ACCOUNTS - Final Accounts preparation

Operating profit

The operating profit is stated after charging:

JLEAG SOLAR 1 LIMITED - Company Information

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Registered number: 09828399

JLEAG SOLAR 1 LIMITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

JLEAG SOLAR 1 LIMITED

COMPANY INFORMATION

Directors	Mr M. Ma
	Mr C. J. Tanner
	Mr J. Miletic (resigned 13 July 2022)


Registered number	09828399


Registered office	No 1 Filament Walk, Suite 216
	London
	SW18 4GQ


Independent auditors	Calders (1883) LLP
	Statutory Auditor and Chartered Accountants
	30 Orange Street
	London
	WC2H 7HF

JLEAG SOLAR 1 LIMITED

CONTENTS

	Page
Directors' report	1 - 2
Independent auditors' report	3 - 6
Statement of comprehensive income	7
Balance sheet	8
Statement of changes in equity	9
Statement of cash flows	10
Notes to the financial statements	11 - 20

JLEAG SOLAR 1 LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 MARCH 2023

The directors present their report and the financial statements for the year ended 31 March 2023.

Directors' responsibilities statement

The 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 United Kingdom 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;

∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

∙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 the Company 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.

Principal activity

The principal activity of the company during the year was the installation and maintenance of solar panels to provide renewable electricity.

Results and dividends

The profit for the year, after taxation, amounted to £160,747 (2022 - loss £169,174).

The directors do not recommend the payment of a dividend (2022: £Nil).

Directors

The directors who served during the year were:

Mr M. Ma

Mr C. J. Tanner

Mr J. Miletic (resigned 13 July 2022)

Future developments

The company will continue to maintain its current sites and benefit from the generation tariffs therefrom.

Page 1

JLEAG SOLAR 1 LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

Disclosure of information to auditors

Each 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.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditors, Calders (1883) LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 30 June 2023 and signed on its behalf.

Mr M. Ma

Director

Page 2

JLEAG SOLAR 1 LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JLEAG SOLAR 1 LIMITED

Opinion

We have audited the financial statements of JLEAG Solar 1 Limited (the 'Company') for the year ended 31 March 2023, which comprise the Statement of comprehensive income including profit and loss account, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Company's affairs as at 31 March 2023 and of its profit for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Page 3

JLEAG SOLAR 1 LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JLEAG SOLAR 1 LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

∙the information given in the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Directors' report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

∙the financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of directors' remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Directors' responsibilities statement set out on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Page 4

JLEAG SOLAR 1 LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JLEAG SOLAR 1 LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.
The following laws and regulations were identified as being of significance to the entity:
• Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax legislation and distributable profits legislation.
With regards to laws and regulations relating to the operating aspects of the company, these were discussed with management and were not considered fundamental to the operating of the business therefore should not have a material impact on the financial statements.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

Page 5

JLEAG SOLAR 1 LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JLEAG SOLAR 1 LIMITED (CONTINUED)

Use of our report

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Philip Ewen (Senior statutory auditor)

for and on behalf of

Calders (1883) LLP

Statutory Auditor and Chartered Accountants

30 Orange Street

London

WC2H 7HF

30 June 2023

Page 6

JLEAG SOLAR 1 LIMITED

STATEMENT OF COMPREHENSIVE INCOME INCLUDING PROFIT AND LOSS ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2023

	2023	2022
Note	£	£


Turnover	4	2,717,165	2,437,953
Gross profit		2,717,165	2,437,953
Administrative expenses		(987,414)	(1,041,190)
Operating profit	5	1,729,751	1,396,763
Group dividends received		7,424,717	5,320,830
Amounts written off investments		(7,422,718)	(5,320,830)
Interest payable and similar expenses	8	(1,581,003)	(1,606,937)
Profit/(loss) before tax		150,747	(210,174)
Tax on profit/(loss)	9	10,000	41,000
Profit/(loss) for the financial year		160,747	(169,174)

There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of comprehensive income including profit and loss account.

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 11 to 20 form part of these financial statements.

Page 7

JLEAG SOLAR 1 LIMITED

REGISTERED NUMBER: 09828399

BALANCE SHEET

AS AT 31 MARCH 2023

		2023		2022
Note		£		£

Fixed assets
Tangible assets	10		8,633,582		9,265,305
Investments	11		4		7,422,722
			8,633,586		16,688,027
Current assets
Debtors: amounts falling due within one year	12	765,285		942,206
Cash at bank and in hand		114,878		111,342
		880,163		1,053,548
Creditors: amounts falling due within one year	13	(62,739)		(7,497,315)
Net current assets/(liabilities)			817,424		(6,443,767)
Total assets less current liabilities			9,451,010		10,244,260
Creditors: amounts falling due after more than one year	14		(18,818,540)		(19,762,537)
Provisions for liabilities
Deferred tax	15	(326,000)		(336,000)
			(326,000)		(336,000)
Net liabilities			(9,693,530)		(9,854,277)

Capital and reserves
Called up share capital	16	3	3
Share premium account	17	7,184,997	7,184,997
Profit and loss account	17	(16,878,530)	(17,039,277)
		(9,693,530)	(9,854,277)

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 June 2023.

