Caseware UK (AP4) 2025.0.111 2025.0.111 2024-12-31 2024-12-31 2024-01-01 the construction and operation of solar panels and the generation of solar power, The primary focus of this Company is to act as a holding company.true true true true false 3 3 true false false 07985177 2024-01-01 2024-12-31 07985177 2023-01-01 2023-12-31 07985177 2024-12-31 07985177 2023-12-31 07985177 2023-01-01 07985177 1 2024-01-01 2024-12-31 07985177 1 2023-01-01 2023-12-31 07985177 1 2024-01-01 2024-12-31 07985177 e:Director1 2024-01-01 2024-12-31 07985177 e:Director1 2024-12-31 07985177 e:Director2 2024-01-01 2024-12-31 07985177 e:Director2 2024-12-31 07985177 e:Director3 2024-01-01 2024-12-31 07985177 e:Director3 2024-12-31 07985177 e:Director4 2024-01-01 2024-12-31 07985177 e:Director4 2024-12-31 07985177 e:Director5 2024-01-01 2024-12-31 07985177 e:Director5 2024-12-31 07985177 e:Director6 2024-01-01 2024-12-31 07985177 e:Director6 2024-12-31 07985177 e:RegisteredOffice 2024-01-01 2024-12-31 07985177 d:CurrentFinancialInstruments 2024-12-31 07985177 d:CurrentFinancialInstruments 2023-12-31 07985177 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 07985177 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 07985177 d:ShareCapital 2024-01-01 2024-12-31 07985177 d:ShareCapital 2024-12-31 07985177 d:ShareCapital 2023-12-31 07985177 d:ShareCapital 2023-01-01 07985177 d:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 07985177 d:RetainedEarningsAccumulatedLosses 2024-12-31 07985177 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 07985177 d:RetainedEarningsAccumulatedLosses 2023-12-31 07985177 d:RetainedEarningsAccumulatedLosses 2023-01-01 07985177 d:TaxLossesCarry-forwardsDeferredTax 2024-12-31 07985177 d:TaxLossesCarry-forwardsDeferredTax 2023-12-31 07985177 d:RetirementBenefitObligationsDeferredTax 2024-12-31 07985177 d:RetirementBenefitObligationsDeferredTax 2023-12-31 07985177 e:OrdinaryShareClass1 2024-01-01 2024-12-31 07985177 e:OrdinaryShareClass1 2024-12-31 07985177 e:FRS102 2024-01-01 2024-12-31 07985177 e:Audited 2024-01-01 2024-12-31 07985177 e:FullAccounts 2024-01-01 2024-12-31 07985177 e:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 07985177 d:EntityControlledByKeyManagementPersonnel1 2024-01-01 2024-12-31 07985177 d:EntityControlledByKeyManagementPersonnel1 2024-12-31 07985177 d:EntityControlledByKeyManagementPersonnel1 2023-12-31 07985177 6 2024-01-01 2024-12-31 07985177 15 2024-01-01 2024-12-31 07985177 16 2024-01-01 2024-12-31 07985177 17 2024-01-01 2024-12-31 07985177 18 2024-01-01 2024-12-31 07985177 19 2024-01-01 2024-12-31 07985177 20 2024-01-01 2024-12-31 07985177 2 2024-12-31 07985177 2 2023-12-31 07985177 f:PoundSterling 2024-01-01 2024-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 07985177 SIGMA INDIA INVESTMENTS LIMITED DIRECTORS' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
SIGMA INDIA INVESTMENTS LIMITED COMPANY INFORMATION
Directors | P McCartie (resigned 24 October 2024, appointed 5 September 2025)
| K A P Boutonnat (resigned 31 December 2024)
| N T Boyle (resigned 31 December 2024, appointed 17 February 2026)
| L I Young (appointed 24 October 2024, resigned 5 September 2025)
| D J Williams (appointed 5 September 2025)
| D T Anderson (appointed 17 February 2026)
Registered number | 07985177
Registered office | MHA
| 1 The Forum
| Minerva Business Park
| Peterborough
| PE2 6FT
Independent auditor | MHA
| Statutory Auditors
| 11 Merus Court
| Meridian Business Park
| Leicester
| LE19 1RJ
SIGMA INDIA INVESTMENTS LIMITED CONTENTS
| Page
Directors' Report | 1 - 2
Independent Auditor's Report | 3 - 6
Profit and Loss Account | 7
Balance Sheet | 8 - 9
Statement of Changes in Equity | 10
Notes to the Financial Statements | 11 - 23
SIGMA INDIA INVESTMENTS 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.
