year	16	( 51,215,776)		( 40,584,115)
		------------		------------
Net current assets			16,904,099		11,579,678
			------------		------------
Total assets less current liabilities			51,556,322		14,746,926

Creditors: amounts falling due after more than one year	17		( 10,010,675)		–

Provisions for liabilities

Taxation, including deferred taxation	18	–		( 7,242)
Other provisions	18	( 99,111)		–
		-------		------
			(99,111)		(7,242)
			------------		------------
Net assets			41,446,536		14,739,684
			------------		------------

Capital and reserves

Called up share capital	21	100	100
Profit and loss account		30,141,508	9,650,591
		------------	-----------
Equity attributable to the owners of the parent company		30,141,608	9,650,691

Non-controlling interests	11,304,928	5,088,993
	------------	------------
	41,446,536	14,739,684
	------------	------------

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

These consolidated financial statements were approved by the board of directors and authorised for issue on 10 June 2026 , and are signed on behalf of the board by:

J L Gandia Fornes

Director

Company registration number: 14377755

SUMANDO LTD

COMPANY STATEMENT OF FINANCIAL POSITION

30 April 2025

	2025	2024
Note	£	£

Fixed assets

Investments	13		3,835,637		3,835,637

Current assets

Debtors	15	12,506,740	20,986,825
Cash at bank and in hand		2,891,102	200,752
		------------	------------
		15,397,842	21,187,577

Creditors: amounts falling due within one year	16	( 17,219,280)		( 22,960,326)
		------------		------------
Net current liabilities			( 1,821,438)		( 1,772,749)
			-----------		-----------
Total assets less current liabilities			2,014,199		2,062,888
			-----------		-----------
Net assets			2,014,199		2,062,888
			-----------		-----------

Capital and reserves

Called up share capital	21	100	100
Profit and loss account		2,014,099	2,062,788
		-----------	-----------
Shareholders funds		2,014,199	2,062,888
		-----------	-----------

The loss for the financial year of the parent company was £ 48,689 (2024: £ 371,610 profit).

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

These consolidated financial statements were approved by the board of directors and authorised for issue on 10 June 2026 , and are signed on behalf of the board by:

J L Gandia Fornes

Director

Company registration number: 14377755

SUMANDO LTD

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

YEAR ENDED 30 APRIL 2025

	Called up share capital	Profit and loss account	Equity attributable to the owners of the parent company	Non-controlling interests	Total
	£	£	£	£	£
At 1 May 2023	100	1,511,491	1,511,591	744,434	2,256,025

Profit for the year		8,139,100	8,139,100	5,533,104	13,672,204
	----	-----------	-----------	-----------	------------
Total comprehensive income for the year	–	8,139,100	8,139,100	5,533,104	13,672,204

Dividends paid and payable	–	–	–	( 1,188,545)	( 1,188,545)
	----	-----------	-----------	-----------	------------
Total investments by and distributions to owners	–	–	–	( 1,188,545)	( 1,188,545)

At 30 April 2024	100	9,650,591	9,650,691	5,088,993	14,739,684

Profit for the year		20,490,917	20,490,917	13,485,625	33,976,542
	----	------------	------------	------------	------------
Total comprehensive income for the year	–	20,490,917	20,490,917	13,485,625	33,976,542

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

	----	------------	------------	------------	------------
At 30 April 2025	100	30,141,508	30,141,608	11,304,928	41,446,536
	----	------------	------------	------------	------------

SUMANDO LTD

COMPANY STATEMENT OF CHANGES IN EQUITY

YEAR ENDED 30 APRIL 2025

	Called up share capital	Profit and loss account	Total
	£	£	£
At 1 May 2023	100	1,691,178	1,691,278

Profit for the year		371,610	371,610
	----	-----------	-----------
Total comprehensive income for the year	–	371,610	371,610