Mr M. Ma

Director

The notes on pages 11 to 20 form part of these financial statements.

Page 8

JLEAG SOLAR 1 LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD FROM 1 APRIL 2020 TO 31 MARCH 2023

	Called up share capital	Share premium account	Profit and loss account	Total equity
	£	£	£	£
At 1 April 2021	3	7,184,997	(16,870,103)	(9,685,103)

Loss for the year	-	-	(169,174)	(169,174)

At 1 April 2022	3	7,184,997	(17,039,277)	(9,854,277)

Profit for the year	-	-	160,747	160,747
At 31 March 2023	3	7,184,997	(16,878,530)	(9,693,530)

The notes on pages 11 to 20 form part of these financial statements.

Page 9

JLEAG SOLAR 1 LIMITED

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2023

			2023	2022
			£	£

Cash flows from operating activities
Profit/(loss) for the financial year	160,747	(169,174)
Adjustments for:
Depreciation of tangible assets	621,406	622,231
Loss on disposal of tangible assets	(20,900)	(27,754)
Interest paid	1,581,003	1,606,937
Group dividends received	(7,424,717)	(5,320,830)
(Increase) in debtors	(119,897)	(54,604)
Amount written off investments	7,422,718	5,320,830
(Decrease)/increase in creditors	(9,644)	558
Taxation charge	(10,000)	(41,000)
Net cash generated from operating activities	2,200,716	1,937,194

Cash flows from investing activities
Sale of tangible fixed assets	31,217	36,260
Group dividends received	7,424,717	5,320,830
Loans from group companies repaid	(7,457,044)	(5,294,426)
Net cash from investing activities	(1,110)	62,664
Cash flows from financing activities
Decrease/(increase) in parent company balance	328,930	(32,582)
Loans from parent company repaid	(943,997)	(543,063)
Interest paid	(1,581,003)	(1,606,937)
Net cash used in financing activities	(2,196,070)	(2,182,582)
Net increase/(decrease) in cash and cash equivalents	3,536	(182,724)
Cash and cash equivalents at beginning of year	111,342	294,066
Cash and cash equivalents at the end of year	114,878	111,342

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	114,878	111,342
	114,878	111,342

Page 10

JLEAG SOLAR 1 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

1.	General information

JLEAG Solar 1 Limited is a private company limited by share capital, incorporated in England and Wales,
registration number 09828399. The address of the registered office is No 1 Filament Walk, Suite 216, London, SW18 4GQ.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

Going concern

The company's forecasts and projections show that the company expects to be able to continue to operate.
The directors, at the time of approving the financial statements, are satisfied that the company has adequate resources to continue in operational existence for the foreseeable future, a period of not less than 12 months from the date of this report. Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

2.3

Revenue

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 based on electricity generation in the period and applicable tariffs. Revenue is recognised as and when confirmed by the renewable energy FiT Licensee on a quarterly basis and includes an accrual for the revenue due for the period from the last agreed quarter end to the end of the accounting period.

2.4

Tangible fixed assets

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 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.

Page 11

JLEAG SOLAR 1 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

2.4

Tangible fixed assets (continued)

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

Straight line over 25 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 profit or loss.

2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.6

Debtors

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.

2.7

Cash and cash equivalents

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.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

Page 12

JLEAG SOLAR 1 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.

2.9

Creditors

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.

2.10

Finance costs

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.

Page 13

JLEAG SOLAR 1 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

2.11

Current and deferred taxation

The tax expense for the year 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 balance sheet 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 balance sheet 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 balance sheet date.

2.12

Provisions for liabilities

Provisions are made where an event has taken place that gives 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 the obligation.
Provisions are charged as an expense to profit or loss 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.	Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily ascertainable from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual outcomes may differ from these estimates.
The estimates and underlying assumptions are reviewed on a continuing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised.
There were no key judgements or estimation uncertainties in the application of the company's accounting policies during the year.

Page 14

JLEAG SOLAR 1 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

Turnover

The whole of the turnover is attributable to generation and export tariffs receivable on solar panel installations exclusive of value added tax.
All turnover arose from installations within the United Kingdom.

