Solen Energy UK Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07539158 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

FOR

SOLEN ENERGY UK LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

M D D Wilke

T J Hughes

REGISTERED OFFICE:

19 Montague Road

Widnes

WA8 8FZ

REGISTERED NUMBER:

07539158 (England and Wales)

ACCOUNTANTS:

Additions

Chartered Accountants

One Derby Square

Liverpool

L2 9QR

FIXED ASSETS

Tangible assets

4

15,276

19,976

CURRENT ASSETS

Stocks

2,034,142

3,007,113

Debtors

5

1,128,701

1,280,733

Cash at bank and in hand

122,995

267,095

3,285,838

4,554,941

CREDITORS

Amounts falling due within one year

6

1,756,645

3,312,420

NET CURRENT ASSETS

1,529,193

1,242,521

TOTAL ASSETS LESS CURRENT LIABILITIES

1,544,469

1,262,497

CREDITORS

Amounts falling due after more than one year

7

(220,833

)

-

PROVISIONS FOR LIABILITIES

(2,902

)

(3,396

)

NET ASSETS

1,320,734

1,259,101

CAPITAL AND RESERVES

Called up share capital

11

1

1

Retained earnings

1,320,733

1,259,100

SHAREHOLDERS' FUNDS

1,320,734

1,259,101

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 September 2021 and were signed on its behalf by:

M D D Wilke - Director

1.	STATUTORY INFORMATION

Solen Energy UK 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 net invoiced sales of goods, excluding value added tax.

Revenue relating to contracts for the installation of photovoltaic systems is recognised by reference to the stage of completion.

Tangible fixed assets

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

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

33% on reducing balance

Government grants

Government grants are recognised in the financial statements based on the accrual model of FRS 102.

Grants relating to revenue are recognised in income over the same period as the related costs for which the grant is intended to compensate.

A grant that becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support with no future related costs is recognised in income in the period in which it becomes receivable.

Grants relating to assets are recognised in income over the expected useful life of the asset. Where part of a grant relating to an asset is deferred it is recognised as deferred income and not deducted from the carrying amount of the asset.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Invoice discounting

The company has adopted the separate presentation method of accounting, whereby gross discounted debts are included in the balance sheet as an asset and the advances from the discounter are included in creditors as a liability.

Short term debtors and creditors

Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2019 - 15 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2020

59,247

44,280

103,527

Additions

-

764

764

At 31 December 2020

59,247

45,044

104,291

DEPRECIATION

At 1 January 2020

44,535

39,016

83,551

Charge for year

3,678

1,786

5,464

At 31 December 2020

48,213

40,802

89,015

NET BOOK VALUE

At 31 December 2020

11,034

4,242

15,276

At 31 December 2019

14,712

5,264

19,976

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

1,101,330

1,229,358

Other debtors

27,371

51,375

1,128,701

1,280,733

Trade debtors are subject to an invoice discounting agreement.

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts (see note 8)

29,167

-

Trade creditors

856,765

2,014,844

Taxation and social security

396,456

206,357

Other creditors

474,257

1,091,219

1,756,645

3,312,420

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans (see note 8)

220,833

-

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

20,833

-

8.

LOANS

Bank loans relates to a loan of £250,000 received under the UK Government's Coronavirus Business Interruption Loan Scheme (CBILS). This was to be repaid by 60 equal instalments starting in June 2021, however the company had repaid the loan in full by the end of May 2021.

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2020

2019

£

£

Within one year

32,706

77,775

Between one and five years

-

32,706

32,706

110,481

10.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Other creditors

242,666

1,033,895

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

1

Ordinary

£1

1

1

12.	ULTIMATE CONTROLLING PARTY

The directors M D D Wilke and T J Hughes control the company by virtue of their controlling interest in Solen Energy Group Limited, the ultimate parent company.