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Registered number: 09132355
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SUNETIK LIMITED
UNAUDITED
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE PERIOD FROM 1 NOVEMBER 2020 TO 31 MARCH 2022
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SUNETIK LIMITED
REGISTERED NUMBER:09132355
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2022
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.
The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
Following a review of the prior period comparatives a mapping error was noted in relation to £91,188 of intercompany receivables incorrectly allocated within the creditors classification. As such a reclassification has been presented on the prior period comparatives to correctly allocate between debtors and creditors, resulting in the debtors figure increasing to £1,626,513 and creditors increasing to £2,035,720. There is no impact on the net current liabilities or net liabilities of the entity as a result of this correction.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 2 to 6 form part of these financial statements.
Page 1
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SUNETIK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2022
Sunetik Limited (Company registration number 09132355) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 9 Dunchideock Barton, Dunchideock, Exeter, EX2 9UA. The principal activity of the Company is the construction of utility projects for electricity and telecommunications.
2.ACCOUNTING POLICIES
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BASIS OF PREPARATION OF FINANCIAL STATEMENTS
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
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CHANGE IN REPORTING PERIOD
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The accounting period has been extended to be a 17 month period from 1 November 2020 to period ended 31 March 2022 to align the accounting reference date with other group members. The prior period comparative covers the 12 month period from 1 November 2019 to 31 October 2020.
The Directors confirm that they are satisfied that the Company has adequate resources to continue trading for the foreseeable future and, on this basis, they continue to adopt the going concern basis in preparing the financial statements.
In reaching this conclusion the Directors have taken into consideration the expected cash flows generated from operations together with acquisition related costs. In order for the directors to prepare the financial statements on a going concern basis, they must be satisfied that the parent company and subsidiary companies have sufficient working capital to honour all of their obligations to creditors as and when they fall due for at least twelve months from the date of approving the financial statements. The Directors are further satisfied that the outstanding balances due to Ethical Power Ltd will not be called to be repaid within at least a period of 12 months from the date of signing these accounts.
The Directors have therefore prepared detailed financial forecasts (in which a number of general and specific assumptions were adopted) and cash flows that project twelve months beyond the date of sign-off.
Page 2
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SUNETIK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2022
2.ACCOUNTING POLICIES (continued)
Revenue 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. Revenue is measured as the fair value of the
consideration received or receivable, excluding discounts, rebates, value added tax and other sales
taxes.
Contracting work
Where the outcome of a long-term contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the balance sheet date.
Contracts are measured under the input method, wherein the stage of completion is determined by considering costs to date against estimate total costs to complete at the balance sheet date.
Where the outcome of the long-term contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred that is is probably will be recoverable. Contract costs are recognised as an expense in the period in which they are incurred. When it is probable that the total contract costs exceed total contract revenue, the total expected loss is recognised as an expense immediately.
Finance 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 of the associated capital instrument.
The Company has adopted the policy of capitalising finance costs.
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CURRENT AND DEFERRED TAXATION
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The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Page 3
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SUNETIK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2022
2.ACCOUNTING POLICIES (continued)
Short-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.
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CASH AND CASH EQUIVALENTS
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Cash 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.
Short-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 subsequently at amortised cost using the effective interest method.
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RESTATEMENT OF PRIOR YEAR
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Following a review of the prior period comparatives a mapping error was noted in relation to £91,188 of intercompany receivables incorrectly allocated within the creditors classification. As such a reclassification has been presented on the prior period comparatives to correctly allocate between debtors and creditors, resulting in the debtors figure increasing to £1,626,513 and creditors increasing to £2,035,720. There is no impact on the net current liabilities or net liabilities of the entity as a result of this correction.
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The Company has no employees other than the Directors, who did not receive any remuneration
(2020: Nil).
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As restated
As at
31 October
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Amounts owed by related parties
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Prepayments and accrued income
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Amounts owed by related parties are unsecured, non-interest bearing and repayable on demand.
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Page 4
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SUNETIK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2022
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CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
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As restated
As at
31 October
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Amounts owed to related parties
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Social security and other taxes
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Accruals and deferred income
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Amounts owed by related parties are unsecured, non-interest bearing and repayable on demand.
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Page 5
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SUNETIK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2022
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Charged to profit or loss
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The deferred tax asset is made up as follows:
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ALLOTTED, CALLED UP AND FULLY PAID
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1,000 (2020: 1,000) Ordinary shares of £1.00 each
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Each share has one vote, with residual interest, equal rights to dividends with no option to redeem.
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The Company is a jointly controlled entity between Ethical Power Group Limited, SUNfarming UK Ltd. and SUNfarming GmbH.
Ethical Power is a company registered in England and Wales with a registered address of Unit 9 Dunchideock Barton, Dunchideock, Exeter, England, EX2 9UA.
SUNfarming UK Ltd. is a company registered in England and Wales with a registered address of Unit 9 Dunchideock Barton, Dunchideock, Exeter, England, EX2 9UA.
SUNfarming GmbH is a German Company with a registered address of Zum Wasserwerk 1215337 Erkner, Berlin.
Page 6
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