Shaftesbury Solar I UK Holdings Limited - Limited company accounts 18.2

REGISTERED NUMBER: 09963042 (England and Wales)

Report of the Directors and

Unaudited Financial Statements for the Year Ended 31 January 2018

for

Shaftesbury Solar I UK Holdings 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:

Pinecroft Corporate Services Limited

J Rajdev

REGISTERED OFFICE:

C/O Foresight Group

32 London Bridge Street

London

SE1 9SG

REGISTERED NUMBER:

09963042 (England and Wales)

The directors present their report with the financial statements of the company for the year ended 31 January 2018.

PRINCIPAL ACTIVITY

The principal activity of the company is to invest into trading companies backed predominantly by

infrastructure assets.

DIRECTORS

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

the date of this report.

Pinecroft Corporate Services Limited

J Rajdev

GOING CONCERN

These accounts have been prepared on a going concern basis. The directors believe that 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:

Pinecroft Corporate Services Limited - Director

30 October 2018

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

-

-

Administrative expenses

48,936

(64,937

)

OPERATING PROFIT/(LOSS)

48,936

(64,937

)

Interest receivable and similar income

4,271

-

53,207

(64,937

)

Interest payable and similar expenses

(24,299

)

(20,038

)

PROFIT/(LOSS) BEFORE TAXATION

28,908

(84,975

)

Tax on profit/(loss)

-

-

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

28,908

(84,975

)

FIXED ASSETS

Investments

4

456,221

-

CURRENT ASSETS

Debtors

5

1,158,272

1,561,732

CREDITORS

Amounts falling due within one year

6

(60,339

)

(26,658

)

NET CURRENT ASSETS

1,097,933

1,535,074

TOTAL ASSETS LESS CURRENT LIABILITIES

1,554,154

1,535,074

CREDITORS

Amounts falling due after more than one year

7

(486,081

)

(486,081

)

NET ASSETS

1,068,073

1,048,993

CAPITAL AND RESERVES

Called up share capital

11,351

11,351

Share premium

1,122,617

1,122,617

Revaluation reserve

8

(9,828

)

-

Retained earnings

(56,067

)

(84,975

)

1,068,073

1,048,993

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2018 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 30 October 2018 and were signed on its behalf by:

Pinecroft Corporate Services Limited - Director

1.	STATUTORY INFORMATION

Shaftesbury Solar I UK Holdings 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 as modified by the revaluation of certain assets.

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.

Investments

Investments held by the Company have been valued in accordance with the International

Private Equity and Venture Capital (IPEVC) valuation guidelines (December 2015) developed

by the British Venture Capital Association and other organisations. Through these guidelines,

investments are valued at "fair value".

Ordinarily, unquoted investments will be valued at cost for a limited period following the date

of acquisition, being the most suitable approximation of fair value. Where such a basis is no

longer appropriate, the fair value of investments is determined by using permitted valuation

techniques.

Unrealised gains/losses are recognised in the Revaluation Reserve and realised gains/losses

are recognised immediately in the Profit and Loss Account.

Foreign currencies

The Company's financial statements are presented in pound sterling. The Company's

functional and presentational currency is the pound sterling.

Foreign currency transactions are translated into the functional currency using the spot

exchange rates at the dates of the transactions. Monetary assets and liabilities denominated

in foreign currencies are translated to pound sterling at rates current at the year-end.

All differences are taken to the Revaluation Reserve.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2017 - NIL).

4.	FIXED ASSET INVESTMENTS

Other

investments

£

COST OR VALUATION

Additions

466,114

Revaluations

(9,893

)

At 31 January 2018

456,221

NET BOOK VALUE

At 31 January 2018

456,221

Cost or valuation at 31 January 2018 is represented by:

Other

investments

£

Valuation in 2018

(9,893

)

Cost

466,114

456,221

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.18

31.1.17

£

£

Other debtors

1,158,272

1,561,732

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.18

31.1.17

£

£

Other creditors

60,339

26,658

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.1.18

31.1.17

£

£

Other creditors

486,081

486,081

8.

RESERVES

Revaluation

reserve

£

Revaluation

(9,828

)

At 31 January 2018

(9,828

)