At 30 April 2024	100	2,062,788	2,062,888

Loss for the year		( 48,689)	( 48,689)
	----	-----------	-----------
Total comprehensive income for the year	–	( 48,689)	( 48,689)

	----	-----------	-----------
At 30 April 2025	100	2,014,099	2,014,199
	----	-----------	-----------

SUMANDO LTD

CONSOLIDATED STATEMENT OF CASH FLOWS

YEAR ENDED 30 APRIL 2025

	2025	2024
	£	£

Cash flows from operating activities

Profit for the financial year	33,976,542	13,672,204

Adjustments for:
Depreciation of tangible assets	37,567	18,092
Amortisation of intangible assets	1,894,679	219,855
Share of profit of associates	–	( 1,070,903)
Share of loss of joint ventures	–	84
Other interest receivable and similar income	( 519,001)	( 144,471)
Interest payable and similar expenses	354,970	2,549
Tax on profit	545,534	249,564
(Gain)/loss on disposal of shares in group undertakings	1,417,192	(5,562,852)
(Gain)/loss on disposal of shares in joint ventures	(36,992,000)	(7,400,082)

Changes in:
Stocks	( 18,296,270)	( 11,325,527)
Trade and other debtors	( 878,432)	13,177,661
Trade and other creditors	14,254,074	( 5,708,676)
Provisions	99,111	–
	------------	------------
Cash generated from operations	( 4,106,034)	( 3,872,502)

Tax paid	( 267,300)	( 588,576)
	-----------	-----------
Net cash used in operating activities	( 4,373,334)	( 4,461,078)
	-----------	-----------

Cash flows from investing activities

Purchase of tangible assets	( 593,108)	( 158,154)
Purchase of intangible assets	( 2,441,304)	–
Acquisition of subsidiaries	( 23,015,902)	–
Proceeds from sale of subsidiaries	1,313,548	5,550,000
Proceeds from sales of interests in joint ventures	36,992,000	7,400,000
Dividends received	–	1,873,464
Interest received	519,001	144,471
Net cash acquired with subsidiary undertaking	112,070	–
Net cash disposed of with subsidiary undertaking	(392,904)	(19,406)
	------------	------------
Net cash from investing activities	12,493,401	14,790,375
	------------	------------

Cash flows from financing activities

Loans from group undertakings	10,586,165	13,849,160
Loans to participating interests	( 1,927,219)	( 1,336,698)
Interest paid	( 354,970)	( 2,549)
Loans from/(to) other related entities	7,285,689	(18,331,132)
Dividends paid to non-controlling interests	(7,269,690)	(1,188,545)
	------------	------------
Net cash from/(used in) financing activities	8,319,975	( 7,009,764)
	------------	------------

Net increase in cash and cash equivalents	16,440,042	3,319,533
Cash and cash equivalents at beginning of year	6,442,000	3,122,467
	------------	-----------
Cash and cash equivalents at end of year	22,882,042	6,442,000
	------------	-----------

SUMANDO LTD

NOTES TO THE CONSOLIDATED 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 accordance with the Companies Act 2006 and applicable accounting standards including Financial Reporting Standard 102, 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' ('FRS 102').

