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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2019 |
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ABBOTS ANN FARM SOLAR PARK LIMITED |
REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2019 |
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FOR |
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ABBOTS ANN FARM SOLAR PARK LIMITED |
ABBOTS ANN FARM SOLAR PARK LIMITED (REGISTERED NUMBER: 08264813) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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ABBOTS ANN FARM SOLAR PARK LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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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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INDEPENDENT AUDITORS : |
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10 Orange Street |
Haymarket |
London |
WC2H 7DQ |
ABBOTS ANN FARM SOLAR PARK LIMITED (REGISTERED NUMBER: 08264813) |
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BALANCE SHEET |
31 DECEMBER 2019 |
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2019 | 2018 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 | ( |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 9 |
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Retained earnings | 10 |
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SHAREHOLDERS' FUNDS |
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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 and authorised for issue on
and were signed on its behalf by: |
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ABBOTS ANN FARM SOLAR PARK LIMITED (REGISTERED NUMBER: 08264813) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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1. | STATUTORY INFORMATION |
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Abbots Ann Farm Solar Park Limited is a
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and Wales. The company's registered number and registered office address can be found on the |
Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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The principal activity of the Company is the generation of electricity from renewable energy sources |
which is achieved through the construction and operation of solar photovoltaic installations. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Going concern |
We draw attention to the current Covid-19 pandemic and the potential economic impact the virus will |
have in the coming months. The directors have considered the cash balance held by the company, and |
the projected administrative and other costs for the forthcoming 12 months from the date of signing of |
the financial statements, and consider there to be adequate resources in place. On this basis, the |
company is considered to be a going concern. |
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The company incurred a profit for the year of £201,204 (2018: £4,421,066). At 31st December 2019, |
the company held net current liabilities of £4,735,262 (2018: £5,332,662). The net liability position at |
31st December 2019 is the result of a shareholder loan, which is not expected to be repaid in the |
foreseeable future. |
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Significant judgements and estimates |
In the application of the Company's accounting policies, the directors are required to make judgments, |
estimates and assumptions about the carrying amounts 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. |
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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. No significant judgements and estimates have been made in the year. |
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Turnover |
Turnover is generated from electricity sold to a third party under a Power Purchase Agreement ("PPA") |
and through the renewable obligation certificate ("ROC") under a UK government scheme associated |
with electricity generated. It is recognised net of VAT when the electricity is physically exported. |
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Tangible fixed assets |
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Plant and machinery etc | - |
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ABBOTS ANN FARM SOLAR PARK LIMITED (REGISTERED NUMBER: 08264813) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
The Company enters into basic financial instruments transactions that result in the recognition of |
financial assets and liabilities like trade and other debtors and creditors, loans from banks and other |
third parties, loans to related parties and investments in non-puttable ordinary shares. |
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Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic |
financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract |
is entered into and are subsequently re-measured at their fair value. Changes in the fair value of |
derivatives are recognised in profit or loss in finance costs or income as appropriate. The company |
does not currently apply hedge accounting for interest rate and foreign exchange derivatives. |
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Short term debtors are measured at transaction price, less any impairment. |
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Short term creditors are measured at the transaction price. Other financial liabilities, including bank |
loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at |
amortised cost using the effective interest method. |
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Taxation |
Tax is recognised in the Income Statement, except that a charge attributable to an item of income and |
expense recognised as other comprehensive income or to an item recognised directly in equity is also |
recognised in other comprehensive income or directly in equity respectively. |
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The current income tax charge is calculated on the basis of tax rates and laws that have been enacted |
or substantively enacted by the balance sheet date in the countries where the Company operates and |
generates income. |
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Deferred tax balances are recognised in respect of all timing differences that have originated but not |
reversed by the Balance sheet date, except that: |
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The recognition of deferred tax assets is limited to the extent that it is probable that they will be |
recovered against the reversal of deferred tax liabilities or other future taxable profits; and |
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Any deferred tax balances are reversed if and when all conditions for retaining associated tax |
