Company registration number 08453296 (England and Wales)
KRONOS SOLAR PROJECTS LIMITED (FORMERLY KS SPV 36 LIMITED)
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
KRONOS SOLAR PROJECTS LIMITED (FORMERLY KS SPV 36 LIMITED)
COMPANY INFORMATION
Directors
Mr M Fiebe
(Appointed 28 June 2022)
Ms L Watson
(Appointed 20 December 2022)
Mr T Keighley
(Appointed 15 September 2023)
Company number
08453296
Registered office
Office 17
Cleveland House
39 Old Station Road
Newmarket
CB8 8QE
Auditor
Ensors Accountants LLP
Saxon House
Moseley's Farm Business Centre
Fornham All Saints
Bury St Edmunds
IP28 6JY
Business address
Office 17
Cleveland House
39 Old Station Road
Newmarket
CB8 8QE
KRONOS SOLAR PROJECTS LIMITED (FORMERLY KS SPV 36 LIMITED)
CONTENTS
Page
Directors' report
1
Directors' responsibilities statement
2
Independent auditor's report
3 - 5
Income statement
6
Statement of financial position
7
Statement of changes in equity
8
Statement of cash flows
9
Notes to the financial statements
10 - 21
KRONOS SOLAR PROJECTS LIMITED (FORMERLY KS SPV 36 LIMITED)
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 1 -

The directors present their annual report and financial statements for the year ended 31 December 2022.

Principal activities

The principal activity of the company continued to be that of a service company, assisting other UK subsidiaries of the group with the development of solar farms for the generation of electricity.

Results and dividends

The results for the year are set out on page 6.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr G W Houlston
(Resigned 1 July 2022)
Mr M Fiebe
(Appointed 28 June 2022)
Ms L Watson
(Appointed 20 December 2022)
Mr T Keighley
(Appointed 15 September 2023)
Statement of disclosure to auditor

Each director in office at the date of approval of this annual report confirms that:

 

This confirmation is given and should be interpreted in accordance with the provisions of section 418 of the Companies Act 2006.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Mr M Fiebe
Director
29 September 2023
KRONOS SOLAR PROJECTS LIMITED (FORMERLY KS SPV 36 LIMITED)
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -

The directors are responsible for preparing the annual report 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 International Financial Reporting Standards (IFRSs) as adopted by the United Kingdom. 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, International Accounting Standard 1 requires that directors:

 

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.

KRONOS SOLAR PROJECTS LIMITED (FORMERLY KS SPV 36 LIMITED)
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF KRONOS SOLAR PROJECTS LIMITED (FORMERLY KS SPV 36 LIMITED)
- 3 -
Opinion

We have audited the financial statements of Kronos Solar Projects Limited (Formerly KS SPV 36 Limited) (the 'company') for the year ended 31 December 2022 which comprise the income statement, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and UK adopted international accounting standards.

In our opinion the financial statements:

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 Auditor's 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 directors' 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 directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

KRONOS SOLAR PROJECTS LIMITED (FORMERLY KS SPV 36 LIMITED)
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF KRONOS SOLAR PROJECTS LIMITED (FORMERLY KS SPV 36 LIMITED)
- 4 -
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 directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are 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 directors determine is 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 directors are 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 an auditor's report 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Our audit was designed to include tests of detail together with an assessment of the control environment to enable us to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement due to fraud. This included work on areas where we consider there is a higher risk of fraud including revenue recognition, management override of systems and control, transactions with related parties, commitments and contingencies and accounting estimates.

We also obtained an understanding of the legal and regulatory framework that the company operates in, through discussions with the directors and other management, and from our own knowledge and experience of the sector.

Audit response to the risks identified

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

KRONOS SOLAR PROJECTS LIMITED (FORMERLY KS SPV 36 LIMITED)
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF KRONOS SOLAR PROJECTS LIMITED (FORMERLY KS SPV 36 LIMITED)
- 5 -

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

A further description of our responsibilities is available on the Financial Reporting Council's website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

 

 

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 an auditor's report 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.

