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Report of the Directors and |
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Unaudited Financial Statements for the Year Ended 30 September 2019 |
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Resilient Solar 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 30 September 2019 |
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for |
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Resilient Solar Limited |
Resilient Solar Limited (Registered number: 08369126) |
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Contents of the Financial Statements |
for the Year Ended 30 September 2019 |
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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 | 4 |
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Balance Sheet | 5 |
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Notes to the Financial Statements | 7 |
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Resilient Solar Limited |
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Company Information |
for the Year Ended 30 September 2019 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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Resilient Solar Limited (Registered number: 08369126) |
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Report of the Directors |
for the Year Ended 30 September 2019 |
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The directors present their report with the financial statements of the company for the year ended 30 September 2019. |
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PRINCIPAL ACTIVITY |
The company has a lease and supply agreement with Hurcott Solar Limited, which is a company that |
operates a solar generating plant. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 October 2018 to the date of |
this report. |
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Other changes in directors holding office are as follows: |
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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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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
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. |
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Resilient Solar Limited (Registered number: 08369126) |
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Report of the Directors |
for the Year Ended 30 September 2019 |
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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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Resilient Solar Limited (Registered number: 08369126) |
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Income Statement |
for the Year Ended 30 September 2019 |
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30.9.19 | 30.9.18 |
Notes | £ | £ |
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TURNOVER |
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Administrative expenses | ( |
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OPERATING (LOSS)/PROFIT | 4 | ( |
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Profit/loss on sale of invest | 5 | ( |
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(1,272,698 | ) | 124,352 |
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Income from shares in group
undertakings |
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( |
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Interest receivable and similar income |
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(1,272,537 | ) | (124,864 | ) |
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Interest payable and similar expenses | ( |
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LOSS BEFORE TAXATION | ( |
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Tax on loss |
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LOSS FOR THE FINANCIAL YEAR | ( |
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Resilient Solar Limited (Registered number: 08369126) |
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Balance Sheet |
30 September 2019 |
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30.9.19 | 30.9.18 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 6 |
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Investments | 7 |
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CURRENT ASSETS |
Debtors | 8 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 9 | ( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
10 |
( |
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( |
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PROVISIONS FOR LIABILITIES |
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( |
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NET ASSETS |
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Resilient Solar Limited (Registered number: 08369126) |
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Balance Sheet - continued |
30 September 2019 |
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30.9.19 | 30.9.18 |
Notes | £ | £ |
CAPITAL AND RESERVES |
Called up share capital |
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Share premium |
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Retained earnings | ( |
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The directors acknowledge their responsibilities for: |
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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. |
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The financial statements were approved by the Board of Directors on
on its behalf by: |
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Resilient Solar Limited (Registered number: 08369126) |
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Notes to the Financial Statements |
for the Year Ended 30 September 2019 |
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1. | STATUTORY INFORMATION |
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Resilient Solar Limited is a
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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 |
Fixed assets are recognised as part of a finance lease of a solar power park owned previously |
by Hurcott Solar Limited. |
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Investments in subsidiaries |
The investment is periodically revalued to reflect the fair value of the underlying asset. Any |
unrealised gains or losses are expensed in P&L for 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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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2018 - NIL). |
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4. | OPERATING (LOSS)/PROFIT |
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The operating loss (2018 - operating profit) is stated after charging: |
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30.9.19 | 30.9.18 |
£ | £ |
Depreciation - owned assets |
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Resilient Solar Limited (Registered number: 08369126) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2019 |
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5. | EXCEPTIONAL ITEMS |
30.9.19 | 30.9.18 |
£ | £ |
Exceptional items | - | 32,273 |
Profit/loss on sale of invest | ( |
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(632,323 | ) | 32,273 |
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6. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 October 2018 |
and 30 September 2019 |
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DEPRECIATION |
At 1 October 2018 |
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Charge for year |
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At 30 September 2019 |
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NET BOOK VALUE |
At 30 September 2019 |
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At 30 September 2018 |
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7. | FIXED ASSET INVESTMENTS |
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30.9.19 | 30.9.18 |
£ | £ |
Shares in group undertakings |
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Other loans |
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Resilient Solar Limited (Registered number: 08369126) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2019 |
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7. | FIXED ASSET INVESTMENTS - continued |
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Additional information is as follows: |
Shares in |
group |
undertaking |
£ |
COST OR VALUATION |
At 1 October 2018 |
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Disposals | ( |
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At 30 September 2019 |
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PROVISIONS |
At 1 October 2018 | 262,324 |
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Provision written back | (262,324 | ) |
At 30 September 2019 | - |
NET BOOK VALUE |
At 30 September 2019 |
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At 30 September 2018 |
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Cost or valuation at 30 September 2019 is represented by: |
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Shares in |
group |
undertaking |
£ |
Valuation in 2016 | 128,126 |
Valuation in 2017 | 766,521 |
Valuation in 2019 | (894,647 | ) |
Other |
loans |
£ |
At 1 October 2018 |
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Repayment in year | ( |
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At 30 September 2019 |
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Resilient Solar Limited (Registered number: 08369126) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2019 |
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8. | DEBTORS |
30.9.19 | 30.9.18 |
£ | £ |
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: |
Other debtors |
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Aggregate amounts |
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£3,361,619 of the debtor balance at year-end relates to the deferred expense paid by Resilient Solar |
Limited as part of a right to use lease agreement with Hurcott Solar Limited over a 25 year period. The |
deferred expense is being amortised on a straight-line basis over the full period of the lease. |
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9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.19 | 30.9.18 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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10. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
30.9.19 | 30.9.18 |
£ | £ |
Finance leases |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Finance leases | 2,029,734 | 2,029,734 |
Resilient Solar Limited (Registered number: 08369126) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2019 |
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11. | 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 £36,555 including VAT during the course of the year, of which £Nil was outstanding at the |
end of the year. |
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Hurcott Solar Limited is a company under common control, as part of a right to use lease agreement |
over a 25 year term for £3,600,000 paid up-front in full. This entitled Resilient Solar Limited to a |
proportion of the revenue and costs generated by the solar asset and led to revenue of £135,479 and |
costs of £27,651 being recharged from Hurcott Solar Limited to Resilient Solar Limited. The year end |
balances on the lease asset and the right to use deferred expense debtor are £2,029,734 and |
£3,361,619 respectively. |
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Betelgeuse Solar Limited is considered to be a related party by virtue of common directors. Resilient |
Solar Limited loaned Betelgeuse Solar Limited £2,646,000 during the year, all of which was |
outstanding at the year end. |
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12. | ULTIMATE CONTROLLING PARTY |
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In the opinion of the directors, there is no ultimate controlling party. |