Solskin Ltd - Limited company accounts 11.9

REGISTERED NUMBER: 08852527 (England and Wales)

Report of the Directors and

Unaudited Financial Statements

for the Period 1 February 2015 to 31 December 2015

for

Solskin Ltd

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:

R L Groome

Pinecroft Corporate Services Limited

G E Shaw

SECRETARY:

Foresight Fund Managers Limited

REGISTERED OFFICE:

17 Hart Street

Maidstone

Kent

ME16 8RA

REGISTERED NUMBER:

08852527 (England and Wales)

The directors present their report with the financial statements of the company for the period 1 February 2015 to 31 December 2015.

PRINCIPAL ACTIVITY

The Company is the holding company for Abergelli Solar Limited which began operating a solar

generating plant during the year.

DIRECTORS

R L Groome has held office during the whole of the period from 1 February 2015 to the date of this report.

Other changes in directors holding office are as follows:

T W Moore - resigned 17 December 2015

Pinecroft Corporate Services Limited - appointed 17 December 2015

G E Shaw - appointed 17 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

13 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;

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

150,975

-

Administrative expenses

288,869

166,509

OPERATING LOSS

2

(137,894

)

(166,509

)

Income from shares in group undertakings

(872,444

)

-

Interest receivable and similar income

326,587

8,012

(545,857

)

8,012

LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION

(683,751

)

(158,497

)

Tax on loss on ordinary activities

3

-

-

LOSS FOR THE FINANCIAL PERIOD

(683,751

)

(158,497

)

FIXED ASSETS

Tangible assets

4

28,282

28,758

Investments

5

9,190,053

149,986

9,218,335

178,744

CURRENT ASSETS

Debtors

6

476,425

71,054

Cash at bank

767,766

4,458,712

1,244,191

4,529,766

CREDITORS

Amounts falling due within one year

7

752,475

(10,409

)

NET CURRENT ASSETS

491,716

4,540,175

TOTAL ASSETS LESS CURRENT LIABILITIES

9,710,051

4,718,919

CREDITORS

Amounts falling due after more than one year

8

5,675,755

-

NET ASSETS

4,034,296

4,718,919

CAPITAL AND RESERVES

Called up share capital

9

50,169

50,169

Share premium

10

4,826,375

4,827,247

Profit and loss account

10

(842,248

)

(158,497

)

SHAREHOLDERS' FUNDS

4,034,296

4,718,919

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

The members have not required the company to obtain an audit of its financial statements for the period 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 13 July 2016 and were signed on its behalf by:

G E Shaw - Director

1.	ACCOUNTING POLICIES

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.

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.

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:

Period

Period

1.2.15

20.1.14

to

to

31.12.15

31.1.15

£

£

Depreciation - owned assets

476

242

Directors' remuneration and other benefits etc

18,333

17,434

3.

TAXATION

Analysis of the tax charge

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

31 December 2015 nor for the period ended 31 January 2015.

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 February 2015

and 31 December 2015

29,000

DEPRECIATION

At 1 February 2015

242

Charge for period

476

At 31 December 2015

718

NET BOOK VALUE

At 31 December 2015

28,282

At 31 January 2015

28,758

5.	FIXED ASSET INVESTMENTS

31.12.15

31.1.15

£

£

Shares in group undertakings

344,530

149,986

Loans to group undertakings

8,845,523

-

9,190,053

149,986

Additional information is as follows:

Shares in

group

undertakings

£

COST

At 1 February 2015

149,986

Additions

1,066,988

At 31 December 2015

1,216,974

PROVISIONS

Provision for period

872,444

At 31 December 2015

872,444

NET BOOK VALUE

At 31 December 2015

344,530

At 31 January 2015

149,986

Loans to

group

undertakings

£

New in year

8,845,523

At 31 December 2015

8,845,523

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.15

31.1.15

£

£

Trade debtors

90,084

71,054

Amounts recoverable on contract

60,390

-

Other debtors

325,951

-

476,425

71,054

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.15

31.1.15

£

£

Trade creditors

8,578

42

Other creditors

743,897

(10,451

)

752,475

(10,409

)

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.15

31.1.15

£

£

Other creditors

5,675,755

-

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.15

31.1.15

value:

£

£

5,016,877

Ordinary 'B' Shares

0.01

50,169

50,169

10.

RESERVES

Profit

and loss

Share

account

premium

Totals

£

£

£

At 1 February 2015

(158,497

)

4,827,247

4,668,750

Deficit for the period

(683,751

)

(683,751

)

Bonus share issue

-

(872

)

(872

)

At 31 December 2015

(842,248

)

4,826,375

3,984,127

11.	RELATED PARTY DISCLOSURES

Abergelli Solar Limited

Abergelli Solar Limited is a wholly owned subsidiary of Solskin Limited. Abergelli Solar

Limited owes the Company a balance of £325,951 in interest from the shareholder loan.

The Company owes £167,901 to Abergelli Solar Limited for short term working capital

requirements.

12.	ULTIMATE CONTROLLING PARTY

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