Directors
The directors who served during the year were:
P McCartie (resigned 24 October 2024, appointed 5 September 2025)
K A P Boutonnat (resigned 31 December 2024)
N T Boyle (resigned 31 December 2024, appointed 17 February 2026)
L I Young (appointed 24 October 2024, resigned 5 September 2025)
Disclosure of information to auditor
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
Post balance sheet events
On 12 March 2025, the company issued 1,000 ordinary shares with a nominal value of £0.10 each for a total consideration of £8,636,944. On 5 September 2025, the ultimate and immediate parent undertaking changed from Lightsource bp Renewable Energy Investments Holdings Limited to Soleite Limited. On 23 September 2025, the company changed its name from Lightsource India Investments (UK) Limited to Sigma India Investments Limited. In November 2025, the company disinvested 851,180.35 units in the Green Growth Equity Fund which resulted in net cash inflows to the company of £1,157,598. The remaining units still held in the fund have declined in fair value since the year end. The fair value of investments in the Green Growth Equity Fund at 31 March 2026, as determined by the fund manager, was £7,029,747. There have been no other significant events affecting the Company since the year end.
Auditor
MHA were appointed as auditor of the Company during the year. A resolution to appoint MHA as auditor for the ensuing year will be proposed in accordance with section 485 of the Companies Act 2006.
Small companies note
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006. Page 1
SIGMA INDIA INVESTMENTS LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Directors' responsibilities statement
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. 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 judgements and accounting estimates that are reasonable and prudent; ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; ∙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. This report was approved by the board and signed on its behalf.
................................................ D J Williams Director
Date: 21 August 2026
MHA
1 The Forum
Minerva Business Park
Peterborough
PE2 6FT
Page 2
SIGMA INDIA INVESTMENTS LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SIGMA INDIA INVESTMENTS LIMITED
Disclaimer of opinion
We were engaged to audit the financial statements of Sigma India Investments Limited (the 'Company') for the year ended 31 December 2024, which comprise the Profit and Loss Account, the Balance Sheet, 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 do not express an opinion on the accompanying financial statements of the Company. Because of the significance of the matter described in the Basis for Disclaimer of Opinion section of our report, we have not been able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these financial statements.
Basis for disclaimer of opinion
The Company's investment in Green Growth Equity Fund is included within fixed asset investments and is measured at fair value through profit and loss. The carrying value in the financial statements is £10,850,221 at 31 December 2024 with £8,213,567 as the opening value at 1 January 2024. The financial statements include an unrealised gain on remeasurement of investments of £2,172,192 recognised during the year. The investment represents substantially all of the Company's net assets and is fundamental to the financial position and performance reported in the financial statements. The valuation of the investment is based on information provided by the fund manager. We requested access to the underlying valuation reports, methodologies and supporting information used in determining the fair value of the investment. This information was not made available by the fund manager, either to the directors or to us. Although we obtained investment statements and considered management's assessment of the valuation, including management's consideration of the fund manager's regulatory status and use of independent valuation specialists, we were unable to obtain sufficient appropriate audit evidence regarding the carrying value of the investment at 31 December 2024, the opening value at 1 January 2024 or the related unrealised fair value gain recognised during the year. Consequently, we were unable to determine whether any adjustments might have been necessary in respect of fixed asset investments, unrealised gain on remeasurement of investments at fair value, deferred tax, opening profit and loss account reserves and the related disclosures in the financial statements. Given the significance of the investment to the Company's financial position and financial performance, the possible effects of this matter could be both material and pervasive to the financial statements as a whole.
