Solar Power Generation Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 08415124 (England and Wales)

SOLAR POWER GENERATION LIMITED

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

F Button

G Phillips

REGISTERED OFFICE:

35 - 35A The Maltings

Lower Charlton Trading Estate

Shepton Mallet

Somerset

BA4 5QE

REGISTERED NUMBER:

08415124 (England and Wales)

AUDITORS:

Rothmans Audit LLP

Statutory Auditors

Chartered Accountants

Fryern House

125 Winchester Road

Chandlers Ford

Hampshire

SO53 2DR

FIXED ASSETS

Tangible assets

4

-

Investments

5

1,000

CURRENT ASSETS

Stocks

4,840

Debtors

6

4,705,241

4,229,908

Cash at bank

430

31,663

4,710,511

4,266,411

CREDITORS

Amounts falling due within one year

7

3,722,528

3,698,411

NET CURRENT ASSETS

987,983

568,000

TOTAL ASSETS LESS CURRENT
LIABILITIES

988,983

569,000

CREDITORS

Amounts falling due after more than one
year

8

205,369

222,164

NET ASSETS

783,614

346,836

CAPITAL AND RESERVES

Called up share capital

100

Retained earnings

783,514

346,736

SHAREHOLDERS' FUNDS

783,614

346,836

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 12 May 2023 and were signed on its behalf by:

G Phillips - Director

1.	COMPANY INFORMATION

Solar Power Generation Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 08415124 and its registered address is 35 - 35A The Maltings, Lower Charlton Trading Estate, Shepton Mallet, Somerset, BA4 5QE.

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.

The presentation currency is £ sterling.

Going concern

The financial statements have been prepared on the going concern basis.

Related party exemption

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.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date, and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

1)

Deferred tax assets

Directors use their judgement to determine when it is probable that deferred tax assets will be
recovered against future taxable profits. These are provided on the basis that group losses are
recharged across the group.

Other key sources of estimation uncertainty:

1)

Deferred tax assets

Estimates are based upon the forecast future profits of the group.

Tangible fixed assets

All fixed assets are initially recognised at cost and subsequently carried at cost less accumulated depreciation.

The cost of fixed assets initially recognised includes its purchase price and any cost that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in a manner intended by management.

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Plant and machinery

33% straight line

The assets' residual values and useful lives are reviewed and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

Fixed assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in the Income Statement.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Stocks are valued at the lower of cost and net realisable value. Cost is based on the cost of purchases on a first in, first out basis. Recoverable value is based on estimated selling price less additional costs to completion and disposal.

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 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.

Financial instruments

Financial instruments are classified and accounted for according to the substance of the contractual arrangements as either financial assets, financial liabilities or equity instruments, and are held at amortised cost. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all its liabilities.

Consolidated financial statements

The financial statements contain information about Solar Power Generation Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company has taken advantage of the exemption conferred by section 400 of the Companies Act 2006 not to produce consolidated financial statements as it is included in EEA group accounts of a larger group.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - NIL).

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 1 January 2022

and 31 December 2022

59,986

DEPRECIATION

At 1 January 2022

and 31 December 2022

59,986

NET BOOK VALUE

At 31 December 2022

-

At 31 December 2021

-

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2022

and 31 December 2022

1,000

NET BOOK VALUE

At 31 December 2022

1,000

At 31 December 2021

1,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

as restated

£

Amounts owed by group undertakings

3,877,678

3,878,548

Deferred tax asset

823,741

347,538

Prepayments and accrued income

3,822

4,705,241

4,229,908

The deferred tax asset relates to tax losses carried forward.

£

Balance at 1 January 2022

347,538

Credited to the Consolidated Income Statement in the year

476,203

Balance at 31 December 2022

823,741

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

as restated

£

Amounts owed to group undertakings

3,640,339

3,618,629

Other creditors

800

1,000

Accruals and deferred income

81,389

78,782

3,722,528

3,698,411

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

as restated

£

Accruals and deferred income

205,369

222,164

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

The Report of the Auditors was unqualified.

Robin Lloyd FCA (Senior Statutory Auditor)

for and on behalf of Rothmans Audit LLP

10.	ULTIMATE PARENT COMPANY AND ULTIMATE CONTROLLING PARTY

The immediate parent company is BSR Group Holdings Limited, a company registered in England & Wales. The ultimate parent company up until 28 July 2022 was Siem Industries S.A., a company registered in the Cayman Islands. From 28 July 2022 the ultimate parent company is Owl TopCo 1 Limited, a company registered in England & Wales.

The smallest group in which the results of the company are consolidated is that headed by BSR Group Holdings Limited, a company registered in England & Wales. The largest group in which the results of the company is consolidated is that headed by Owl TopCo 1 Limited, a company registered in England & Wales. Copies of the publicly available consolidated financial statements may be obtained from the Registrar of Companies.

The directors do not consider there to be any individual who has ultimate control.

Solar Power Generation Limited - Accounts to registrar (filleted) - small 23.2.5

Solar Power Generation Limited - Accounts to registrar (filleted) - small 23.2.5