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Report of the Directors and |
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Unaudited Financial Statements for the Year Ended 31 December 2016 |
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Parallax Enterprises 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 2016 |
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for |
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Parallax Enterprises Limited |
Parallax Enterprises Limited (Registered number: 08748114) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2016 |
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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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Parallax Enterprises Limited |
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Company Information |
for the Year Ended 31 December 2016 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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Parallax Enterprises Limited (Registered number: 08748114) |
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Report of the Directors |
for the Year Ended 31 December 2016 |
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The directors present their report with the financial statements of the company for the year ended 31 December 2016. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of The Company owns and |
provides asset management services to Balls Wood 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 January 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 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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Parallax Enterprises Limited (Registered number: 08748114) |
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Statement of Directors' Responsibilities |
for the Year Ended 31 December 2016 |
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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. |
Parallax Enterprises Limited (Registered number: 08748114) |
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Income Statement |
for the Year Ended 31 December 2016 |
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Year Ended | Period |
31.12.16 | 1.11.14 to 31.12.15 |
Notes | £ | £ | £ | £ |
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TURNOVER |
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Administrative expenses |
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OPERATING LOSS | 4 | ( |
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Income from shares in group
undertakings |
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Interest receivable and similar
income |
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520,641 | 1,788 |
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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Parallax Enterprises Limited (Registered number: 08748114) |
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Balance Sheet |
31 December 2016 |
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31.12.16 | 31.12.15 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 7 |
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Investments | 8 |
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CURRENT ASSETS |
Debtors | 9 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 10 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital |
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Share premium |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
Parallax Enterprises Limited (Registered number: 08748114) |
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Balance Sheet - continued |
31 December 2016 |
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The financial statements were approved by the Board of Directors on
signed on its behalf by: |
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Parallax Enterprises Limited (Registered number: 08748114) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2016 |
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1. | STATUTORY INFORMATION |
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Parallax Enterprises Limited is a
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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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Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section |
1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard |
applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial |
statements have been prepared under the historical cost convention. |
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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. |
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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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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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Parallax Enterprises Limited (Registered number: 08748114) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
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4. | OPERATING LOSS |
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The operating loss is stated after charging: |
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Period |
1.11.14 |
Year Ended | to |
31.12.16 | 31.12.15 |
£ | £ |
Depreciation - owned assets |
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5. | 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 the company is |
able to meet its liabilities as they fall due. |
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6. | INVESTMENT AT FAIR VALUE THROUGH PROFIT AND LOSS |
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The purchase of solar assets and any acquisition related costs are classified as investment at |
fair value through profit and loss. The asset is revalued every three months and any gains or |
losses on the revaluation are recognised in the profit and loss account. |
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7. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 January 2016 |
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Additions |
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At 31 December 2016 |
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DEPRECIATION |
At 1 January 2016 |
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Charge for year |
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At 31 December 2016 |
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NET BOOK VALUE |
At 31 December 2016 |
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At 31 December 2015 |
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Parallax Enterprises Limited (Registered number: 08748114) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
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8. | FIXED ASSET INVESTMENTS |
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31.12.16 | 31.12.15 |
£ | £ |
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 OR VALUATION |
At 1 January 2016 |
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Additions |
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Revaluations |
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At 31 December 2016 |
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NET BOOK VALUE |
At 31 December 2016 |
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At 31 December 2015 |
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Cost or valuation at 31 December 2016 is represented by: |
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Shares in |
group |
undertakings |
£ |
Valuation in 2015 | 630,901 |
Valuation in 2016 | 279,969 |
910,870 |
Loans to |
group |
undertakings |
£ |
Repayment in year |
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At 31 December 2016 |
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Parallax Enterprises Limited (Registered number: 08748114) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
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9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.16 | 31.12.15 |
£ | £ |
Trade debtors |
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Other debtors |
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10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.16 | 31.12.15 |
£ | £ |
Trade creditors | ( |
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Amounts owed to group undertakings |
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Other creditors |
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11. | RELATED PARTY DISCLOSURES |
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Foresight Group is considered to be a related party by virtue of common Directors and |
Partners. During the period, Foresight Group earned the following excluding VAT: |
management fees (£83,450.73), operational fees (£25,000), and secretarial fees (£14,305.84) |
for work done during the year. Foresight Group LLP also recharged expenses totalling |
£4,659.26 net of VAT. At the balance sheet date there was nothing payable to Foresight |
Group. |
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12. | ULTIMATE CONTROLLING PARTY |
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In the opinion of the directors there is no ultimate controlling party. |