allowances have been met. |
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Deferred tax balances are not recognised in respect of permanent differences except in respect of |
business combinations, when deferred tax is recognised on the differences between the fair values of |
assets acquired and the future tax deductions available for them and the differences between the fair |
values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined |
using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
ABBOTS ANN FARM SOLAR PARK LIMITED (REGISTERED NUMBER: 08264813) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Loans |
Non-derivative financial liabilities with fixed or determinable repayments that are not quoted in an active |
market are classified as loans. Loans are initially recognised at fair value of the consideration received |
plus directly related transaction costs. They are subsequently measured at amortised cost using the |
effective interest method. Arrangement fees and interest payable on financial liabilities that are |
classified as loans, are charged to the profit and loss account. |
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The effective interest method is a method of calculating the amortised cost of a financial liability and of |
allocating the interest payable over the expected life of the liability. The effective interest rate is the rate |
that exactly discounts estimated future cashflows to the instrument's initial carrying amount. |
Calculation of the effective interest rate takes into account fees payable, that are an integral part of the |
instrument yield and transaction costs. All contractual terms of a financial instrument are considered |
when estimating future cash flows. |
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A financial liability is removed from the balance sheet when the obligation is discharged, or cancelled, |
or expires. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2018 - NIL). |
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4. | AUDITORS' REMUNERATION |
Period |
6.4.18 |
Year Ended | to |
31.12.19 | 31.12.18 |
£ | £ |
Fees payable to the company's auditors for the audit of the
company's financial statements |
2,500 |
2,500 |
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5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 January 2019 |
and 31 December 2019 |
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DEPRECIATION |
At 1 January 2019 |
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Charge for year |
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At 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 31 December 2018 |
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ABBOTS ANN FARM SOLAR PARK LIMITED (REGISTERED NUMBER: 08264813) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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6. | DEBTORS |
2019 | 2018 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
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Other debtors |
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Amounts falling due after more than one year: |
Other debtors |
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Aggregate amounts |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2019 | 2018 |
£ | £ |
Tangible fixed assets | 5,715,378 | 5,763,633 |
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Bayerische Landesbank as Trustee for the Secured Parties (Security Trustee) holds fixed and floating |
charges dated 28 June 2018 covering all the property or undertaking of the company, the outstanding |
charge contains a negative pledge. |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2019 | 2018 |
value: | £ | £ |
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Ordinary | £1.00 | 100 | 100 |
ABBOTS ANN FARM SOLAR PARK LIMITED (REGISTERED NUMBER: 08264813) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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10. | RESERVES |
Retained |
earnings |
£ |
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At 1 January 2019 |
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Profit for the year |
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At 31 December 2019 |
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Profit and loss account |
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The Profit and Loss Account represents the cumulative profits or losses, net of dividends paid and |
other adjustments. |
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11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. The report drew attention to the following matter: |
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The impact of macro-economic uncertainties on our audit |
Our audit of the financial statements requires us to obtain an understanding of all relevant |
uncertainties, including those arising as a consequence of the effects of macro-economic uncertainties |
such as Covid-19 and Brexit. All audits assess and challenge the reasonableness of estimates made |
by the directors and the related disclosures and the appropriateness of the going concern basis of |
preparation of the financial statements. All of these depend on assessments of the future economic |
environment and the company's future prospects and performance |
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Covid-19 and Brexit are amongst the most significant economic events currently faced by the UK, and |
at the date of this report their effects are subject to unprecedented levels of uncertainty, with the full |
range of possible outcomes and their impacts unknown. We applied a standardised firm-wide |
approach in response to these uncertainties when assessing the company's future prospects and |
performance. However, no audit should be expected to predict the unknowable factors or all possible |
future implications for a company associated with these particular events. |
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Joseph Kinton (Senior Statutory Auditor) |
for and on behalf of Shipleys LLP, Statutory Auditor |
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12. | CONTINGENT LIABILITIES |
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The Company has a potential obligation to restore the operational site which houses the solar |
installation asset at the end of the lease agreement (25 years from and including the term |
commencement date). No provision is included in the accounts as the amount cannot measured |
reliably. |
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13. | IMMEDIATE PARENT COMPANY |
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At 31 December 2019, IREEL Solar HoldCo Limited, registered at 250 Wharfedale Road, Winnersh |
Triangle, Wokingham, Berkshire, RG41 5TP, was the immediate parent company. |