LIGHTSOURCE HOLDINGS 2 LIMITED
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Cash
£610k
-99% lowest in 3 filed years
Net assets
£114m
+21.4% highest in 3 filed years
Employees
—
Average over period
Profit before tax
-£193m
-45.1% lowest in 3 filed years
Watchouts
Facts from the Companies House register and the latest accounts — not a rating
-
Material uncertainty over going concern
In February 2025, the bp group publicly announced its intention to bring a partner into Lightsource bp, potentially altering the ownership structure of the Lightsource bp group and Company during the going concern assessment period. Whilst the Directors expect any incoming partner to continue to operate the company as a going concern, it is not possible for the Directors to confirm the intentions, plans or funding arrangements of any incoming partner should any such transaction complete. These conditions, along with the other matters explained in note 3.3 to the financial statements, indicate the existence of a material uncertainty which may cast significant doubt about the company's ability to continue as a going concern.
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Going-concern uncertainty disclosed
Net assets
3-year trend · vs Utilities median
Accounts
3-year trend · Δ = latest vs prior filed period · latest reflected 2025-12-31
| Metric | Trend | 2023-12-31 | 2024-12-31 | 2025-12-31 | Δ vs prior |
|---|---|---|---|---|---|
| Turnover | £54,599,000 | £112,752,000 | £98,847,000 | -12.3% | |
| Operating profit | -£186,706,000 | -£169,279,000 | -£141,936,000 | +16.2% | |
| Profit before tax | -£103,040,000 | -£133,252,000 | -£193,358,000 | -45.1% | |
| Net profit | -£103,040,000 | -£133,252,000 | -£193,497,000 | -45.2% | |
| Cash | £43,631,000 | £58,107,000 | £610,000 | -99% | |
| Total assets less current liabilities | -£154,888,000 | £94,000,000 | £114,084,000 | +21.4% | |
| Net assets | -£154,888,000 | £94,000,000 | £114,084,000 | +21.4% | |
| Equity | -£154,888,000 | £94,000,000 | £114,084,000 | +21.4% | |
| Average employees | 0 | 0 | — | — | |
| Wages | — | — | — | — | |
| Directors' remuneration | — | — | — | — |
Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. The Δ column is the change from the prior filed period as a percentage of |prior|; lines a company doesn't report show —. About these numbers
Ratios
Computed from the line items above — sparklines read oldest → newest
| Ratio | Trend | 2023-12-31 | 2024-12-31 | 2025-12-31 |
|---|---|---|---|---|
| Operating margin | — | -150.1% | -143.6% | |
| Net margin | -188.7% | -118.2% | -195.8% | |
| Return on capital employed | — | -180.1% | -124.4% | |
| Gearing (liabilities / total assets) | 127.0% | 96.7% | 96.2% | |
| Current ratio | 0.77x | — | — | |
| Interest cover | — | -3.93x | -2.09x |
Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Margin ratios are hidden where reported turnover is too small relative to profit to yield a meaningful figure — typical of holding companies whose income is mostly subsidiary dividends rather than trading revenue. Sector-distribution context coming next.
Name history
Renamed 1 time since incorporation
- LIGHTSOURCE HOLDINGS 2 LIMITED 2017-10-19 → present
- LIGHTSOURCE RENEWABLE ENERGY INVESTMENTS 3 LIMITED 2017-07-04 → 2017-10-19
Audit & accounting basis
- Accounting basis
- FRS 102
- Reporting scope
- Standalone (parent only)
- Auditor
- PricewaterhouseCoopers LLP
- Audit opinion
- Unqualified (clean)
- Going concern
- Material uncertainty disclosed
“In February 2025, the bp group publicly announced its intention to bring a partner into Lightsource bp, potentially altering the ownership structure of the Lightsource bp group and Company during the going concern assessment period. Whilst the Directors expect any incoming partner to continue to operate the company as a going concern, it is not possible for the Directors to confirm the intentions, plans or funding arrangements of any incoming partner should any such transaction complete. These conditions, along with the other matters explained in note 3.3 to the financial statements, indicate the existence of a material uncertainty which may cast significant doubt about the company's ability to continue as a going concern.”
