Company registration number 12658080 (England and Wales)
KS SPV 65 LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021
KS SPV 65 LIMITED
COMPANY INFORMATION
Directors
Mr F H A Bohne
Dr A Arcache
Ms L Watson
(Appointed 20 December 2022)
Company number
12658080
Registered office
14 High Cross
Truro
TR1 2AJ
Auditor
Ensors Accountants LLP
Saxon House
Moseley's Farm Business Centre
Fornham All Saints
Bury St Edmunds
IP28 6JY
Business address
Widenmayerstrasse 16
80538 Munich
Germany
KS SPV 65 LIMITED
CONTENTS
Page
Directors' report
1
Directors' responsibilities statement
2
Independent auditor's report
3 - 5
Income statement
6
Statement of financial position
7
Statement of changes in equity
8
Statement of cash flows
9
Notes to the financial statements
10 - 17
KS SPV 65 LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 1 -
The directors present their annual report and financial statements for the period ended 31 December 2021.
Principal activities
The principal activity of the company continued to be that of developing a solar farm for the production of electricity.
Results and dividends
The results for the period are set out on page 6.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
No preference dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the period and up to the date of signature of the financial statements were as follows:
Mr F H A Bohne
Dr A Arcache
Ms L Watson
(Appointed 20 December 2022)
Statement of disclosure to auditor
Each director in office at the date of approval of this annual report confirms that:
-
so far as the director is aware, there is no relevant audit information of which the company's auditor is unaware, and
-
the director has taken all the steps that he / she ought to have taken as a director in order to make himself / herself aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This confirmation is given and should be interpreted in accordance with the provisions of section 418 of the Companies Act 2006.
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Dr A Arcache
Director
22 December 2022
KS SPV 65 LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 2 -
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
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 International Financial Reporting Standards (IFRSs) as adopted by the United Kingdom. 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, International Accounting Standard 1 requires that directors:
-
properly select and apply accounting policies;
-
present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information;
-
provide additional disclosures when compliance with the specific requirements in IFRSs are insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity's financial position and financial performance; and
-
make an assessment of the company's ability to continue as a going concern.
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.
KS SPV 65 LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF KS SPV 65 LIMITED
- 3 -
Opinion
We have audited the financial statements of KS SPV 65 Limited
(the 'company')
for the period ended 31 December 2021 which comprise the income statement, the statement of financial position, the statement of changes in equity, the statement of cash flows and
notes to the financial statements, including significant accounting policies
. The financial reporting framework that has been applied in their preparation is applicable law and UK adopted international accounting standards.
In our opinion the financial statements:
-
give a true and fair view of the state of the company's affairs as at 31 December 2021 and of its loss for the period then ended;
-
have been properly prepared in accordance with UK adopted international accounting standards; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the
Auditor's
responsibilities for the audit of the
financial statements
section of our report. We are independent of the
company
in accordance with the ethical requirements that are relevant to our audit of the
financial statements
in the UK, including the FRC’s Ethical Standard
, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit
:
-
the information given in the directors'
r
eport for the financial period for which the financial statements are prepared is consistent with the financial statements
; and
-
the directors' report has been prepared in accordance with applicable legal requirements.
KS SPV 65 LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF KS SPV 65 LIMITED
- 4 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie
d
material misstatements in the directors'
r
eport
.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of
directors'
remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit; or
-
the directors were not entitled to take advantage of the small companies exemption from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors'
r
esponsibilities
s
tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of
financial statements
that are free from material misstatement, whether due to fraud or error. In preparing the
financial statements
, the
directors are
responsible for assessing the company
'
s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have
no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the
financial statements
as a whole are free from material misstatement, whether due to fraud or error, and to issue an
auditor's
report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with
ISAs (UK)
will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these
financial statements
.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below
.
Extent to which the audit was considered capable of detection irregularities, including fraud
Our audit was designed to include tests of detail together with an assessment of the control environment to
enable us to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement due to fraud. This included work on areas where we consider there is a higher risk of fraud
including revenue recognition
,
management override of systems and
control
, transactions with related parties, commitments and contingencies and accounting estimates.
