ACCOUNTS - Final Accounts

Operating profit

The operating profit is stated after charging:

CROSS SOLAR PV LIMITED - Company Information

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Registered number: 07900251

CROSS SOLAR PV LIMITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

CROSS SOLAR PV LIMITED

COMPANY INFORMATION

Directors	Mr M. Ma
	Mr C.J. Tanner


Registered number	07900251


Registered office	C/O Freetricity
	1 Filament Walk, Suite 203
	Wandsworth
	London
	SW18 4GQ


Independent auditors	Calders (1883) LLP
	Statutory Auditor and Chartered Accountants
	30 Orange Street
	London
	WC2H 7HF

CROSS SOLAR PV LIMITED

CONTENTS

	Page
Directors' report	1 - 2
Independent auditors' report	3 - 5
Statement of comprehensive income	6
Balance sheet	7
Statement of changes in equity	8
Statement of cash flows	9
Notes to the financial statements	10 - 17

CROSS SOLAR PV LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 MARCH 2020

The directors present their report and the financial statements for the year ended 31 March 2020.

Directors' responsibilities statement

The directors are responsible for preparing the Directors' report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the Company's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the company is the installation and maintenance of solar panels to provide renewable electricity.

Results and dividends

The profit for the year, after taxation, amounted to £737,736 (2019 - £64,907).

The directors do not recommend the payment of a dividend (2019: £Nil).

Directors

The directors who served during the year were:

Mr M. Ma

Mr C.J. Tanner

Future developments and post balance sheet events

The company ceased to trade on 31 December 2019. The company intends to distribute its reserves to clear the intercompany balance following which it will be struck off.

Page 1

CROSS SOLAR PV LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2020

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

The auditors, Calders (1883) LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board on 3 March 2021 and signed on its behalf.

Mr M. Ma

Director

Page 2

CROSS SOLAR PV LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CROSS SOLAR PV LIMITED

Opinion

We have audited the financial statements of Cross Solar PV Limited (the 'Company') for the year ended 31 March 2020, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Company's affairs as at 31 March 2020 and of its profit for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

∙the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

∙the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other information

The directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material

Page 3

CROSS SOLAR PV LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CROSS SOLAR PV LIMITED (CONTINUED)

misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

∙the information given in the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Directors' report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

∙the financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of directors' remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit; or

∙the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' report and from the requirement to prepare a Strategic report.

Responsibilities of directors

As explained more fully in the Directors' responsibilities statement on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Page 4

CROSS SOLAR PV LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CROSS SOLAR PV LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

Use of our report

This report is made solely to the Company's members in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members for our audit work, for this report, or for the opinions we have formed.

Philip Ewen (Senior statutory auditor)

for and on behalf of

Calders (1883) LLP

Statutory Auditor and Chartered Accountants

30 Orange Street

London

WC2H 7HF

3 March 2021

Page 5

CROSS SOLAR PV LIMITED

STATEMENT OF COMPREHENSIVE INCOME INCLUDING PROFIT AND LOSS ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2020

	2020	2019
Note	£	£


Turnover	4	169,788	198,313
Gross profit		169,788	198,313
Administrative expenses		(53,345)	(76,056)
Operating profit	5	116,443	122,257
Loan from group undertaking written off		634,141	-
Interest payable and expenses		(12,848)	(57,350)
Profit before tax		737,736	64,907
Tax on profit	8	-	-
Profit for the financial year		737,736	64,907

There were no recognised gains and losses for 2020 or 2019 other than those included in the statement of comprehensive income including profit and loss account.

There was no other comprehensive income for 2020 (2019: £Nil).

The notes on pages 10 to 17 form part of these financial statements.

Page 6

CROSS SOLAR PV LIMITED

REGISTERED NUMBER: 07900251

BALANCE SHEET

AS AT 31 MARCH 2020

		2020		2019
Note		£		£

Fixed assets
Tangible assets	9		-		594,157
			-		594,157
Current assets
Debtors: amounts falling due within one year	10	727,998		51,453
Cash at bank and in hand		17,114		16,989
		745,112		68,442
Creditors: amounts falling due within one year	11	-		(11,082)
Net current assets			745,112		57,360
Total assets less current liabilities			745,112		651,517
Creditors: amounts falling due after more than one year	12		-		(644,141)

Net assets			745,112		7,376

Capital and reserves
Called up share capital	14	764	764
Profit and loss account		744,348	6,612
		745,112	7,376

The Company's financial statements have been prepared in accordance with the 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 on 3 March 2021.

Mr M. Ma

Director

Page 7

CROSS SOLAR PV LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD FROM 1 APRIL 2018 TO 31 MARCH 2020

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 April 2018	764	(58,295)	(57,531)

Profit for the year	-	64,907	64,907

At 1 April 2019	764	6,612	7,376

Profit for the year	-	737,736	737,736
At 31 March 2020	764	744,348	745,112

Page 8

CROSS SOLAR PV LIMITED

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2020

			2020	2019
			£	£

Cash flows from operating activities
Profit for the financial year	737,736	64,907
Adjustments for:
Depreciation of tangible assets	24,752	33,003
Interest payable	12,848	57,350
Decrease/(increase) in debtors	50,221	(5,636)
(Increase)/decrease in amounts owed by group undertaking	(726,766)	-
(Decrease)/increase in creditors	(11,082)	836
Net cash generated from operating activities	87,709	150,460

Cash flows from investing activities
Sale of tangible fixed assets	569,405	-
Net cash from investing activities	569,405	-
Cash flows from financing activities
Loan from parent company repaid	(644,141)	(110,000)
Interest paid	(12,848)	(57,350)
Net cash used in financing activities	(656,989)	(167,350)
Net increase/(decrease) in cash and cash equivalents	125	(16,890)
Cash and cash equivalents at beginning of year	16,989	33,879
Cash and cash equivalents at the end of year	17,114	16,989

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	17,114	16,989
	17,114	16,989

The notes on pages 10 to 17 form part of these financial statements.

