Renewable Solartech Limited - Limited company accounts 18.2
Renewable Solartech Limited - Limited company accounts 18.2
REGISTERED NUMBER: |
Report of the Directors and |
Unaudited Financial Statements for the Year Ended 31 December 2018 |
for |
Renewable Solartech Limited |
Renewable Solartech Limited (Registered number: 08334670) |
Contents of the Financial Statements |
for the Year Ended 31 December 2018 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Income Statement | 3 |
Balance Sheet | 4 |
Notes to the Financial Statements | 6 |
Renewable Solartech Limited |
Company Information |
for the Year Ended 31 December 2018 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
Renewable Solartech Limited (Registered number: 08334670) |
Report of the Directors |
for the Year Ended 31 December 2018 |
The directors present their report with the financial statements of the company for the year ended 31 December 2018. |
PRINCIPAL ACTIVITY |
The Company owned and provided asset management services to Marsh Farm Solar Limited, which |
was sold during the course of the year. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2018 to |
the date of this report. |
Other changes in directors holding office are as follows: |
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: |
Renewable Solartech Limited (Registered number: 08334670) |
Income Statement |
for the Year Ended 31 December 2018 |
31.12.18 | 31.12.17 |
Notes | £ | £ |
TURNOVER |
Administrative expenses | ( |
) | ( |
) |
OPERATING PROFIT |
Profit/loss on sale of invest | 4 | ( |
) |
81,272 | 122,505 |
Gain/(loss) from shares in group undertakings |
( |
) |
( |
) |
Interest receivable and similar income |
PROFIT/(LOSS) BEFORE TAXATION | ( |
) |
Tax on profit/(loss) | ( |
) |
PROFIT/(LOSS) FOR THE FINANCIAL YEAR |
( |
) |
Renewable Solartech Limited (Registered number: 08334670) |
Balance Sheet |
31 December 2018 |
31.12.18 | 31.12.17 |
Notes | £ | £ |
FIXED ASSETS |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Investments | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Reserves |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
Renewable Solartech Limited (Registered number: 08334670) |
Balance Sheet - continued |
31 December 2018 |
The financial statements were approved by the Board of Directors on signed on its behalf by: |
Renewable Solartech Limited (Registered number: 08334670) |
Notes to the Financial Statements |
for the Year Ended 31 December 2018 |
1. | STATUTORY INFORMATION |
Renewable Solartech Limited is a |
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 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. |
Investments in subsidiaries |
Shares in the subsidiary are periodically revalued to reflect the fair value of the underlying |
asset. Under FRS 102, any unrealised gains or losses are put through the profit and loss |
accounts in the periods in which they occur. |
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. |
Currently there is no deferred tax being recognised in the financial statements. |
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. |
Renewable Solartech Limited (Registered number: 08334670) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2018 |
2. | ACCOUNTING POLICIES - continued |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2017 - NIL). |
4. | EXCEPTIONAL ITEMS |
31.12.18 | 31.12.17 |
£ | £ |
Exceptional items | (15,525 | ) | - |
Profit/loss on sale of invest | ( |
) |
(48,933 | ) | - |
5. | FIXED ASSET INVESTMENTS |
31.12.18 | 31.12.17 |
£ | £ |
Shares in group undertakings |
Other loans |
Additional information is as follows: |
Share in |
subsidiary |
£ |
COST OR VALUATION |
At 1 January 2018 |
Disposals | ( |
) |
At 31 December 2018 |
PROVISIONS |
At 1 January 2018 | (290,842 | ) |
Provision for year | 290,842 |
At 31 December 2018 | - |
NET BOOK VALUE |
At 31 December 2018 |
At 31 December 2017 |
Renewable Solartech Limited (Registered number: 08334670) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2018 |
5. | FIXED ASSET INVESTMENTS - continued |
Cost or valuation at 31 December 2018 is represented by: |
Share in |
subsidiary |
£ |
Valuation in 2017 | 3,370,548 |
Valuation in 2018 | (3,370,548 | ) |
Other |
loans |
£ |
New in year |
At 31 December 2018 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.18 | 31.12.17 |
£ | £ |
Trade debtors |
Other debtors |
Sh/holder loan int receivable | - | 428,851 |
Interest Receivable- 3rd Party | 193,260 | 95,037 |
Prepayments |
7. | CURRENT ASSET INVESTMENTS |
31.12.18 | 31.12.17 |
£ | £ |
Loan |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.18 | 31.12.17 |
£ | £ |
Trade creditors | ( |
) |
VAT |
Other creditors |
Renewable Solartech Limited (Registered number: 08334670) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2018 |
9. | RELATED PARTY DISCLOSURES |
Betelgeuse Solar Limited is considered to be a related party by virtue of common directors. |
Renewable Solartech Limited loaned £5,977,337 to Betelgeuse during the course of the year. |
At the year end, there was a total loan amount of £9,687,337. |
Marsh Farm Solar Limited is a wholly owned subsidiary of Renewable Solartech Limited. |
During the year, Renewable Solartech Limited invoiced Marsh Farm Solar Limited £187,840 |
excluding VAT for asset management services, of which nothing was outstanding at the year |
end. |
Foresight Group LLP is considered to be a related party by virtue of common directors. |
Foresight Group LLP invoiced the Company £49,488.33 excluding VAT during the course of |
the year, of which nothing was outstanding at the end of the year. |
10. | ULTIMATE CONTROLLING PARTY |
In the opinion of the directors there is no ultimate controlling party. |