We also obtained an understanding of the legal and regulatory framework that the company operates in, through discussions with the directors and other management, and from our own knowledge and experience of the sector.
Audit response to risks identified
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:
KS SPV 65 LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF KS SPV 65 LIMITED
- 5 -
-
obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company are complying with the legal and regulatory framework both at the planning stage and reminded to remain alert throughout the audit;
-
inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud;
-
audited the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business;
-
reviewing minutes of those charged with governance;
-
discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud;
-
robustly challenged accounting estimates to ensure no indication of management bias.
However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.
A further description of our responsibilities is available on the
Financial Reporting Council's website at: https://www.frc.org.uk/auditorsresponsibilities.
This description forms part of our
auditor's
report.
Other matters which we are required to address
For the
period
ended 3
0
June
2021 the Company did not meet the requirements to obtain audited financial statements, therefore the comparative figures within these financial statements have not been audited.
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Christopher Barrett (Senior Statutory Auditor)
For and on behalf of Ensors Accountants LLP
22 December 2022
Chartered Accountants
Statutory Auditor
Saxon House
Moseley's Farm Business Centre
Fornham All Saints
Bury St Edmunds
IP28 6JY
KS SPV 65 LIMITED
INCOME STATEMENT
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 6 -
Period
Period
ended
ended
31 December
30 June
2021
2021
Notes
£
£
Administrative expenses
(6,000)
(186)
Operating loss
4
(6,000)
(186)
Income tax expense
Loss and total comprehensive income for the period
(6,000)
(186)
KS SPV 65 LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2021
31 December 2021
- 7 -
31 December
30 June
9 June
2021
2021
2020
as restated
as restated
Notes
£
£
£
Current assets
Trade and other receivables
6
1
1
1
Current liabilities
Trade and other payables
8
6,186
186
-
Net current liabilities
(6,185)
(185)
1
Net liabilities
(6,185)
(185)
1
Equity
Called up share capital
9
1
1
1
Retained earnings
(6,186)
(186)
Total equity
(6,185)
(185)
1
The director acknowledges their responsibilities for complying with the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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 22 December 2022 and are signed on its behalf by:
Dr A Arcache
Director
Company registration number 12658080
KS SPV 65 LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 8 -
Share capital
Retained earnings
Total
£
£
£
As restated for the period ended 30 June 2021:
Balance at 9 June 2020
1
-
1
As restated
1
1
Period ended 30 June 2021:
Loss and total comprehensive income for the period
-
(186)
(186)
Balance at 30 June 2021
1
(186)
(185)
Period ended 31 December 2021:
Loss and total comprehensive income for the period
-
(6,000)
(6,000)
Balance at 31 December 2021
1
(6,186)
(6,185)
KS SPV 65 LIMITED
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 9 -
Period
Period
ended
ended
31 December
30 June
2021
2021
Notes
£
£
£
£
Cash flows from operating activities
Net cash outflow from operating activities
-
-
Net increase in cash and cash equivalents
-
-
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
KS SPV 65 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 10 -
1
Accounting policies
Company information
KS SPV 65 Limited is a private company limited by shares incorporated in England and Wales. The registered office is 14 High Cross, Truro, TR1 2AJ.
The company's principal activities and nature of its operations are disclosed in the directors' report.
1.1
Reporting period
The accounting period to 31 December 2021 is a six month period, the shortening of the financial statements was done to bring the financial period in line with that of the parent company. The comparative amounts presented in the financial statements (including the related notes) are for a twelve month period therefore are not entirely comparable.
1.2
Accounting convention
The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the United Kingdom and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS, except as otherwise stated.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principle accounting policies adopted are set out below.
1.3
Going concern
The directors have at the time of approving the financial statements, a reasonable expectation that the
true
company, with support from the group,
has adequate resources to continue in operational existence for the foreseeable future.
Whilst this entity does not currently have any prepaid or capitalised development costs included on the balance sheet which are expected to be attribute to a successful solar farm, the company continues to remain active in seeking new projects.
Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.4
Financial assets
Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.
At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.
Financial assets held at amortised cost
Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.
KS SPV 65 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 11 -
1.5
Financial liabilities
The company recogni
s
es financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either
'
financial liabilities at fair value through profit or loss
'
or
'
other financial liabilities
'
.
