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Report of the Directors and |
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Unaudited Financial Statements for the Year Ended 31 March 2017 |
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Solartech Energy Solutions 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 March 2017 |
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for |
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Solartech Energy Solutions Limited |
Solartech Energy Solutions Limited (Registered number: 08334775) |
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Contents of the Financial Statements |
for the Year Ended 31 March 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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Statement of Directors' Responsibilities | 3 |
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Income Statement | 4 |
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Balance Sheet | 5 |
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Notes to the Financial Statements | 7 |
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Solartech Energy Solutions Limited |
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Company Information |
for the Year Ended 31 March 2017 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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Solartech Energy Solutions Limited (Registered number: 08334775) |
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Report of the Directors |
for the Year Ended 31 March 2017 |
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The directors present their report with the financial statements of the company for the year ended 31 March 2017. |
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PRINCIPAL ACTIVITY |
The Company owns and provides asset management services to Bulls Head Solar Limited, which |
is a company that operates a solar power generating plant. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2016 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 that 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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Solartech Energy Solutions Limited (Registered number: 08334775) |
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Statement of Directors' Responsibilities |
for the Year Ended 31 March 2017 |
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The directors are responsible for preparing the Report of the Directors and the financial |
statements in accordance with applicable law and regulations. |
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Company law requires the directors to prepare financial statements for each financial year. Under |
that law the directors have elected to prepare the financial statements in accordance with United |
Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and |
applicable law). Under company law the directors must not approve the financial statements |
unless they are satisfied that they give a true and fair view of the state of affairs of the company |
and of the profit or loss of the company for that period. In preparing these financial statements, |
the directors are required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
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The directors are responsible for keeping adequate accounting records that are sufficient to show |
and explain the company's transactions and disclose with reasonable accuracy at any time the |
financial position of the company and enable them to ensure that the financial statements comply |
with the Companies Act 2006. They are also responsible for safeguarding the assets of the |
company and hence for taking reasonable steps for the prevention and detection of fraud and |
other irregularities. |
Solartech Energy Solutions Limited (Registered number: 08334775) |
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Income Statement |
for the Year Ended 31 March 2017 |
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31.3.17 | 31.3.16 |
Notes | £ | £ | £ | £ |
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TURNOVER |
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Administrative expenses |
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OPERATING PROFIT/(LOSS) | 4 |
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( |
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Income from shares in group
undertakings |
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Interest receivable and similar
income |
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387,197 | 57,553 |
PROFIT/(LOSS) BEFORE TAXATION |
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Tax on profit/(loss) | ( |
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PROFIT/(LOSS) FOR THE
FINANCIAL YEAR |
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( |
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Solartech Energy Solutions Limited (Registered number: 08334775) |
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Balance Sheet |
31 March 2017 |
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31.3.17 | 31.3.16 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 6 |
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CURRENT ASSETS |
Debtors | 7 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 8 |
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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 Canc. Reserve |
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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 |
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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. |
Solartech Energy Solutions Limited (Registered number: 08334775) |
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Balance Sheet - continued |
31 March 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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Solartech Energy Solutions Limited (Registered number: 08334775) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2017 |
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1. | STATUTORY INFORMATION |
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Solartech Energy Solutions Limited is a
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England and 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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Going concern |
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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 that the |
company is able to meet its liabilities as they fall due. |
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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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4% straight-line |
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Investments in subsidiaries |
Shares in the subsidiary are periodically revalued to reflect the fair value of the underlying |
asset. Any unrealised gains are put through the revaluation reserve. Any unrealised losses |
that can be offset against previous unrealised gains are put through the revaluation reserve. |
Otherwise the unrealised losses are expensed in the period 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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Solartech Energy Solutions Limited (Registered number: 08334775) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2017 |
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2. | ACCOUNTING POLICIES - continued |
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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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. The loss for |
Bulls Head Solar Limited for the year ended 31 March 2017 was £436,703. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | OPERATING PROFIT/(LOSS) |
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The operating profit (2016 - operating loss) is stated after charging: |
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31.3.17 | 31.3.16 |
£ | £ |
Depreciation - owned assets |
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5. | EXCEPTIONAL ITEMS |
31.3.17 | 31.3.16 |
£ | £ |
Exceptional items | - | (16,813 | ) |
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6. | FIXED ASSET INVESTMENTS |
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31.3.17 | 31.3.16 |
£ | £ |
Shares in group undertakings |
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Loans to group undertakings |
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Solartech Energy Solutions Limited (Registered number: 08334775) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2017 |
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6. | FIXED ASSET INVESTMENTS - continued |
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Additional information is as follows: |
Investment |
in group |
undertakin |
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£ |
COST |
At 1 April 2016 |
and 31 March 2017 |
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PROVISIONS |
At 1 April 2016 | 263,116 |
Provision for year | (63,162 | ) |
At 31 March 2017 | 199,954 |
NET BOOK VALUE |
At 31 March 2017 |
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At 31 March 2016 |
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Loans to |
group |
undertakings |
£ |
At 1 April 2016 |
and 31 March 2017 |
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7. | DEBTORS |
31.3.17 | 31.3.16 |
£ | £ |
Amounts falling due within one year: |
VAT | (2,611 | ) | 2,537 |
Amounts recoverable on contract |
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Other debtors |
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Accrued income | 276 | 90 |
Sh/holder loan int receivable | 529,833 | 273,876 |
Prepayments |
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Amounts falling due after more than one year: |
Amounts owed by participating interests | 148,110 | 148,110 |
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Aggregate amounts |
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Solartech Energy Solutions Limited (Registered number: 08334775) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2017 |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.17 | 31.3.16 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Tax |
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Social security and other taxes |
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Other creditors |
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Accrued expenses |
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9. | RELATED PARTY DISCLOSURES |
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Bulls Head Solar Limited is a wholly owned subsidiary of Solartech Energy Solutions |
Limited. During the year, Solartech Energy Solutions Limited invoiced Bulls Head Solar |
Limited £239,672.13 for asset management services, of which £60,000 was outstanding |
excluding VAT at the 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 Solartech Energy Solutions Limited |
and Blackmead Infrastructure Limited, and the director of Blackmead Infrastructure |
Limited, Gary Fraser, is also a director of Pinecroft Corporate Services Limited, which is in |
turn a corporate director of the Company. Solartech Energy Solutions Limited loaned |
£148,110 to Blackmead Infrastructure Limited during the course of the year, all of which |
was outstanding at the year end. |
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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, David Hughes, and Jamie Richards, are |
also directors of Pinecroft Corporate Services Limited, which is in turn a corporate director |
of the Company. Foresight Group invoiced the Company £189,556.63 excluding VAT |
during the course of the year, of which nothing was outstanding at the end of the year. |
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10. | ULTIMATE CONTROLLING PARTY |
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In the opinion of the directors, there is no ultimate controlling party. |