Renewable Solartech Limited - Limited company accounts 16.3

REGISTERED NUMBER: 08334670 (England and Wales)

Report of the Directors and

Unaudited Financial Statements for the Year Ended 31 December 2016

for

Renewable Solartech Limited

Page

Company Information

1

Report of the Directors

2

Statement of Directors' Responsibilities

3

Income Statement

4

Balance Sheet

5

Notes to the Financial Statements

7

DIRECTORS:

A J Vickery

Pinecroft Corporate Services Limited

G E Shaw

REGISTERED OFFICE:

89 King Street

c/o McCabe Ford Williams

Maidstone

Kent

ME14 1BG

REGISTERED NUMBER:

08334670 (England and Wales)

The directors present their report with the financial statements of the company for the year ended 31 December 2016.

PRINCIPAL ACTIVITY

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

generating plant during the year.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2016 to

the date of this report.

A J Vickery

Pinecroft Corporate Services Limited

G E Shaw

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 provisions of Part 15 of the Companies Act

2006 relating to small companies.

ON BEHALF OF THE BOARD:

G E Shaw - Director

25 September 2017

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

309,935

139,070

Administrative expenses

401,574

275,517

OPERATING LOSS

4

(91,639

)

(136,447

)

Income from shares in group undertakings

1,604,371

(400,815

)

Interest receivable and similar income

382,381

194,817

1,986,752

(205,998

)

PROFIT/(LOSS) BEFORE TAXATION

1,895,113

(342,445

)

Tax on profit/(loss)

(8,852

)

-

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

1,903,965

(342,445

)

FIXED ASSETS

Tangible assets

5

-

53,959

Investments

6

12,722,392

11,093,777

12,722,392

11,147,736

CURRENT ASSETS

Debtors

7

808,701

393,490

Cash at bank

422

314,189

809,123

707,679

CREDITORS

Amounts falling due within one year

8

254,396

239,700

NET CURRENT ASSETS

554,727

467,979

TOTAL ASSETS LESS CURRENT LIABILITIES

13,277,119

11,615,715

PROVISIONS FOR LIABILITIES

29,733

-

NET ASSETS

13,247,386

11,615,715

CAPITAL AND RESERVES

Called up share capital

126,474

126,474

Share premium

7,389,548

7,398,290

Other reserves

4,800,000

4,800,000

Retained earnings

931,364

(709,049

)

SHAREHOLDERS' FUNDS

13,247,386

11,615,715

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 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 provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 25 September 2017 and were signed on its behalf by:

G E Shaw - Director

1.	STATUTORY INFORMATION

Renewable Solartech Limited is a private company, limited by shares , registered in England

and Wales. The company's registered number and registered office address can be found on

the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section

1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard

applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial

statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

estimated useful life.

Plant and machinery etc - 4% on cost

Investments in subsidiaries

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

asset.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income

Statement, except to the extent that it relates to items recognised in other comprehensive

income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 .

4.	OPERATING LOSS

The operating loss is stated after charging:

31.12.16

31.12.15

£

£

Depreciation - owned assets

-

2,378

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2016

59,465

Disposals

(59,465

)

At 31 December 2016

-

DEPRECIATION

At 1 January 2016

5,506

Eliminated on disposal

(5,506

)

At 31 December 2016

-

NET BOOK VALUE

At 31 December 2016

-

At 31 December 2015

53,959

6.	FIXED ASSET INVESTMENTS

31.12.16

31.12.15

£

£

Shares in group undertakings

5,101,392

2,632,357

Loans to group undertakings

7,621,000

8,461,420

12,722,392

11,093,777

Additional information is as follows:

Shares in

group

undertakings

£

COST

At 1 January 2016

3,033,172

Additions

724,594

At 31 December 2016

3,757,766

PROVISIONS

At 1 January 2016

400,815

Provision for year

(1,744,441

)

At 31 December 2016

(1,343,626

)

NET BOOK VALUE

At 31 December 2016

5,101,392

At 31 December 2015

2,632,357

Loans to

group

undertakings

£

At 1 January 2016

8,461,420

Repayment in year

(840,420

)

At 31 December 2016

7,621,000

7.

DEBTORS

31.12.16

31.12.15

£

£

Amounts falling due within one year:

Trade debtors

30,902

(22,008

)

Amounts recoverable on contract

-

178,481

Other debtors

645,321

237,017

676,223

393,490

Amounts falling due after more than one year:

Trade debtors

76,471

-

Amounts recoverable on contract

56,007

-

132,478

-

Aggregate amounts

808,701

393,490

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

£

Trade creditors

(1

)

107,235

Other creditors

254,397

132,465

254,396

239,700

9.	RELATED PARTY DISCLOSURES

Foresight Group is considered to be a related party by virtue of common Directors and

Partners. During the period, Foresight Group earned the following excluding VAT:

management fees (£162,876.39), operational fees (£35,000), and secretarial fees

(£27,921.66) for work done during the year. Foresight Group LLP also recharged expenses

totalling £5,000 net of VAT. At the balance sheet date there was nothing payable to Foresight

Group.

10.	ULTIMATE CONTROLLING PARTY

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