Group structure
- LIGHTSOURCE HOLDINGS 2 LIMITED · parent
- 3725 Sharp Development Pty Ltd 100%
- Lightsource Milagres Holding 1 S.A. 100%
- Lightsource France Development SAS 100%
- Lightsource Development Deutschland GmbH 100%
- AI ENERGY SINGLE MEMBER P.C. 100%
- Lightsource Ireland Development Holdings Limited 100%
- Lightsource Renewable Energy Italy Development, S.r.l. 100%
- GK Flor De Loto56 100%
- SK Devco Solar Power Plant Co., Ltd. 100%
- Lightsource Renewable Energy Netherlands Development B.V. 100%
- Lightsource Development Services New Zealand Limited 100%
- Lightsource Development Polska sp. z o.o. 100%
- Coherent Modernity Lda 100%
- Lightsource Singapore Renewables Holdings Private Limited 100%
- ISC Greenfield 12, S.L. 100%
- Hui-Meng Energy Co., Ltd. 100%
- Goulburn River HoldCo 1 Limited 100%
- Andromedae Energy Project, LLC 100%
Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers
People
2 active · 7 resigned
| Name | Role | Appointed | Born | Nationality |
|---|---|---|---|---|
| ARA, Adele | Director | 2023-06-29 | Oct 1981 | Italian |
| GOARMON, Bernardo | Director | 2022-07-06 | May 1975 | Portuguese |
Show 7 resigned officers
| Name | Role | Appointed | Resigned |
|---|---|---|---|
| BARKER, Randal John Clifton | Director | 2018-10-05 | 2021-09-30 |
| BORG, Caroline | Director | 2018-10-05 | 2021-09-30 |
| BOUTONNAT, Kareen Alexandra Patricia | Director | 2017-12-13 | 2024-10-24 |
| BOYLE, Nicholas Thomson | Director | 2017-07-04 | 2024-10-24 |
| BROOKS, James William | Director | 2018-10-05 | 2019-11-11 |
| MCCARTIE, Paul | Director | 2017-12-13 | 2024-10-24 |
| YOUNG, Lee Ian | Director | 2022-02-11 | 2025-06-03 |
Ownership
Persons with significant control
| Name | Kind | Nature of control | Notified | Status |
|---|---|---|---|---|
| Lightsource Holdings 1 Limited | Corporate entity | Shares 75–100%, Voting 75–100% (as firm), Appoints directors | 2017-07-04 | Active |
Filing timeline
Last 20 of 60 total filings
| Date | Type | Category | Description | |
|---|---|---|---|---|
| 2026-08-21 | AA | accounts | Accounts with accounts type full | |
| 2026-07-17 | AP01 | officers | Appoint person director company with name date | |
| 2026-07-16 | TM01 | officers | Termination director company with name termination date | |
| 2026-07-08 | CS01 | confirmation-statement | Confirmation statement with updates | |
| 2025-07-28 | SH01 | capital | Capital allotment shares | |
| 2025-07-21 | AA | accounts | Accounts with accounts type full | |
| 2025-07-11 | CS01 | confirmation-statement | Confirmation statement with updates | |
| 2025-06-06 | TM01 | officers | Termination director company with name termination date | |
| 2024-11-11 | SH01 | capital | Capital allotment shares | |
| 2024-10-31 | AA | accounts | Accounts with accounts type full | |
| 2024-10-25 | TM01 | officers | Termination director company with name termination date | |
| 2024-10-25 | TM01 | officers | Termination director company with name termination date | |
| 2024-10-25 | TM01 | officers | Termination director company with name termination date | |
| 2024-10-08 | SH01 | capital | Capital allotment shares | |
| 2024-10-07 | MR01 | mortgage | Mortgage create with deed with charge number charge creation date | |
| 2024-07-11 | CS01 | confirmation-statement | Confirmation statement with updates | |
| 2024-02-07 | AA | accounts | Accounts with accounts type full | |
| 2024-01-16 | CH01 | officers | Change person director company with change date | |
| 2023-09-07 | MR04 | mortgage | Mortgage satisfy charge full | |
| 2023-09-07 | MR04 | mortgage | Mortgage satisfy charge full |
Public-record activity
Raw counts from Companies House — last 12–24 months
- Filings
- 4
- Capital events
- 3
- Officers appointed
- 0
- Officers resigned
- 0
last 12 months
last 24 months
last 12 months
last 12 months
Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.