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Registered number: 13205508
LAPIN INVESTMENT LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2025
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LAPIN INVESTMENT LIMITED
REGISTERED NUMBER: 13205508
BALANCE SHEET
AS AT 31 DECEMBER 2025
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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LAPIN INVESTMENT LIMITED
REGISTERED NUMBER: 13205508
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2025
The financial statements have been prepared in accordance with the 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 statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 September 2026.
The notes on pages 3 to 10 form part of these financial statements.
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LAPIN INVESTMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Lapin Investment Limited (company number 13205508) is a private company limited by shares incorporated in the United Kingdom under the Companies Act 2006. The registered office is c/o Womble Bond Dickinson (UK) LLP, 4 More London Riverside, London, United Kingdom, SE1 2AU.
The principal activity of the Company is that of a holding company for the joint venture interest in an energy facility.
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 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).
These accounts have been prepared in accordance with FRS102 as published by the Financial Reporting Council 31 January 2022 and amendments to that standard effective for periods up to 31 December 2025. They do not (and are not required to) comply with the amendment published 27 March 2024, effective for periods commencing 1 January 2026, or the current version of FRS102 published 10 September 2024. Early adoption of those standards is permitted, but the directors have chosen not to do so and will adopt them from the effective date of 1 January 2026.
The financial statements are prepared in Sterling (£), which is the functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial year end was changed from the 31 March to 31 December in the prior period. The reporting period covers the 12 months to the 31 December 2025, therefore the comparatives are not entirely comparable.
The following principal accounting policies have been applied:
The Company has net assets of £1,720,880 (2024 - £2,779,804) inclusive of £30,281,384 (2024 - £19,671,066) of loan notes and interest due to the Company, and £76,990,891 (2024 - £48,634,758) of loan notes, interest and other non-interest bearing loans owed by the Company at the reporting date.
In assessing the going concern assumptions, the Directors have reviewed the Company’s funding plans and reviewed its business plan together with sensitivities. Following this assessment and after making enquiries, the Directors are satisfied that, with continuing support from the parent company Gren Energy Limited, the Company can continue to meet its obligations as they fall due for a period of at least twelve months from the date of signing the financial statements. Therefore, the Directors consider it appropriate to continue to prepare the financial statements as a going concern.
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LAPIN INVESTMENT 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 profit or loss 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 Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the recharge of costs to the Company's joint venture undertaking plus mark up, as set out in the management services agreement.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss 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. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
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Associates and joint ventures
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Associates and Joint Ventures are held at cost less impairment.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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LAPIN INVESTMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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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. 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.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
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.
Impairment of financial assets
Impairment losses on financial assets are recognised using the expected credit loss (ECL) model at each reporting date. Expected credit losses represent a probability-weighted estimate of credit losses and incorporate historical experience, current conditions and forward-looking information, including macroeconomic factors, discounted at the asset’s original effective interest rate.
For trade debtors and contract assets, the simplified approach is applied and lifetime expected credit losses are recognised from initial recognition.
For other financial assets, a loss allowance equal to 12-month expected credit losses is recognised on initial recognition. Where credit risk has increased significantly since initial recognition, or where the asset is credit-impaired, lifetime expected credit losses are recognised.
Loss allowances are recognised in profit or loss through an allowance account and are reversed where appropriate if credit risk improves, subject to the carrying amount not exceeding the amount that would have been recognised had no impairment occurred.
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LAPIN INVESTMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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Financial instruments (continued)
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Basic financial liabilities
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.
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Judgements in applying accounting policies and key sources of estimation uncertainty
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In the application of the Company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and judgments that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the financial year are as follows:
Impairment of investments
Determining whether investments should be impaired requires an estimation of the present value of future cash flows received from investments. The present value calculation requires the entity to estimate the future cash flows expected to arise and the discount rate in order to calculate present value. Based on the forecasted cash flows there is no evidence of impairment necessary.
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LAPIN INVESTMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
3.Judgements in applying accounting policies (continued)
Estimates in recoverability of loans with joint venture undertaking
Determining whether loans with the joint venture undertaking are recoverable requires an estimation of the present value of future cash flows received as repayments from the joint venture undertaking. The present value calculation requires the entity to estimate the future cash flows expected to arise and the discount rate in order to calculate present value. Based on the forecast cash flows there is no evidence of impairment necessary.