Emphasis of matter - prior year adjustment
We draw attention to Note 13 to the financial statements, which describes the restatement of the comparative figures following the correction of an error in the accounting treatment of certain investments. Our opinion is not modified in respect of this matter.
Page 3
SIGMA INDIA INVESTMENTS LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SIGMA INDIA INVESTMENTS LIMITED (CONTINUED)
Other information - opinion on other matters prescribed by the Companies Act 2006
Notwithstanding our disclaimer of an opinion on the financial statements, in our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Directors' Report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
Notwithstanding our disclaimer of an opinion on the financial statements, in the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit performed subject to the pervasive limitation described above, we have not identified material misstatements in the Directors' Report. Arising from the limitation of our work referred to in the basis for disclaimer of opinion section above: • we have not obtained all the information and explanations considered necessary; and • we were unable to determine whether adequate accounting records have been kept. 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: ∙returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙the directors were not entitled to take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. Page 4
SIGMA INDIA INVESTMENTS LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SIGMA INDIA INVESTMENTS LIMITED (CONTINUED)
Auditor's responsibilities for the audit of the financial statements
Our responsibility is to conduct an audit of the Company's financial statements in accordance with International Standards on Auditing (UK) and to issue an auditor's report. However, because of the matter described in the Basis for Disclaimer of Opinion section of our report, we were not able to obtain sufficient appropriate audit evidence regarding the valuation of the Company's investment in Green Growth Equity Fund, which is measured at fair value and represents substantially all of the Company's net assets at 31 December 2024. Accordingly, we were unable to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these financial statements. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. Detecting irregularities, including fraud 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: ∙enquiry of management and those charged with governance around actual, potential or suspected litigation, claims, non-compliance with applicable laws and regulations and fraud; ∙enquiry of management to identify any instances of non compliance with laws and regulations; ∙performing audit work over the risk of management override, including testing of journal entries and other adjustments for appropriateness and reviewing accounting estimates for bias; ∙reviewing the financial statements disclosures and testing these to supporting documentation to assess compliance with applicable laws and regulations; and ∙discussions amongst the engagement team in relation to how and where fraud might occur in the financial statements and any potential indicators of fraud. 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.
Other matters
The financial statements for the year ended 31 December 2023, which form the corresponding figures for the year ended 31 December 2024, were not audited. The corresponding figures are therefore unaudited. Page 5
SIGMA INDIA INVESTMENTS LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SIGMA INDIA INVESTMENTS LIMITED (CONTINUED)
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. Liam Hammond FCA (Senior Statutory Auditor) for and on behalf of MHA, Statutory Auditor Leicester, United Kingdom 21 August 2026 MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542). Page 6
SIGMA INDIA INVESTMENTS LIMITED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024
|  | As restated
| 2024 | 2023
Note | £ | £
Administrative expenses |  | (136,678) | (678,843)
Unrealised gain on remeasurement of investments at fair value |  | 2,172,192 | 360,442
Operating profit/(loss) | 4 | 2,035,514 | (318,401)
Tax on profit/(loss) | 7 | (510,717) | (69,056)
Profit/(loss) for the financial year |  | 1,524,797 | (387,457)
There are no items of other comprehensive income for 2024 or 2023 other than the profit/(loss) for the year. As a result, no separate Statement of Comprehensive Income has been presented.
The notes on pages 11 to 23 form part of these financial statements.