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 unless otherwise stated. Going concern These financial statements have been prepared on a going concern basis which the director considers to be appropriate for the group and company. After reviewing the group and company's forecasts and projections, the director has a reasonable expectation that the group and company has adequate resources to continue in operational existence for the foreseeable future. The group and company therefore continues to adopt the going concern basis in preparing its financial statements. Disclosure exemptions The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under 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 consolidated financial statements incorporate the financial statements of the company and all group undertakings. These are adjusted, where appropriate, to conform to group accounting policies. Acquisitions are accounted for under the acquisition method. The results of companies acquired or disposed of are included in the profit and loss account after or up to the date that control passes respectively. As a consolidated profit and loss account is published, a separate profit and loss account for the parent company is omitted from the group financial statements by virtue of section 408 of the Companies Act 2006. Non-controlling interests Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling’s share of changes in equity since the date of the combination. The proportions of profit or loss and changes in equity allocated to the owners of the parent and to the non-controlling interests are determined on the basis of existing ownership interests and do not reflect possible exercise or conversion of options or convertible instruments. Judgements and key sources of estimation uncertainty In applying the company's accounting policies, the director is required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The director's 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 director has 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 director has 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 director 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 director 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. Judgement is applied by management when determining the residual values for plant, machinery and equipment. When determining the residual value management aim to assess the amount that the company would currently obtain for the disposal of the asset, if it were already of the condition expected at the end of its useful economic life. Where possible this is done with reference to external market prices. 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. 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. 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 Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis. Business combinations and goodwill Business combinations are accounted for by applying the purchase method. The cost of a business combination is the fair value of the consideration given, liabilities incurred or assumed and of equity instruments issued plus the costs directly attributable to the business combination. Where control is achieved in stages the cost is the consideration at the date of each transaction. Contingent consideration is initially recognised at estimated amount where the consideration is probable and can be measured reliably. Where (i) the contingent consideration is not considered probable or cannot be measured but subsequently becomes probable and measurable or (ii) contingent consideration previously measured is adjusted, the amounts are recognised as an adjustment to the cost of the business combination. Goodwill arising on the acquisition of a business representing the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities acquired, is capitalised and written off on a straight line basis over its useful economic life of ten years.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Options for lease of land are not amortised until the option agreement has been signed. They are amortised over the period of the option agreement.

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:

Goodwill	-	10% straight line
Patents and trademarks	-	10% straight line
Options for lease of land	-	Straight line over the term of the agreement

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
Leasehold improvements	-	Straight line over the term of the lease
Fixtures and fittings	-	25% straight line
Motor vehicles	-	33% straight line

Investments in subsidiaries

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

Investments in associates and joint ventures

Investments in associates and joint ventures are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the associate, or joint venture.

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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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.

Provisions

A provision is recognised in the balance sheet as a result of a past event, that can be reliably measured, and it is probable that an outflow of economic benefits will be required to settle the obligation. A provision is made for the net present value of the estimated future decommissioning costs at the end of the operating life of the solar farm. This provision is made when construction of the solar farm has reached a stage when decommissioning of the constructed plant would incur material costs. The provision is calculated using the estimated costs of decommissioning, and these estimates have been arrived at by consideration of the expected costs of contracts to remove the installed plant and to return the land back to its original state. The estimates are discounted at a pre-tax rate that reflects current market assessments of the time value of money. A corresponding asset is recognised within the solar farm asset and included in stock and work in progress in accordance with the group's intention to sell the solar farm. The estimated future cost of decommissioning obligations are regularly reviewed and adjusted as appropriate for new circumstances or changes in law or technology.

Financial instruments

The group and company have 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 companies and other related entities, 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. 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.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

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	178,470
Construction contracts	20,440,970	8,080,507
	------------	-----------
	20,875,588	8,258,977
	------------	-----------

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

5. Operating loss

Operating profit or loss is stated after charging:

	2025	2024
	£	£
Amortisation of intangible assets	1,894,679	219,855
Depreciation of tangible assets	37,567	18,092
Foreign exchange differences	96,675	272,494
	-----------	--------

6. Auditor's remuneration

	2025	2024
	£	£
Fees payable for the audit of the consolidated financial statements	88,000	105,000
	-------	--------

7. Staff costs

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

	2025	2024
	No.	No.
Production staff	21	16
Management staff	2	5
	----	----
	23	21
	----	----

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
	-----------	-----------

The company had no employees; all employees are employed by subsidiary companies.

