Pathfinder Clean Energy (PACE) Limited Accounts






Pathfinder Clean Energy (PACE) Limited

	Company No. 10550249
		Information for Filing with The Registrar
		31 January 2026

at	31 January 2026
Company No.		10550249	Notes	2026	2025
				£	£
Fixed assets

	Tangible assets		4	-	-

	Investments		5	2,513,083	2,193
				2,513,083	2,193
Current assets

	Debtors		6	38,659,146	11,208,429

	Cash at bank and in hand			3,169,915	194,073
				41,829,061	11,402,502
Creditors: Amount falling due within one year			7	(40,343,073)	(11,712,535)
Net current assets/(liabilities)				1,485,988	(310,033)
Total assets less current liabilities				3,999,071	(307,840)




Net assets/(liabilities)				3,999,071	(307,840)

Capital and reserves
	Called up share capital			1,816	1,816
	Share premium account		9	1,914	1,914


	Profit and loss account		9	3,995,341	(311,570)

Total equity				3,999,071	(307,840)



These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.

For the year ended 31 January 2026 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.



As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.

Approved by the board on 21 October 2026 and signed on its behalf by:
R.C. Denman
Director
21 October 2026

for the year ended 31 January 2026

General information

Pathfinder Clean Energy (PACE) Limited is a private company limited by shares and incorporated in England and Wales.

Its registered number is: 10550249

Its registered office is:

122 Caraway

2 Cayenne Court

London

England

SE1 2PP

The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

Accounting policies

Turnover

Turnover represents the proceeds on the sale of projects under development and is recognised on completion.

Tangible fixed assets and depreciation

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.

Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:

Furniture, fittings and equipment

33% Straight line

Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

Investments

Unlisted investments (except those held as subsidiaries, associates or joint ventures) are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, any changes in fair value are recognised in profit and loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.

Trade and other creditors

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.

3	Employees
			2026	2025
			Number	Number
		The average monthly number of employees (including directors) during the year was:	3	3

4	Tangible fixed assets
			Fixtures, fittings and equipment	Total
			£	£
		Cost or revaluation
		At 1 February 2025	2,751	2,751




		At 31 January 2026	2,751	2,751
		Depreciation
		At 1 February 2025	2,751	2,751




		At 31 January 2026	2,751	2,751
		Net book values
		At 31 January 2026	-	-
		At 31 January 2025	-	-

5	Investments
			Other investments	Total
			£	£
		Cost or valuation
		At 1 February 2025	2,193	2,193
		Additions	2,512,505	2,512,505

		Disposals	(1,615)	(1,615)
		At 31 January 2026	2,513,083	2,513,083
		Provisions/Impairment





		Net book values
		At 31 January 2026	2,513,083	2,513,083
		At 31 January 2025	2,193	2,193

		During the year, the company acquired 50% of the share capital of PACE PSR Renewable Energy Hold Co Limited for £2,512,505. Following the acquisition the company became a wholly owned subsidiary undertaking of the company.

6	Debtors
			2026	2025
			£	£

		Amounts owed by group undertakings	38,397,614	11,078,243


		VAT recoverable	99,656	14,593

		Other debtors	61,748	11,375
		Prepayments and accrued income	100,128	104,218
			38,659,146	11,208,429

7	Creditors:
		amounts falling due within one year
			2026	2025
			£	£


		Other loans	37,562,910	11,074,593

		Trade creditors	267,794	599,975



		Other creditors	2,510,270	1,917
		Accruals and deferred income	2,099	36,050
			40,343,073	11,712,535


		Included within other loans is €41.2m of convertible bonds at a coupon rate of 12.0%.
		Included within other creditors is deferred consideration totalling £2.5m due on the investment included within note 5 above.

Share Capital

The company has 1,816 £1.00 Ordinary shares in issue, all of which are fully paid.

Reserves

Share premium account - includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.

Profit and loss account - includes all current and prior period retained profits and losses.

Contingent Assets/Liabilities

A charge was registered over the assets of the group as of 20 October 2023 by Padero Solaer Ltd in respect of the 50% shareholding in PACE PSR Renewable Energy Hold Co Limited, at the balance sheet date no funds were drawn down under the facility agreement.

On 24 June 2025 a charge with Mitsubishi HC Capital UK PLC t/as Novuna was satisfied in full upon repayment of the loan in issue.

Post balance sheet events

On 19 May 2026 the charge with Padero Solaer Ltd, referenced in note 10 above, was satisfied in full.

On 12 June 2026 the deferred consideration included within note 7 above, was repaid in full.

In July 2026 the bonds included within note 7 were novated to Pathfinder Clean Energy (PACE) Midco Limited, and 26 subsidiaries were transferred in exchange.

Related party disclosures

Transactions with related parties

Transactions with group companies are not disclosed on the grounds the subsidiaries are 100% owned.