Page 7
SIGMA INDIA INVESTMENTS LIMITED REGISTERED NUMBER: 07985177 BALANCE SHEET AS AT 31 DECEMBER 2024
|  |  |  | As restated
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Fixed asset investments | 8 |  | 10,850,222 |  | 8,213,568
|  |  | 10,850,222 |  | 8,213,568
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 9 | 23,970 |  | 23,565 |
Cash at bank and in hand |  | 69,276 |  | 76,167 |
|  | 93,246 |  | 99,732 |
Current liabilities |  |  |  |  |
Creditors: amounts falling due within one year | 10 | (8,699,589) |  | (8,105,035) |
Net current liabilities |  |  | (8,606,343) |  | (8,005,303)
Total assets less current liabilities |  |  | 2,243,879 |  | 208,265
Provisions for liabilities |  |  |  |  |
Deferred tax |  | (878,013) |  | (367,296) |
|  |  | (878,013) |  | (367,296)
Net assets/(liabilities) |  |  | 1,365,866 |  | (159,031)
Capital and reserves |  |  |  |  |
Called up share capital | 12 |  | 100 |  | -
Profit and loss account |  |  | 1,365,766 |  | (159,031)
|  |  | 1,365,866 |  | (159,031)
Page 8
SIGMA INDIA INVESTMENTS LIMITED REGISTERED NUMBER: 07985177 BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2024 The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................ D J Williams
Director
Date: 21 August 2026
The notes on pages 11 to 23 form part of these financial statements. Page 9
SIGMA INDIA INVESTMENTS LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 January 2023 (As restated) | - | 228,426 | 228,426
Loss for the year (As restated) | - | (387,457) | (387,457)
At 1 January 2024 (As restated) | - | (159,031) | (159,031)
Profit for the year | - | 1,524,797 | 1,524,797
Shares issued during the year | 100 | - | 100
At 31 December 2024 | 100 | 1,365,766 | 1,365,866
| The notes on pages 11 to 23 form part of these financial statements.
| Profit and Loss Account The profit and loss account comprises all current and prior year retained profits and losses. Of the balance at 31 December 2024, £2,736,549 (2023: £1,101,889) represents cumulative unrealised fair value gains on investments less deferred tax liability on fair value gain and is therefore not regarded as realised profit for distribution purposes.
Page 10
SIGMA INDIA INVESTMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
Sigma India Investments Limited (formerly Lightsource India Investments (UK) Limited) is a private company, limited by shares, incorporated and domiciled in the United Kingdom, registered number 07985177. The registered office address is MHA, 1 The Forum, Minerva Business Park, Peterborough, England, PE2 6FT. The primary focus of the Company is to act as an investment company, principally investing in green energy funds. The primary focus and business activity of the Company is not expected to change. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Financial Reporting Standard 102 - reduced disclosure exemptions
The Company is a qualifying entity as defined in FRS 102 and has taken advantage of the following disclosure exemptions available under that standard in the preparation of these financial statements: ∙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 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); ∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; ∙the requirements of Section 33 Related Party Disclosures paragraph 33.7. The Company's ultimate parent undertaking, Lightsource bp Renewable Energy Investments Holdings Limited, includes the Company in its publicly available consolidated financial statements as at 31 December 2024. These consolidated financial statements are available from 7th Floor, 33 Holborn, London, England, EC1N 2HU. Further details are provided in note 16. Page 11
SIGMA INDIA INVESTMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.3 | Going concern
The financial statements have been prepared on the going concern basis. In making this assessment, the Directors have considered the Company's forecast cash flow requirements, available cash resources, future investment commitments and the nature of amounts due to group undertakings. At 31 December 2024, the Company had net current liabilities of £8,606,343, primarily arising from amounts owed to group undertakings of £8,637,449. Subsequent to the year end, this balance was converted into equity and is therefore no longer payable. The Company also held investments with a carrying value of £10,850,222 at 31 December 2024. Subsequent to the year end, the Company entered into a formal shareholder loan agreement with Soleite Limited and PMC Ventures India Ltd, under which a loan facility of up to £35 million has been made available to the Company. The facility is available for a period of ten years from the date of the agreement and may be drawn down in multiple tranches to fund investment capital commitments, further investment opportunities and general corporate expenditure. The availability of funding under the facility is formalised in loan agreements and, on that basis, the Directors are satisfied that sufficient funding will be available to enable the Company to meet its obligations as they fall due for the foreseeable future, being a period of at least 12 months from the date of approval of these financial statements. The Directors recognise, however, that the ability to provide funding under the facility ultimately depends upon the continued financial