8. Other interest receivable and similar income

	2025	2024
	£	£
Interest on loans and receivables	125,294	48,421
Interest on cash and cash equivalents	393,707	96,050
	--------	--------
	519,001	144,471
	--------	--------

9. Interest payable and similar expenses

	2025	2024
	£	£
Interest on banks loans and overdrafts	4,675	1,737
Other interest payable and similar charges	350,295	812
	--------	------
	354,970	2,549
	--------	------

10. Tax on profit

Major components of tax expense

	2025		2024
	£		£

Current tax:

UK current tax income	577,147	239,395
Adjustments in respect of prior periods	–	27,093
	--------	--------
Total current tax	577,147	266,488
	--------	--------

Deferred tax:

Origination and reversal of timing differences	( 31,613)	( 16,473)
Adjustments in respect of prior periods	–	(451)
	-------	-------
Total deferred tax	( 31,613)	( 16,924)
	--------	--------
Tax on profit	545,534	249,564
	--------	--------

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	34,522,076	13,921,768
	------------	------------
Profit on ordinary activities by rate of tax	8,630,519	3,480,442
Adjustment to tax charge in respect of prior periods	–	27,093
Effect of expenses not deductible for tax purposes	762,835	190,790
Unused tax losses	45,882	60,129
Income not taxable for tax purposes	(8,893,702)	(3,508,439)
Adjustments in respect of prior periods - deferred tax	–	(451)
	------------	------------
Tax on (loss)/profit	545,534	249,564
	------------	------------

11. Intangible assets

Group	Goodwill	Patents and trademarks	Options for lease of land	Total
	£	£	£	£
Cost
At 1 May 2024	2,198,547	–	–	2,198,547
Additions	–	5,820	2,435,484	2,441,304
Acquisitions through business combinations	33,293,495	–	–	33,293,495
Disposals	( 2,854,627)	–	–	( 2,854,627)
	------------	------	-----------	------------
At 30 April 2025	32,637,415	5,820	2,435,484	35,078,719
	------------	------	-----------	------------
Amortisation
At 1 May 2024	302,150	–	–	302,150
Charge for the year	1,387,782	194	506,703	1,894,679
Disposals	( 71,366)	–	–	( 71,366)
	------------	------	-----------	------------
At 30 April 2025	1,618,566	194	506,703	2,125,463
	------------	------	-----------	------------
Carrying amount
At 30 April 2025	31,018,849	5,626	1,928,781	32,953,256
	------------	------	-----------	------------
At 30 April 2024	1,896,397	–	–	1,896,397
	------------	------	-----------	------------

The company has no intangible assets.

12. Tangible assets

Group	Freehold property	Leasehold improvements	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£	£
Cost
At 1 May 2024	993,169	–	303,581	–	1,296,750
Additions	–	573,421	6,787	12,900	593,108
Disposals	–	–	( 127,425)	–	( 127,425)
	--------	--------	--------	-------	-----------
At 30 April 2025	993,169	573,421	182,943	12,900	1,762,433
	--------	--------	--------	-------	-----------
Depreciation
At 1 May 2024	–	–	25,950	–	25,950
Charge for the year	–	14,159	23,050	358	37,567
	--------	--------	--------	-------	-----------
At 30 April 2025	–	14,159	49,000	358	63,517
	--------	--------	--------	-------	-----------
Carrying amount
At 30 April 2025	993,169	559,262	133,943	12,542	1,698,916
	--------	--------	--------	-------	-----------
At 30 April 2024	993,169	–	277,631	–	1,270,800
	--------	--------	--------	-------	-----------

The company has no tangible assets.

