Beeston Solar Energy Limited - Limited company accounts 20.1
Beeston Solar Energy Limited - Limited company accounts 20.1
REGISTERED NUMBER: |
| REPORT OF THE DIRECTORS AND |
| FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2020 |
FOR |
| BEESTON SOLAR ENERGY LIMITED |
BEESTON SOLAR ENERGY LIMITED (REGISTERED NUMBER: 08426702) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2020 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Report of the Independent Auditors | 5 |
Income Statement | 8 |
Balance Sheet | 9 |
Notes to the Financial Statements | 10 |
BEESTON SOLAR ENERGY LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2020 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Seacourt Tower |
Botley |
Oxford |
OX2 0JJ |
BEESTON SOLAR ENERGY LIMITED (REGISTERED NUMBER: 08426702) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2020 |
The directors present their report with the financial statements of the company for the year ended 31 March 2020. |
PRINCIPAL ACTIVITY |
| The principal activity of the company in the year under review was that of the production of electricity from solar photovoltaic panels. |
REVIEW OF BUSINESS |
During the year under review the company made a profit of £144,919 (2019 - £142,272). |
EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
DIRECTORS |
The directors who have held office during the period from 1 April 2019 to the date of this report are as follows: |
GOING CONCERN |
The directors have adopted the going concern basis in preparing the financial statements. In assessing whether the going concern assumption is appropriate, the directors have taken into account all relevant information about the future. |
The directors have prepared forecasts based on models covering 27 years and reviewed capital requirements and debt covenants for twelve months from the date of approving these financial statements. The directors are comfortable that the group can continue to trade for at least twelve months. The directors have assessed that the group is not likely to breach any debt covenants based on the forecasting performed. |
DIRECTORS' RESPONSIBILITIES STATEMENT |
BEESTON SOLAR ENERGY LIMITED (REGISTERED NUMBER: 08426702) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2020 |
DIRECTORS' RESPONSIBILITIES STATEMENT - continued |
|
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| The directors confirm that: |
| so far as each director is aware, there is no relevant audit information of which the company's auditor is unaware; and |
| the directors have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. |
| The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. |
AUDITORS |
The auditors, Grant Thornton UK LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
BEESTON SOLAR ENERGY LIMITED (REGISTERED NUMBER: 08426702) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2020 |
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: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BEESTON SOLAR ENERGY LIMITED |
Opinion |
| We have audited the financial statements of Beeston Solar Energy Limited (the 'company') for the year ended 31 March 2020 which comprise the Income Statement, Balance Sheet and Notes to the Financial Statements, 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 UK, including the FRC'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. |
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. |
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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BEESTON SOLAR ENERGY LIMITED |
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 auditor's 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 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 on that fact. |
We have nothing to report in this regard. |
Opinions 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 and our auditors report thereon 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 Report of the Directors. |
We have nothing to report in respect of the following matters where 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' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors. |
Responsibilities of directors |
As explained more fully in the Directors' Responsibilities Statement set out on page three, 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BEESTON SOLAR ENERGY LIMITED |
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 a Report of the Auditors 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 Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, 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 as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Seacourt Tower |
Botley |
Oxford |
OX2 0JJ |
BEESTON SOLAR ENERGY LIMITED (REGISTERED NUMBER: 08426702) |
INCOME STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2020 |
31/3/20 | 31/3/19 |
Notes | £ | £ |
TURNOVER |
Cost of sales | ( | ) | ( | ) |
GROSS PROFIT |
Administrative expenses | ( | ) | ( | ) |
OPERATING PROFIT and |
PROFIT BEFORE TAXATION |
Tax on profit | 5 | ( | ) | ( | ) |
PROFIT FOR THE FINANCIAL YEAR |
BEESTON SOLAR ENERGY LIMITED (REGISTERED NUMBER: 08426702) |
BALANCE SHEET |
31 MARCH 2020 |
31/3/20 | 31/3/19 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 | ( | ) | ( | ) |
NET CURRENT LIABILITIES | ( | ) | ( | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES | ( | ) | ( | ) |
PROVISIONS FOR LIABILITIES | ( | ) | ( | ) |
NET LIABILITIES | ( | ) | ( | ) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | 9 | ( | ) | ( | ) |
( | ) | ( | ) |
The financial statements were approved by the Board of Directors and authorised for issue on |
BEESTON SOLAR ENERGY LIMITED (REGISTERED NUMBER: 08426702) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2020 |
1. | STATUTORY INFORMATION |
Beeston Solar Energy Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
BEESTON SOLAR ENERGY LIMITED (REGISTERED NUMBER: 08426702) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2020 |
2. | ACCOUNTING POLICIES - continued |
Critical accounting judgements and key sources of estimation uncertainty |
| The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. |
| Estimates and underlying assumptions are reviewed on an on-going basis. Estimates are based on historical experience and other assumptions that are considered reasonable in the circumstances. The actual amount or values may vary in certain instances from the assumptions and estimates made. Changes will be recorded, with corresponding effect in profit or loss, when, and if, better information is obtained. |