support of Soleite Limited and PMC Ventures India Ltd, which is in turn supported by loan agreements between those entities and the ultimate beneficial owners and controlling parties of the group, who are private individuals. Whilst the Directors have considered the financial resources available to those parties and have no reason to believe that funding will not be forthcoming, the ultimate reliance on the personal financial position of individuals, which cannot be verified with complete certainty, gives rise to an inherent degree of uncertainty that is outside the direct control of the Company. The Directors have concluded that these circumstances represent a material uncertainty that may cast significant doubt on the Company's ability to continue as a going concern. Notwithstanding this uncertainty, having considered the formal funding arrangements currently in place, the financial resources available to the ultimate beneficial owners and the wider group, and the forecast cash requirements of the Company, the Directors have a reasonable expectation that the Company will continue in operational existence for the foreseeable future. Accordingly, they consider it appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would be required if the Company were unable to continue as a going concern. Page 12
SIGMA INDIA INVESTMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.4 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is British Pound Sterling (£). Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in Profit and Loss Account except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in Profit and Loss account within 'other operating income'.
| 2.5 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. As an exception to the requirements, an entity shall not take into account the effects of Pillar Two legislation when measuring deferred tax assets and deferred tax liabilities. Page 13
SIGMA INDIA INVESTMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.6 | Unlisted Investments
Investments in unlisted investment funds, whose fair value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Profit and Loss Account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
| 2.7 | Investments in Joint Ventures
Investments in joint ventures are recognised initially at cost, including directly attributable transaction costs. Following initial recognition, investments in joint ventures are carried at cost less any accumulated impairment losses. The carrying value of the investment is reviewed for impairment where events or changes in circumstances indicate that its carrying amount may not be recoverable. Any impairment loss is recognised immediately in profit or loss. Dividend income from joint ventures is recognised in the Profit and Loss Account when the Company's right to receive payment is established.
| 2.8 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at transaction price, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.9 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.10 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at transaction price, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.11 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss. Page 14
SIGMA INDIA INVESTMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.12 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Other financial assets Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment. Impairment of financial assets 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 the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Basic financial liabilities Page 15
SIGMA INDIA INVESTMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.12 | Financial instruments (continued)
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Other financial instruments Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss. Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy. Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled. Page 16
SIGMA INDIA INVESTMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates) have had the most significant effect in the financial statements. Valuation of unlisted investments The valuation of the Company's unlisted investment requires the Directors to exercise judgement in determining the appropriate basis for measuring fair value. The valuation is based on information provided by the fund manager and therefore reflects estimates of the underlying value of the fund's investments at the reporting date. Changes in these estimates could result in a material change to the carrying value of the investment.
4. | Operating profit/(loss)
| The operating profit/(loss) is stated after charging:
|  |  |  |  |  | As restated
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Exchange differences | (20,028) | 581,442
5. | Auditor's remuneration
| During the year, the Company obtained the following services from the Company's auditor:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Fees payable to the Company's auditor for the audit of the Company's financial statements | 25,000 | -
| The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the Parent Company.
6. | Employees
| No director received any remuneration during the current or prior year for services to the Company.
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2024 | 2023
|  |  | No. | No.