13. Investments

Group	Interests in associates
	£
Share of net assets/cost
At 1 May 2024 and 30 April 2025	51
	----
Impairment
At 1 May 2024 and 30 April 2025	–
	----

Carrying amount
At 1 May 2024 and 30 April 2025	51
	----
At 30 April 2024	51
	----

Company	Shares in group undertakings
	£
Cost
At 1 May 2024 and 30 April 2025	3,835,637
	-----------
Impairment
At 1 May 2024 and 30 April 2025	–
	-----------

Carrying amount
At 1 May 2024 and 30 April 2025	3,835,637
	-----------
At 30 April 2024	3,835,637
	-----------

Subsidiaries, associates and other investments

Details of the investments in which the group and the parent company have 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

	Padero Solaer Ltd		England and Wales	Ordinary	60%

Indirectly held subsidiary undertakings

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

Skye Green Solar Farm Ltd	England and Wales	Ordinary	60%
The Clean Future Renewables Ltd	England and Wales	Ordinary	60%
Wimbish Solar Farm Ltd	England and Wales	Ordinary	60%
WSE Afon Llan Ltd	England and Wales	Ordinary	60%
WSE Cox's Brook Ltd	England and Wales	Ordinary	60%
Jigg FM UK Ltd	England and Wales	Ordinary	36%
Sunnica Ltd	England and Wales	Ordinary	18%
Sunnica Farm Ltd	England and Wales	Ordinary	18%
Sunnica Energy Farm Ltd	England and Wales	Ordinary	18%
Sunnica Energy Ltd	England and Wales	Ordinary	18%

Indirectly held associate undertakings

Rosefield Energyfarm Ltd	England and Wales	Ordinary	29%
PSH Holdings Ltd	England and Wales	Ordinary	30%

Indirectly held joint ventures

One Earth 740 SPV Ltd	England and Wales	Ordinary	30%
PACE PSR Renewable Energy Hold Co Ltd	England and Wales	Ordinary	30%

Indirectly held subsidiaries of joint ventures

Tranquility Energy Ltd	England and Wales	Ordinary	30%
One Earth Solar Farm Ltd	England and Wales	Ordinary	30%
PACE Angus Energy Ltd	England and Wales	Ordinary	30%
PACE Astral Energy Ltd	England and Wales	Ordinary	30%
PACE Bolt Energy Ltd	England and Wales	Ordinary	30%
PACE Brigadier Energy Ltd	England and Wales	Ordinary	30%
PACE Koyoto Energy Ltd	England and Wales	Ordinary	30%
PACE Lilac Energy Ltd	England and Wales	Ordinary	30%
PACE Maia Energy Ltd	England and Wales	Ordinary	30%
PACE Nighthawk Energy Ltd	England and Wales	Ordinary	30%
PACE Olive Energy Ltd	England and Wales	Ordinary	30%
PACE Pickle Energy Ltd	England and Wales	Ordinary	30%
PACE Quantum Energy Ltd	England and Wales	Ordinary	30%
PACE Rex Energy Ltd	England and Wales	Ordinary	30%
PACE Rudder Energy Ltd	England and Wales	Ordinary	30%
PACE Strike Energy Ltd	England and Wales	Ordinary	30%
PACE Tribute Energy Ltd	England and Wales	Ordinary	30%
PACE Underhill Energy Ltd	England and Wales	Ordinary	30%
PACE Vanish Energy Ltd	England and Wales	Ordinary	30%
PACE Warrior Energy Ltd	England and Wales	Ordinary	30%
PACE Wedge Energy Ltd	England and Wales	Ordinary	30%
PACE Xtreme Energy Ltd	England and Wales	Ordinary	30%
PACE Yoyo Energy Ltd	England and Wales	Ordinary	30%
PACE Zulu Energy Ltd	England and Wales	Ordinary	30%

