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Financial Statements for the Year Ended 31 December 2020 |
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SOLAR INVEST UK LIMITED |
REGISTERED NUMBER:
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Financial Statements for the Year Ended 31 December 2020 |
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for |
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SOLAR INVEST UK LIMITED |
SOLAR INVEST UK LIMITED (Registered number: 10080617) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2020 |
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Page |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 3 |
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SOLAR INVEST UK LIMITED |
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Company Information |
for the Year Ended 31 December 2020 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Certified Accountants |
Statutory Auditors |
Chester House |
17 Gold Tops |
Newport |
SOUTH WALES |
NP20 4PH |
SOLAR INVEST UK LIMITED (Registered number: 10080617) |
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Statement of Financial Position |
31 December 2020 |
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31.12.20 | 31.12.19 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 5 |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
( |
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( |
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CAPITAL AND RESERVES |
Called up share capital | 8 |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
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The financial statements were approved by the director and authorised for issue on
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SOLAR INVEST UK LIMITED (Registered number: 10080617) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2020 |
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1. | STATUTORY INFORMATION |
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SOLAR INVEST UK LIMITED is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Going concern |
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Despite the fact that the company had net liabilities at the period end, at the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have obtained a letter of support from the company's ultimate parent, along with a letter of subordination from it's main creditor ( loan of £2,874,739 ) confirming that they would not demand repayment of the loan should doing so result in an insolvency event for the company. On this basis, the director continues to adopt the going concern basis of accounting in preparing the financial statements. |
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Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
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Financial instruments |
Financial instruments are classified and accounted for according to the substance of the contractual arrangements as either financial assets, financial liabilities or equity instruments, and are held at amortised cost. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all its liabilities. |
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Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
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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 statement of financial position date. |
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SOLAR INVEST UK LIMITED (Registered number: 10080617) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
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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 statement of financial position 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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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2019 - NIL). |
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4. | AUDITORS' REMUNERATION |
31.12.20 | 31.12.19 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's
financial statements |
1,200 |
1,560 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.20 | 31.12.19 |
£ | £ |
Amounts owed by related parties |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.20 | 31.12.19 |
£ | £ |
Other loans |
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Trade creditors |
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Other creditors |
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Accruals and deferred income |
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SOLAR INVEST UK LIMITED (Registered number: 10080617) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
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7. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31.12.20 | 31.12.19 |
£ | £ |
Other loans |
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The repayments of the loan and Indebtedness are secured by a guarantee given by WELink Energy (Europe) Limited as guarantor and indemnifier in favour of the lender. |
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8. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.20 | 31.12.19 |
value: | £ | £ |
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Ordinary | £1 | 100 | 100 |
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9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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10. | RELATED PARTY DISCLOSURES |
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Related Party | Relationship |
Amount due from / (to)
related party |
WELink Energy (UK) Limited | Common controlling party | £2,231,206 |
WELink Energy Holdings (UK) Limited | Immediate parent company | £100 |
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11. | ULTIMATE CONTROLLING PARTY |
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The ultimate controlling party is
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The immediate parent company is WELink Energy Holdings (U.K.) Limited. |
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The largest and smallest group for which group financial statements are prepared, and of which the company is a member, is as follows: |
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Name: | Ableon Limited |
Country of Incorporation: | Ireland |
Address from where copies of the financial | 22 Avoca Wood |
statements can be obtained: | Avoca |
Co. Wicklow |