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BL SOLAR 4 LIMITED - Company Information

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Registered number: 09077723

BL Solar 4 Limited

Unaudited

Financial statements

Information for filing with the registrar

For the Year Ended 30 June 2019

BL Solar 4 Limited

Registered number: 09077723

Balance Sheet

As at 30 June 2019

		2019		2018
Note		£		£

Fixed assets
Tangible assets	4		-		219,580
Current assets
Debtors: amounts falling due within one year	5	200		-
Cash at bank and in hand	6	100		100
		300		100
Creditors: amounts falling due within one year	7	(224,455)		(22,394)
Net current liabilities			(224,155)		(22,294)
Total assets less current liabilities			(224,155)		197,286
Creditors: amounts falling due after more than one year	8		-		(200,861)

Net liabilities			(224,155)		(3,575)

Capital and reserves
Called up share capital	100	100
Profit and loss account	(224,255)	(3,675)
	(224,155)	(3,575)

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

A D Pinto

Director

Date: 31 March 2020

The notes on pages 2 to 7 form part of these financial statements.

Page 1

BL Solar 4 Limited

Notes to the Financial Statements

For the Year Ended 30 June 2019

1.	General information

The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Langmead Group, Ham Farm
Main Road, Bosham
Chichester
West Sussex
PO18 8EH

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Going concern

The directors have concluded that the solar project is no longer viable and intend to liquidate the entity. The financial statements have been prepared on a basis other than going concern, which includes, where appropriate, writing down the company's assets to net realisable value. Provision has also been made for any contractual commitments that have become onerous at the balance sheet date. The financial statements do not include any provision for the future costs of terminating the business of the company except to the extent that such costs were committed at the balance sheet date.

2.3

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 2

BL Solar 4 Limited

Notes to the Financial Statements

For the Year Ended 30 June 2019

2.Accounting policies (continued)

2.4

Taxation

Tax is recognised in the Statement of Income and Retained Earnings, 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.

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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:

∙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

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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.

2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Site development assets

4% or 10% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income and Retained Earnings.

Page 3

BL Solar 4 Limited

Notes to the Financial Statements

For the Year Ended 30 June 2019

2.Accounting policies (continued)

2.6

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

2.7

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.9

Creditors

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.

2.10

Financial instruments

The Company only enters into basic financial instrument 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.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Employees

The average monthly number of employees, including directors, during the year was 4 (2018 - 4).

Page 4

BL Solar 4 Limited

Notes to the Financial Statements

For the Year Ended 30 June 2019

4.	Tangible fixed assets

		Site development assets
		£
	Cost or valuation
	At 1 July 2018	219,580
	At 30 June 2019	219,580
	Depreciation
	Impairment charge	219,580
	At 30 June 2019	219,580
	Net book value
	At 30 June 2019	-
	At 30 June 2018	219,580

The site development asset class of fixed assets was revalued on 30 June 2017 by the company's directors who are internal to the company. The basis of valuation was originally the net margin achievable per megawatt of power based on the generation capacity of the site. Due to the site being incomplete and not energised by 31 March 2016, the project did not qualify for subsidies. There was also some uncertainty as to whether the project would qualify for subsidies in a grace period allowing a further 12 months to complete and energise the site. Due to those circumstances the directors decided to put the project on hold and reduced the valuation in the year to 30 June 2017 to original cost of £219,580 being a best estimate of the current value. The directors have decided the site is no longer viable and will not be energised. Therefore they have impaired the asset to £nil.

If the site development assets had not been included at valuation they would have been included under the historical cost convention as follows:
	2019	2018
	£	£


Cost	219,580	219,580
Net book value	219,580	219,580

Page 5

BL Solar 4 Limited

Notes to the Financial Statements

For the Year Ended 30 June 2019

Debtors

					2019	2018
					£	£


Other debtors	200	-

6.	Cash and cash equivalents
		2019	2018
		£	£

	Cash at bank and in hand	100	100

7.	Creditors: Amounts falling due within one year
		2019	2018
		£	£

Trade creditors	1,200	21,394
Other creditors	222,255	-
Accruals and deferred income	1,000	1,000
	224,455	22,394

8.	Creditors: Amounts falling due after more than one year
		2019	2018
		£	£

	Other creditors	-	200,861

Page 6

BL Solar 4 Limited

Notes to the Financial Statements

For the Year Ended 30 June 2019

Related party transactions

During the year the company made the following related party transactions:
A company controlled by a shareholder
During the year the amount due from BL Solar 4 Limited decreased by £115,991. At the balance sheet date the company owed the related party £nil (2018 - £115,991).
A subsidiary of a company controlled by a shareholder
During the year the amount due from BL Solar 4 Limited decreased by £11,073. At the balance sheet date the company owed the related party £nil (2018 - £11,073).
A joint venture company of a company controlled by a shareholder
During the year the amount due from BL Solar 4 Limited increased by £148,458. At the balance sheet date the company owed the related party £222,255 (2018 - £73,797).
A company controlled by a shareholder
During the year the amount due from BL Solar 4 Limited decreased by £21,394. At the balance sheet date the company owed the related party was £nil (2018 - £21,394).

Page 7