JBM Solar Projects 22 Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 12433908 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2021

FOR

JBM SOLAR PROJECTS 22 LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

P Pels

D P Cramer

REGISTERED OFFICE:

First Floor Winston House

349 Regents Park Road

London

N3 1DH

REGISTERED NUMBER:

12433908 (England and Wales)

AUDITORS:

Melinek Fine LLP

Chartered Accountants

Statutory Auditors

First Floor, Winston House

349 Regents Park Road

London

N3 1DH

FIXED ASSETS

Tangible assets

4

252,512

127,325

CURRENT ASSETS

Debtors

5

1,602

8,758

CREDITORS

Amounts falling due within one year

6

264,707

140,431

NET CURRENT LIABILITIES

(263,105

)

(131,673

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(10,593

)

(4,348

)

CAPITAL AND RESERVES

Called up share capital

100

100

Profit and loss account

7

(10,693

)

(4,448

)

(10,593

)

(4,348

)

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 July 2022 and were signed on its behalf by:

P Pels - Director

1.	STATUTORY INFORMATION

JBM Solar Projects 22 Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

4% on cost

Tangible fixed assets represents the cost of construction of solar plants, civil/structural, planning and professional fees capitalised throughout the life of the project. As the assets are still in development no depreciation is charged during the financial period.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost unless they are classified as receivable within one year in which case they are measured at the undiscounted amount of the cash or other consideration expected to be received net of impairment.

Financial liabilities that are classified as payable within one year are subsequently measured at the undiscounted amount of the cash or other consideration expected to be paid.

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 or settle the liability simultaneously.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

Going concern

The financial statements are prepared on a going concern basis. In making this assessment the directors have considered a period of at lease 12 months from the date of the signing of the balance sheet.

The company has net current liabilities of £263,105 (2020 - £131,673) and negative reserves of £10,593 (2020 - £4,348). The directors do not consider that this inherently creates a material uncertainty regarding the going concern status of the company. This is due to the only debt being due to a group company and the group having both the intent and resources to conclude the sole project which is being undertaken by this special purpose vehicle.

However fundamental uncertainties do arise due to the following reasons:

-

The SPV's primary purpose is to build and operate a solar farm. The solar farm may be transferred to another legal entity, if this occurs then the activities of the SPV will cease;

-

Additionally at the date of signing the balance sheet, the following key events have not yet occured; planning permission being granted and a lease being signed with the property owner of the proposed location of the solar farm. The directors have no reason to believe that these events will not occur.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2020 - NIL).

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2021

127,325

Additions

125,187

At 31 December 2021

252,512

NET BOOK VALUE

At 31 December 2021

252,512

At 31 December 2020

127,325

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Other debtors

1,602

8,758

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

2,571

558

Amounts owed to group undertakings

79,111

51,890

Other creditors

183,025

87,983

264,707

140,431

7.

RESERVES

Profit

and loss

account

£

At 1 January 2021

(4,448

)

Deficit for the year

(6,245

)

At 31 December 2021

(10,693

)

The only movement in reserves during the period is the issue of shares and the profit (loss) for the period less dividends for the period.

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

9.	PARENT UNDERTAKINGS

The company which heads the smallest group within which the results of this company are consolidated is, PP Asset Management Limited. The address of its registered office is First Floor, Winston House, 349 Regents Park Road, London, UK, N3 1DH and consolidated accounts are available from Companies House.