	Depreciation of tangible fixed assets	621,406	622,231
	Fees payable to the Company's auditor for the audit of the Company's annual financial statements	12,000	10,000

Fees payable to the Company's auditors for the audit of the Company's financial statements	12,000	10,000
Fees payable to the Company's auditors in respect of:
All non-audit services not included above	9,100	11,225

Employees

The Company has no employees other than the directors, who did not receive any remuneration
(2022 - £NIL).

8.	Interest payable and similar expenses
		2023	2022
		£	£

	Interest on loans from group undertakings	1,581,003	1,606,937
		1,581,003	1,606,937

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JLEAG SOLAR 1 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023


Current tax on profits for the year	-	-

Total current tax	-	-

Deferred tax
Accelerated capital allowances	(10,000)	(41,000)
Total deferred tax	(10,000)	(41,000)


	Taxation on loss on ordinary activities	(10,000)	(41,000)

	Factors affecting tax charge for the year
	There were no factors that affected the tax charge for the year which has been calculated on the profits on ordinary activities before tax at the standard rate of corporation tax in the UK of19% (2022 - 19%).

Factors that may affect future tax charges

The company has unutilised tax losses of £10,549,313 (2022: £10,549,313), Non-trade loan relationship deficits of £862,873 (2022: £862,873) and capital allowances in excess of depreciation of £7,084,450 (2022: £7,275,423). The directors do not expect to be able to fully utilise the tax losses due to group restrictions on claiming loss relief and hence a net deferred tax liability has been recognised in these financial statements of £326,000 (2022: £336,000).

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JLEAG SOLAR 1 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

10.	Tangible fixed assets

		Plant and machinery
		£
	Cost or valuation
	At 1 April 2022	15,511,132
	Disposals	(18,037)
	At 31 March 2023	15,493,095
	Depreciation
	At 1 April 2022	6,245,827
	Charge for the year on owned assets	621,406
	Disposals	(7,720)
	At 31 March 2023	6,859,513
	Net book value
	At 31 March 2023	8,633,582
	At 31 March 2022	9,265,305

11.	Fixed asset investments

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 April 2022	7,422,722
	Amounts written off	(7,422,718)
	At 31 March 2023	4

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JLEAG SOLAR 1 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

Subsidiary undertakings
The following were subsidiary undertakings of the Company:
Name	Class of shares	Holding

Angel Solar Limited	Ordinary	100%
Cross Solar PV Limited	Ordinary	100%
Domestic Solar Limited	Ordinary	100%
Residential PV Trading Limited	Ordinary	100%

The Registered Office of the subsidiary undertakings is C/O Freetricity, 1 Filament Walk, Suite 203, Wandsworth, London, SW18 4GQ.

12.

Debtors

					2023	2022
					£	£


Trade debtors	647,312	526,044
Amounts owed by group undertakings	36,350	333,168
Other debtors	-	28
Prepayments	81,623	82,966
	765,285	942,206

13.	Creditors: Amounts falling due within one year
		2023	2022
		£	£

Trade creditors	1,388	-
Amounts owed to group undertakings	-	7,424,932
Other taxation and social security	9,198	4,222
Accruals and deferred income	52,153	68,161
	62,739	7,497,315

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JLEAG SOLAR 1 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

14.	Creditors: Amounts falling due after more than one year
		2023	2022
		£	£

Amounts owed to group undertakings	18,818,540	19,762,537
	18,818,540	19,762,537

The loan from the parent company is repayable on 1 October 2036 and carries interest at the rate of 8% per annum.

15.	Deferred taxation

		2023
		£

	At beginning of year	(336,000)
	Utilised in year	10,000
	At end of year	(326,000)

The provision for deferred taxation is made up as follows:
	2023	2022
	£	£

	Accelerated capital allowances	(326,000)	(336,000)
		(326,000)	(336,000)

16.	Share capital
		2023	2022
		£	£

Allotted, called up and fully paid

300 (2022 - 300) Ordinary shares of £0.01 each	3	3

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JLEAG SOLAR 1 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

17.

Reserves

Share premium account

The share premium account represents the premium paid of £47,549.98 per share on the 100 ordinary shares which were issued on 29 October 2015 and the premium paid of £24,299.99 per share on the 100 ordinary shares which were issued on 12 November 2015.

Profit and loss account

The profit and loss reserve currently has an adverse balance and includes all current and prior period retained profits and losses.

18.	Related party transactions
	In the year ended 31 March 2020 a group reorganisation took place and the company took over the assets and liabilities of its ten subsidiaries. Six of these subsidiaries have now been struck off at Companies House.

19.	Controlling party

The company's immediate parent company is JLEN Environmental Assets Group (UK) Limited, a limited company incorporated in England.
The company's ultimate controlling entity is John Laing Environmental Assets Group Limited, a limited corporate entity incorporated in Guernsey, Channel Islands.

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