ACCOUNTS - Final Accounts preparation

HERMITAGE SOLAR FARM LIMITED - Company Information

Caseware UK (AP4) 2021.0.152 2021.0.152 2022-05-312022-05-3102021-06-01falseNo description of principal activity0falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 08532890 2021-06-01 2022-05-31 08532890 2020-06-01 2021-05-31 08532890 2022-05-31 08532890 2021-05-31 08532890 c:Director1 2021-06-01 2022-05-31 08532890 d:OfficeEquipment 2021-06-01 2022-05-31 08532890 d:OfficeEquipment 2022-05-31 08532890 d:OfficeEquipment 2021-05-31 08532890 d:OfficeEquipment d:OwnedOrFreeholdAssets 2021-06-01 2022-05-31 08532890 d:OtherPropertyPlantEquipment 2021-06-01 2022-05-31 08532890 d:OtherPropertyPlantEquipment 2022-05-31 08532890 d:OtherPropertyPlantEquipment 2021-05-31 08532890 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2021-06-01 2022-05-31 08532890 d:OwnedOrFreeholdAssets 2021-06-01 2022-05-31 08532890 d:CurrentFinancialInstruments 2022-05-31 08532890 d:CurrentFinancialInstruments 2021-05-31 08532890 d:CurrentFinancialInstruments d:WithinOneYear 2022-05-31 08532890 d:CurrentFinancialInstruments d:WithinOneYear 2021-05-31 08532890 d:ShareCapital 2022-05-31 08532890 d:ShareCapital 2021-05-31 08532890 d:RetainedEarningsAccumulatedLosses 2022-05-31 08532890 d:RetainedEarningsAccumulatedLosses 2021-05-31 08532890 c:FRS102 2021-06-01 2022-05-31 08532890 c:AuditExemptWithAccountantsReport 2021-06-01 2022-05-31 08532890 c:FullAccounts 2021-06-01 2022-05-31 08532890 c:PrivateLimitedCompanyLtd 2021-06-01 2022-05-31 iso4217:GBP xbrli:pure

Registered number: 08532890

HERMITAGE SOLAR FARM LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2022

HERMITAGE SOLAR FARM LIMITED

CONTENTS

	Page
Accountants' report	1
Balance sheet	2
Notes to the financial statements	3 - 6

HERMITAGE SOLAR FARM LIMITED

CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF HERMITAGE SOLAR FARM LIMITED
FOR THE YEAR ENDED 31 MAY 2022

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Hermitage Solar Farm Limited for the year ended 31 May 2022 which comprise the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the director of Hermitage Solar Farm Limited in accordance with the terms of our engagement letter dated 31 July 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Hermitage Solar Farm Limited and state those matters that we have agreed to state to the director of Hermitage Solar Farm Limited in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Hermitage Solar Farm Limited and its director for our work or for this report.

It is your duty to ensure that Hermitage Solar Farm Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Hermitage Solar Farm Limited. You consider that Hermitage Solar Farm Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Hermitage Solar Farm Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

BAGINSKY COHEN

CHARTERED ACCOUNTANTS

930 HIGH ROAD

LONDON

N12 9RT

15 September 2022

Page 1

HERMITAGE SOLAR FARM LIMITED

REGISTERED NUMBER: 08532890

BALANCE SHEET

AS AT 31 MAY 2022

	2022	2022	2021	2021
Note	£	£	£	£

FIXED ASSETS
Tangible assets	4		438,856		496,691
CURRENT ASSETS
Debtors: amounts falling due within one year	5	13,368		15,301
Cash at bank and in hand	6	25,418		11,460
		38,786		26,761
Creditors: amounts falling due within one year	7	(709,124)		(739,295)
NET CURRENT LIABILITIES			(670,338)		(712,534)

NET LIABILITIES			(231,482)		(215,843)

CAPITAL AND RESERVES
Called up share capital	100	100
Profit and loss account	(231,582)	(215,943)
	(231,482)	(215,843)

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with 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 15 September 2022.

S B TABATZNIK

Director

The notes on pages 3 to 6 form part of these financial statements.

Page 2

HERMITAGE SOLAR FARM LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2022

1.ACCOUNTING POLICIES

1.1

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 Section 1A of 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 2).

The following principal accounting policies have been applied:

1.2

GOING CONCERN

The company is currently reliant on the financial support of its director and shareholder in order to continue to meet its operational cash flow requirements. To date the director has provided support in the form of an interest free loan. The director will continue to support the company and as a result has adopted the going concern basis of accounting.

1.3

REVENUE RECOGNITION

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

1.4

GOVERNMENT GRANTS

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

1.5

EU AGRICULTURAL SUPPORT SCHEMES

Payments received under EU agricultural support schemes are recognised as income when the business has met all criteria which entitle it to the payments.
Amounts received under the Basic payment scheme are recognised on 31 December in the year of claim. No provision has been made for penalties arising from the failure to comply with "cross compliance" conditions, as defined by the RPA, except for where the notification has been received.

1.6

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.

Page 3

HERMITAGE SOLAR FARM LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2022

1.ACCOUNTING POLICIES (CONTINUED)

1.7

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.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

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:

				Solar Park	-	5%
				Battery storage	-	12%

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.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

1.8

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.

1.9

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and 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 acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

1.10

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.

Page 4

HERMITAGE SOLAR FARM LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2022

2.	JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company's accounting policies, which are described in note 1, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from 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 affects only that period or in the period of the revision affects both current and future periods.

EMPLOYEES

The Company has no employees other than the directors, who did not receive any remuneration (2021 - £NIL).

4.	TANGIBLE FIXED ASSETS

	Solar Park	Battery storage	Total
	£	£	£
COST OR VALUATION
At 1 June 2021	498,549	274,223	772,772
At 31 May 2022	498,549	274,223	772,772
DEPRECIATION
At 1 June 2021	177,361	98,720	276,081
Charge for the year on owned assets	24,928	32,907	57,835
At 31 May 2022	202,289	131,627	333,916
NET BOOK VALUE
At 31 May 2022	296,260	142,596	438,856
At 31 May 2021	321,188	175,503	496,691

Page 5

HERMITAGE SOLAR FARM LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2022

DEBTORS

					2022	2021
					£	£


Trade debtors	5,987	4,730
Prepayments and accrued income	7,381	10,571
	13,368	15,301

6.	CASH AND CASH EQUIVALENTS
		2022	2021
		£	£

	Cash at bank and in hand	25,418	11,460

7.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
		2022	2021
		£	£

Trade creditors	2,113	1,325
Other taxation and social security	1,467	802
Other creditors	703,366	733,366
Accruals and deferred income	2,178	3,802
	709,124	739,295

Page 6