Padero Solaer Ltd holds a 60% interest in the ordinary share capital of Jigg FM UK Ltd. As a result Jigg FM UK Ltd is included as a subsidiary as the group has control over Jigg FM UK Ltd. Jigg FM UK Ltd hold a 51% interest in the ordinary share capital of Sunnica Ltd and its subsidiaries Sunnica Farm Ltd, Sunnica Energy Farm Ltd and Sunnica Energy Ltd. As a result Sunnica Ltd and its subsidiaries Sunnica Farm Ltd, Sunnica Energy Farm Ltd and Sunnica Energy Ltd are included as subsidiaries as the group has control over these entities. One Earth 740 SPV Ltd and PACE PSR Renewable Energy Hold Co 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. 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 Ltd and Wimbish Solar Farm Ltd are dormant. 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 Blue Planet Solar Ltd and 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 Bolt Energy Ltd, PACE Brigadier 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 all the rest of the above companies is 2 Crossways Business Centre, Bicester Road, Kingswood, Aylesbury HP18 0RA. During the year the group sold 30% of the issued share capital in One Earth 740 SPV Ltd for consideration of £37,000,000. See notes 26 and 27 for details of other acquisitions and disposals during the year.

14. Stocks

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Work in progress	33,748,393	24,442,783	–	–
	------------	------------	----	----

15. Debtors

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Trade debtors	215,711	222,446	–	–
Amounts owed by group undertakings	6,615,035	17,778,530	12,346,209	20,846,209
Amounts owed by undertakings in which the company has a participating interest	3,490,163	1,562,945	–	–
Deferred tax asset	24,371	–	42,285	28,212
Prepayments and accrued income	88,585	32,049	–	–
Amounts owed by other related entities	140	140	100	100
Other debtors	1,055,435	1,682,900	118,146	112,304
	------------	------------	------------	------------
	11,489,440	21,279,010	12,506,740	20,986,825
	------------	------------	------------	------------

Amounts owed by group undertakings and other related entities are receivable on demand.

16. Creditors: amounts falling due within one year

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Trade creditors	2,807,589	1,794,825	26,399	–
Amounts owed to group undertakings	22,242,997	22,820,327	17,106,881	22,820,326
Amounts owed to undertakings in which the company has a participating interest	52	53	–	–
Accruals and deferred income	534,441	338,987	86,000	140,000
Corporation tax	577,147	267,300	–	–
Social security and other taxes	2,873	–	–	–
Amounts owed to other related entities	22,725,351	15,095,992	–	–
Other creditors	2,325,326	266,631	–	–
	------------	------------	------------	------------
	51,215,776	40,584,115	17,219,280	22,960,326
	------------	------------	------------	------------

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

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

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Other creditors	10,010,675	–	–	–
	------------	----	----	----

18. Provisions for liabilities

Group	Deferred tax (note 19)	Other provisions	Total
	£	£	£
At 1 May 2024	7,242	–	7,242
Additions	–	99,111	99,111
Amounts recognised in profit and loss account	(7,242)	–	(7,242)
	------	-------	-------
At 30 April 2025	–	99,111	99,111
	------	-------	-------

The company does not have any provisions.

Other provisions relate to the decommissioning of the operational solar farm and represents the company's best estimate of the costs to decommission the solar farm at the end of its useful life which is at the expiry of the lease in 2059. Decommissioning assets are recognised to match the decommissioning liability and included within stock and work in progress in accordance with the group's intention to sell the solar farm.

19. Deferred tax

The deferred tax included in the company statement of financial position is as follows:

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Included in debtors (note 15)	24,371	–	42,285	28,212
Included in provisions for liabilities (note 18)	–	( 7,242)	–	–
	-------	------	-------	-------
	24,371	( 7,242)	42,285	28,212
	-------	------	-------	-------

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

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Accelerated capital allowances	( 34,650)	( 35,454)	–	–
Unused tax losses	59,021	28,212	42,285	28,212
	-------	-------	-------	-------
	24,371	(7,242)	42,285	28,212
	-------	-------	-------	-------

20. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 113,975 (2024: £ 73,705 ).

