SHERIFFHALES SOLAR COMMUNITY INTEREST COMPANY

SHERIFFHALES SOLAR COMMUNITY INTEREST COMPANY - Company Information

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Company Registration Number:
09643746 (England and Wales)

Unaudited statutory accounts for the year ended 31 December 2020

Period of accounts

Start date: 1 January 2020

End date: 31 December 2020

Contents of the Financial Statements

for the Period Ended 31 December 2020


Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes
Community Interest Report

Directors' report period ended 31 December 2020

The directors present their report with the financial statements of the company for the period ended 31 December 2020

Additional information

Directors' responsibilities statementThe directors are responsible for preparing the Directors' Report 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 applicable law and UnitedKingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;make judgments 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 theCompany and to 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.Disclosure of infonnation to auditorsEach of the persons who are directors at the time when this Directors' Report is approved has confirmed that:so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.AuditorsThe auditors, Griffin, will be proposed for reappointment in accordance with section 485 of the Companies Act2006.

Directors

The directors shown below have held office during the whole of the period from
1 January 2020 to 31 December 2020

Andre Sarvarian
Peter John Bonsall
Richard John Speak

The director shown below has held office during the period of
1 January 2020 to 8 October 2020

James Lawrence Mansfield

The director shown below has held office during the period of
8 October 2020 to 31 December 2020

Joe Shamash

The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
27 September 2021

And signed on behalf of the board by:
Name: Andre Sarvarian
Status: Director

Profit And Loss Account

for the Period Ended 31 December 2020

	2020	2019
	£	£
Turnover:	383,791	352,035
Cost of sales:	( 4,774 )	( 4,116 )
Gross profit(or loss):	379,017	347,919
Administrative expenses:	( 275,383 )	( 344,190 )
Other operating income:	10,000
Operating profit(or loss):	113,634	3,729
Interest payable and similar charges:	( 147,288 )	( 145,542 )
Profit(or loss) before tax:	(33,654)	(141,813)
Profit(or loss) for the financial year:	(33,654)	(141,813)

Balance sheet

As at 31 December 2020

	Notes	2020	2019
		£	£
Fixed assets
Tangible assets:	3	2,792,544	2,950,061
Total fixed assets:		2,792,544	2,950,061
Current assets
Debtors:	4	29,151	116,687
Cash at bank and in hand:		699,868	612,504
Total current assets:		729,019	729,191
Creditors: amounts falling due within one year:	5	( 3,641,036 )	( 3,765,071 )
Net current assets (liabilities):		(2,912,017)	(3,035,880)
Total assets less current liabilities:		(119,473)	( 85,819)
Total net assets (liabilities):		(119,473)	(85,819)
Capital and reserves
Called up share capital:		10	10
Share premium account:		337,658	337,658
Profit and loss account:		(457,141 )	(423,487 )
Total Shareholders' funds:		( 119,473 )	(85,819)

The notes form part of these financial statements

Balance sheet statements

For the year ending 31 December 2020 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 27 September 2021
and signed on behalf of the board by:

Name: Andre Sarvarian
Status: Director

The notes form part of these financial statements

Notes to the Financial Statements

for the Period Ended 31 December 2020

1. Accounting policies

Basis of measurement and preparation

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover comprises the fair value of the consideration received or receivable for the sale of electricity in the ordinary course of the company's activites. Turnover is shown net of sales/valueadded tax, returns, rebates and discounts. is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Turnovercomprises the fair value of the consideration received or receivable for the sale of electricity in the ordinary course ofthe company's activites. Turnover is shown net of sales/value added tax, returns,rebates and discounts. is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:Rendering of servicesTurnover comprises the fair value of the consideration received or receivable for the sale of electricity in the ordinary course of the company's activites. Turnover is shown net of sales/value added tax, returns, rebates and discounts. from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:the amount of revenue can be measured reliably;it is probable that the Company will receive the consideration due under the contract;the stage of completion of the contract at the end of the reporting period can be measured reliably; andthe costs incurred and the costs to complete the contract can be measured reliably.

Tangible fixed assets depreciation policy

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 isdirectly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.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 installations: Straight line over 25 years for solar installationsand 1O years for invertersThe 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 reportingdate.Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Other accounting policies

Going concernThe directors consider that COVID is having only indirect and limited influence on the business and does not affect their view that the business is a going concern. Solar electricity generation is driven by weather patterns and is unaffected by COVID.The directors acknowledge that a material uncertainty exists around the ability to refinance existing loan facilities which were due for repayment on 31 July 2021 but were extended post year end to 31 December 2021 (in respect of the loans from the ultimate parent company and the immediate parent company). There is no certainty of further extensions being available. Government grantsGrants 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.Finance costsFinance 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 ofthe associated capital instrument. Borrowing CostsAll borrowing costs are recognised in the Statement of comprehensive Income in the period in which they are incurred.DebtorsShort 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.Cash and cash equivalentsCash 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. CreditorsShort 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 subsequentlyat amortised cost using the effective interest method.

