REGISTERED NUMBER:
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SOLARGISE LIMITED |
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ABBREVIATED ACCOUNTS |
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FOR THE YEAR ENDED 30TH SEPTEMBER 2015 |
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REGISTERED NUMBER:
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SOLARGISE LIMITED |
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ABBREVIATED ACCOUNTS |
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FOR THE YEAR ENDED 30TH SEPTEMBER 2015 |
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SOLARGISE LIMITED (REGISTERED NUMBER: 07832571) |
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CONTENTS OF THE ABBREVIATED ACCOUNTS |
FOR THE YEAR ENDED 30TH SEPTEMBER 2015 |
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Page |
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Company Information | 1 |
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Abbreviated Balance Sheet | 2 |
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Notes to the Abbreviated Accounts | 4 |
SOLARGISE LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 30TH SEPTEMBER 2015 |
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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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ACCOUNTANTS: |
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Chartered Accountants |
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BANKERS: |
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SOLARGISE LIMITED (REGISTERED NUMBER: 07832571) |
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ABBREVIATED BALANCE SHEET |
30TH SEPTEMBER 2015 |
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2015 | 2014 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 2 |
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Investments | 3 |
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CURRENT ASSETS |
Debtors |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year |
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NET CURRENT (LIABILITIES)/ASSETS | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 4 |
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Profit and loss account | ( |
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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. |
SOLARGISE LIMITED (REGISTERED NUMBER: 07832571) |
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ABBREVIATED BALANCE SHEET - continued |
30TH SEPTEMBER 2015 |
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The financial statements were approved by the Board of Directors on
by: |
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SOLARGISE LIMITED (REGISTERED NUMBER: 07832571) |
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NOTES TO THE ABBREVIATED ACCOUNTS |
FOR THE YEAR ENDED 30TH SEPTEMBER 2015 |
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1. | ACCOUNTING POLICIES |
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Accounting convention |
The financial statements have been prepared under the historical cost convention and in accordance with the |
Financial Reporting Standard for Smaller Entities (effective April 2008). |
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Tangible fixed assets |
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Computer equipment | - |
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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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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
balance sheet 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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2. | TANGIBLE FIXED ASSETS |
Total |
£ |
COST |
Additions |
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At 30th September 2015 |
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DEPRECIATION |
Charge for year |
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At 30th September 2015 |
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NET BOOK VALUE |
At 30th September 2015 |
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3. | FIXED ASSET INVESTMENTS |
Investments |
other |
than |
loans |
£ |
COST |
At 1st October 2014 | 552,461 |
Additions | 1,499,176 |
At 30th September 2015 | 2,051,637 |
NET BOOK VALUE |
At 30th September 2015 |
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At 30th September 2014 |
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SOLARGISE LIMITED (REGISTERED NUMBER: 07832571) |
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NOTES TO THE ABBREVIATED ACCOUNTS - continued |
FOR THE YEAR ENDED 30TH SEPTEMBER 2015 |
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3. | FIXED ASSET INVESTMENTS - continued |
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The company's investments at the Balance Sheet date in the share capital of companies include the following: |
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Country of incorporation: India |
Nature of business:
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Class of shares: | holding |
Ordinary Shares | 65.00 |
Preference Shares | 100.00 |
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£ |
Aggregate capital and reserves | 907,576 |
Loss for the year | (555,290 | ) |
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The Ordinary Shares are of 10/- Rupees each. The Preference Shares are 13% Cumulative Compulsorily |
Convertible Preference Shares of 10/- Rupees each. |
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Country of incorporation: India |
Nature of business:
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Class of shares: | holding |
Ordinary Shares | 100.00 |
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Aggregate capital and reserves | 1,333,392 |
Loss for the period/year | (405,615 | ) |
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Investments in subsidiary companies are shown at cost. The market value of the shares held in those companies |
is considerably in excess of the cost value but this excess has not as yet been quantified. Therefore no |
adjustment for any revaluation of the investments has been reflected within these accounts. |
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4. | CALLED UP SHARE CAPITAL |
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Allotted and issued: |
Number: | Class: | Nominal | 2015 | 2014 |
value: | £ | £ |
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Share capital | £1000 |
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5. | ULTIMATE PARENT COMPANY |
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ultimate parent company. |
SOLARGISE LIMITED (REGISTERED NUMBER: 07832571) |
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NOTES TO THE ABBREVIATED ACCOUNTS - continued |
FOR THE YEAR ENDED 30TH SEPTEMBER 2015 |
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6. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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At the balance sheet date the sum owed to R. Basu (a director) by the company amounted to £2,456 (2014 - |
£142,767). This sum is included within creditors due within one year. |
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Capital & Equity Investments Limited, a company in which all the directors of Solargise Limited (except V.B. |
Tailor) are also directors, and which is ultimately owned by R. Basu, N.D.J. Macleod and C.N. Phoenix, has |
borrowed funds in order to undertake its own energy development projects. At the balance sheet date the sum |
owed by Capital & Equity Investments Limited to Solargise Limited amounted to £8,875 (2014 - £8,875) and |
this is included within other debtors due within one year. |
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C.N. Phoenix is a director and majority shareholder in CPA Management Services. During the year under |
review this business lent the company a sum of £1,689,000 (2014 - £186,300) in order to fund the Indian solar |
power projects. The total balance lent by CPA Management Services to the company as at the balance sheet date |
amounted to £1,875,300 (2014 - £186,300). These balances are shown within other loans as part of the creditors |
due within one year. |
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7. | POST BALANCE SHEET EVENTS |
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Subsequent to the balance sheet date the company has received significant additional sums from the directors and |
shareholders in respect of the financing of the solar power development projects in India. During the current |
year to date the company has received a total in excess of £5,570,000. The company raised the sum of |
£4,675,000 by way of issuing a further 4,675 Ordinary Shares of £1,000 each on 31st January 2016. Any |
additional sums have been raised by way of loans to the company. These funds have been paid or are in the |
process of being paid to the Indian subsidiary companies in order that the development projects can be |
completed. All funds lent to the Indian subsidiaries are covered by the receipt of Cumulative Compulsorily |
Convertible Preference Shares or Equity Shares. |