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Report of the Directors and |
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Unaudited Financial Statements for the Year Ended 31 December 2018 |
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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 2018 |
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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 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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Parallax Enterprises Limited |
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Company Information |
for the Year Ended 31 December 2018 |
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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 2018 |
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The directors present their report with the financial statements of the company for the year ended 31 December 2018. |
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PRINCIPAL ACTIVITY |
The Company owns and provides asset management services to Balls Wood Solar Limited, which |
generates renewable energy from ground mounted solar assets. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2018 to |
the date of this report. |
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Other changes in directors holding office are as follows: |
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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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Income Statement |
for the Year Ended 31 December 2018 |
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31.12.18 | 31.12.17 |
Notes | £ | £ |
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TURNOVER |
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Administrative expenses | ( |
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OPERATING (LOSS)/PROFIT | 4 | ( |
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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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LOSS BEFORE TAXATION | ( |
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Tax on loss |
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LOSS FOR THE FINANCIAL YEAR | ( |
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Parallax Enterprises Limited (Registered number: 08748114) |
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Balance Sheet |
31 December 2018 |
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31.12.18 | 31.12.17 |
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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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Reserves |
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Retained earnings | ( |
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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. |
Parallax Enterprises Limited (Registered number: 08748114) |
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Balance Sheet - continued |
31 December 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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Parallax Enterprises Limited (Registered number: 08748114) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2018 |
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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 |
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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. Any unrealised gains or losses are put through the profit and loss account 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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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. |
Parallax Enterprises Limited (Registered number: 08748114) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2018 |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2017 - NIL). |
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4. | OPERATING (LOSS)/PROFIT |
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The operating loss (2017 - operating profit) is stated after charging: |
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31.12.18 | 31.12.17 |
£ | £ |
Depreciation - owned assets |
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5. | EXCEPTIONAL ITEMS |
31.12.18 | 31.12.17 |
£ | £ |
Exceptional items | (249,612 | ) | - |
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6. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 January 2018 |
and 31 December 2018 |
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DEPRECIATION |
At 1 January 2018 |
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Charge for year |
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At 31 December 2018 |
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NET BOOK VALUE |
At 31 December 2018 |
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At 31 December 2017 |
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7. | FIXED ASSET INVESTMENTS |
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31.12.18 | 31.12.17 |
£ | £ |
Shares in group undertakings |
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Loans to group undertakings |
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Other loans |
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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 2018 |
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7. | FIXED ASSET INVESTMENTS - continued |
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Additional information is as follows: |
Share in |
subsidiary |
£ |
COST OR VALUATION |
At 1 January 2018 |
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Additions |
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At 31 December 2018 |
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PROVISIONS |
At 1 January 2018 | 343,924 |
Provision for year | (404,810 | ) |
At 31 December 2018 | (60,886 | ) |
NET BOOK VALUE |
At 31 December 2018 |
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At 31 December 2017 |
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Cost or valuation at 31 December 2018 is represented by: |
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Share in |
subsidiary |
£ |
Valuation in 2017 | 410,287 |
Valuation in 2018 | 601,606 |
1,011,893 |
Loans to |
group | Other |
undertakings | loans | Totals |
£ | £ | £ |
At 1 January 2018 |
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New in year |
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At 31 December 2018 |
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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 2018 |
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8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.18 | 31.12.17 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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Accrued income | - | 80 |
Sh/holder loan int receivable | 34,271 | - |
Interest Receivable 3rd Party | 8,995 | - |
VAT |
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Prepayments |
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9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.18 | 31.12.17 |
£ | £ |
Trade creditors |
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( |
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Other creditors |
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( |
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10. | RELATED PARTY DISCLOSURES |
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Betelgeuse Solar Limited is considered to be a related party by virtue of common directors. |
Parallax Enterprises Limited loaned £2,343,224 to Betelgeuse Solar Limited during the course |
of the year, all of which was outstanding at the year end. |
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Balls Wood Solar Limited is a wholly owned subsidiary of Parallax Enterprises Limited. During |
the year there was a shareholder loan of £916,397 owed from Balls Wood Solar Limited to the |
Company. There was £34,271 of interest incurred on the loan during the year, all of which was |
outstanding at the year end. Additionally, during the year, Parallax Enterprise Limited invoiced |
Balls Wood Solar Limited £201,300 excluding VAT for asset management services, 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 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 £137,548.29 excluding VAT during the course of the year, all of |
which was outstanding at the year end. |
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11. | ULTIMATE CONTROLLING PARTY |
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In the opinion of the directors there is no ultimate controlling party. |