Page 9

CROSS SOLAR PV LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

1.	General information

Cross Solar PV Limited is a private company limited by share capital, incorporated in England and Wales, registration number 07900251. The address of the registered office is C/O Freetricity, 1 Filament Walk, Suite 203, Wandsworth, London, SW18 4GQ.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

Going concern

Following a group restructuring, with effect from 31 December 2019, the company has ceased to trade. The company's reserves will be distributed to clear the group company loan after 31 March 2020 following which the company will be struck off.

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured.
Revenue is measured based on electricity generation in the period and applicable tariffs. Revenue is recognised as and when confirmed by the renewable energy supplier on a quarterly basis and includes an accrual for the revenue due for the period from the last agreed quarter end to the end of the accounting period. Normally a twelve day period.

2.4

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.

Page 10

CROSS SOLAR PV LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

2.Accounting policies (continued)

2.4

Tangible fixed assets (continued)

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:

Plant and machinery

Straight line over 25 years

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.
As a result of the group restructuring, all fixed assets were transferred at net book value to JLEAG Solar 1 Limited with effect from 31 December 2019.

2.5

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.

2.6

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 ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

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 comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

Page 11

CROSS SOLAR PV LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

2.Accounting policies (continued)

2.6

Financial instruments (continued)

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.
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

2.7

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.

2.8

Finance costs

Finance costs are charged to profit or loss 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.

2.9

Taxation

Tax is recognised in profit or loss 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.

Page 12

CROSS SOLAR PV LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily ascertainable from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual outcomes may differ from these estimates.
The estimates and underlying assumptions are reviewed on a continuing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised.
There were no key judgements or estimation uncertainties in the application of the company's accounting policies during the year.

Turnover

The whole of the turnover is attributable to generation and export tariffs receivable on solar panel installations exclusive of value added tax.

All turnover arose from installations within the United Kingdom.

	Depreciation of tangible fixed assets	24,752	33,003
	Fees payable to the Company's auditor and its associates for the audit of the Company's annual financial statements	3,100	5,000

During the period, no director received any emoluments (2019: £Nil).

6.	Auditor remuneration
		2020	2019
		£	£

	Fees payable to the Company's auditor and its associates for the audit of the Company's annual accounts	3,100	5,000

7.	Employees
	The Company has no employees other than the directors, who did not receive any remuneration (2019: £Nil).

Page 13

CROSS SOLAR PV LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020



Total current tax	-	-

	Factors affecting tax charge for the year
	The profit for the year is eliminated by group loss relief available hence no tax charge arises on the profit for the final period.

Factors that may affect future tax charges

Following the group restructuring, all tax losses and the balance of capital allowances have been transferred to JLEAG Solar 1 Limited.

9.	Tangible fixed assets

		Plant and machinery
		£

	At 1 April 2019	825,072
	Disposals	(825,072)
	At 31 March 2020	-

	At 1 April 2019	230,915
	Charge for the year on owned assets	24,752
	Disposals	(255,667)
	At 31 March 2020	-
	Net book value
	At 31 March 2020	-
	At 31 March 2019	594,157

Page 14

CROSS SOLAR PV LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

10.

Debtors

					2020	2019
					£	£


Trade debtors	-	41,816
Amounts owed by group undertakings	726,766	-
Other debtors	1,232	5,612
Prepayments and accrued income	-	4,025
	727,998	51,453

11.	Creditors: Amounts falling due within one year
		2020	2019
		£	£

Trade creditors	-	3,240
Accruals and deferred income	-	7,842
	-	11,082

12.	Creditors: Amounts falling due after more than one year
		2020	2019
		£	£

Amounts owed to group undertakings	-	644,141
	-	644,141

Following the group restructuring, the loan from the parent company was waived as at 31 December 2019. The loan carried interest at the rate of 8% per annum.

Page 15

CROSS SOLAR PV LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

13.	Financial instruments
		2020	2019
		£	£

	Financial assets
	Financial assets that are debt instruments measured at amortised cost	726,766	41,816

	Financial liabilities
	Financial liabilities measured at amortised cost	-	(655,223)

	Financial assets measured at amortised cost comprise trade debtors and amounts due from group undertakings.
	Financial liabilities measured at amortised cost comprise trade creditors, accruals and amounts due to group undertakings.

14.	Share capital
		2020	2019
		£	£

Allotted, called up and fully paid

381,443 (2019 - 381,443) Ordinary Shares shares of £0.001 each	382	382
381,443 (2019 - 381,443) A Ordinary Shares shares of £0.001 each	382	382

	764	764

15.

Related party transactions

Following the group restructuring, the loan from JLEAG Solar 1 Limited, the company's parent company, was waived on 31 December 2019 (2019: £644,141). Interest paid on this loan in the year ended 31 March 2020 amounted to £12,848 (2019: £57,350).
As a result of the net assets being transferred as part of the group restructuring, as at 31 March 2020, the company was owed £726,766 from JLEAG Solar 1 Limited. This balance will be repaid from the company's reserves post year end.
During the year the parent company charged a management fee of £8,234 (2019: £10,764).

Page 16

CROSS SOLAR PV LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

16.	Controlling party

The company's parent company is JLEAG Solar 1 Limited owning 100% of the issued share capital.
The company's ultimate controlling party is John Laing Environmental Assets Group Limited, a limited corporate entity incorporated in Guernsey, Channel Islands.

Page 17