Christopher Barrett (Senior Statutory Auditor)
For and on behalf of Ensors Accountants LLP
29 September 2023
Chartered Accountants
Statutory Auditor
Saxon House
Moseley's Farm Business Centre
Fornham All Saints
Bury St Edmunds
IP28 6JY
KRONOS SOLAR PROJECTS LIMITED (FORMERLY KS SPV 36 LIMITED)
INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -
Year
Period
ended
ended
31 December
31 December
2022
2021
Notes
£
£
Revenue
3
291,750
105,051
Gross profit
291,750
105,051
Administrative expenses
(279,507)
(101,414)
Operating profit
4
12,243
3,637
Finance costs
7
(985)
(1,780)
Profit before taxation
11,258
1,857
Income tax income/(expense)
8
292
(849)
Profit and total comprehensive income for the year
11,550
1,008
KRONOS SOLAR PROJECTS LIMITED (FORMERLY KS SPV 36 LIMITED)
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2022
31 December 2022
- 7 -
2022
2021
as restated
Notes
£
£
Non-current assets
Property, plant and equipment
9
1,524
-
0
Current assets
Trade and other receivables
10
20,348
1,292
Cash and cash equivalents
27,516
35,699
47,864
36,991
Current liabilities
Trade and other payables
14
29,317
27,145
Current tax liabilities
566
2,272
29,883
29,417
Net current assets
17,981
7,574
Non-current liabilities
Deferred tax liabilities
15
381
-
0
Net assets
19,124
7,574
Equity
Called up share capital
17
1
1
Retained earnings
19,123
7,573
Total equity
19,124
7,574
The director acknowledges their responsibilities for complying with the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 29 September 2023 and are signed on its behalf by:
Mr M Fiebe
Director
Company registration number 08453296
KRONOS SOLAR PROJECTS LIMITED (FORMERLY KS SPV 36 LIMITED)
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
- 8 -
Share capital
Retained earnings
Total
£
£
£
Balance at 1 April 2021
1
6,565
6,566
Period ended 31 December 2021:
Profit and total comprehensive income for the period
-
1,008
1,008
Balance at 31 December 2021
1
7,573
7,574
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
11,550
11,550
Balance at 31 December 2022
1
19,123
19,124
KRONOS SOLAR PROJECTS LIMITED (FORMERLY KS SPV 36 LIMITED)
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 9 -
2022
2021
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
21
(4,384)
26,437
Interest paid
(985)
(1,780)
Income taxes paid
(1,033)
-
0
Net cash (outflow)/inflow from operating activities
(6,402)
24,657
Investing activities
Purchase of property, plant and equipment
(1,781)
-
0
Net cash used in investing activities
(1,781)
-
Net (decrease)/increase in cash and cash equivalents
(8,183)
24,657
Cash and cash equivalents at beginning of year
35,699
11,042
Cash and cash equivalents at end of year
27,516
35,699
KRONOS SOLAR PROJECTS LIMITED (FORMERLY KS SPV 36 LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 10 -
1
Accounting policies
Company information

Kronos Solar Projects Limited (Formerly KS SPV 36 Limited) is a private company limited by shares incorporated in England and Wales. The registered office is Office 17, Cleveland House, 39 Old Station Road, Newmarket, CB8 8QE. The company's principal activities and nature of its operations are disclosed in the directors' report.

1.1
Reporting period

The accounting period to 31 December 2022 is a twelve month period. The comparative amounts presented in the financial statements (including the related notes) are for a nine month period and are therefore not entirely comparable. The prior accounting period was shortened to bring the financial year-end in line with that of the parent company.

1.2
Accounting convention

The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the United Kingdom and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS, except as otherwise stated.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principle accounting policies adopted are set out below.

1.3
Going concern

The directors have at the time of approving the financial statements, a reasonable expectation that the truecompany, with support from the group, has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Revenue

Revenue is measured based on the consideration specified in a contract with a customer. The company recognises revenue when it transfers control of service to a customer.

The company recognises revenue from the following major sources:

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Sale of services

Revenue from contracts for the provision of services is recognised by reference to the costs incurred to date. The costs incurred to date is calculated by assessment of salaries paid to date and other service costs incurred in the running of the business. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

KRONOS SOLAR PROJECTS LIMITED (FORMERLY KS SPV 36 LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 11 -
1.5
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computers
33% Reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

1.6
Impairment of tangible assets

At each reporting end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

 

Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Cash and cash equivalents

Cash and cash equivalents include deposits held at call with banks.

1.8
Financial assets

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

 

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss.

Financial assets held at amortised cost

Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue.

KRONOS SOLAR PROJECTS LIMITED (FORMERLY KS SPV 36 LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 12 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

1.9
Financial liabilities

The company recognises financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified 'other financial liabilities'.

