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Report of the Directors and |
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Unaudited Financial Statements for the Year Ended 31 December 2017 |
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Solar Synergy Limited |
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REGISTERED NUMBER:
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Report of the Directors and |
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Unaudited Financial Statements for the Year Ended 31 December 2017 |
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for |
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Solar Synergy Limited |
Solar Synergy Limited (Registered number: 08284621) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2017 |
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Page |
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Company Information | 1 |
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Report of the Directors | 2 |
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Income Statement | 3 |
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Balance Sheet | 4 |
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Notes to the Financial Statements | 6 |
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Solar Synergy Limited |
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Company Information |
for the Year Ended 31 December 2017 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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Solar Synergy Limited (Registered number: 08284621) |
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Report of the Directors |
for the Year Ended 31 December 2017 |
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The directors present their report with the financial statements of the company for the year ended 31 December 2017. |
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PRINCIPAL ACTIVITY |
The Company is the holding company for SV Ash Solar Limited which began operating a solar |
generating plant during the year. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2017 to |
the date of this report. |
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GOING CONCERN |
These accounts have been prepared on a going concern basis. The directors believe this basis is |
appropriate following consideration of cash flow forecasts which show the company is able to |
meet its liabilities as they fall due. |
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This report has been prepared in accordance with the provisions of Part 15 of the Companies Act |
2006 relating to small companies. |
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ON BEHALF OF THE BOARD: |
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Solar Synergy Limited (Registered number: 08284621) |
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Income Statement |
for the Year Ended 31 December 2017 |
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31.12.17 | 31.12.16 |
Notes | £ | £ | £ | £ |
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TURNOVER |
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Administrative expenses |
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OPERATING PROFIT/(LOSS) |
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( |
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gain/(loss) from shares in group
undertakings |
( |
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Interest receivable and similar
income |
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(353,728 | ) | 486,938 |
(LOSS)/PROFIT BEFORE TAXATION | ( |
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Tax on (loss)/profit |
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( |
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(LOSS)/PROFIT FOR THE
FINANCIAL YEAR |
( |
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Solar Synergy Limited (Registered number: 08284621) |
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Balance Sheet |
31 December 2017 |
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31.12.17 | 31.12.16 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Investments | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Share premium |
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Share premium cancellation |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and
387 of the Companies Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the
company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Solar Synergy Limited (Registered number: 08284621) |
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Balance Sheet - continued |
31 December 2017 |
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The financial statements were approved by the Board of Directors on
signed on its behalf by: |
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Solar Synergy Limited (Registered number: 08284621) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2017 |
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1. | STATUTORY INFORMATION |
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Solar Synergy Limited is a
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Wales. The company's registered number and registered office address can be found on |
the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding |
discounts, rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its |
estimated useful life. |
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Plant and machinery etc - 4% on cost |
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Investments in subsidiaries |
Shares in the subsidiary are periodically revalued to reflect the fair value of the underlying |
asset. Under FRS 102, any unrealised gains or losses are put through the profit and loss |
accounts in the periods in which they occur. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income |
Statement, except to the extent that it relates to items recognised in other comprehensive |
income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that |
have been enacted or substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not |
reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in |
periods different from those in which they are recognised in financial statements. Deferred |
tax is measured using tax rates and laws that have been enacted or substantively enacted |
by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it |
is probable that they will be recovered against the reversal of deferred tax liabilities or other |
future taxable profits. |
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Currently there is no deferred tax being recognised in the financial statements. |
Solar Synergy Limited (Registered number: 08284621) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
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2. | ACCOUNTING POLICIES - continued |
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Going concern |
These accounts have been prepared on a going concern basis. The directors believe this |
basis is appropriate following consideration of cash flow forecasts which show the company |
is able to meet its liabilities as they fall due. |
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Group accounts |
Group Accounts are not being prepared as the group would be small as per the Companies |
Act 2006 Section 383. As per the Companies Act 2006 Section 398, small groups are |
permitted to produce consolidated accounts but are not required to do so. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2016 - 1 ). |
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4. | FIXED ASSET INVESTMENTS |
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31.12.17 | 31.12.16 |
£ | £ |
Shares in group undertakings |
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Loans to group undertakings |
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Additional information is as follows: |
Shares in |
group |
undertakings |
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COST |
At 1 January 2017 |
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Additions |
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At 31 December 2017 |
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PROVISIONS |
At 1 January 2017 | (572,178 | ) |
Provision for year | 668,799 |
At 31 December 2017 | 96,621 |
NET BOOK VALUE |
At 31 December 2017 |
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At 31 December 2016 |
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Solar Synergy Limited (Registered number: 08284621) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
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4. | FIXED ASSET INVESTMENTS - continued |
Loans to |
group |
undertakings |
£ |
At 1 January 2017 |
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Repayment in year | ( |
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At 31 December 2017 |
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5. | DEBTORS |
31.12.17 | 31.12.16 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
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Other debtors |
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Amounts falling due after more than one year: |
Trade debtors |
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Amounts recoverable on contract |
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Aggregate amounts |
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6. | CURRENT ASSET INVESTMENTS |
31.12.17 | 31.12.16 |
£ | £ |
Loan |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.17 | 31.12.16 |
£ | £ |
Trade creditors |
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Other creditors |
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Solar Synergy Limited (Registered number: 08284621) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
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8. | RELATED PARTY DISCLOSURES |
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Foresight Group LLP is considered to be a related party by virtue of the fact that the |
directors of Foresight Group LLP, Gary Fraser and David Hughes, are also directors of |
Pinecroft Corporate Services Limited, which is in turn a corporate director of the Company. |
Foresight Group invoiced the Company £328,504 including VAT for management fees |
during the course of the year, of which £157,906 was outstanding at year end. |
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Isotraxal Limited is considered to be a related party by virtue of the fact that Foresight |
Group are the investment managers for both SolarSynergyLimited and Isotraxal Limited. |
SolarSynergyLimited loaned £3,524,000 to Isotraxal Limited during the course of the year. |
All of the loan and £90,272 of interest was outstanding at the year end. |
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SVAshSolar Park Limited is a wholly owned subsidiary of SolarSynergyLimited. During |
the year, the Company invoiced the subsidiary £384,000 including VAT of which £157,906 |
was outstanding at year end. There is an outstanding shareholder loan of £734,332 owed |
by the subsidiary with £687,520 interest recievable at year end. |
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Blackmead Infrastructure Ltd is considered to be a related party by virtue of the fact that |
Foresight Group are the investment managers for both SolarSynergyLimited and |
Blackmead Infrastructure Limited, and the director of Blackmead Infrastructure Limited is |
also a director of Pinecroft Corporate Services Limited, which is in turn a corporate director |
of the Company. SolarSynergyLimited paid dividends of £83,500 during the year for |
shares held in the Company. |
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9. | ULTIMATE CONTROLLING PARTY |
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In the opinion of the directors there is no ultimate controlling party. |