Low Carbon Power Limited - Limited company accounts 20.1
Low Carbon Power Limited - Limited company accounts 20.1
REGISTERED NUMBER: |
Report of the Directors and |
Unaudited Financial Statements for the Year Ended 30 June 2020 |
for |
Low Carbon Power Limited |
Low Carbon Power Limited (Registered number: 08564116) |
Contents of the Financial Statements |
for the Year Ended 30 June 2020 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Income Statement | 3 |
Balance Sheet | 4 |
Notes to the Financial Statements | 5 |
Low Carbon Power Limited |
Company Information |
for the Year Ended 30 June 2020 |
Directors: |
Registered office: |
Registered number: |
Low Carbon Power Limited (Registered number: 08564116) |
Report of the Directors |
for the Year Ended 30 June 2020 |
The directors present their report with the financial statements of the company for the year ended 30 June 2020. |
Principal activity |
The Company owned and provided asset management services to Sheepbridge Solar Ltd, which was a |
company that operated a solar generating plant. |
Directors |
The directors shown below have held office during the whole of the period from 1 July 2019 to the date of this |
report. |
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: |
Low Carbon Power Limited (Registered number: 08564116) |
Income Statement |
for the Year Ended 30 June 2020 |
30.6.20 | 30.6.19 |
Notes | £ | £ |
Turnover |
Administrative expenses | ( |
) | ( |
) |
Operating loss | ( |
) | ( |
) |
Profit/loss on sale of invest | 4 | ( |
) |
(5 | ) | (64,860 | ) |
Revaluation of fixed assets | ( |
) |
Interest receivable and similar income |
34 | (78,073 | ) |
Interest payable and similar expenses | ( |
) |
Profit/(loss) before taxation | ( |
) |
Tax on profit/(loss) |
Profit/(loss) for the financial year | ( |
) |
Low Carbon Power Limited (Registered number: 08564116) |
Balance Sheet |
30 June 2020 |
30.6.20 | 30.6.19 |
Notes | £ | £ |
Fixed assets |
Investments | 5 |
Current assets |
Investments | 6 |
Cash at bank |
Creditors |
Amounts falling due within one year | 7 | ( |
) |
Net current assets/(liabilities) | ( |
) |
Total assets less current liabilities |
Capital and reserves |
Called up share capital |
Share premium |
Other reserves |
Retained earnings |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the Board of Directors and authorised for issue on and were signed on its behalf by: |
Low Carbon Power Limited (Registered number: 08564116) |
Notes to the Financial Statements |
for the Year Ended 30 June 2020 |
1. | Statutory information |
Low Carbon Power Limited is a |
The company's registered number and registered office address can be found on the Company |
Information page. |
2. | Accounting policies |
Going concern |
The directors expect to wind up the Company within the next 3 months of signing of these financial |
statements. Additionally, the sale of asset held under Sheepbridge Solar Limited has meant the |
Company no longer has a business purpose pertaining to solar farm operations. As such, they have |
not been prepared on a going concern basis. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 |
relating to small companies. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, |
rebates, value added tax and other sales taxes. |
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. |
3. | Employees and directors |
The average number of employees during the year was NIL (2019 - NIL). |
4. | Exceptional items |
30.6.20 | 30.6.19 |
£ | £ |
Exceptional items | 100 | (44,638 | ) |
Profit/loss on sale of invest | ( |
) |
100 | (65,654 | ) |
Low Carbon Power Limited (Registered number: 08564116) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2020 |
5. | Fixed asset investments |
30.6.20 | 30.6.19 |
£ | £ |
Other loans |
Additional information is as follows: |
Investment |
in |
subsidiary |
£ |
Cost |
At 1 July 2019 |
and 30 June 2020 | ( |
) |
Provisions |
At 1 July 2019 |
and 30 June 2020 | (242,872 | ) |
Net book value |
At 30 June 2020 |
At 30 June 2019 |
Other |
loans |
£ |
At 1 July 2019 |
Other movement | ( |
) |
At 30 June 2020 |
6. | Current asset investments |
30.6.20 | 30.6.19 |
£ | £ |
Other |
7. | Creditors: amounts falling due within one year |
30.6.20 | 30.6.19 |
£ | £ |
Amounts owed to group undertakings |
8. | Related party disclosures |
Betelgeuse Solar Limited is considered to be related party virtue of common directors. Low Carbon |
Power Limited loaned £5,114,511 to Betelgeuse Solar Limited during the prior year, all of which was |
outstanding at the year end. Betelgeuse Solar Limited is part of the same EIS investor structure as the |
Company. As such, the repayment of the loan will not impact the investor returns. |
During November 2019, the investors of the wider EIS structure were paid their final distribution, |
subsequent to the final projects in the structure being sold. As such, all cash of the Company has been |
paid out to investors via the parent company, Capri Energy Limited. |