Solen Energy UK Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07539158 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2018

FOR

SOLEN ENERGY UK LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

M D D Wilke

T J Hughes

REGISTERED OFFICE:

Unit 5 Blenheim Way

Liverpool

L24 1YH

REGISTERED NUMBER:

07539158 (England and Wales)

ACCOUNTANTS:

Additions

Chartered Accountants

24 Queen Avenue

Queen Insurance Buildings

Dale Street

Liverpool

L2 4TZ

FIXED ASSETS

Tangible assets

4

14,032

17,626

CURRENT ASSETS

Stocks

1,556,299

995,195

Debtors

5

1,436,678

1,019,119

Cash at bank and in hand

763,504

309,944

3,756,481

2,324,258

CREDITORS

Amounts falling due within one year

6

2,760,823

1,311,826

NET CURRENT ASSETS

995,658

1,012,432

TOTAL ASSETS LESS CURRENT LIABILITIES

1,009,690

1,030,058

PROVISIONS FOR LIABILITIES

2,385

3,349

NET ASSETS

1,007,305

1,026,709

CAPITAL AND RESERVES

Called up share capital

9

1

1

Retained earnings

1,007,304

1,026,708

SHAREHOLDERS' FUNDS

1,007,305

1,026,709

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

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

M D D Wilke - Director

1.	STATUTORY INFORMATION

Solen Energy UK Limited is a private company, limited by shares , registered in England and Wales. 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Revenue relating to contracts for the installation of photovoltaic systems is recognised by reference to the stage

of completion.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

33% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

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.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

Invoice discounting

The company has adopted the separate presentation method of accounting, whereby gross discounted debts

are included in the balance sheet as an asset and the advances from the discounter are included in creditors as

a liability.

Short term debtors and creditors

Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising

from impairment are recognised in the profit and loss account.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2017 - 13 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2018

48,387

41,509

89,896

Additions

-

1,573

1,573

At 31 December 2018

48,387

43,082

91,469

DEPRECIATION

At 1 January 2018

38,978

33,292

72,270

Charge for year

2,332

2,835

5,167

At 31 December 2018

41,310

36,127

77,437

NET BOOK VALUE

At 31 December 2018

7,077

6,955

14,032

At 31 December 2017

9,409

8,217

17,626

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

1,265,511

802,179

Other debtors

171,167

216,940

1,436,678

1,019,119

Trade debtors are subject to an invoice discounting agreement.

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

1,196,447

425,192

Taxation and social security

249,263

165,218

Other creditors

1,315,113

721,416

2,760,823

1,311,826

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2018

2017

£

£

Within one year

83,363

83,363

Between one and five years

110,481

30,071

193,844

113,434

8.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Other creditors

985,691

681,334

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

1

Ordinary

£1

1

1

10.	ULTIMATE CONTROLLING PARTY

The directors M D D Wilke and T J Hughes control the company by virtue of their controlling interest in Solen

Energy Group Limited (formerly named PV Trader 24 Limited), the ultimate parent company.