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Unaudited Financial Statements |
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For The Year Ended 30 June 2019 |
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Ernesettle Community Solar Limited |
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REGISTERED NUMBER:
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Unaudited Financial Statements |
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For The Year Ended 30 June 2019 |
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for |
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Ernesettle Community Solar Limited |
Ernesettle Community Solar Limited (Registered number: 09892557) |
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Contents of the Financial Statements |
For The Year Ended 30 June 2019 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Ernesettle Community Solar Limited |
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Company Information |
For The Year Ended 30 June 2019 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Harscombe House |
1 Darklake View |
Plymouth |
Devon |
PL6 7TL |
Ernesettle Community Solar Limited (Registered number: 09892557) |
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Balance Sheet |
30 June 2019 |
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30.6.19 | 30.6.18 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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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 |
7 |
( |
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( |
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PROVISIONS FOR LIABILITIES | 11 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Shareholder loan capital |
contribution | 12 |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS |
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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 |
(b) |
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. |
Ernesettle Community Solar Limited (Registered number: 09892557) |
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Balance Sheet - continued |
30 June 2019 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
by: |
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Ernesettle Community Solar Limited (Registered number: 09892557) |
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Notes to the Financial Statements |
For The Year Ended 30 June 2019 |
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1. | STATUTORY INFORMATION |
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Ernesettle Community Solar Limited is a
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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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The directors have prepared these accounts on the going concern basis despite additional losses incurred this |
year as they believe the current position is temporary. The company is operated alongside a detailed financial |
model to forecast future performance and current results are in line with this model. The directors are confident |
that company will be profitable in the near future in accordance with this model. |
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Turnover |
Turnover represents net sales of electricity from units generated at the site and by selling back into the national |
grid at an agreed rate. Income is recognised on an accruals basis when the company first has right to the |
consideration. |
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Capital grant income has been deferred and released in accordance with the company's depreciation policy. |
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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 |
economic life. |
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Plant and machinery - 5% straight line |
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Tangible fixed assets relate to the capital equipment and associated costs incurred to get the site ready and |
equipped with solar panels necessary to generate income. |
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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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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
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Provisions |
Provisions are recognised only when the outcome is unavoidable and can be reliably measured. They are |
recognised in the accounts as a non-tax deductible expense. |
Ernesettle Community Solar Limited (Registered number: 09892557) |
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Notes to the Financial Statements - continued |
For The Year Ended 30 June 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Long term loans below market rate |
Long term loans received with an interest rate below market value have been discounted to present value at the |
market rate less the actual rate of interest. The amount discounted will be unwound over the term of the loan by |
way of an annual transfer between reserves. |
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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. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 July 2018 |
and 30 June 2019 |
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DEPRECIATION |
At 1 July 2018 |
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Charge for year |
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At 30 June 2019 |
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NET BOOK VALUE |
At 30 June 2019 |
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At 30 June 2018 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.19 | 30.6.18 |
£ | £ |
Other debtors |
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Included in other debtors is accrued income to the sum of £159,449 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.19 | 30.6.18 |
£ | £ |
Trade creditors |
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Other creditors |
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7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.6.19 | 30.6.18 |
£ | £ |
Other creditors |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Other loans more 5yrs instal | 3,160,082 | 3,303,788 |
Ernesettle Community Solar Limited (Registered number: 09892557) |
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Notes to the Financial Statements - continued |
For The Year Ended 30 June 2019 |
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8. | LOANS |
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Included in creditors are loans from PEC Renewables Limited, the parent company, at a value of £716,128 |
(2018: £731,968 ). Part of this is a 20 year loan received at below market rate and has been discounted by |
£429,276 (2018:£429,276 ) from the total amount repayable of £1,145,404 (2018:£1,161,244). The agreed |
market rate for the loan was 10% and actual interest is 6%. This discount is reflected in the equity as a capital |
contribution and will be unwound over the term of the loan. The other loan of £46,855 (2018: £62,695) is interest |
free and repayable on demand. |
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9. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
30.6.19 | 30.6.18 |
£ | £ |
In more than five years |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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30.6.19 | 30.6.18 |
£ | £ |
Plymouth City Council Loan | 2,870,000 | 2,870,000 |
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The loan is secured by way of a fixed charge over: the lease of the land, the solar project in its entirety, its |
present and future uncalled capital and goodwill (including the share capital), all present and future contracts or |
insurance policies and any other plant and machinery owned by the company. |
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In addition there is a floating charge on the debtors of the business, including any other interests it may own not |
previously recognised. |
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11. | PROVISIONS FOR LIABILITIES |
30.6.19 | 30.6.18 |
£ | £ |
Other provisions |
Inverter replacement reserve | 28,179 | 19,179 |
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Deferred | Inverter |
tax | reserve |
£ | £ |
Balance at 1 July 2018 | ( |
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Accelerated capital allowances | 7,487 | - |
Corporation tax losses | (13,157 | ) | - |
Provided during year | - | 9,000 |
Balance at 30 June 2019 | ( |
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The inverter replacement provision is for the cost of replacing the key component of the solar arrays across the |
site. This expenditure is compulsory for the site to remain operational. |
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12. | RESERVES |
Shareholder |
loan |
capital |
contribution |
£ |
At 1 July 2018 |
and 30 June 2019 |
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Ernesettle Community Solar Limited (Registered number: 09892557) |
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Notes to the Financial Statements - continued |
For The Year Ended 30 June 2019 |
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13. | RELATED PARTY DISCLOSURES |
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A loan existed between the company and PEC Renewables Limited, the parent company. At the end of the |
period £46,855(2018: £62,695) was owed to PEC Renewables Limited. This loan is interest free and repayable |
on demand. |
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A separate loan existed between the company and PEC Renewables Limited. At the end of the period the fair |
value of the loan was £669,273 (2018:£669,273). This is a 20 year loan and has been discounted by £429,276 |
from the total repayments of £1,098,549 (2018:£1,098,549).Interest is chargeable on this loan at 6%. |
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Interest has been paid on the above loans to the sum of £65,916 (2018: £65,913). |