Inrg (Solar Parks) 20 Ltd - Accounts to registrar (filleted) - small 18.2
Inrg (Solar Parks) 20 Ltd - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2017 |
| FOR |
| INRG (SOLAR PARKS) 20 LTD |
| INRG (SOLAR PARKS) 20 LTD (REGISTERED NUMBER: 08712232) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2017 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| INRG (SOLAR PARKS) 20 LTD |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 30 SEPTEMBER 2017 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| First Floor, Winston House |
| 349 Regents Park Road |
| London |
| N3 1DH |
| INRG (SOLAR PARKS) 20 LTD (REGISTERED NUMBER: 08712232) |
| BALANCE SHEET |
| 30 SEPTEMBER 2017 |
| 2017 | 2016 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 3 |
| CURRENT ASSETS |
| Debtors | 4 |
| CREDITORS |
| Amounts falling due within one year | 5 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
| PROVISIONS FOR LIABILITIES |
| NET LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Profit and loss account | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| 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. |
| In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
| The financial statements were approved by the Board of Directors on by: |
| INRG (SOLAR PARKS) 20 LTD (REGISTERED NUMBER: 08712232) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2017 |
| 1. | STATUTORY INFORMATION |
| Inrg (Solar Parks) 20 Ltd is a |
| 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 |
| 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 |
| Development costs | - |
| Decommissioning Asset | - |
| Development fixed assets represents the cost of construction of solar plants, civil/structural, planning and |
| professional fees capitalised and depreciated at 4% per annum on straight line basis. |
| Financial instruments |
| A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual |
| provisions of the instrument. |
| Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a |
| financing transaction, where it is recognised at the present value of the future payments discounted at a market |
| rate of interest for a similar debt instrument. |
| Debt instruments are subsequently measured at amortised cost unless they are classified as receivable within one |
| year in which case they are measured at the undiscounted amount of the cash or other consideration expected to |
| be received net of impairment. |
| Financial liabilities that are classified as payable within one year are subsequently measured at the undiscounted |
| amount of the cash or other consideration expected to be paid. |
| Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an |
| enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise |
| the asset or settle the liability simultaneously. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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. |
| INRG (SOLAR PARKS) 20 LTD (REGISTERED NUMBER: 08712232) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2017 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| Decommissioning costs |
| As part of the measurement and recognition of assets and liabilities in the period, the Company has recognised a |
| provision for decommissioning obligations associated with the solar park. |
| In determining the present value of the provision, assumptions and estimates are made in relation to discount |
| rates, the expected cost to dismantle and remove the plant from the site and the expected timing of those costs. |
| The carrying amount of the provision as at 30 September 2017 was £308,014 (2016: £nil). |
| The discount rate applied was 3.80% for the decommissioning provision. Should this discount rate |
| increase/decrease by 1 percentage point, the value of the decommissioning provision would be £84,000 |
| lower/£67,000 higher. |
| 3. | TANGIBLE FIXED ASSETS |
| Development | Grid | Decommissioning |
| costs | capex | Asset | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 October 2016 |
| Additions |
| At 30 September 2017 |
| DEPRECIATION |
| Charge for year |
| At 30 September 2017 |
| NET BOOK VALUE |
| At 30 September 2017 |
| At 30 September 2016 |
| 4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Trade debtors |
| VAT |
| Accrued income |
| INRG (SOLAR PARKS) 20 LTD (REGISTERED NUMBER: 08712232) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2017 |
| 5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Accruals and deferred income |
| 6. | RELATED PARTY DISCLOSURES |
| At the reporting date the company owed £1,759,573 (2016: £231,708) to INRG (Solar Parks) Limited. |
| On 21 December 2017, the loan due to the former parent INRG (Solar Parks) Limited of was repaid by |
| NextEnergy Solar Holdings III Limited and replaced with shareholder loan from the parent company.The loan to |
| NextEnergy Solar Holdings III Limited interest free and repayable on demand. |
| From 23 March 2018 the immediate parent undertaking changed from NextEnergy Solar Holdings III Limited to |
| NextEnergy Solar Holdings VI Limited and the ultimate controlling party was NextEnergy Solar Fund Limited. |
| 7. | PARENT COMPANY |
| The company is a wholly owned subsidiary of INRG Solar Parks Ltd. A change in control occurred after the year |
| end. The immediate parent company is NextEnergy Solar Holdings III Limited, a company registered in England |
| and Wales. The ultimate parent company is NextEnergy Solar Fund Limited, a company registered in Guernsey. |
| 8. | EMPLOYEES AND DIRECTORS |
| Other than the directors the company had no employees. |
| 9. | FIRST YEAR ADOPTION |
| There were no significant changes for the company as a result of the transition to FRS 102 Section 1A. |
| 10. | POST BALANCE SHEET EVENTS |
| On 21 December 2017 the shareholding of the Company was transferred from INRG Solar Parks Limited to |
| NextEnergy Solar Holdings III Limited. On the same date, the loan between the Company and INRG Solar Parks |
| Limited Ltd was novated to NextEnergy Solar Holdings III Limited and converted to an interest-free loan, |
| repayable on demand. On 23 March 2018 the shareholding of the Company was transferred at fair value from |
| NextEnergy Solar Holdings III Limited to a related entity, NextEnergy Solar Holdings VI Limited. No other |
| significant events occurred between the statement of financial position date and the date of signing these |
| financial statements. |