|  | Directors | 3 | 3
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SIGMA INDIA INVESTMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
7. | Taxation
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Total current tax | - | -
| Deferred tax |  |
| Origination and reversal of timing differences | 510,717 | 69,056
| Total deferred tax | 510,717 | 69,056
| Tax on profit/(loss) | 510,717 | 69,056
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 25%). The differences are explained below:
|  |  |  |  |  | As restated
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Profit/(loss) on ordinary activities before tax | 2,035,514 | (318,401)
| Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%) | 508,879 | (79,600)
| Effects of: |  |
| Other differences leading to an increase (decrease) in the tax charge | 1,838 | 148,656
| Total tax charge for the year | 510,717 | 69,056
| Factors that may affect future tax charges
BEPS 2.0 Pillar Two Legislation The Company was a member of a Group that is within the scope of the OECD Pillar Two model rules. The legislation is effective for the Group from 1 January 2024. In accordance with the amendments to FRS 102, the Company has applied the exception from recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes. The Directors do not expect any material taxes to result from the implementation of the Pillar Two rules. The company left the group in 2025 and will no longer be in scope of the OECD Pillar Two model rules. Page 18
SIGMA INDIA INVESTMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
8. | Fixed asset investments
|  | Unlisted investments (As restated) | Investment in joint ventures (As restated) | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 January 2024 (as previously stated) | - | 14,099,029 | 14,099,029
| Prior Year Adjustment | 8,213,567 | (14,099,028) | (5,885,461)
| At 1 January 2024 (as restated) | 8,213,567 | 1 | 8,213,568
| Additions | 533,028 | - | 533,028
| Foreign exchange movement | 20,036 | - | 20,036
| Unrealised gain on investments | 2,172,192 | - | 2,172,192
| Management fees | (88,602) | - | (88,602)
| At 31 December 2024 | 10,850,221 | 1 | 10,850,222
| Impairment |  |  |
| At 1 January 2024 (as previously stated) | - | 3,399,617 | 3,399,617
| Prior Year Adjustment | - | (3,399,617) | (3,399,617)
| At 1 January 2024 (as restated) | - | - | -
| Net book value |  |  |
| At 31 December 2024 | 10,850,221 | 1 | 10,850,222
| At 31 December 2023 (as restated) | 8,213,567 | 1 | 8,213,568
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SIGMA INDIA INVESTMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
| Joint venture The Company owns 50% of the ordinary share capital of Green Growth Feeder Fund Pte Ltd, a company registered in Singapore, with its registered address at Winsland House II, 163 Penang Road, #08-01, Singapore 238463. Green Growth Feeder Fund Pte Ltd is an investment company, focused on investing in green infrastructure across locations in India. Unlisted investment The unlisted investment represents the Company's unit holdings in the Green Growth Equity Fund, a regulated investment fund, registered in India. The investment is measured at fair value at each reporting date, with changes in fair value recognised in profit or loss. Fair value is determined by reference to the Company's proportionate interest in the underlying net assets of the fund, taking into account the latest available information provided by the fund manager. The Directors consider this approach to provide the most reliable estimate of fair value at the reporting date. The investment is valued under level 3 of the fair value heirarchy by the fund manager. The underlying investments of the fund represent investments in privately owned green energy companies, primarily located in India. The fund is regulated by the Securities and Exchange Board of India ("SEBI") and engages independent valuation specialists to perform periodic valuations of the underlying investments. The Directors do not have access to the data and methodologies used to value the underlying investments of the fund, however, given the high degree of regulatory oversight, the Directors consider that the fund manager is able to provide an accurate valuation of the units held in the fund and the financial statements reflect the fund manager's valuation at both 31 December 2024 and 31 December 2023.
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SIGMA INDIA INVESTMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
9. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Other debtors | 23,970 | 23,565
|  | 23,970 | 23,565
10. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Amounts owed to group undertakings | 8,637,449 | 8,105,035
| Accruals and deferred income | 62,140 | -
|  | 8,699,589 | 8,105,035
| Amounts owed to group undertakings are unsecured, interest free and repayable on demand.
11. | Deferred taxation
|  | 2024
|  | £
| At beginning of year (As restated) | (367,296)
| Charged to profit or loss | (510,717)
| At end of year | (878,013)
| The provision for deferred taxation is made up as follows:
|  |  |  |  |  | As restated
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Tax losses carried forward | 34,170 | -
| Unrealised gains | (912,183) | (367,296)
|  | (878,013) | (367,296)
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SIGMA INDIA INVESTMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
12. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 1,000 (2023: 1 ) Ordinary shares of £0.10 each | 100 | -
On 14 August 2024, 999 shares with a nominal value of £0.10 each were issued as fully paid bonus shares. The shares have attached to them full voting, dividend and capital distribution (including on wind up) rights; they do not confer any rights of redemption.
