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Company registration number: 08425377
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FOR THE YEAR ENDED
31 MARCH 2020
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SJD FREE SOLAR (UK) 2 LIMITED
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SJD FREE SOLAR (UK) 2 LIMITED
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COMPANY INFORMATION
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Chartered Accountants & Statutory Auditor
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SJD FREE SOLAR (UK) 2 LIMITED
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CONTENTS
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Statement of financial position
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Notes to the financial statements
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SJD FREE SOLAR (UK) 2 LIMITED
REGISTERED NUMBER:08425377
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STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2020
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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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 comprehensive income 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:
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Mr O Laganiere
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The notes on pages 2 to 6 form part of these financial statements.
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SJD FREE SOLAR (UK) 2 LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
SJD Free Solar (UK) 2 Limited is a private company limited by shares incorporated in England and Wales. The company's principle place of business is Anesco, The Green, Easter Park, Benyon Road, Reading, Berkshire, RG7 2PQ.
2.Accounting policies
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Basis of preparation of financial statements
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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.
Restatement of 2019 Statement of Financial Position
The comparative figures in the Statement of Financial Position have been restated to be consistent with the treatment of the loan notes receivable in the parent company, SJD Free Solar (UK) 1 Limited. This adjustment has resulted in the decrease of fixed asset investments and increase in debtors due over one year by £1,928,250, in the year ending 31 March 2019. There is no effect on profit or retained earnings.
The following principal accounting policies have been applied:
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Exemption from preparing consolidated financial statements
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The Company, the group headed by it and the group it is within, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and group are considered eligible for the exemption from preparing consolidated accounts.
Turnover principally represents revenues recieved under energy supply agreements and Feed in Tariff payments. Revenue is recognised in correlation to the period in which the electricity is generated.
Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.
Finance costs are charged to the Statement of Comprehensive Income 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.
Tax is recognised in the Statement of Comprehensive Income, 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 reporting date in the countries where the Company operates and generates income.
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SJD FREE SOLAR (UK) 2 LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
2.Accounting policies (continued)
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.
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:
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 Comprehensive Income.
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 ordinary shares.
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The average monthly number of employees, including directors, during the year was 3 (2019 -3).
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SJD FREE SOLAR (UK) 2 LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
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Charge for the year on owned assets
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Investments in subsidiary companies
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SJD FREE SOLAR (UK) 2 LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
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Due after more than one year
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Amounts owed by group undertakings
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Amounts owed by group undertakings
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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The amount of £4,000,000 (2019: £4,650,000) due after more than 5 years not by instalments represents unsecured shareholder loan notes with interest charged at 4%.
The loan notes are not due for repayment until 31 March 2038.
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SJD FREE SOLAR (UK) 2 LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
The auditors' report on the financial statements for the year ended 31 March 2020 was unqualified.
The audit report was signed on 8 July 2020 by Andrew Cook (Senior statutory auditor) on behalf of Menzies LLP, Chartered Accountants & Statutory Auditors.
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