| Information about assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment within the next financial year are included below. |
| Critical judgements that management has made in the process of applying accounting policies disclosed herein and that have a significant effect on the amounts recognised in the financial statements relates to the following: |
| Going concern |
| The directors have adopted the going concern basis in preparing the financial statements. In assessing whether the going concern assumption is appropriate, the directors have taken into account all relevant information about the future. |
| The directors have prepared forecasts based on models covering 27 years and reviewed capital requirements and debt covenants for twelve months from the date of approving these financial statements. The directors are comfortable that the group can continue to trade for at least twelve months. The directors have assessed that the group is not likely to breach any debt covenants based on the forecasting performed. |
| Deferred taxation |
| The assessment of the probability of future taxable income against which deferred tax assets can be utilised is based on the company's latest budget and specific limits to the use of any unused tax loss or credit. If a positive forecast of taxable income indicates the probable use of a deferred tax asset, especially when it can be used without a time limit, that deferred tax asset is usually recognised in full. |
| Useful lives of depreciable assets |
| Management reviews its estimate of the useful lives of depreciable assets at each reporting date, based on the expected utility of the assets. |
Turnover |
Turnover represents income from the generation of renewable electricity from the operational installations during the year, excluding Value Added Tax. Turnover is recognised in the period in which the electricity is generated. |
Turnover is generated through the sale of electricity under Power Purchase Agreements and through the sale of Renewable Obligation Certificates from the UK Government's Renewables Obligation scheme. |
BEESTON SOLAR ENERGY LIMITED (REGISTERED NUMBER: 08426702) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2020 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Plant and machinery etc | - |
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. |
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 rate method, less any impairment. |
Cash and cash equivalents |
Cash is represented by 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 the acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
Creditors |
Short term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest rate method. |
BEESTON SOLAR ENERGY LIMITED (REGISTERED NUMBER: 08426702) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2020 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
31/3/20 | 31/3/19 |
£ | £ |
Other operating leases |
Depreciation - owned assets |
Auditor's remuneration |
5. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31/3/20 | 31/3/19 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax |
Tax on profit |
UK corporation tax has been charged at 19% . |
| The company has no tax liability for the year and there are tax losses of approximately £600,846 (2019: £835,310) available to carry forward. |
| On 11th March the Chancellor announced that corporation tax rates would remain at 19% and not decrease to 17% as previously legislated. When legislated this will impact deferred tax assets/liabilities which are currently held at a 17% rate. |
BEESTON SOLAR ENERGY LIMITED (REGISTERED NUMBER: 08426702) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2020 |
6. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 April 2019 |
and 31 March 2020 |
DEPRECIATION |
At 1 April 2019 |
Charge for year |
At 31 March 2020 |
NET BOOK VALUE |
At 31 March 2020 |
At 31 March 2019 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/20 | 31/3/19 |
£ | £ |
Amounts owed by group undertakings |
VAT debtor |
Prepayments |
Accrued income |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/20 | 31/3/19 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Accruals and deferred income |
9. | RESERVES |
Retained |
earnings |
£ |
At 1 April 2019 | ( | ) |
Profit for the year |
At 31 March 2020 | ( | ) |
BEESTON SOLAR ENERGY LIMITED (REGISTERED NUMBER: 08426702) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2020 |
10. | CAPITAL COMMITMENTS |
| At 31 March 2020 and 31 March 2019 the company had no capital commitments. |
11. | OTHER FINANCIAL COMMITMENTS |
| At March 31 2020 the company had future minimum lease payments under non-cancellable operating leases as follows: |
| 2020 | 2019 |
| £ | £ |
| Not later than 1 year | 25,817 | 25,276 |
| Later than 1 year and not later than 5 years | 103,267 | 101,103 |
| Later than 5 years | 363,501 | 383,913 |
| 492,586 | 510,292 |
12. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
13. | POST BALANCE SHEET EVENTS |
| There have been no significant events affecting the company since the year end. The Directors are satisfied there are no adjustments required to the balance sheet as a result of Covid 19, as no provisions are required against outstanding debtors and creditors. |
14. | ULTIMATE CONTROLLING PARTY |
| The immediate parent company is Beeston Solar Limited, a company incorporated in England and Wales. |
| The company forms a part of the Chalkhill Life Holdings Limited group, a company incorporated in England and Wales, which is the largest group into which the financials are included. The consolidated financial statements of Chalkhill Life Holdings Limited can be obtained from that company's registered office: 6th Floor, St Magnus House, 3 Lower Thames Street, London, England, EC3R 6HD. |
| There is no ultimate beneficial owner of the entity. |
BEESTON SOLAR ENERGY LIMITED (REGISTERED NUMBER: 08426702) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2020 |
15. | DEFERRED TAXATION |
2020 | 2019 |
£ | £ |
At beginning of year | (4,145 | ) | 28,525 |
Charged to (loss)/profit | (27,534 | ) | (32,670 | ) |
At end of year | (31,679 | ) | (4,145 | ) |
The provision for deferred taxation is made up as follows: |
2020 | 2019 |
£ | £ |
Accelerated capital allowances | (145,840 | ) | - |
Tax losses carried forward | 114,161 | (4,145 | ) |
(31,679 | ) | (4,145 | ) |