Other financial liabilities
Other financial liabilities, including borrowings
, t
rade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs
directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method
.
For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.
Derecognition of financial liabilities
Financial liabilities are derecognised when, and only when, the
company’s
obligations are discharged, cancelled, or they expire.
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.
2
Adoption of new and revised standards and changes in accounting policies
At the date of authorisation of these financial statements, the following Standards and Interpretations, which have not yet been applied in these financial statements, were in issue but not yet effective (and in some cases had not yet been adopted by the EU):
IFRS 17
Insurance Contracts (effective on or after 1 January 2023)
IAS 1 (amendments)
Presentation of Financial Statements - Classification of Liabilities as Current or Non-Current (effective on or after 1 January 2023)
IAS 1 (amendments)
Presentation of Financial Statements - Disclosure of Accounting Policies (effective on or after 1 January 2023)
IAS 8 (amendments)
Accounting Policies, Changes in Accounting Estimates and Errors (effective on or after 1 January 2023)
IAS 12 (amendments)
Deferred Tax related to Assets and Liabilities arising from a Single Transaction (effective on or after 1 January 2023)
The company is currently assessing the impact of these new accounting amendments but does not expect that their adoption will have a material impact on the financial statements in future periods.
KS SPV 65 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 12 -
3
Critical accounting estimates and judgements
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.
Recoverability of development costs
The company makes an assessment for the likelihood of project success to determine the recoverability of the development costs which are disclosed as prepayments in the financial statements in relation to the development of a solar farm. The assessment is made by management and is based on experience, historical results, grid connections, and the planning application phases which have been completed. Where necessary this will include the write off of costs to the income statement as expenditure where the project is deemed as no longer being feasible. Once planning permission has been received, an option is held over the land for the solar site and a grid connection has been confirmed, costs are capitalised in the statement of financial position.
4
Operating loss
Period
Period
ended
ended
31 December
30 June
2021
2021
Operating loss for the period is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
3,600
5
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
Period
Period
ended
ended
31 December
30 June
2021
2021
Number
Number
3
3
KS SPV 65 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 13 -
6
Trade and other receivables
Period
Period
ended
ended
31 December
30 June
2021
2021
£
£
Amount owed by parent undertaking
1
1
7
Trade receivables - credit risk
Fair value of trade receivables
The directors consider that the carrying amount of trade and other receivables is approximately equal to their fair value.
No significant receivable balances are impaired at the reporting end date.
8
Trade and other payables
Period
Period
ended
ended
31 December
30 June
2021
2021
as restated
£
£
Accruals
6,186
186
9
Share capital
Period
Period
Period
Period
ended
ended
ended
ended
31 December
30 June
31 December
30 June
2021
2021
2021
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
10
Capital risk management
The company is not subject to any externally imposed capital requirements.
11
Events after the reporting date
On 6th October 2022, seventy (70) percent of Kronos Solar Projects GmbH shareholding was acquired by EDP Renewables S.A., incorporated in Spain. The ultimate controlling party from this date is therefore EDP Renewables. The immediate parent undertaking continues to be Kronos Solar Projects GmbH.
KS SPV 65 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 14 -
12
Related party transactions
The following amounts were outstanding at the reporting end date:
Period
Period
ended
ended
31 December
30 June
2021
2021
Amounts due from related parties
£
£
Parent company
1
1
13
Controlling party
During the period to 31 December 2021, the ultimate controlling party of which the company is a member is Summercourt Capital GmbH, incorporated in Germany. This was considered to be the ultimate parent undertaking and controlling party. The immediate parent undertaking is Kronos Solar Projects GmbH, also incorporated in Germany.
Following the period end, there was a change in the ultimate controlling party. This has been disclosed under events after the reporting date.
14
Cash absorbed by operations
Period
Period
ended
ended
31 December
30 June
2021
2021
£
£
Loss for the period before income tax
(6,000)
(186)
Movements in working capital:
Increase in trade and other payables
6,000
186
Cash absorbed by operations
-
-
KS SPV 65 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 15 -
15
Transition adjustments
These financial statements, as at and for the period ended 31 December 2021, are the first the Company has prepared in accordance with IFRS. For periods up to and including the period ended 30 June 2021, the Company prepared its financial statements in accordance with local generally accepted accounting principles (FRS 105).
