Solarplicity Service Ltd
Unaudited Financial Statements
For Filing with Registrar
For the Year ended 31 March 2019
Company Registration No. 09750103 (England and Wales)
Solarplicity Service Ltd
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 6
Solarplicity Service Ltd
Balance Sheet
As at 31 March 2019
Page 1
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
65,148
912
Current assets
Debtors
4
686,284
465,750
Cash at bank and in hand
151,668
266,871
837,952
732,621
Creditors: amounts falling due within one year
5
(671,514)
(623,501)
Net current assets
166,438
109,120
Total assets less current liabilities
231,586
110,032
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
231,486
109,932
Total equity
231,586
110,032
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial Year ended 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the Year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 30 January 2020 and are signed on its behalf by:
J A Clare
Director
Company Registration No. 09750103
Solarplicity Service Ltd
Notes to the Financial Statements
For the year ended 31 March 2019
Page 2
1
Accounting policies
Company information
Solarplicity Service Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Unit 8 Peerglow Centre, Marsh Lane, Ware, Hertfordshire, United Kingdom, SG12 9QL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest pound.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
5 years straight line
Motor vehicles
4 years straight line
1.4
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Solarplicity Service Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 March 2019
1
Accounting policies
(Continued)
Page 3
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Solarplicity Service Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 March 2019
1
Accounting policies
(Continued)
Page 4
1.8
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 18 (2018 - 2).
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2018
912
Additions
87,977
At 31 March 2019
88,889
Depreciation and impairment
At 1 April 2018
-
Depreciation charged in the Year
23,741
At 31 March 2019
23,741
Carrying amount
At 31 March 2019
65,148
At 31 March 2018
912
Solarplicity Service Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 March 2019
Page 5
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
124,596
14,115
Amounts due from group undertakings
95,608
-
Other debtors
466,080
272,806
686,284
286,921
Amounts falling due after more than one year:
Amounts due from group undertakings
-
178,829
Total debtors
686,284
465,750
5
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
61,237
114,158
Amounts due to group undertakings
149,857
-
Other taxation and social security
96,682
11,703
Other creditors
363,738
497,640
671,514
623,501
6
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary A shares of £1 each
100
100
100
100
Solarplicity Service Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 March 2019
Page 6
7
Related party transactions
For the year ended 31 March 2019 the company owed £249,857 to fellow group companies.
For the year ended 31 March 2019 the company was owed £195,608 from fellow group companies.