Clean Source Power UK Limited - Limited company accounts 18.2

REGISTERED NUMBER: 08558166

Report of the Directors and

Unaudited Financial Statements for the Year Ended 30 June 2018

for

Clean Source Power UK Limited

Page

Company Information

1

Report of the Directors

2

Income Statement

3

Balance Sheet

4

Notes to the Financial Statements

6

DIRECTORS:

Pinecroft Corporate Services Limited

G E Shaw

REGISTERED OFFICE:

C/O Foresight Group

The Shard

32 London Bridge Street

London

SE1 9SG

REGISTERED NUMBER:

08558166

The directors present their report with the financial statements of the company for the year ended 30 June 2018.

PRINCIPAL ACTIVITY

The Company owns and provides asset management services to The Stables Solar Limited and

Fields Farm Solar Limited, which are companies that each own and operate a solar generating

plant.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 July 2017 to the

date of this report.

Pinecroft Corporate Services Limited

G E Shaw

Other changes in directors holding office are as follows:

G D Partridge ceased to be a director after 30 June 2018 but prior to the date of this report.

GOING CONCERN

These accounts have been prepared on a going concern basis. The directors believe this basis is

appropriate following consideration of cash flow forecasts which show the company is able to meet

its liabilities as they fall due.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act

2006 relating to small companies.

ON BEHALF OF THE BOARD:

G E Shaw - Director

7 March 2019

TURNOVER

402,600

394,900

Administrative expenses

(230,357

)

(208,959

)

OPERATING PROFIT

172,243

185,941

Income from shares in group
undertakings

(285,677

)

(296,992

)

Interest receivable and similar
income

216,466

304,823

PROFIT BEFORE TAXATION

103,032

193,772

Tax on profit

-

PROFIT FOR THE FINANCIAL YEAR

103,032

193,772

FIXED ASSETS

Investments

5

4,473,808

7,075,425

CURRENT ASSETS

Debtors

6

460,348

841,256

Cash at bank

98,965

662

559,313

841,918

CREDITORS

Amounts falling due within one year

7

(2,859

)

(31,561

)

NET CURRENT ASSETS

556,454

810,357

TOTAL ASSETS LESS CURRENT
LIABILITIES

5,030,262

7,885,782

PROVISIONS FOR LIABILITIES

(40,595

)

(15,954

)

NET ASSETS

4,989,667

7,869,828

CAPITAL AND RESERVES

Called up share capital

50,133

79,779

Share premium

3,655,144

3,656,611

Other reserves

1,108,857

4,043,816

Retained earnings

175,533

89,622

4,989,667

7,869,828

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2018 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 7 March 2019 and were
signed on its behalf by:

G E Shaw - Director

1.	STATUTORY INFORMATION

Clean Source Power UK Limited is a private company, limited by shares , registered in Not

specified/Other. The company's registered number and registered office address can be

found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

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.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not

reversed at the balance sheet date.

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.

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.

Group accounts

Group Accounts are not being prepared as the group would be small as per the Companies

Act 2006 Section 383. As per the Companies Act 2006 Section 398, small groups are

permitted to produce consolidated accounts but are not required to do so. Despite an

operating profit for the year, Cleansource Power UK Ltd has not recorded an income tax

provision as it has recieved Group Tax Relief from the transfer of losses for the subsidiaries,

The Stables Solar Limited and Fields Farm Solar Limited, for the year ended 30 June 2017.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2017 - 1 ).

4.	EXCEPTIONAL ITEMS

30.6.18

30.6.17

£

Exceptional items

(24,641

)

-

5.	FIXED ASSET INVESTMENTS

30.6.18

30.6.17

£

Shares in group undertakings

403,367

689,043

Loans to group undertakings

1,621,441

6,386,382

Other loans

2,449,000

-

4,473,808

7,075,425

Additional information is as follows:

Investment

in

subsidiary

£

COST

At 1 July 2017

and 30 June 2018

884,142

PROVISIONS

At 1 July 2017

195,099

Provision for year

285,676

At 30 June 2018

480,775

NET BOOK VALUE

At 30 June 2018

403,367

At 30 June 2017

689,043

Loan to

Other

subsidiary

loans

Totals

£

At 1 July 2017

6,386,382

-

6,386,382

New in year

-

2,449,000

Repayment in year

(4,764,941

)

-

(4,764,941

)

At 30 June 2018

1,621,441

2,449,000

4,070,441

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.18

30.6.17

£

Trade debtors

360,927

206,560

Amounts owed by group undertakings

2,340

102,278

Other debtors

97,081

532,418

460,348

841,256

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.18

30.6.17

£

Trade creditors

(14,197

)

3,333

Taxation and social security

16,652

20,540

Other creditors

404

7,688

2,859

31,561

8.	RELATED PARTY DISCLOSURES

Foresight Group LLP is considered to be a related party by virtue of the fact that the

directors of Foresight Group LLP, Gary Fraser and David Hughes, are also directors of

Pinecroft Corporate Services Ltd, which is in turn a corporate director of the Company.

Foresight Group invoiced the Company £254,802 including VAT during the course of the

year, of which £14,197 including VAT was outstanding at the end of the year.

The Stables Solar Limited is a wholly owned subsidiary of Cleansource Power UK Ltd.

During the year, Cleansource Power UK Ltd invoiced The Stables Solar Limited £241,560

including VAT and there was a total outstanding balance of £179,757 including VAT at year

end.

Fields Farm Solar Limited is a wholly owned subsidiary of Cleansource Power UK Ltd.

During the year, Cleansource Power UK Ltd invoiced Fields Farm Solar Limited £241,560

including VAT and there was a total outstanding balance of £181,170 including VAT at year

end. Additionally there was an intercompany balance of £2,340 owed to Cleansource Power

UK Ltd at the end of the year.

During the year there was a shareholder loan of £1,871,912 owed to The Stables Solar

Limited from Cleansource Power UK Ltd, of which £850,647 was outstanding at year-end.

There was £68,274 of interest incurred on the loan provided to The Stables Solar Limited

and an outstanding balance of £21,091 at the year end.

During the year there was a shareholder loan of £4,514,471 owed to Fields Farm Solar

Limited from Cleansource Power UK Ltd, of which £770,795 was outstanding at year-end.

There was £132,901 of interest incurred on the loan provided to Fields Farm Solar Limited

and an outstanding balance of £19,111 at the year end.

Betelgeuse Solar Ltd is considered to be a related party by virtue of common directors.

Cleansource Power UK Ltd loaned £2,449,000 to Betelgeuse Solar Ltd during the course of

the year, all of which was outstanding at the end of the year.

Blackmead Infrastructure Limited is considered to be a related party by virtue of common

directors. Blackmead Infrastructure Limited's £2,934,959 equity stake in Dio-gen Solar

Limited was fully repaid during the year.

9.	POST BALANCE SHEET EVENTS

On 2nd August, Cleansource Power UK Ltd sold its investment in both Fields Farm Solar Ltd

and The Stables Solar Ltd.

10.	ULTIMATE CONTROLLING PARTY

In the opinion of the directors, there is no ultimate controlling party.