Flintly Power Limited - Limited company accounts 20.1
Flintly Power Limited - Limited company accounts 20.1
REGISTERED NUMBER: |
REPORT OF THE DIRECTORS AND |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 |
FOR |
FLINTLY POWER LIMITED |
FLINTLY POWER LIMITED (REGISTERED NUMBER: 07867113) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2022 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Income Statement | 3 |
Balance Sheet | 4 |
Notes to the Financial Statements | 5 |
FLINTLY POWER LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2022 |
Directors: |
Registered office: |
Registered number: |
FLINTLY POWER LIMITED (REGISTERED NUMBER: 07867113) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2022 |
The directors present their report with the financial statements of the company for the year ended 31 March 2022. |
Principal activity |
The Company owns residential rooftop solar assets from which it generates revenue from electricity production. |
Directors |
The directors shown below have held office during the whole of the period from 1 April 2021 to the date of this report. |
Going concern |
The Directors have a reasonable expectation that the company has adequate resources to be in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the annual report and accounts. |
Small company exemption |
In preparing this report, the Directors have taken advantage of the small companies' exemptions provided by section 414B of the Companies Act 2006 not to provide a Strategic Report. |
Statement of directors' responsibilities |
The directors are responsible for preparing the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently; |
- | make judgements 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 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. |
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: |
FLINTLY POWER LIMITED (REGISTERED NUMBER: 07867113) |
INCOME STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2022 |
31.3.22 | 31.3.21 |
Notes | £ | £ |
Turnover |
Administrative expenses | ( |
) | ( |
) |
Operating profit and |
Profit before taxation |
Tax on profit | 5 | ( |
) | ( |
) |
Profit for the financial year |
FLINTLY POWER LIMITED (REGISTERED NUMBER: 07867113) |
BALANCE SHEET |
31 MARCH 2022 |
31.3.22 | 31.3.21 |
Notes | £ | £ |
Fixed assets |
Tangible assets | 7 |
Current assets |
Debtors | 8 |
Creditors |
Amounts falling due within one year | 9 | ( |
) | ( |
) |
Net current assets |
Total assets less current liabilities |
Provisions for liabilities | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital |
Retained earnings |
Shareholders' funds |
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 |
FLINTLY POWER LIMITED (REGISTERED NUMBER: 07867113) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2022 |
1. | Statutory information |
Flintly Power Limited is a |
2. | Accounting policies |
Basis of preparation |
Going concern |
The financial statements have been prepared on the going concern basis. |
The directors of the company are satisfied after appropriate consultation with the directors of the group, review of the company's forecasts and projections, and taking into account of reasonably possible changes in trading performance and the current funds available, that the company is able to operate for at least twelve months from the signing of the Directors' Report and Financial Statements. For this reason, the directors believe that the company has adequate resources to continue in operational existence and therefore it is appropriate that the company continues to adopt the going concern basis in preparing the Directors' Report and Financial Statements. |
Related party exemption |
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. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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. |
FLINTLY POWER LIMITED (REGISTERED NUMBER: 07867113) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
2. | Accounting policies - continued |
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. |
3. | Employees and directors |
The average number of employees during the year was NIL (2021 - NIL). |
4. | Operating profit |
The operating profit is stated after charging: |
31.3.22 | 31.3.21 |
£ | £ |
Depreciation - owned assets |
5. | Taxation |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31.3.22 | 31.3.21 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax | ( |
) |
Tax on profit |
UK corporation tax has been charged at 19% . |
FLINTLY POWER LIMITED (REGISTERED NUMBER: 07867113) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
5. | Taxation - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
31.3.22 | 31.3.21 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2021 - |
Effects of: |
Adjustments to tax charge in respect of previous periods | ( |
) | ( |
) |
Tax Rate Changes | 16,244 | - |
Expenses not Deductible | 1 | - |
Total tax charge | 13,156 | 9,836 |
6. | Deferred tax |
A deferred tax liability of £67,686.02 in respect to the timing differences between the recognition of capital allowances and depreciation is currently being recognised. |
Net book value £996,806 |
Tax written down value £726,062 |
7. | Tangible fixed assets |
Plant and |
machinery |
etc |
£ |
Cost |
At 1 April 2021 |
and 31 March 2022 |
Depreciation |
At 1 April 2021 |
Charge for year |
At 31 March 2022 |
Net book value |
At 31 March 2022 |
At 31 March 2021 |
FLINTLY POWER LIMITED (REGISTERED NUMBER: 07867113) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
8. | Debtors: amounts falling due within one year |
31.3.22 | 31.3.21 |
£ | £ |
Current: |
Trade Debtors | 0 | 0 |
Amounts Owed by Group Undertaking | 1,005,341 | 894,112 |
Other Debtors | 78,610 | 63,206 |
1,083,951 | 957,318 |
9. | Creditors: amounts falling due within one year |
31.3.22 | 31.3.21 |
£ | £ |
Trade creditors |
Corporation Tax |
Accruals |
10. | Ultimate controlling party |
The ultimate controlling party is |