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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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Dgd Renewables 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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Dgd Renewables Limited |
Dgd Renewables Limited (Registered number: 08966379) |
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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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Dgd Renewables Limited |
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Company Information |
for the Year Ended 31 March 2017 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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Dgd Renewables Limited (Registered number: 08966379) |
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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 Lindridge Solar Limited, which is a |
company that owns and operates a solar generating plant. |
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Lindridge Solar Limited was purchased during the year. |
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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 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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Dgd Renewables Limited (Registered number: 08966379) |
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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. |
Dgd Renewables Limited (Registered number: 08966379) |
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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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(64,775 | ) | (142,069 | ) |
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Other operating income | ( |
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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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642,737 | 4,651 |
577,717 | (137,418 | ) |
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Interest payable and similar
expenses |
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PROFIT/(LOSS) BEFORE TAXATION |
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( |
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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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Dgd Renewables Limited (Registered number: 08966379) |
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Balance Sheet |
31 March 2017 |
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31.3.17 | 31.3.16 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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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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CREDITORS |
Amounts falling due after more than
one year |
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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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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. |
Dgd Renewables Limited (Registered number: 08966379) |
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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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Dgd Renewables Limited (Registered number: 08966379) |
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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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Dgd Renewables Limited is a
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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 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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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 or losses are put through the profit and loss 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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Dgd Renewables Limited (Registered number: 08966379) |
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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. Despite an |
operating profit for the year, the Company has not recorded an income tax provision as it has |
recieved Group Tax Relief from the transfer of losses for the subsidiary, Lindridge Solar |
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
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4. | OPERATING LOSS |
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The operating loss is stated after charging: |
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31.3.17 | 31.3.16 |
£ | £ |
Depreciation - owned assets |
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Dgd Renewables Limited (Registered number: 08966379) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2017 |
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5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 April 2016 |
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Additions |
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At 31 March 2017 |
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DEPRECIATION |
At 1 April 2016 |
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Charge for year |
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At 31 March 2017 |
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NET BOOK VALUE |
At 31 March 2017 |
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At 31 March 2016 |
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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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Dgd Renewables Limited (Registered number: 08966379) |
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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 |
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Additions |
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At 31 March 2017 |
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PROVISIONS |
Provision for year | (519,309 | ) |
At 31 March 2017 | (519,309 | ) |
NET BOOK VALUE |
At 31 March 2017 |
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At 31 March 2016 |
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Loans to |
group |
undertakings |
£ |
New in year |
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At 31 March 2017 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.17 | 31.3.16 |
£ | £ |
Trade debtors |
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VAT |
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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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Other creditors |
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Dgd Renewables Limited (Registered number: 08966379) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2017 |
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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR |
31.3.17 | 31.3.16 |
£ | £ |
Other creditors |
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10. | RELATED PARTY DISCLOSURES |
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Foresight Group LLP is considered to be a related party by virtue of the fact that the partners |
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 LLP invoiced the Company £139,745 including VAT during the course of the |
year. Foresight Group LLP owed the Company £9,584 at the end of the year. |
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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 the Company and Blackmead |
Infrastructure Limited, and the director of Blackmead Infrastructure Limited is also a director |
of Pinecroft Corporate Services Limited, which is in turn a corporate director of the Company. |
The Company recieved loans of £1,029,669 from Blackmead Infrastructure during the course |
of the year, all of which was outstanding at the year end. The loan is measured at Fair value |
through profit and loss and level of risk and returns from the loan are not material to the |
financial performance of the entity. |
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Lindridge Solar Limited is a wholly owned subsidiary of the Company. During the year, the |
Company invoiced Lindridge Solar Limited £126,570 including VAT and there was a total |
outstanding balance of £66,836 at year end. Additionally there was an intercompany balance |
of £164,746 owed to the subsidiary at the end of the year. |
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During the year there was a shareholder loan of £3,668,021 owed from Lindridge Solar |
Limited to the Company, all of which was outstanding at year-end. There was £116,650 of |
interest incurred on the loan and an outstanding balance of £54,476 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. |