Carnemough Solar Project Limited (formerly Elgin Energy 11 Limited) - Period Ending 2015-03-31

Registration number: 08923473

Carnemough Solar Project Limited (formerly Elgin Energy 11 Limited)

Annual Report and Unaudited Financial Statements

Period from 5 March 2014 to 31 March 2015

 

Carnemough Solar Project Limited (formerly Elgin Energy 11 Limited)
Contents
Period from 5 March 2014 to 31 March 2015

Company Information 1

Directors' Report 2

Profit and Loss Account 3

Balance Sheet 4 to 5

Notes to the Financial Statements 6 to 10

Carnemough Solar Project Limited (formerly Elgin Energy 11 Limited)
Company Information
Period from 5 March 2014 to 31 March 2015

Directors

Dr B P M Ortmann Mr A Sauer

Registered office

22 Chancery Lane London WC2A 1LS

Accountants

Dixon Wilson 22 Chancery Lane London WC2A 1LS

Page 1

Carnemough Solar Project Limited (formerly Elgin Energy 11 Limited)
Directors' Report
Period from 5 March 2014 to 31 March 2015

The directors present their report and the unaudited financial statements for the period from 5 March 2014 to 31 March 2015.

Incorporation

The company was incorporated on 5 March 2014.

Directors of the company

The directors who held office during the period were as follows:

Mr R Kilduff (appointed 5 March 2014 and resigned 9 October 2015)

Mr T Kilduff (appointed 5 March 2014 and resigned 9 October 2015)

Mr C Murphy (appointed 5 March 2014 and resigned 9 October 2015)

Mr J Walsh (appointed 5 April 2014 and resigned 9 October 2015)

The following directors were appointed after the period end:

Dr B P M Ortmann (appointed 9 October 2015)

Mr A Sauer (appointed 9 October 2015)

Principal activity

The principal activity of the company is to generate electricity from a solar farm which is being developed. The farm is planned to have installed capacity of 6.71 mW and is located at Carnemough Farm, Grampound Road, Truro TR2 4EL. Construction is planned to commence in January 2016.

Small company provisions

This report has been prepared in accordance with the small companies regime under the Companies Act 2006.

Approved by the Board on 4 December 2015 and signed on its behalf by:

.........................................
Dr B P M Ortmann
Director

.........................................
Mr A Sauer
Director

Page 2

Carnemough Solar Project Limited (formerly Elgin Energy 11 Limited)
Profit and Loss Account
Period from 5 March 2014 to 31 March 2015

		Note			5 March 2014 to 31 March 2015 £
Turnover					-
Administrative expenses					(2,500)
Operating loss					(2,500)
Loss before tax					(2,500)
Income tax credit		2			500
Loss for the period		7			(2,000)

The notes on pages 6 to 10 form an integral part of these financial statements.
Page 3

Carnemough Solar Project Limited (formerly Elgin Energy 11 Limited)
(Registration number: 08923473)
Balance Sheet at 31 March 2015

		Note			31 March 2015 £
Called up share capital not paid
Called up share capital not paid					100
Fixed assets
Tangible fixed assets		3			142,309
Current assets
Debtors		4			25,500
Creditors: Amounts falling due within one year		5			(169,809)
Net current liabilities					(144,309)
Net liabilities excluding pension liability					(2,000)
Net liabilities					(1,900)
Capital and reserves
Called up share capital		6			100
Profit and loss account		7			(2,000)
Shareholders' deficit					(1,900)

The notes on pages 6 to 10 form an integral part of these financial statements.
Page 4

Carnemough Solar Project Limited (formerly Elgin Energy 11 Limited)
(Registration number: 08923473)
Balance Sheet at 31 March 2015
......... continued

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

For the period ending 31 March 2015 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

Approved and authorised for issue by the Board on 4 December 2015 and signed on its behalf by:

.........................................
Dr B P M Ortmann
Director

.........................................
Mr A Sauer
Director

The notes on pages 6 to 10 form an integral part of these financial statements.
Page 5

Carnemough Solar Project Limited (formerly Elgin Energy 11 Limited)
Notes to the Financial Statements
Period from 5 March 2014 to 31 March 2015

1	Accounting policies

Basis of preparation

The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Going concern

The Company has made a loss of £2,000 in the period and had net current liablities of £144,309.

The Company changed ownership after the period end and following this the ability to meet these liabilities as they fall due is dependent on support of a company belonging to the new group, BayWa r.e. Solar Projects GmbH through an intercompany loan.

After making enquiries, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the forseeable future. For these reasons, they continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover recognition

The Company recognises turnover when the amount can be reliably measured, it is probable that future economic benefit will flow to the entity and when sepcific criteria have been met as described below. Income from the sale of Electrical Energy The Company plans to sell electricity under the terms of power purchase agreements ("PPAs"). Under such agreements turnover is recognised according to the contractual prices per unit of output multiplied by the actual power output delivered to the customer in the period.

