Powersolar Renewables Limited - Limited company accounts 18.2

REGISTERED NUMBER: 08334219 (England and Wales)

Report of the Directors and

Unaudited Financial Statements for the Year Ended 31 March 2019

for

Powersolar Renewables 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:

08334219 (England and Wales)

The directors present their report with the financial statements of the company for the year ended 31 March 2019.

PRINCIPAL ACTIVITY

The Company owned and provided asset management services to Bilsthorpe 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 April 2018 to the date of this

report.

Pinecroft Corporate Services Limited

G E Shaw

Other changes in directors holding office are as follows:

R J Spencer - resigned 22 February 2019

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

13 December 2019

TURNOVER

161,087

240,000

Administrative expenses

(226,274

)

(184,577

)

(65,187

)

55,423

Other operating income

-

(581,215

)

OPERATING LOSS

(65,187

)

(525,792

)

Profit/loss on disposal

4

(14,331

)

-

(79,518

)

(525,792

)

Income from shares in group
undertakings

(116,901

)

-

Interest receivable and similar income

105,068

347,807

LOSS BEFORE TAXATION

(91,351

)

(177,985

)

Tax on loss

-

LOSS FOR THE FINANCIAL YEAR

(91,351

)

(177,985

)

FIXED ASSETS

Investments

5

5,513,339

7,016,119

CURRENT ASSETS

Debtors

6

31,908

425,993

Cash at bank

1,874,590

22,652

1,906,498

448,645

CREDITORS

Amounts falling due within one year

7

(68,288

)

(5,642

)

NET CURRENT ASSETS

1,838,210

443,003

TOTAL ASSETS LESS CURRENT
LIABILITIES

7,351,549

7,459,122

PROVISIONS FOR LIABILITIES

-

(15,954

)

NET ASSETS

7,351,549

7,443,168

CAPITAL AND RESERVES

Called up share capital

75,646

Share premium

2,489,698

2,489,966

Reserves

4,825,673

Retained earnings

(39,468

)

51,883

SHAREHOLDERS' FUNDS

7,351,549

7,443,168

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 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 applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors on 13 December 2019 and were signed on
its behalf by:

G E Shaw - Director

1.	STATUTORY INFORMATION

Powersolar Renewables 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 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. Any

unrealised gains or losses are put through the profit and loss in the period 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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2018 - NIL).

4.	EXCEPTIONAL ITEMS

31.3.19

31.3.18

£

Exceptional items

(156,290

)

(160

)

Profit/loss on disposal

(14,331

)

-

(170,621

)

(160

)

5.	FIXED ASSET INVESTMENTS

31.3.19

31.3.18

£

Shares in group undertakings

-

121,088

Loans to group undertakings

-

1,445,031

Other loans

5,513,339

5,450,000

5,513,339

7,016,119

Additional information is as follows:

Investment

in

subsidiary

£

COST OR VALUATION

At 1 April 2018

609,518

Disposals

(609,518

)

At 31 March 2019

-

PROVISIONS

At 1 April 2018

488,430

Provision for year

(488,430

)

At 31 March 2019

-

NET BOOK VALUE

At 31 March 2019

-

At 31 March 2018

121,088

Cost or valuation at 31 March 2019 is represented by:

Investment

in

subsidiary

£

Valuation in 2018

121,089

Valuation in 2019

(121,089

)

Loan to

Other

subsidiary

loans

Totals

£

At 1 April 2018

1,445,031

5,450,000

6,895,031

New in year

-

63,339

Repayment in year

(1,445,031

)

-

(1,445,031

)

At 31 March 2019

-

5,513,339

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

Trade debtors

-

144,000

Amounts owed by group undertakings

-

129,000

Other debtors

31,908

Accrued income

-

218

Sh/holder loan int receivable

-

17,815

Interest receivable - Other

-

92,552

Prepayments

-

10,500

31,908

425,993

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

Trade creditors

68,288

1,211

Taxation and social security

-

1,931

Other creditors

-

2,500

68,288

5,642

8.	RELATED PARTY DISCLOSURES

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

Renewables Limited loaned an additional £63,339 to Betelgeuse Solar Limited during the course of the

year. At the year end, there was a total loan amount of £5,513,339.

Bilsthorpe Solar Limited is a wholly owned subsidiary of Powersolar Renewables Limited. During the

year there was a shareholder loan of £1,445,031 owed from Bilsthorpe Solar Limited to the Company.

At the year end there was nothing outstanding from this loan.

Powersolar Renewables Limited invoiced Bilsthorpe Solar Limited £161,087 excluding VAT for asset

management fees, of which nothing was outstanding at the year end.

On 29th November 2018, the Company sold its investment in Bilsthorpe Solar Limited.

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 Limited, which is in turn a corporate director of the Company. Foresight Group LLP invoiced

the Company £57,815.98 excluding VAT during the course of the year, of which nothing was

outstanding at the year end..

9.	ULTIMATE CONTROLLING PARTY

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