Accordingly, the Company has prepared financial statements that comply with IFRS applicable as at 31 December 2021, together with comparative period data for the period ended 30 June 2021 as described in the summary of significant accounting policies. In preparing the financial statements, the Company did not have an opening statement of financial position, with the financial statements for the period ended 30 June 2021 being the first financial statements prepared for the Company. Therefore no adjustments were required for the Company's opening Statement of Financial Position with the Company's date of transition to IFRS, 9 June 2020, being the same as the start of the Company's first reporting period. This note explains the principal adjustments made by the Company in restating its Local GAAP financial statements, including the statement of financial position as at 9 June 2020 and the financial statements as of, and for, the period ended 30 June 2021.
IFRS has been applied retrospectively with the exception of the mandatory exceptions for which IFRS is applied prospectively from the date of transition. Further details are included in the below reconciliation.
Reconciliation between local GAAP and IFRS have been presented as follows. Only a reconciliation of equity for the period ended 30 June 2021 has been provided for the financial period reported. This is due to the period ended 30 June 2021 being the first reporting period for the Company.
Only reconciliations for the period ended 30 June 2021 have been provided for the Statement of Comprehensive Income and the Statement of Financial Position. This is due to the this being the first accounting period for the entity.
KS SPV 65 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
15
Transition adjustments
(Continued)
- 16 -
Reconciliation of equity
At 9 June 2020
At 30 June 2021
Previously reported
Reclassifications
As restated
Previously reported
Prior year adjustments (1)
Reclassifications
As restated
Notes
£
£
£
£
£
£
£
Current assets
Current assets
1
(1)
-
1
-
(1)
-
Trade and other receivables
-
1
1
-
-
1
1
Creditors due within one year
Other payables
-
-
-
-
(186)
-
(186)
Net current assets/(liabilities)
1
-
1
1
(186)
-
(185)
Total assets less current liabilities
1
-
1
1
(186)
-
(185)
Net assets
1
-
1
1
(186)
-
(185)
Equity
Share capital
-
1
1
-
-
1
1
Capital and reserves
1
(1)
-
1
-
(1)
-
Profit and loss
-
-
-
-
(186)
-
(186)
Total equity
1
-
1
1
(186)
-
(185)
KS SPV 65 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
15
Transition adjustments
(Continued)
- 17 -
Notes to reconciliations
The adjustments detailed above are in respect of the following:
(1)
During the period ended December 2021, it was identified that there was a prior period error in relation to the year ended 30 June 2021, in relation to a missed accrual for accountancy costs. As material this was thus adjusted for as a restatement bringing an amount of £186 into accruals and the accountancy charge, included under administrative expenses on the income statement.
Effect of transition to IFRS
(2)
Deferred tax
A transitional adjustment for deferred tax in line with IAS 12 was considered as at the date of transition. No adjustment was considered as being required as at the 30 June 2021 as there would have needed to have been a deferred tax asset provision included in the accounts, in line with the calculations performed as a result of the losses in the period. In line with IAS 12, no deferred tax asset has been accounted for in the financial statements as at the 30 June 2021, as it is not highly probable that the taxable losses will be utilised by the company in the near future (within the next twelve months). On this basis, no deferred tax has been provided for in the financial statements, although this is an adjustment which was considered as part of the transition.
2021-12-31
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core:RetainedEarningsAccumulatedLosses
2021-12-31
12658080
core:RetainedEarningsAccumulatedLosses
2021-06-30
12658080
core:RetainedEarningsAccumulatedLosses
2020-06-08
12658080
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2020-06-08
12658080
2021-06-30
12658080
2020-06-08
12658080
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2021-07-01
2021-12-31
12658080
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2021-12-31
12658080
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2021-06-30
12658080
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2021-12-31
12658080
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2021-07-01
2021-12-31
12658080
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2021-07-01
2021-12-31
12658080
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2021-07-01
2021-12-31
12658080
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2021-07-01
2021-12-31
xbrli:pure
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iso4217:GBP