Powersolar Renewables Limited - Limited company accounts 16.3

REGISTERED NUMBER: 08334219 (England and Wales)

Report of the Directors and

Unaudited Financial Statements for the Year Ended 31 March 2017

for

Powersolar Renewables 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:

R J Spencer

Pinecroft Corporate Services Limited

G E Shaw

REGISTERED OFFICE:

89 King Street

c/o McCabe Ford Williams

Maidstone

Kent

ME14 1BG

REGISTERED NUMBER:

08334219 (England and Wales)

The directors present their report with the financial statements of the company for the year ended 31 March 2017.

PRINCIPAL ACTIVITY

The Company owns and provides asset management services to Bilsthorpe Solar Limited, which

is a company that operates a solar power generating plant.

DIRECTORS

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

date of this report.

R J Spencer

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 that 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

3 November 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

239,800

176,432

Administrative expenses

210,026

243,239

OPERATING PROFIT/(LOSS)

4

29,774

(66,807

)

Income from shares in group
undertakings

370,086

(277,301

)

Interest receivable and similar
income

316,252

305,302

686,338

28,001

PROFIT/(LOSS) BEFORE TAXATION

716,112

(38,806

)

Tax on profit/(loss)

(55,997

)

-

PROFIT/(LOSS) FOR THE
FINANCIAL YEAR

772,109

(38,806

)

FIXED ASSETS

Investments

5

6,819,574

6,449,488

CURRENT ASSETS

Debtors

6

736,349

659,958

Cash at bank

102,235

244,172

838,584

904,130

CREDITORS

Amounts falling due within one year

7

19,296

298,009

NET CURRENT ASSETS

819,288

606,121

TOTAL ASSETS LESS CURRENT
LIABILITIES

7,638,862

7,055,609

PROVISIONS FOR LIABILITIES

15,954

72,480

NET ASSETS

7,622,908

6,983,129

CAPITAL AND RESERVES

Called up share capital

75,646

Share premium

2,491,721

2,493,944

Other reserves

4,825,673

Retained earnings

229,868

(412,134

)

SHAREHOLDERS' FUNDS

7,622,908

6,983,129

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 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 3 November 2017 and were
signed on its behalf by:

G E Shaw - Director

1.	STATUTORY INFORMATION

Powersolar Renewables 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

Going concern

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.

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 that the

company is able to meet its liabilities as they fall due.

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:

4% straight-line

Investments in subsidiaries

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

asset. Any unrealised gains or losses are put through the profit and loss in the period in

which they occur.

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.

Group accounts

Group Accounts are not being prepared as the group would be small as per the Companies

Act 2006 Section 383. As per the Companies Act 2006 Section 398, small groups are

permitted to produce consolidated accounts but are not required to do so. The provisional

loss for Bilsthorpe Solar Limited for the year ended 31 March 2017 was £374,440.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 .

4.	OPERATING PROFIT/(LOSS)

The operating profit (2016 - operating loss) is stated after charging:

31.3.17

31.3.16

£

Depreciation - owned assets

-

872

5.	FIXED ASSET INVESTMENTS

31.3.17

31.3.16

£

Shares in group undertakings

702,303

332,217

Loans to group undertakings

6,117,271

6,819,574

6,449,488

Additional information is as follows:

Investment

in group

undertakin

gs

£

COST

At 1 April 2016

and 31 March 2017

609,518

PROVISIONS

At 1 April 2016

277,301

Provision for year

(370,086

)

At 31 March 2017

(92,785

)

NET BOOK VALUE

At 31 March 2017

702,303

At 31 March 2016

332,217

Loans to

group

undertakings

£

At 1 April 2016

and 31 March 2017

6,117,271

6.

DEBTORS

31.3.17

31.3.16

£

Amounts falling due within one year:

VAT

(2,710

)

3,563

Amounts owed by group undertakings

27,000

-

Amounts recoverable on contract

72,000

135,349

Other debtors

360,874

241,861

457,164

380,773

Amounts falling due after more than one year:

Amounts owed by participating interests

279,185

Aggregate amounts

736,349

659,958

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

Trade creditors

603

(1

)

Amounts owed to group undertakings

-

290,455

Taxation and social security

-

816

Other creditors

18,693

6,739

19,296

298,009

8.	RELATED PARTY DISCLOSURES

Blackmead Infrastructure Ltd is considered to be a related party by virtue of the fact that

Foresight Group are the investment managers for both Powersolar Renewables Limited and

Blackmead Infrastructure Limited, and the director of Blackmead Infrastructure Limited is

also a director of Pinecroft Corporate Services Limited, which is in turn a corporate director

of the Company.Powersolar Renewables loaned £279,185 to Blackmead Infrastructure

during the course of the year, all of which was outstanding at the year end.The loan is is

measured at fair value thorugh profit and loss. The level of risk and returns from the loan to

Powersolar Renewables Limited are not significant to the financial performance of the

Company.

Foresight Group LLP is considered to be a related party by virtue of the fact that the

directors of Foresight Group LLP, Gary Fraser, David Hughes, and Jamie Richards, are

also directors of Pinecroft Corporate Services Limited, which is in turn a corporate director

of the Company. Foresight Group invoiced the Company £187,753 excluding VAT during

the course of the year. At year end the company was owed £100,000 by Foresight Group.

The amount was fully repaid on 2nd October 2017 by offsetting management expenses

owed after the reporting period.

As at March 2017, Powersolar Renewables Limited owned 100% of the ordinary shares of

Bilsthorpe Solar Limited.

During the year, Powersolar Renewables Limited invoiced Bilsthorpe Solar Limited

£239,672 of which £60,000 excluding VAT was outstanding at year end. Additionally there

was an intercompany balance of £27,000 owed by Bilsthorpe Solar Limited to Powersolar

Renewables Limited at the end of the year.

During the year there was a shareholder loan of £6,117,271 owed from Bilsthorpe Solar

Limited to Powersolar Renewables Limited, all of which was outstanding at year-end. There

was £305,234 of interest incurred on the loan provided to Bilsthorpe Solar Limited of which

£228,587 was outstanding at the year end.

9.	ULTIMATE CONTROLLING PARTY

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