Other financial liabilities

Other financial liabilities, including borrowings, trade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method where applicable. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

KRONOS SOLAR PROJECTS LIMITED (FORMERLY KS SPV 36 LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 13 -
1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of inventories or non-current assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Adoption of new and revised standards and changes in accounting policies

At the date of authorisation of these financial statements, the following Standards and Interpretations, which have not yet been applied in these financial statements, were in issue but not yet effective (and in some cases had not yet been adopted by the EU):

IFRS 17
Insurance Contracts (effective on or after 1 January 2023)
IAS 1 (amendments)
Presentation of Financial Statements - Classification of Liabilities as Current or Non-Current (effective on or after 1 January 2023)
IAS 1 (amendments)
Presentation of Financial Statements - Disclosure of Accounting Policies (effective on or after 1 January 2023)
IAS 8 (amendments)
Accounting Policies, Changes in Accounting Estimates and Errors (effective on or after 1 January 2023)
IAS 12 (amendments)
Deferred Tax related to Assets and Liabilities arising from a Single Transaction (effective on or after 1 January 2023)

The company is currently assessing the impact of these new accounting amendments but does not expect that their adoption will have a material impact on the financial statements in future periods.

KRONOS SOLAR PROJECTS LIMITED (FORMERLY KS SPV 36 LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 14 -
3
Revenue
Year
Period
ended
ended
31 December
31 December
2022
2021
£
£
Revenue analysed by class of business
291,750
105,051
Year
Period
ended
ended
31 December
31 December
2022
2021
£
£
Revenue analysed by geographical market
Europe
291,750
105,051
4
Operating profit
Year
Period
ended
ended
31 December
31 December
2022
2021
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses
1,670
1,757
Fees payable to the company's auditor for the audit of the company's financial statements
7,350
6,500
Depreciation of property, plant and equipment
257
-
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

Year
Period
ended
ended
31 December
31 December
2022
2021
Number
Number
5
2
KRONOS SOLAR PROJECTS LIMITED (FORMERLY KS SPV 36 LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
5
Employees
(Continued)
- 15 -

Their aggregate remuneration comprised:

Year
Period
ended
ended
31 December
31 December
2022
2021
£
£
Wages and salaries
165,448
62,066
Social security costs
15,153
3,115
Pension costs
10,035
5,042
190,636
70,223
6
Directors' remuneration
Year
Period
ended
ended
31 December
31 December
2022
2021
£
£
Remuneration for qualifying services
38,719
52,481
Company pension contributions to defined contribution schemes
3,286
4,500
42,005
56,981
7
Finance costs
Year
Period
ended
ended
31 December
31 December
2022
2021
£
£
Other interest payable
985
1,780
8
Income tax expense
Year
Period
ended
ended
31 December
31 December
2022
2021
£
£
Current tax
UK corporation tax on profits for the current period
-
0
849
Adjustments in respect of prior periods
(673)
-
0
Total UK current tax
(673)
849
KRONOS SOLAR PROJECTS LIMITED (FORMERLY KS SPV 36 LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
8
Income tax expense
Year
Period
ended
ended
(Continued)
- 16 -
Deferred tax
Origination and reversal of temporary differences
381
-
0
Total tax charge/(credit)
(292)
849

The charge for the year can be reconciled to the profit per the income statement as follows:

Year
Period
ended
ended
31 December
31 December
2022
2021
£
£
Profit before taxation
11,258
1,857
Expected tax charge based on a corporation tax rate of 19.00% (2021: 19.00%)
2,139
353
Effect of expenses not deductible in determining taxable profit
38
74
Change in unrecognised deferred tax assets
30
-
0
Adjustment in respect of prior years
(673)
-
0
Group relief
(1,981)
-
0
Permanent capital allowances in excess of depreciation
(102)
-
0
Under/(over) provided in prior years
-
0
190
Short term timing difference
257
232
Taxation (credit)/charge for the year
(292)
849
9
Property, plant and equipment
Computers
£
Cost
At 1 April 2021 and 1 January 2022
-
0
Additions
1,781
At 31 December 2022
1,781
Accumulated depreciation and impairment
At 1 April 2021 and 1 January 2022
-
0
Charge for the year
257
At 31 December 2022
257
KRONOS SOLAR PROJECTS LIMITED (FORMERLY KS SPV 36 LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
9
Property, plant and equipment
Computers
£
(Continued)
- 17 -
Carrying amount
At 31 December 2022
1,524
10
Trade and other receivables
Year
Period
ended
ended
31 December
31 December
2022
2021
as restated
£
£
Unpaid share capital
-
0
1
VAT recoverable
3,789
1,291
Amount owed by parent undertaking
14,677
-
0
Prepayments
1,882
-
0
20,348
1,292
11
Trade receivables - credit risk
Fair value of trade receivables

The directors consider that the carrying amount of trade and other receivables is approximately equal to their fair value.

