Solar Ventus Energy Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 11724277 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

FOR

SOLAR VENTUS ENERGY LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

R Gundry

REGISTERED OFFICE:

C/o Ground Control Kingfisher House

Radford Way

Billericay

Essex

CM12 0EQ

REGISTERED NUMBER:

11724277 (England and Wales)

AUDITORS:

Haines Watts

Chartered Accountants and Statutory Auditors

Advantage

87 Castle Street

Reading

Berkshire

RG1 7SN

FIXED ASSETS

Intangible assets

4

3,524,356

3,798,981

Tangible assets

5

10,470,907

11,065,100

Investments

6

1,542,230

1,653,844

15,537,493

16,517,925

CURRENT ASSETS

Debtors

7

1,407,538

1,576,639

Cash at bank

666,751

210,084

2,074,289

1,786,723

CREDITORS

Amounts falling due within one year

8

4,112,948

3,608,204

NET CURRENT LIABILITIES

(2,038,659

)

(1,821,481

)

TOTAL ASSETS LESS CURRENT LIABILITIES

13,498,834

14,696,444

CREDITORS

Amounts falling due after more than one year

9

(13,044,973

)

(13,947,723

)

PROVISIONS FOR LIABILITIES

(1,664,413

)

(1,173,697

)

NET LIABILITIES

(1,210,552

)

(424,976

)

CAPITAL AND RESERVES

Called up share capital

12

1

1

Retained earnings

(1,210,553

)

(424,977

)

SHAREHOLDERS' FUNDS

(1,210,552

)

(424,976

)

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 Income Statement has not been delivered.

The financial statements were approved and authorised for issue by the director and authorised for issue on 23 December 2021 and were signed by:

R Gundry - Director

1.	STATUTORY INFORMATION

Solar Ventus Energy 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Going concern

The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. In particular, in response to the COVID-19 pandemic, the Directors have tested their cash flow analysis to take into account the impact on their business of possible scenarios brought on by the impact of COVID-19, alongside the measures that they can take to mitigate the impact. Based on these assessments, given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will follow to the Company and the revenue can be reliably 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 services

Revenue 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; and

- the costs incurred and the costs to complete the contract can be measured reliably.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2020, is being amortised evenly over its estimated useful life of fourteen years.

Tangible fixed assets

Tangible fixed assets under the cost model, other than investment properties, 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.

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:

Plant and machinery - Over 20 years

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 the Statement of comprehensive income.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Investment in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

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.

Provisions for liabilities

Provisions are made where an event has taken place that given the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of obligation.

Provisions are charged as an expense to the Statement of comprehensive income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Balance sheet.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2020 - NIL).

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2020

and 31 March 2021

3,844,752

AMORTISATION

At 1 April 2020

45,771

Amortisation for year

274,625

At 31 March 2021

320,396

NET BOOK VALUE

At 31 March 2021

3,524,356

At 31 March 2020

3,798,981

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 1 April 2020

15,588,614

Additions

187,000

At 31 March 2021

15,775,614

DEPRECIATION

At 1 April 2020

4,523,514

Charge for year

781,193

At 31 March 2021

5,304,707

NET BOOK VALUE

At 31 March 2021

10,470,907

At 31 March 2020

11,065,100

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2020

1,653,844

Impairments

(111,614

)

At 31 March 2021

1,542,230

NET BOOK VALUE

At 31 March 2021

1,542,230

At 31 March 2020

1,653,844

7.

DEBTORS

2021

2020

£

£

Amounts falling due within one year:

Trade debtors

34,132

1,418

Other debtors

1,250,700

1,446,852

1,284,832

1,448,270

2021

2020

£

£

Amounts falling due after more than one year:

Other debtors

122,706

128,369

Aggregate amounts

1,407,538

1,576,639

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts (see note 10)

902,749

919,542

Trade creditors

43,354

416,023

Amounts owed to group undertakings

2,826,177

1,911,518

Other creditors

340,668

361,121

4,112,948

3,608,204

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans (see note 10)

13,044,973

13,947,723

Amounts falling due in more than five years:

Repayable by instalments

Bank loans > 5 years

9,184,235

10,199,689

10.

LOANS

An analysis of the maturity of loans is given below:

2021

2020

£

£

Amounts falling due within one year or on demand:

Bank loans

902,749

919,542

Amounts falling due between one and two years:

Bank loans - 1-2 years

919,140

902,749

Amounts falling due between two and five years:

Bank loans - 2-5 years

2,941,598

2,845,285

Amounts falling due in more than five years:

2021

2020

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans > 5 years

9,184,235

10,199,689

11.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Bank loans

13,947,722

14,867,265

The bank loan is secured by a legal charge over the assets to which the loan relates.

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

1

Ordinary

£1

1

1

13.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Ben Loveday FCCA (Senior Statutory Auditor)

for and on behalf of Haines Watts

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

- the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

- the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

However, not all future events or conditions can be predicted. The COVID-19 viral pandemic is one of the most significant economic events for the UK with unprecedented levels of uncertainty of outcomes. It is therefore difficult to evaluate all of the potential implications on the company's trade, customers, suppliers and wider economy. The Directors' view on the impact of COVID-19 is disclosed in the accounting policy note on Going Concern

14.	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.

15.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party of the Company is L Morrish by way of their majority holding of the parent company's ordinary shares.