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Report of the Directors and |
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Unaudited Financial Statements for the Year Ended 30 June 2018 |
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Solarsource 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 June 2018 |
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for |
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Solarsource Limited |
Solarsource Limited (Registered number: 08616478) |
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Contents of the Financial Statements |
for the Year Ended 30 June 2018 |
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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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Solarsource Limited |
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Company Information |
for the Year Ended 30 June 2018 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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Solarsource Limited (Registered number: 08616478) |
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Report of the Directors |
for the Year Ended 30 June 2018 |
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The directors present their report with the financial statements of the company for the year ended 30 June 2018. |
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PRINCIPAL ACTIVITY |
The Company owns and provides asset management services to Cuckoo Solar Limited, which is a |
company that operates a solar generating plant. |
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EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 July 2017 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 that 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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Solarsource Limited (Registered number: 08616478) |
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Income Statement |
for the Year Ended 30 June 2018 |
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30.6.18 | 30.6.17 |
Notes | £ | £ |
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TURNOVER |
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Administrative expenses | ( |
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2,191 | (81,502 | ) |
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Other operating income |
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OPERATING PROFIT/(LOSS) |
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( |
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Revaluation of fixed assets | ( |
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Interest receivable and similar
income |
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PROFIT BEFORE TAXATION |
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Tax on profit |
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PROFIT FOR THE FINANCIAL YEAR |
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Solarsource Limited (Registered number: 08616478) |
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Balance Sheet |
30 June 2018 |
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30.6.18 | 30.6.17 |
Notes | £ | £ |
FIXED ASSETS |
Investments | 5 |
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CURRENT ASSETS |
Debtors | 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 (LIABILITIES)/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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Other reserves |
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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 |
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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. |
Solarsource Limited (Registered number: 08616478) |
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Balance Sheet - continued |
30 June 2018 |
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The financial statements were approved by the Board of Directors on
signed on its behalf by: |
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Solarsource Limited (Registered number: 08616478) |
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Notes to the Financial Statements |
for the Year Ended 30 June 2018 |
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1. | STATUTORY INFORMATION |
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Solarsource Limited is a
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specified/Other. 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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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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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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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. Despite an |
operating profit for the year, Solarsource Ltd has not recorded an income tax provision as it |
has recieved Group Tax Relief from the transfer of losses for the subsidiary, Cuckoo Solar |
Farm Limited for the year ended 30 June 2017. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2017 - 1 ). |
Solarsource Limited (Registered number: 08616478) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2018 |
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4. | EXCEPTIONAL ITEMS |
30.6.18 | 30.6.17 |
£ | £ |
Exceptional items | (7,977 | ) | - |
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5. | FIXED ASSET INVESTMENTS |
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30.6.18 | 30.6.17 |
£ | £ |
Shares in group undertakings |
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Loans to group undertakings |
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Other loans |
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Additional information is as follows: |
Share in |
subsidiary |
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COST |
At 1 July 2017 |
and 30 June 2018 |
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PROVISIONS |
At 1 July 2017 | (1,363,660 | ) |
Provision for year | 152,058 |
At 30 June 2018 | (1,211,602 | ) |
NET BOOK VALUE |
At 30 June 2018 |
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At 30 June 2017 |
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Loan to | Other |
subsidiary | loans | Totals |
£ | £ | £ |
At 1 July 2017 |
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New in year |
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Repayment in year | ( |
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At 30 June 2018 |
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Solarsource Limited (Registered number: 08616478) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2018 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.18 | 30.6.17 |
£ | £ |
Trade debtors |
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Other debtors |
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Accrued income | 177 | 177 |
Sh/holder loan int receivable | - | 203,000 |
Interest receivable - other | 8,992 | 1,069 |
VAT |
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Prepayments |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.18 | 30.6.17 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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VAT | - | 1,474 |
Accrued expenses |
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8. | RELATED PARTY DISCLOSURES |
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Cuckoo Solar Ltd is a wholly owned subsidiary of Solarsource Ltd. During the year, |
Solarsource Ltd invoiced Cuckoo Solar Ltd £241,560 including VAT, none of which was |
outstanding at year end. Additionally there was an intercompany balance of £548,613 owed |
to Cuckoo Solar Ltd at the end of the year. |
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During the year there was a shareholder loan of £5,879,321 owed to Cuckoo Solar Ltd from |
Solarsource Ltd, none of which was outstanding at year-end. There was £148,191 of interest |
incurred on the loan provided to Cuckoo Solar Ltd and no outstanding balance at the end of |
the year. |
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Betelgeuse Solar Ltd is considered to be a related party by virtue of common directors. |
Solarsource Ltd loaned £2,854,000 to Betelgeuse Solar Ltd during the course of the year, all |
of which was outstanding at the end of the year. |
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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 Ltd, which is in turn a corporate director of the Company. |
Foresight Group invoiced the Company £232,251 including VAT during the course of the |
year, of which £80,176 including VAT was outstanding at the end of the year. |
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9. | POST BALANCE SHEET EVENTS |
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On 2nd August 2018, Solarsource Ltd sold its investment in Cuckoo Solar Ltd. |
Solarsource Limited (Registered number: 08616478) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2018 |
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10. | ULTIMATE CONTROLLING PARTY |
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In the opinion of the directors, there is no ultimate controlling party. |