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REGISTERED NUMBER: 11798076 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

FRONIUS RENEWABLE ENERGY SOLUTIONS UK
LIMITED

FRONIUS RENEWABLE ENERGY SOLUTIONS UK
LIMITED (REGISTERED NUMBER: 11798076)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021










Page

Company Information 1

Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 4

Statement of Comprehensive Income 7

Statement of Financial Position 8

Statement of Changes in Equity 9

Notes to the Financial Statements 10


FRONIUS RENEWABLE ENERGY SOLUTIONS UK
LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2021







DIRECTOR: E E Engelbrechtsmueller- Strauss





SECRETARY: B Ruebig





REGISTERED OFFICE: Maidstone Road
Kingston
Milton Keynes
Buckinghamshire
MK10 0BD





REGISTERED NUMBER: 11798076 (England and Wales)





AUDITORS: DNG Dove Naish LLP, Statutory Auditor
Eagle House
28 Billing Road
Northampton
NN1 5AJ

FRONIUS RENEWABLE ENERGY SOLUTIONS UK
LIMITED (REGISTERED NUMBER: 11798076)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021


The director presents her strategic report for the year ended 31 December 2021.

REVIEW OF BUSINESS
The purpose of Fronius Renewable Energy Solutions UK Ltd (FRESUK) is the sale of financing/leasing options for Solar PV installations. Project lead times are quite long and the sales process is lengthy, however once completed it will provide steady revenue for several years.

A decision of the Management board of Fronius International GMBH was made at the end of 2021 to change the process of the model for FRESUK whereby all costs outstanding/occured would be charged back to Fronius International GMBH to give FRESUK a defined revenue on projects and an appropriate margin to give positive longevity to the business. As a result of this process the costs/liabilities are no longer borne by FRESUK, but by Fronius International GMBH.

There was no actual sales revenue in 2021. A loss was made by FRESUK in 2019 and 2020, while profit of the same amount in 2021 due to the costs being charged back to Fronius International. The costs incurred in 2021 were for marketing and service charges from our sister company Fronius UK Ltd. Covid affected our projects planned for 2021 and these were either cancelled or moved out to 2022.

PRINCIPAL RISKS AND UNCERTAINTIES
The ongoing difficult economic climate makes it difficult to reach clients and engage in sales visits. On the other hand, customers who have cancelled investments will look towards finance solutions.

Brexit has not had any major effect on our business model, all our products have the necessary UK certifications.

EMPLOYEES
The company has no employees. Services are being provided by its sister company Fronius UK Ltd and the cost is charged at arm's length.

SIGNED BY ORDER OF THE DIRECTORS:





E E Engelbrechtsmueller- Strauss - Director


5 September 2022

FRONIUS RENEWABLE ENERGY SOLUTIONS UK
LIMITED (REGISTERED NUMBER: 11798076)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31 DECEMBER 2021


The director presents her report with the financial statements of the company for the year ended 31 December 2021.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the sale of financing/leasing options for solar photovoltaic installations.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2021.

DIRECTOR
E E Engelbrechtsmueller- Strauss held office during the whole of the period from 1 January 2021 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless she is 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 director is required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is 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 her to ensure that the financial statements comply with the Companies Act 2006. She is 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and she has taken all the steps that she ought to have taken as a director in order to make herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, DNG Dove Naish LLP, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting.

SIGNED BY ORDER OF THE DIRECTORS:





E E Engelbrechtsmueller- Strauss - Director


5 September 2022

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FRONIUS RENEWABLE ENERGY SOLUTIONS UK
LIMITED


Opinion
We have audited the financial statements of Fronius Renewable Energy Solutions UK Limited (the 'company') for the year ended 31 December 2021 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2021 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FRONIUS RENEWABLE ENERGY SOLUTIONS UK
LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, United Kingdom Generally Accepted Accounting Practice and relevant Taxation legislation.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management, the ability for the company to continue as a going concern and the understatement of revenue. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, regulatory correspondence and professional fees, agreeing charge back income to calculations, reviewing forecasts for the next financial year, obtaining a letter of support from group companies and reviewing accounting estimates for biases.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FRONIUS RENEWABLE ENERGY SOLUTIONS UK
LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Robyn Liddell (Senior Statutory Auditor)
for and on behalf of DNG Dove Naish LLP, Statutory Auditor
Eagle House
28 Billing Road
Northampton
NN1 5AJ

