Clean Electricity Limited - Limited company accounts 20.1

REGISTERED NUMBER: 07721396 (England and Wales)

REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020

FOR

CLEAN ELECTRICITY LIMITED

Page

Company Information

1

Report of the Directors

2

Income Statement

3

Balance Sheet

4

Notes to the Financial Statements

6

DIRECTORS:

Thames Street Services Limited

T S Williams

SECRETARY:

G L Whitehouse

REGISTERED OFFICE:

6th Floor St Magnus House

3 Lower Thames Street

London

EC3R 6HD

REGISTERED NUMBER:

07721396 (England and Wales)

The directors present their report with the financial statements of the company for the year ended 30 September 2020.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the generation of electricity using solar technology.

REVIEW OF BUSINESS

During the year under review the company made a loss of £75,905 (2019 - loss of £4,864).

DIRECTORS

T S Williams has held office during the whole of the period from 1 October 2019 to the date of this report.

Other changes in directors holding office are as follows:

Thames Street Services Limited - appointed 17 December 2019

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:

Thames Street Services Limited - Director

28 June 2021

TURNOVER

77,348

86,539

Cost of sales

-

(6,571

)

GROSS PROFIT

77,348

79,968

Administrative expenses

(127,820

)

(58,897

)

OPERATING (LOSS)/PROFIT

4

(50,472

)

21,071

Interest payable and similar expenses

(25,433

)

(25,935

)

LOSS BEFORE TAXATION

(75,905

)

(4,864

)

Tax on loss

-

-

LOSS FOR THE FINANCIAL YEAR

(75,905

)

(4,864

)

FIXED ASSETS

Tangible assets

5

546,784

579,844

CURRENT ASSETS

Debtors

6

132,499

139,607

Cash at bank

81,900

18,079

214,399

157,686

CREDITORS

Amounts falling due within one year

7

(658,794

)

(559,236

)

NET CURRENT LIABILITIES

(444,395

)

(401,550

)

TOTAL ASSETS LESS CURRENT LIABILITIES

102,389

178,294

CAPITAL AND RESERVES

Called up share capital

4,680

4,680

Share premium

8

223,860

223,860

Retained earnings

8

(126,151

)

(50,246

)

102,389

178,294

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2020 in accordance with Section 476 of the Companies Act 2006.

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 have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 28 June 2021 and were signed on its behalf by:

Thames Street Services Limited - Director

1.	STATUTORY INFORMATION

Clean Electricity 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.

Turnover

Turnover represents income from the generation of renewable electricity from the operational installations during the year, excluding Value Added Tax. Turnover is recognised in the period in which the electricity is generated.

Turnover is generated through the sale of electricity under Power Purchase Agreements and through the UK Government's Feed-in-Tariff (FiT) scheme.

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

-

Straight line over 25 years

Financial instruments

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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.

Going concern

The directors have reviewed the performance of the Company during the year as set out in these accounts and, after taking account of possible changes that can reasonably be envisaged in trading performance, have considered the cash flow forecasts and future liquidity requirements of the Company

Having regard to the above and after making enquiries the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for at least 12 months from the date of signing the accounts. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.

Cash and cash equivalents

Cash is represented by deposits with financial intuitions repayable without penalty on notice of 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - NIL).

4.	OPERATING (LOSS)/PROFIT

The operating loss (2019 - operating profit) is stated after charging:

30/9/20

30/9/19

£

£

Depreciation - owned assets

33,060

33,060

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 October 2019

and 30 September 2020

826,504

DEPRECIATION

At 1 October 2019

246,660

Charge for year

33,060

At 30 September 2020

279,720

NET BOOK VALUE

At 30 September 2020

546,784

At 30 September 2019

579,844

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/9/20

30/9/19

£

£

Trade debtors

-

47

VAT debtor

4,502

2,831

Deferred tax asset

44,919

44,920

Prepayments

1,265

805

Accrued income

81,813

91,004

132,499

139,607

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/9/20

30/9/19

£

£

Bank loans

506,168

552,537

Trade creditors

33,039

318

Amounts owed to group undertakings

60,000

-

Other creditors

57,208

2,959

Accruals and deferred income

2,379

3,422

658,794

559,236

8.

RESERVES

Retained

Share

earnings

premium

Totals

£

£

£

At 1 October 2019

(50,246

)

223,860

173,614

Deficit for the year

(75,905

)

-

(75,905

)

At 30 September 2020

(126,151

)

223,860

97,709

9.	RELATED PARTY DISCLOSURES

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.

10.	ULTIMATE CONTROLLING PARTY

The Company's ultimate parent and controlling entity is Bagnall Energy Limited, a company incorporated in England and Wales. The financial statements of Bagnall Energy Limited, can be obtained from that company's registered office: 6th Floor, St Magnus House, 3 Lower Thames Street, London, England, EC3R 6HD.