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Registered number: 12368130
PERRINPIT ROAD SOLAR LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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PERRINPIT ROAD SOLAR LIMITED
COMPANY INFORMATION
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Chartered Accountants and Statutory Auditors
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1st Floor Sackville House
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PERRINPIT ROAD SOLAR LIMITED
CONTENTS
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Statement of Changes in Equity
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Notes to the Financial Statements
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PERRINPIT ROAD SOLAR LIMITED
REGISTERED NUMBER: 12368130
BALANCE SHEET
AS AT 31 DECEMBER 2025
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Creditors: amounts falling due within one year
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Net current assets/(liabilities)
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Creditors: amounts falling due after more than one year
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Allotted and called up share capital
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Equity shareholder's deficit
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The financial statements have been prepared in accordance with provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the Directors' Report and the Statement of Comprehensive Income in accordance with provisions applicable to companies subject to the small companies' regime, under section 444 of the Companies Act 2006.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 September 2026.
The notes on pages 3 to 9 form part of these financial statements.
Page 1
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PERRINPIT ROAD SOLAR LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
At 31 December 2024 and 1 January 2025
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The notes on pages 3 to 9 form part of these financial statements.
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Page 2
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PERRINPIT ROAD SOLAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Perrinpit Road Solar Limited (Company number:12368130) is a private company, limited by shares, incorporated and domiciled in England and Wales. The registered office and principal place of business is UK House, 5th Floor, 164-182 Oxford Street, London, England, W1D 1NN.
2.Accounting policies
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Basis of preparation of financial statements
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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 disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The following principal accounting policies have been applied:
The Company has taken advantage of the exemption in Financial Reporting Standard 102, Section 1A.7 from the requirement to produce a Statement of Cash Flows on the grounds that it is a small company.
As at 31 December 2025, the Company had net liabilities of £1,186,272 (2024: £137,663). The company has reported a loss for the year of £1,048,609 (2024: £102,613). Notwithstanding the above, the directors have prepared the accounts on a going concern basis which they consider to be appropriate for the following reason.
The directors have assessed the Company on the basis that the Company's immediate parent, OEDP UK Holdco Limited, has committed the remaining capital to be injected to Perrinpit Road Solar to complete the construction of the asset under construction. The asset is expected to be operational by August 2026 and begin generating revenue by the fourth quarter of 2026 enabling it to manage working capital and provide distributions to its parent.
Page 3
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PERRINPIT ROAD SOLAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
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 the Statement of Comprehensive Income 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 Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of Comprehensive Income within 'other operating income'.
Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.
Tax is recognised in the Statement of Comprehensive Income 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 corporation 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.
Page 4
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PERRINPIT ROAD SOLAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Assets under construction relates to costs which are directly attributable to the development of the solar farm sites, to the extent that those costs do not exceed the recoverable amounts, are treated as work in progress and are not expensed. The main aspects to address during initial development stage of a solar farm are environmental impact assessments, planning consent, and early grid connection analyses (including feasibility and applications). Once the site has achieved planning consent, the preconstruction stage begins and consists of selection of appropriate PV panels, the completion of designs for the layout of the site, (both civil and electrical), and the grid connection.
Financing costs which are directly attributable to the construction of the solar farms are capitalised as part of the costs of those assets. Capitalisation ceases when the asset is fully operational.
Depreciation charged on the asset commences when the asset is ready for its intended use. The residual values, if not insignificant, and remaining useful lives are reassessed at each reporting date. When parts of an item of tangible fixed assets have different useful lives, those components are accounted for as separate items of tangible fixed assets. An asset's carrying amount is written down immediately to its recoverable amount if the asset's carrying amount is greater than its estimated recoverable amount. Gains and losses on disposals are determined by comparing the proceeds received with the carrying amount and are recognised within other income/(expenditure) in the Statement of Comprehensive Income.
Short-term debtors are measured at transaction price, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Short-term creditors are measured at the transaction price.
Page 5
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PERRINPIT ROAD SOLAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
The Company has chosen to apply Sections 11 and 12 of FRS 102 in respect of all of its financial instruments.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to related parties.
Financial assets
Basic financial assets, including trade and other receivables, 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.
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 assets’ original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the Statement of Comprehensive Income.
Financial assets are derecognised when (i) the contractual rights to the cash flows from the asset expire or are settled, or (ii) substantially all the risks and rewards of the ownership of the asset are transferred to another party, or (iii) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial liabilities
Basic financial liabilities, including trade and other payables and loans from related parties, 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. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.
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The average monthly number of employees, including directors, during the year was 3 (2024 - 3).
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Page 6
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PERRINPIT ROAD SOLAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Assets under construction
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Amounts falling due within one year
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Amounts owed by group undertakings
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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Page 7
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PERRINPIT ROAD SOLAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Creditors: Amounts falling due after more than one year
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Amounts owed to group undertakings
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At the balance sheet date, the Company had an amount owing to OEDP UK HoldCo Limited of £29,993,282 (2024: £2,783,462). The Company has been granted a loan facility by OEDP UK HoldCo Limited for the development and construction of the solar farm, on which interest is payable at 8%. The maturity date of the loan is 31 August 2028 and the loan is repayable no later than three business days after the maturity date.
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1 (2024 - 1) Ordinary share of £1.00
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Commitments under operating leases
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At 31 December 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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Related party transactions
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The Company has taken advantage of Section 33.1A of Financial Reporting Standard 102 in not disclosing transactions between wholly-owned members of a group.
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As at 31 December 2025 and at 31 December 2024 the immediate parent undertaking is OEDP UK Holdco Limited, and the ultimate parent undertaking is Octopus Energy Development Holdings Limited, with both companies being incorporated in the UK.
Page 8
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PERRINPIT ROAD SOLAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The auditors' report on the financial statements for the year ended 31 December 2025 was unqualified.
The audit report was signed on 25 September 2026 by Caryl King BSc ACA (Senior Statutory Auditor) on behalf of Wilder Coe Limited.
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