12 September 2022

FRONIUS RENEWABLE ENERGY SOLUTIONS UK
LIMITED (REGISTERED NUMBER: 11798076)

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2021

2021 2020
Notes £    £   

TURNOVER - 300

Administrative expenses 85,568 103,485
(85,568 ) (103,185 )

Other operating income 221,183 -
OPERATING PROFIT/(LOSS) 4 135,615 (103,185 )


Interest payable and similar expenses 5 2,194 1,521
PROFIT/(LOSS) BEFORE TAXATION 133,421 (104,706 )

Tax on profit/(loss) 6 - -
PROFIT/(LOSS) FOR THE FINANCIAL
YEAR

133,421

(104,706

)

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

133,421

(104,706

)

FRONIUS RENEWABLE ENERGY SOLUTIONS UK
LIMITED (REGISTERED NUMBER: 11798076)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2021

2021 2020
Notes £    £   
CURRENT ASSETS
Debtors 7 12,982 5,476
Cash at bank 18,362 10,039
31,344 15,515
CREDITORS
Amounts falling due within one year 8 20,442 138,034
NET CURRENT ASSETS/(LIABILITIES) 10,902 (122,519 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,902

(122,519

)

CAPITAL AND RESERVES
Called up share capital 9 30,000 30,000
Retained earnings 10 (19,098 ) (152,519 )
SHAREHOLDERS' FUNDS 10,902 (122,519 )

The financial statements were approved by the director and authorised for issue on 5 September 2022 and were signed by:





E E Engelbrechtsmueller- Strauss - Director


FRONIUS RENEWABLE ENERGY SOLUTIONS UK
LIMITED (REGISTERED NUMBER: 11798076)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021

Called up
share Retained Total
capital earnings equity
£    £    £   

Balance at 1 January 2020 30,000 (47,813 ) (17,813 )

Changes in equity
Total comprehensive income - (104,706 ) (104,706 )
Balance at 31 December 2020 30,000 (152,519 ) (122,519 )

Changes in equity
Total comprehensive income - 133,421 133,421
Balance at 31 December 2021 30,000 (19,098 ) 10,902

FRONIUS RENEWABLE ENERGY SOLUTIONS UK
LIMITED (REGISTERED NUMBER: 11798076)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021


1. STATUTORY INFORMATION

Fronius Renewable Energy Solutions UK 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with 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.

Financial Reporting Standard 102 - reduced disclosure exemptions
The Company's parent undertaking, Fronius International GmbH includes the Company in its consolidated financial statements. The consolidated financial statements of Fronius International GmbH are prepared in accordance with International Reporting Standards as adopted by the EU and are available to the public and may be obtained from Fronius International GmbH, Vorchdorfer Strasse 40, Pettenbach, 4643, Austria. In these financial statements, the company is considered to be a qualifying entity (for the purpose of this FRS) and has applied exemptions available under FRS 102 in respect of the following disclosures:

- Reconciliation of number of shares outstanding from the beginning to end of the period;

- Cash Flow Statement and related notes;

- Key Management Personnel compensation; and

- Related party transactions

As the consolidated financial statements of ultimate parent undertaking include the disclosures equivalent to those required by FRS 102, the Company has also taken the exemptions available in respect of the following disclosures:

- Certain disclosures required by FRS 102.11 Basic Financial Instruments and FRS 102.12. Other Financial Instrument Issues in respect of financial instruments not falling within the fair value accounting rules of Paragraph 36(4) of Schedule 1.