Notes to the Financial Statements

for the Period Ended 31 December 2020

2. Employees

	2020	2019
Average number of employees during the period	4	4

Notes to the Financial Statements

for the Period Ended 31 December 2020

3. Tangible assets

	Land & buildings	Plant & machinery	Fixtures & fittings	Office equipment	Motor vehicles	Total
Cost	£	£	£	£	£	£
At 1 January 2020		3,514,659				3,514,659
Additions		3,797				3,797
Disposals
Revaluations
Transfers
At 31 December 2020		3,518,456				3,518,456
Depreciation
At 1 January 2020		564,598				564,598
Charge for year		161,314				161,314
On disposals
Other adjustments
At 31 December 2020		725,912				725,912
Net book value
At 31 December 2020		2,792,544				2,792,544
At 31 December 2019		2,950,061				2,950,061

Notes to the Financial Statements

for the Period Ended 31 December 2020

4. Debtors

	2020	2019
	£	£
Trade debtors	20,083	5,415
Prepayments and accrued income	7,369	108,700
Other debtors	1,699	2,572
Total	29,151	116,687

Notes to the Financial Statements

for the Period Ended 31 December 2020

5. Creditors: amounts falling due within one year note

	2020	2019
	£	£
Trade creditors	12,170	14,310
Accruals and deferred income	23,477	70,199
Other creditors	3,605,389	3,680,562
Total	3,641,036	3,765,071

Following a share subscription on 6 December 2018, Sheriffhales Solar CIC became part of the Community Owned Renewable Energy LLP group. Al this date, all existing bank loans and other loans were repaid, with new financing being provided through loans by the immediate parent company, CORE Scorpio Limited and ultimate parent company Community Owned Renewable Energy Limited. As of the date of signing the accounts these group loans are repayable by 31 December 2021.Controlling partyThe immediate parent undertaking is CORE Scorpio Limited and the ultimate parent undertaking is Community Owned Renewable Energy LLP, both registered in England and Wales. The registered office of both CORE Scorpio Limited and Community Owned Renewable Energy LLP is the same as Sheriffhales Solar Community Interest Company and is shown on the company information page.

Company activities and impact

Sheriffhales Solar CIC is a community energy enterprise which owns a 3.17MWp community solar farm near the village of Sheriffhales in Shropshire. The company benefits the community through:Reducing carbon emissions and generating enough solar electricity each year equivalent to the annual consumption of nearly 1,000 homesGenerating income to support local community organisations and initiatives via Sheriffhales Community Energy Ltd (SHCE, an asset-locked community benefit society) and SHERIFFHALES AND COMMUNITIES RENEWABLE ENERGY COMMITTEE (SACREC, a registered charity) In the year ending 31 December 2020, Sheriffhales Solar CIC allocated £25,489 to be donated to the SACREC charity. Funding was allocated by SACREC in the year to a number of projects for the benefit of the community:To develop a community orchard on the playing fields. For the local school to purchase equipment to assists with home learning, implement distancing measures and additional cleaning required as a result of the pandemic.Distribution of food and other items to those in need during the pandemic.Provision of a community skip for the collection of household/garden waste during the pandemic.Contribution to running costs of the local church whilst it was closed and unable to collect income in the usual way.Distribution of LED lights to dwellings in the community.Funding automatic lights at the steps to Sheriffhales Village Hall.Contributing to the cost of extending Sheriffhales Village Hall.Funding upgrades to the church electrics, lighting and heating.Contributing to the printing costs of the parish magazine.Continuing to contribute to the running costs of the STEPS subsidised rural taxi scheme for the elderly and those on benefits to enable them to get the shops and health appointmentsTo fund bursaries for children and young persons from within the parish to support with their studies.Whilst funding was allocated to all of the above projects, the Covid pandemic caused the start of some to be delayed and they will be implemented in 2021.

Consultation with stakeholders

Sheriffhales Solar CIC’s key community stakeholders include:Sheriffhales Parish Council engaged through periodic updatesThe residents of Sheriffhales Parish engaged through the activities of SACREC and SHCEDiscussion with these key community stakeholders has helped inform the application of the community benefit funds (as described above).

Directors' remuneration

No remuneration was received

Transfer of assets

No transfer of assets other than for full consideration

This report was approved by the board of directors on
27 September 2021

And signed on behalf of the board by:
Name: Andre Sarvarian
Status: Director

SHERIFFHALES SOLAR COMMUNITY INTEREST COMPANY