13. | Prior year adjustment
During the year, the Directors identified that the Company's joint venture investment in Green Growth Feeder Fund Pte Ltd had been incorrectly accounted for using the equity method in prior periods. In accordance with FRS 102, the Company's interest in the joint venture should have been accounted for at cost less impairment in the Company's individual financial statements, while its investment in unit holdings in the Green Growth Equity Fund should have been recognised separately and measured at fair value through profit or loss (FVTPL). Accordingly, the comparative figures have been restated to remove cumulative shares of profit previously recognised under the equity method in respect of the joint venture, to recognise the joint venture at cost and to separately recognise the investment in the equity fund at fair value. The restatement also resulted in the reversal of a previously recognised impairment provision, recognition of investment management expenses and foreign exchange losses, and the recognition of a deferred tax liability. As a result, the following adjustments to financial statement line items were made for the year ended 31 December 2023: Administrative expenses increased from £563 to £678,843. Unrealised gain on remeasurement of investments at fair value increased from £nil to £360,442. Share of results of joint ventures decreased from £5,043,792 to £nil. Interest payable and similar expenses decreased from £83 to £nil. Impairment of investments decreased from £3,399,617 to £nil. Tax on loss increased from £nil to £69,056. Fixed asset investments decreased from £10,699,412 to £8,213,568. Deferred tax increased from £nil to £367,296. Profit and loss account reserves decreased from £2,694,109 to a deficit of £159,031. Additionally, opening profit and loss account reserves at 1 January 2023 were reduced from £1,050,580 to £228,426. The adjustment had no impact on the Company's cash flows. 14.Other financial commitments At 31 December 2024, the Company had capital commitments of £256,288 (2023: £764,409) in respect of its investment in the Green Growth Equity Fund. These commitments may be requested by the fund to finance future investments. Page 22
SIGMA INDIA INVESTMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
15. | Related party transactions
| The Company has taken advantage of the exemption available under FRS 102 Section 33 from disclosing transactions entered into with wholly owned members of the Group. Included within debtors is an amount of £23,565 (2023: £23,565) due from Green Growth Feeder Fund Pte Ltd, a related party of the Company. No transactions occurred during the year in respect of this balance. No other related party transactions requiring disclosure under FRS 102 occurred during the current or prior year.
16. | Post balance sheet events
On 12 March 2025, the company issued 1,000 ordinary shares with a nominal value of £0.10 each for a total consideration of £8,636,944. On 5 September 2025, the ultimate and immediate parent undertaking changed from Lightsource bp Renewable Energy Investments Holdings Limited to Soleite Limited. On 23 September 2025, the company changed its name from Lightsource India Investments (UK) Limited to Sigma India Investments Limited. In November 2025, the company disinvested 851,180.35 units in the Green Growth Equity Fund which resulted in net cash inflows to the company of £1,157,598. The remaining units still held in the fund have declined in fair value since the year end. The fair value of investments in the Green Growth Equity Fund at 31 March 2026, as determined by the fund manager and the latest information available at approval of the financial statements, was £7,029,747. There have been no other significant events affecting the Company since the year end.
17. | Controlling party
At 31 December 2024, the Company's immediate parent undertaking was Lightsource Holdings 1 Limited, incorporated in England and Wales. The Company's ultimate parent undertaking and controlling party was Lightsource bp Renewable Energy Investments Holdings Limited, incorporated in England and Wales. Copies of the consolidated financial statements of the group headed by Lightsource bp Renewable Energy Investments Holdings Limited may be obtained from 7th Floor, 33 Holborn, London, England, EC1N 2HU. Subsequent to the year end, on 5 September 2025, the Company's immediate and ultimate parent undertaking changed to Soleite Limited, a company incorporated in England and Wales. The ultimate controlling party is Nicholas Boyle by virtue of his shareholding in Soleite Limited.
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