21. Called up share capital

Issued, called up and fully paid

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

22. Analysis of changes in net debt

	At 1 May 2024	Cash flows	At 30 Apr 2025
	£	£	£
Cash at bank and in hand	6,442,000	16,440,042	22,882,042
	-----------	------------	------------

23. Operating leases

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

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Not later than 1 year	158,911	69,012	–	–
Later than 1 year and not later than 5 years	318,693	96,642	–	–
Later than 5 years	2,163,099	221,000	–	–
	-----------	--------	----	----
	2,640,703	386,654	–	–
	-----------	--------	----	----

24. Related party transactions

Group

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

	2025	2024
	£	£

Sales to entities over which the entity has control, joint control or significant interest	84,800	66,582
Purchases from entities over which the entity has control, joint control or significant interest	–	100,677
Amounts due from entities over which the entity has control, joint control or significant interest	3,490,193	1,562,945
Amounts due to entities over which the entity has control, joint control or significant interest	52	53
Interest receivable from entities over which the entity has control, joint control or significant interest	125,294	48,326
Amounts due to entities with control over the company	22,242,997	22,820,326
Sales to other related parties	60,522	7,009,957
Purchases from other related parties	–	643,585
Management charges from other related parties	–	108,000
Acquisition of subsidiary from other related parties	2,809,050	–
Amounts due from other related parties	6,615,175	17,867,399
Amounts due to other related parties	14,012,723	13,653,055
Management fees from entities that provide key management personnel	170,400	72,000
Amounts due to key management personnel	8,712,628	1,442,938

SUMANDO LTD

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)

YEAR ENDED 30 APRIL 2025

24. Related party transactions (continued)

Company

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

	2025	2024
	£	£

Amounts due to entities with control over the company	17,106,881	22,820,326
Amounts due from entities over which the entity has control	5,731,174	4,231,174
Amounts due from other related entities	6,615,035	16,615,135

25. Controlling party

The immediate and ultimate parent company is Sumando Acciones SL, a company incorporated in Spain. The ultimate controlling parties are Cecu Solar SL and Los Leandros Solares SL, both companies are incorporated in Spain and have equal control.

26. Acquisition of subsidiary

On 10 May 2024 the group acquired 100% of the shares in Dunmow Solar Ltd for total consideration of £980,713 and therefore, obtained control over this entity.

Recognised amounts of identifiable assets acquired and liabilities were:

			£
	Work in progress		658,568
	Debtors		85,688
	Creditors		(822,296)
			--------
	Total identifiable net assets		(78,040)
	Goodwill		1,058,753
			-----------
	Total		980,713
			-----------

Satisfied by:

Cash		435,062
Deferred consideration		545,651
		--------
Total		980,713
		--------

No fair value or other adjustments were necessary to bring the acquired net assets to their fair value.

In the year ended 30 April 2025, turnover of £nil and profit of £28,333 was included in the consolidated statement of comprehensive income in respect of Dunmow Solar Ltd since the acquisition date.

On 24 May 2024 the group acquired 100% of the shares in PACE Ditto Energy Ltd from Sumando UK IPP Ltd, a fellow group company of Sumando Acciones SL, for total consideration of £2,838,105 and therefore, obtained control over this entity.

Recognised amounts of identifiable assets acquired and liabilities were:

		£
Cash at bank and in hand		112,069
Work in progress		978,790
Debtors		103
Creditors		(1,107,484)
		-----------
Total identifiable net assets		(16,522)
Goodwill		2,854,627
		-----------
Total		2,838,105
		-----------

Satisfied by:

Cash		2,838,105
		-----------
Total		2,838,105
		-----------

No fair value or other adjustments were necessary to bring the acquired net assets to their fair value.

In the year ended 30 April 2025, turnover of £nil and a loss of £24,529 was included in the consolidated statement of comprehensive income in respect of PACE Ditto Energy Ltd since the acquisition date.

On 18 September 2024 the group acquired 100% of the shares in Creyke Beck Solar Ltd, CB Battery Ltd and CBB SPV Ltd for total consideration of £14,876,887 and therefore, obtained control over these entities.

