Whitton Solar Limited - Accounts to registrar (filleted) - small 18.2
Whitton Solar Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2019 |
| FOR |
| WHITTON SOLAR LIMITED |
| WHITTON SOLAR LIMITED (REGISTERED NUMBER: 10348604) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2019 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| WHITTON SOLAR LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 DECEMBER 2019 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| INDEPENDENT AUDITORS: |
| 10 Orange Street |
| Haymarket |
| London |
| WC2H 7DQ |
| WHITTON SOLAR LIMITED (REGISTERED NUMBER: 10348604) |
| BALANCE SHEET |
| 31 DECEMBER 2019 |
| 2019 | 2018 |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 | ( |
) | ( |
) |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) |
| NET LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital | 9 |
| Retained earnings | 10 | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on and were signed on its behalf by: |
| WHITTON SOLAR LIMITED (REGISTERED NUMBER: 10348604) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2019 |
| 1. | STATUTORY INFORMATION |
| Whitton Solar Limited is a |
| company's registered number and registered office address can be found on the Company Information |
| page. |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| The Company's principal activity is the generation of electricity from renewable energy sources which |
| is achieved through the operation of solar photovoltaic installations |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Going concern |
| We draw attention to the current Covid-19 pandemic and the potential economic impact the virus will |
| have in the coming months. The directors have considered the cash balance held by the company, and |
| the projected administrative and other costs for the forthcoming 12 months from the date of signing of |
| the financial statements, and consider there to be adequate resources in place. On this basis, the |
| company is considered to be a going concern. |
| The company incurred a profit for the period of £12,116 (2018: £31,855) and at 31st December 2019 |
| held net current liabilities of £4,034,107 (2018: £4,233,177). The net current liability position at 31st |
| December 2019 is the result of a shareholder loan, which is not expected to be repaid in the |
| foreseeable future. |
| Significant judgements and estimates |
| In the application of the Company's accounting policies, the directors are required to make judgments, |
| estimates and assumptions about the carrying amounts of assets and liabilities that are not readily |
| apparent from other sources. The estimates and associated assumptions are based on historical |
| experience and other factors that are considered to be relevant. Actual results may differ from these |
| estimates. |
| The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting |
| estimates are recognised in the period in which the estimate is revised if the revision affects only that |
| period or in the period of the revision and future periods if the revision affects both current and future |
| periods. No significant judgements and estimates have been made in the period. |
| Turnover |
| Turnover is generated from electricity sold to a third party under a Power Purchase Agreement ("PPA") |
| and through the renewable obligation certificate ("ROC") under a UK government scheme associated |
| with electricity generated. It is recognised net of VAT when the electricity is physically exported. |
| Tangible fixed assets |
| Plant and machinery etc | - |
| WHITTON SOLAR LIMITED (REGISTERED NUMBER: 10348604) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2019 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| The Company enters into basic financial instruments 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. |
| Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic |
| financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract |
| is entered into and are subsequently re-measured at their fair value. Changes in the fair value of |
| derivatives are recognised in profit or loss in finance costs or income as appropriate. The company |
| does not currently apply hedge accounting for interest rate and foreign exchange derivatives. |
| Short term debtors are measured at transaction price, less any impairment. |
| 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. |
| Taxation |
| Tax is recognised in the Income Statement, 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. |
| WHITTON SOLAR LIMITED (REGISTERED NUMBER: 10348604) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2019 |
| 2. | ACCOUNTING POLICIES - continued |
| Loans |
| Non-derivative financial liabilities with fixed or determinable repayments that are not quoted in an active |
| market are classified as loans. Loans are initially recognised at fair value of the consideration received |
| plus directly related transaction costs. They are subsequently measured at amortised cost using the |
| effective interest method. Arrangement fees and interest payable on financial liabilities that are |
| classified as loans, are charged to the profit and loss account. |
| The effective interest method is a method of calculating the amortised cost of a financial liability and of |
| allocating the interest payable over the expected life of the liability. The effective interest rate is the rate |
| that exactly discounts estimated future cashflows to the instrument's initial carrying amount. |
| Calculation of the effective interest rate takes into account fees payable, that are an integral part of the |
| instrument yield and transaction costs. All contractual terms of a financial instrument are considered |
| when estimating future cash flows. |
| A financial liability is removed from the balance sheet when the obligation is discharged, or cancelled, |
| or expires. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was NIL (2018 - NIL). |
| 4. | AUDITORS' REMUNERATION |
| 2019 | 2018 |
| £ | £ |
| Fees payable to the company's auditors for the audit of the company's financial statements |
2,500 |
2,500 |
| 5. | TANGIBLE FIXED ASSETS |
| Plant and |
| machinery |
| etc |
| £ |
| COST |
| At 1 January 2019 |
| and 31 December 2019 |
| DEPRECIATION |
| At 1 January 2019 |
| Charge for year |
| At 31 December 2019 |
| NET BOOK VALUE |
| At 31 December 2019 |
| At 31 December 2018 |
| WHITTON SOLAR LIMITED (REGISTERED NUMBER: 10348604) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2019 |
| 6. | DEBTORS |
| 2019 | 2018 |
| £ | £ |
| Amounts falling due within one year: |
| Other debtors |
| Amounts falling due after more than one year: |
| Other debtors |
| Aggregate amounts |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |
| 8. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2019 | 2018 |
| £ | £ |
| Tangible fixed assets | 3,924,645 | 4,053,150 |
| Bayerische Landesbank as Trustee for the Secured Parties (Security Trustee) holds fixed and floating |
| charges dated 1 August 2017 covering all the property or undertaking of the company, the outstanding |
| charge contains a negative pledge. |
| 9. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2019 | 2018 |
| value: | £ | £ |
| Ordinary | £1.00 | 100 | 100 |
| WHITTON SOLAR LIMITED (REGISTERED NUMBER: 10348604) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2019 |
| 10. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 January 2019 | ( |
) |
| Profit for the year |
| At 31 December 2019 | ( |
) |
| Profit and Loss Account |
| The Profit and Loss Account represents the cumulative profit or losses, net of dividends paid and other |
| adjustments. |
| 11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. The report drew attention to the following matter: |
| The impact of macro-economic uncertainties on our audit |
| Our audit of the financial statements requires us to obtain an understanding of all relevant |
| uncertainties, including those arising as a consequence of the effects of macro-economic uncertainties |
| such as Covid-19 and Brexit. All audits assess and challenge the reasonableness of estimates made |
| by the directors and the related disclosures and the appropriateness of the going concern basis of |
| preparation of the financial statements. All of these depend on assessments of the future economic |
| environment and the company's future prospects and performance. |
| Covid-19 and Brexit are amongst the most significant economic events currently faced by the UK, and |
| at the date of this report their effects are subject to unprecedented levels of uncertainty, with the full |
| range of possible outcomes and their impacts unknown. We applied a standardised firm-wide |
| approach in response to these uncertainties when assessing the company's future prospects and |
| performance. However, no audit should be expected to predict the unknowable factors or all possible |
| future implications for a company associated with these particular events. |
| Joseph Kinton (Senior Statutory Auditor) |
| for and on behalf of Shipleys LLP, Statutory Auditor |
| 12. | IMMEDIATE PARENT COMPANY |
| At 31 December 2019, IREL Solar HoldCo Limited, registered at 250 Wharfedale Road, Winnersh |
| Triangle, Wokingham, RG41 5TP, was the immediate parent company. |