Taxation

Income tax is recognised in the Company's profit and loss account except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity. Current tax is the expected tax payable on the taxable income for the period, using tax rates enacted or substantially enacted at the reporting date, and any adjustment to tax payable in respect of previous periods. Deferred tax is provided for in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. However, the deferred tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the reporting date and are expected to apply when the related deferred tax asset is realised or the deferred tax liability is settled. Deferred tax assets are only recognised to the extent that it is probably that future taxable profit will be available against which the temporary differences can be utilised.

Tangible fixed assets

Page 6

Carnemough Solar Project Limited (formerly Elgin Energy 11 Limited)
Notes to the Financial Statements
Period from 5 March 2014 to 31 March 2015

Tangible fixed assets are stated at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The cost of tangible fixed assets includes directly attributable incremental costs incurred in their acquisition and installation. Financing costs which are directly attributable to the construction of solar farms are capitalised as part of the costs of those assets. Capitalisation ceases when the asset is fully operational.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Assets under construction are not depreciated. Depreciation commences when the asset is ready for its intended and planned use. The residual values, if not insignificant, and remaining useful lives are reassessed at each reporting date. When parts of an item of tangible fixed assets have different useful lives, those components are accounted for as separate items of tangible fixed assets. An asset's carrying amount is written down immediately to its recoverable amount if the asset's carrying amount is greater than its estimated recoverable amount. Gains and losses on disposals are determined by comparing the proceeds received with the carrying amount and are recognised within Other income/(expenditure) net in the profit and loss account.

Trade debtors

Trade debtors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms.

The carrying amount of the asset is reduced through the use of an allowance account, and the amount of the loss is recognised in the profit and loss account within adminstrative expenses. When a trade debtor is uncollectable, it is written off against the allowance account for trade debtors. Subsequent recoveries of amounts previously written off are credited against administrative expenses in the profit and loss account.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as Creditors: amounts falling due after more than one year.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Page 7

Carnemough Solar Project Limited (formerly Elgin Energy 11 Limited)
Notes to the Financial Statements
Period from 5 March 2014 to 31 March 2015

End of note

2

Taxation

Tax on loss on ordinary activities

		5 March 2014 to 31 March 2015 £
Deferred tax
Arising from origination and reversal of temporary differences		(500)

End of note

3	Tangible fixed assets

		Assets under construction £			Total £
Cost
At 5 March 2014		-			-
Additions		142,309			142,309
Net book value
At 31 March 2015		142,309			142,309

End of note

4	Trade and other debtors

		31 March 2015 £
Other debtors		25,000
Deferred tax		500
		25,500

Page 8

Carnemough Solar Project Limited (formerly Elgin Energy 11 Limited)
Notes to the Financial Statements
Period from 5 March 2014 to 31 March 2015

Deferred tax

The movement in the deferred tax asset in the period is as follows:

		£
Deferred tax credited to the profit and loss account		500

Analysis of deferred tax

		31 March 2015 £
Tax losses carry-forwards		500
		500

The Company has recognised the deferred tax asset that arises due to losses incurred to date on the basis that the Directors’ assessment of the business is that future taxable profits will arise such that these losses will be fully relieved.

End of note

5	Creditors: Amounts falling due within one year

		31 March 2015 £
Amounts due to related parties		167,309
Accrued expenses		2,500
		169,809

End of note

6	Share capital

Allotted, called up and unpaid shares

	31 March 2015
		No.			£
Ordinary shares of £1 each		100			100

Page 9

Carnemough Solar Project Limited (formerly Elgin Energy 11 Limited)
Notes to the Financial Statements
Period from 5 March 2014 to 31 March 2015

New shares allotted

During the period 100 Ordinary Shares of £1 each having an aggregate nominal value of £100 were allotted for an aggregate consideration of £100 . Shares remain unpaid at period end.

End of note

7

Reserves

		Profit and loss account £			Total £
Loss for the period		(2,000)			(2,000)
At 31 March 2015		(2,000)			(2,000)

End of note

8	Related party transactions

During the period the company made the following related party transactions:

Elgin Energy Holdings Limited the parent company paid invoices on behalf of the Company totalling £167,309 which is included within trade and other creditors. An amount of £100 is due to the Company in respect of shares issued and is included within trade and other debtors At the balance sheet date the amount due to Elgin Energy Holdings Limited was £167,209 .

End of note

9	Parent and ultimate parent undertaking

The company's immediate parent at period end is Elgin Energy Holdings Limited .

End of note

10	Post balance sheet events

On 8 October 2015 the Company's parent, Elgin Energy Holdings Ltd, sold the entire share capital of the Company to BayWa r.e. Solar Projects GmbH. There were no other subsequent events requiring disclosure in the financial statements from the reporting date to the signing of the financial statements.

End of note

Page 10