Renewable Solartech Limited - Limited company accounts 11.9

REGISTERED NUMBER: 08334670 (England and Wales)

Report of the Directors and

Unaudited Financial Statements for the Year Ended 31 December 2015

for

Renewable Solartech Limited

Page

Company Information

1

Report of the Directors

2

Statement of Directors' Responsibilities

3

Profit and Loss Account

4

Balance Sheet

5

Notes to the Financial Statements

7

DIRECTORS:

A J Vickery

Pinecroft Corporate Services Limited

G E Shaw

REGISTERED OFFICE:

17 Hart Street

Maidstone

Kent

ME16 8RA

REGISTERED NUMBER:

08334670 (England and Wales)

The directors present their report with the financial statements of the company for the year ended 31 December 2015.

PRINCIPAL ACTIVITY

The Company is the holding company for Marsh Farm Solar Limited which began operating a

solar generating plant during the year.

DIRECTORS

A J Vickery has held office during the whole of the period from 1 January 2015 to the date of this
report.

Other changes in directors holding office are as follows:

M N H Black - resigned 2 December 2015

Miss C L Magee - resigned 2 December 2015

Pinecroft Corporate Services Limited - appointed 2 December 2015

G E Shaw - appointed 2 December 2015

GOING CONCERN

These accounts have been prepared on a going concern basis. The directors believe this basis is

appropriate following consideration of cash flow forecasts which show the company is able to

meet its liabilities as they fall due.

This report has been prepared in accordance with the special provisions of Part 15 of the

Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

G E Shaw - Director

12 July 2016

The directors are responsible for preparing the Report of the Directors 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 United

Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and

applicable law). 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 and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	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 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.

TURNOVER

139,070

-

Administrative expenses

275,517

263,275

OPERATING LOSS

2

(136,447

)

(263,275

)

Income from shares in group
undertakings

(400,815

)

-

Interest receivable and similar
income

194,817

18,348

(205,998

)

18,348

LOSS ON ORDINARY ACTIVITIES
BEFORE TAXATION

(342,445

)

(244,927

)

Tax on loss on ordinary activities

3

-

LOSS FOR THE FINANCIAL YEAR

(342,445

)

(244,927

)

FIXED ASSETS

Tangible assets

4

53,959

56,337

Investments

5

11,093,777

299,156

11,147,736

355,493

CURRENT ASSETS

Debtors

6

393,490

139,751

Cash at bank

314,189

8,816,863

707,679

8,956,614

CREDITORS

Amounts falling due within one year

7

239,700

34,629

NET CURRENT ASSETS

467,979

8,921,985

TOTAL ASSETS LESS CURRENT
LIABILITIES

11,615,715

9,277,478

CAPITAL AND RESERVES

Called up share capital

8

126,474

99,537

Share premium

9

7,398,290

9,538,204

Other reserves

9

4,800,000

-

Profit and loss account

9

(709,049

)

(360,263

)

SHAREHOLDERS' FUNDS

11,615,715

9,277,478

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2015 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the
company as at the end of each financial year and of its profit or loss for each financial year in
accordance with the requirements of Sections 394 and 395 and which otherwise comply with
the requirements of the Companies Act 2006 relating to financial statements, so far as
applicable to the company.

The financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies and with the Financial Reporting Standard for Smaller Entities (effective April 2008).

The financial statements were approved by the Board of Directors on 12 July 2016 and were
signed on its behalf by:

G E Shaw - Director

1.	ACCOUNTING POLICIES

Going concern

These accounts have been prepared on a going concern basis. The directors believe this

basis is appropriate following consideration of cash flow forecasts which show the company

is able to meet it liabilities as they fall due.

Accounting convention

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).

Turnover

Turnover represents net invoiced sales of services, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Deferred tax

Full provision is made for deferred tax assets and liabilities arising from all timing

differences between recognition of gains and losses in the financial statements and

recognition in the tax computation.

A net deferred tax asset is recognised only if it can be regarded as more likely than not that

there will be suitable profits from which the future reversal of the underlying timing

differences can be deducted.

Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at

the time the timing differences are expected to reverse.

A deferred tax asset is currently being held.

Fixed asset investments

Shares in the subsidiary are periodically revalued to reflect the fair value of the underlying

asset.

2.	OPERATING LOSS

The operating loss is stated after charging:

31.12.15

31.12.14

£

Depreciation - owned assets

2,378

2,379

Directors' remuneration and other benefits etc

20,056

20,000

3.

TAXATION

Analysis of the tax charge

No liability to UK corporation tax arose on ordinary activities for the year ended

31 December 2015 nor for the year ended 31 December 2014.

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2015

and 31 December 2015

59,465

DEPRECIATION

At 1 January 2015

3,128

Charge for year

2,378

At 31 December 2015

5,506

NET BOOK VALUE

At 31 December 2015

53,959

At 31 December 2014

56,337

5.	FIXED ASSET INVESTMENTS

31.12.15

31.12.14

£

Shares in group undertakings

2,632,357

299,156

Loans to group undertakings

8,461,420

-

11,093,777

299,156

Additional information is as follows:

Shares in

group

undertakings

£

COST

At 1 January 2015

299,156

Additions

2,734,016

At 31 December 2015

3,033,172

PROVISIONS

Provision for year

400,815

At 31 December 2015

400,815

NET BOOK VALUE

At 31 December 2015

2,632,357

At 31 December 2014

299,156

Loans to

group

undertakings

£

New in year

8,461,420

At 31 December 2015

8,461,420

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.15

31.12.14

£

Trade debtors

(22,008

)

139,751

Amounts recoverable on contract

178,481

-

Other debtors

237,017

-

393,490

139,751

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.15

31.12.14

£

Trade creditors

107,235

29,645

Other creditors

132,465

4,984

239,700

34,629

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.15

31.12.14

value:

£

9,953,669

Ordinary 'B' Shares

0.01

99,537

2,693,674

Ordinary 'A' Shares

0.01

26,937

-

126,474

99,537

9.

RESERVES

Profit

and loss

Share

Other

account

premium

reserves

Totals

£

At 1 January 2015

(360,263

)

9,538,204

-

9,177,941

Deficit for the year

(342,445

)

(342,445

)

Bonus share issue

(6,341

)

(2,139,914

)

4,800,000

2,653,745

At 31 December 2015

(709,049

)

7,398,290

4,800,000

11,489,241

10.	RELATED PARTY DISCLOSURES

Marsh Farm Solar Limited

Marsh Farm Solar Limited is a wholly owned subsidiary of Renewable Solartech Limited.

Marsh Farm Solar Limited owes the Company a balance of £192,091 in interest from the

shareholder loan. The Company loaned a further £44,569 to Marsh Farm Solar Limited for

short term working capital requirements.

11.	ULTIMATE CONTROLLING PARTY

In the opinion of the directors there is no ultimate controlling party.