Renewable Solartech Limited - Limited company accounts 18.1.1

REGISTERED NUMBER: 08334670 (England and Wales)

Report of the Directors and

Unaudited Financial Statements for the Year Ended 31 December 2017

for

Renewable Solartech Limited

Page

Company Information

1

Report of the Directors

2

Income Statement

3

Balance Sheet

4

Notes to the Financial Statements

6

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 2017.

PRINCIPAL ACTIVITY

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

solar power generating plant during the year.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2017 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

7 August 2018

TURNOVER

320,000

309,935

Administrative expenses

197,495

401,574

OPERATING PROFIT/(LOSS)

122,505

(91,639

)

gain/(loss) from shares in group undertakings

(1,052,783

)

1,604,371

Interest receivable and similar income

344,482

382,381

(708,301

)

1,986,752

(LOSS)/PROFIT BEFORE TAXATION

(585,796

)

1,895,113

Tax on (loss)/profit

-

(8,852

)

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(585,796

)

1,903,965

FIXED ASSETS

Investments

4

3,370,548

12,722,392

CURRENT ASSETS

Debtors

5

1,133,824

808,701

Investments

6

3,710,000

-

Cash at bank

4,444,469

422

9,288,293

809,123

CREDITORS

Amounts falling due within one year

7

154,413

254,396

NET CURRENT ASSETS

9,133,880

554,727

TOTAL ASSETS LESS CURRENT LIABILITIES

12,504,428

13,277,119

PROVISIONS FOR LIABILITIES

29,733

29,733

NET ASSETS

12,474,695

13,247,386

CAPITAL AND RESERVES

Called up share capital

126,474

126,474

Share premium

7,383,881

7,389,548

Share premium cancellation

4,800,000

4,800,000

Retained earnings

164,340

931,364

SHAREHOLDERS' FUNDS

12,474,695

13,247,386

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 7 August 2018 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. Under FRS 102, any unrealised gains or losses are put through the profit and loss

accounts in the periods 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.

Currently there is no deferred tax being recognised in the financial statements.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2016 - 1 ).

4.	FIXED ASSET INVESTMENTS

31.12.17

31.12.16

£

£

Shares in group undertakings

3,370,548

5,101,392

Loans to group undertakings

-

7,621,000

3,370,548

12,722,392

Additional information is as follows:

Shares in

group

undertakings

£

COST

At 1 January 2017

3,757,766

Disposals

(678,060

)

At 31 December 2017

3,079,706

PROVISIONS

At 1 January 2017

(1,343,626

)

Provision for year

1,052,784

At 31 December 2017

(290,842

)

NET BOOK VALUE

At 31 December 2017

3,370,548

At 31 December 2016

5,101,392

Loans to

group

undertakings

£

At 1 January 2017

7,621,000

Repayment in year

(7,621,000

)

At 31 December 2017

-

5.

DEBTORS

31.12.17

31.12.16

£

£

Amounts falling due within one year:

Trade debtors

120,470

30,902

Other debtors

1,013,354

645,321

1,133,824

676,223

Amounts falling due after more than one year:

Trade debtors

-

76,471

Amounts recoverable on contract

-

56,007

-

132,478

Aggregate amounts

1,133,824

808,701

6.	CURRENT ASSET INVESTMENTS

31.12.17

31.12.16

£

£

Loan

3,710,000

-

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

£

£

Trade creditors

(6,643

)

(1

)

Taxation and social security

1,049

-

Other creditors

160,007

254,397

154,413

254,396

8.	RELATED PARTY DISCLOSURES

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

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

Pinecroft Corporate Services Limited, which is in turn a corporate director of the Company.

Foresight Group invoiced the Company £330,837 including VAT during the course of the

year, none of which was outstanding at year end.

Isotraxal Limited is considered to be a related party by virtue of the fact that Foresight

Group are the investment managers for both RenewableSolartechLimited and Isotraxal

Limited. RenewableSolartechLimit loaned £3,710,000 to Isotraxal Limited during the

course of the year. All of the loan and £95,037 of interest was outstanding at the year end.

MarshFarmSolarLimited is a wholly owned subsidiary of RenewableSolartechLimited.

During the year, the Company invoiced the subsidiary £384,000 including VAT of which

£120,470 was outstanding at year end. There shareholder loan owed by the subsidiary was

repaid during the year but there is interest of £428,851 outstanding at year end.

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

Foresight Group are the investment managers for both RenewableSolartechLimited 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. RenewableSolartechLimited paid dividends of £181,823 during the year

for shares held in the Company.

9.	ULTIMATE CONTROLLING PARTY

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