Significant judgements and estimates
The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed within the individual accounting policies below.

Changes in accounting policies
A decision of the Management board of Fronius International GMBH was made at the end of 2021 to change the process of the model for FRESUK whereby all costs outstanding/occured would be charged back to Fronius International GMBH to give FRESUK a defined revenue on projects and an appropriate margin to give positive longevity to the business. As a result of this process the costs/liabilities are no longer borne by FRESUK, but by Fronius International GMBH.

FRONIUS RENEWABLE ENERGY SOLUTIONS UK
LIMITED (REGISTERED NUMBER: 11798076)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021


2. ACCOUNTING POLICIES - continued

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Financial instruments
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of comprehensive income under administrative expenses.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

FRONIUS RENEWABLE ENERGY SOLUTIONS UK
LIMITED (REGISTERED NUMBER: 11798076)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021


2. ACCOUNTING POLICIES - continued

Going concern
The accounts have been prepared on a going concern basis, notwithstanding negative retained earnings of £19,098 at the year-end which the Directors believe to be appropriate for the following reasons. Fronius International GmbH, the company's immediate holding company, has indicated that, for at least 12 months from the date of approval of the financial statements, it will continue to support the Company, to provide the necessary financial support so as to enable it to continue to trade and to meet its financial obligations and liabilities as they fall due. Furthermore, they will not seek repayment of amounts currently outstanding in inter-company accounts.

As with any company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue although, at that date of approval of these financial statements, they have no reason to believe that it will not do so.

3. EMPLOYEES AND DIRECTORS
2021 2020
£    £   
Wages and salaries 48,888 52,460
Social security costs 6,715 2,962
Other pension costs 3,114 4,924
58,717 60,346

The average number of employees during the year was as follows:
2021 2020

Administration 3 3

2021 2020
£    £   
Director's remuneration - -

4. OPERATING PROFIT/(LOSS)

The operating profit (2020 - operating loss) is stated after charging:

2021 2020
£    £   
Auditors' remuneration 4,350 4,300

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2021 2020
£    £   
Other interest payable 2,194 1,521

6. TAXATION

Analysis of the tax charge
No liability to UK corporation tax arose for the year ended 31 December 2021 nor for the year ended 31 December 2020.

FRONIUS RENEWABLE ENERGY SOLUTIONS UK
LIMITED (REGISTERED NUMBER: 11798076)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021


6. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2021 2020
£    £   
Profit/(loss) before tax 133,421 (104,706 )
Profit/(loss) multiplied by the standard rate of corporation tax in the
UK of 19% (2020 - 19%)

25,350

(19,894

)

Effects of:
Tax losses created - 19,894
Tax losses utilised (25,350 ) -
Total tax charge - -

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
VAT 11,532 4,026
Prepayments and accrued income 1,450 1,450
12,982 5,476

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Amounts owed to group undertakings 13,442 132,384
Accruals and deferred income 7,000 5,650
20,442 138,034

9. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 2021 2020
value: £    £   
30,000 Ordinary £1 30,000 30,000

10. RESERVES
Retained
earnings
£   

At 1 January 2021 (152,519 )
Profit for the year 133,421
At 31 December 2021 (19,098 )

FRONIUS RENEWABLE ENERGY SOLUTIONS UK
LIMITED (REGISTERED NUMBER: 11798076)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021


11. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 Related Party Disclosure, not to disclose related party transactions or balances with wholly owned subsidiaries within the group.

12. ULTIMATE CONTROLLING PARTY

The company's ultimate holding company, and largest group undertakings for which group financial statements have been drawn up is, G & K Privatstiftung, a company incorporated in Austria. The immediate holding company and smallest group of undertakings for which group financial statements have been drawn up is Fronius International GmbH, a company registered in Austria. The group accounts of Fronius International GmbH can be obtained from Fronius International GmbH, Vorchdorfer Strasse 40, Pettenbach, 4643, Austria.