Recognised amounts of identifiable assets acquired and liabilities were:

		£
Work in progress		1,700,000
Debtors		3
		-----------
Total identifiable net assets		1,700,003
Goodwill		13,176,884
		------------
Total		14,876,887
		------------

Satisfied by:

Cash		4,036,887
Deferred consideration		10,840,000
		------------
Total		14,876,887
		------------

No fair value or other adjustments were necessary to bring the acquired net assets to their fair value.

In the year ended 30 April 2025, turnover of £nil and a loss of £6,000 was included in the consolidated statement of comprehensive income in respect of Creyke Beck Solar Ltd, CB Battery Ltd and CBB SPV Ltd since the acquisition date.

On 24 February 2025 the group acquired 100% of the shares in Pilmoor Solar Ltd for total consideration of £8,160,417 and therefore, obtained control over this entity.

Recognised amounts of identifiable assets acquired and liabilities were:

		£
Cash at bank and in hand		1
Work in progress		800,891
Debtors		37,832
Creditors		(840,915)
		--------
Total identifiable net assets		(2,191)
Goodwill		8,162,608
		-----------
Total		8,160,417
		-----------

Satisfied by:

Cash		8,128,417
Deferred consideration		32,000
		-----------
Total		8,160,417
		-----------

No fair value or other adjustments were necessary to bring the acquired net assets to their fair value.

In the year ended 30 April 2025, turnover of £nil and a loss of £6,090 was included in the consolidated statement of comprehensive income in respect of Pilmoor Solar Ltd since the acquisition date.

On 27 March 2025 the group acquired 100% of the shares in PACE Nano Energy Ltd for total consideration of £7,726,823 and therefore, obtained control over this entity.

Recognised amounts of identifiable assets acquired and liabilities were:

		£
Work in progress		1,001,100
Debtors		101,830
Creditors		(1,106,730)
		-----------
Total identifiable net assets		(3,800)
Goodwill		7,730,623
		-----------
Total		7,726,823
		-----------

Satisfied by:

Cash		7,267,431
Deferred consideration		459,392
		-----------
Total		7,726,823
		-----------

No fair value or other adjustments were necessary to bring the acquired net assets to their fair value.

In the year ended 30 April 2025, turnover of £nil and a loss of £6,000 was included in the consolidated statement of comprehensive income in respect of PACE Nano Energy Ltd since the acquisition date.

27. Disposal of subsidiary

On 6 September 2024 the group disposed of 100% of the issued share capital of PACE Ditto Energy Ltd for consideration of £1,213,548. Included in the group financial statements there was a loss of £24,529 attributable to PACE Ditto Energy Ltd up to the date of disposal, and for its last financial year there was a loss of £16,092.

Net assets/(liabilities) disposed of were as follows:

			£
	Cash at bank and in hand		12
	Work in progress		9,151,995
	Debtors		1,629,053
	Creditors		(10,822,111)
			------------
	Total identifiable net assets/(liabilities)		(41,051)
	Unamortised goodwill		2,783,261
	Loss on disposal		(1,528,662)
			-----------
	Proceeds		1,213,548
			-----------

Satisfied by:

Cash		1,213,548
		-----------
Total		1,213,548
		-----------

On 31 December 2024 the group disposed of 100% of the issued share capital of PS-Gander-Down Solar Farm Ltd for consideration of £100,000. Included in the group financial statements there was a loss of £5,361 attributable to PS-Gander-Down Solar Farm Ltd up to the date of disposal, and for its last financial year there was a loss of £6,110.

Net assets/(liabilities) disposed of were as follows:

		£
Cash at bank and in hand		392,892
Work in progress		5,105,439
Debtors		52,499
Creditors		(5,562,300)
		-----------
Total identifiable net assets/(liabilities)		(11,470)
Profit on disposal		111,470
		--------
Proceeds		100,000
		--------

Satisfied by:

Cash		100,000
		--------
Total		100,000
		--------