Management believes the estimates used in preparing this financial report are reasonable. Actual results in the future may differ from those reported and it is therefore reasonably possible, on the basis of existing knowledge, that outcomes within the next financial year that are different from management’s assumptions and estimates could require an adjustment to the carrying amounts of the reported assets and liabilities in future reporting periods.
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The average monthly number of employees, including directors, during the year was 0 (2024 - 0).
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Investments in joint ventures
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LAPIN INVESTMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Due after more than one year
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Amounts owed by joint ventures
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Amounts owed by group undertakings
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Amounts owed by joint ventures
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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LAPIN INVESTMENT 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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The total amounts owed to group undertakings for interest bearing loans is £76,749,167 (2024 - £48,397,100) of which £71,288,219 (2024 - £46,364,514) is in respect of liabilities payable or repayable by instalments which fall due for payment within five years from the reporting date, due to related parties as outlined in Note 12. The Company approved the issue of an additional £25,173,705 loan notes in the year ended 31 December 2025 (2024 - £16,713,584).
Interest is charged at EURIBOR plus a margin, and the loan is repayable in May 2028, with interest on the loan notes payable half-yearly in arrears. Interest accruing on the loan amounted to £3,426,981 (2024 - £2,032,587) for the year, with £250,000 paid during the year (2024 - £NIL), bringing the total capitalised unpaid interest to £5,460,948 (2024 - £2,032,586). The loan notes are unsecured.
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In the prior year, the Company overstated VAT balances by including amounts settled by the group, in addition VAT balances were incorrectly classified between debtors due within one year and creditors falling due within one year, therefore the comparative has been adjusted. The adjustment has no impact on profit, nor on the net assets of the Company.
11.Other financial commitments
At the reporting date the Company had an undrawn equity commitment of £26,563,992 (2024 - £12,306,834) to the joint venture undertaking, having been increased by additional commitments during the year.
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LAPIN INVESTMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Related party transactions
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The Company received income from management services recharges which represent amounts owed by the Company's joint venture undertaking, which have been concluded under normal market conditions. The amount due from the joint venture undertaking at the reporting date was £NIL (2024 - £160,002).
Included under debtors due after more than one year are amounts owed by the joint venture undertaking which represent amounts owed to the Company under formal loan agreements. The loans have a maturity date of 20 years and interest is charged under normal market conditions at a prescribed base rate of 10%. At the reporting date the balance on these loans was £30,281,384 (2024 - £19,671,066), including unpaid interest which is capitalised under the terms of the loan agreements.
Also included under debtors are amounts owed by the Company's immediate parent company as a non-interest bearing loan which is repayable on demand. At the reporting date the balance on this loan was £6,603 (2024 - £40,189).
Included under creditors are amounts owed to group undertakings which represent amounts owed to the Company's immediate parent company under formal loan agreements. The loans are repayable from 2028 and interest is charged under normal market conditions at EURIBOR plus a margin rate. At the reporting date the balance on these loans was £76,749,167 (2024 - £48,397,100), including unpaid interest which is capitalised under the terms of the loan agreements.
Also included under creditors are amounts owed to the Company's immediate parent company as a non-interest bearing loan which is repayable on demand. At the reporting date the balance on this loan was £241,724 (2024 - £237,658).
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The Company’s immediate parent undertaking is Gren Energy Limited, a company incorporated and registered in England and Wales.
The smallest member of the group preparing consolidated financial statements is Gren Holding 1 Sarl, the registered office of this company is 35D Avenue John F. Kennedy, L-1855 Luxembourg.
In the opinion of the directors the ultimate parent company and ultimate controlling party is Partners Group Holding AG. The group financial statements can be obtained from Zugerstrasse 57, 6341 Baar-Zug, Switzerland.
The auditors' report on the financial statements for the year ended 31 December 2025 was unqualified.
The audit report was signed on 30 September 2026 by Jon Routledge (Senior Statutory Auditor) on behalf of Ryecroft Glenton.
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