No significant receivable balances are impaired at the reporting end date.

12
Fair value of financial liabilities

The directors consider that the carrying amounts of financial liabilities carried at amortised cost in the financial statements approximate to their fair values.

KRONOS SOLAR PROJECTS LIMITED (FORMERLY KS SPV 36 LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 18 -
13
Liquidity risk

The following table details the remaining contractual maturity for the company's financial liabilities with agreed repayment periods. The contractual maturity is based on the earliest date on which the company may be required to pay.

Less than 1 month
3 months to 1 year
Total
£
£
£
At 31 December 2021
Trade payables
1,920
-
1,920
Accruals
10,786
-
10,786
Corporation tax liabilities
390
1,882
2,272
Amounts owed to parent undertaking
14,439
-
14,439
27,535
1,882
29,417
At 31 December 2022
Trade payables
11,527
-
11,527
Accruals
17,791
-
17,791
Corporation tax liabilities
566
-
566
29,884
-
29,884
Liquidity risk management

The Company is exposed to liquidity risk across the financial liability balances identified above, which arise during the normal course of trade and can affect the Company's ability to effectively manage its cash flow and ensure it can meet obligations as and when they fall due.

 

Responsibility for liquidity risk management rests with the board of directors, which has established an appropriate liquidity risk management framework for the management of the company's funding and liquidity management requirements. The company manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities.

14
Trade and other payables
Year
Period
ended
ended
31 December
31 December
2022
2021
as restated
£
£
Trade payables
11,527
1,920
Amount owed to parent undertaking
-
0
14,439
Accruals
17,790
10,786
29,317
27,145
KRONOS SOLAR PROJECTS LIMITED (FORMERLY KS SPV 36 LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 19 -
15
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon during the current and prior reporting period.

Accelerated capital allowances
£
Liability at 1 January 2021 and 1 January 2022
-
0
Deferred tax movements in current year
Charge/(credit) to profit or loss
381
Liability at 31 December 2022
381

Short term temporary differences being fixed asset temporary differences have arisen from accelerated capital allowances. The deferred tax liability set out above is expected to reverse within 3 years and relates to accelerated capital allowances that are expected to mature within the same period.

16
Retirement benefit schemes
Year
Period
ended
ended
31 December
31 December
2022
2021
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
10,035
5,042

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

17
Share capital
Year
Period
Year
Period
ended
ended
ended
ended
31 December
31 December
31 December
31 December
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
18
Capital risk management

The company is not subject to any externally imposed capital requirements.

KRONOS SOLAR PROJECTS LIMITED (FORMERLY KS SPV 36 LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 20 -
19
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel, including directors, is set out below in aggregate for each of the categories specified in IAS 24 Related Party Disclosures.

Year
Period
ended
ended
31 December
31 December
2022
2021
£
£
Short-term employee benefits
38,719
52,481
Post-employment benefits
3,286
4,500
42,005
56,981
Other transactions with related parties

During the year the company entered into the following transactions with related parties:

Sale of goods
Purchase of goods
Year
Period
Year
Period
ended
ended
ended
ended
31 December
31 December
31 December
31 December
2022
2021
2022
2021
£
£
£
£
Parent company
291,750
105,050
965
-
0
Interest payable
Year
Period
ended
ended
31 December
31 December
2022
2021
£
£
Parent company
965
1,388

The following amounts were outstanding at the reporting end date:

Year
Period
ended
ended
31 December
31 December
2022
2021
Amounts due to related parties
£
£
Parent company
-
0
14,438
KRONOS SOLAR PROJECTS LIMITED (FORMERLY KS SPV 36 LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
19
Related party transactions
(Continued)
- 21 -

The following amounts were outstanding at the reporting end date:

Year
Period
ended
ended
31 December
31 December
2022
2021
Amounts due from related parties
£
£
Parent company
14,677
-
20
Controlling party

During the period to 31 December 2022, the ultimate controlling party changed. From 6th October 2022, seventy (70) percent of the shareholding of Kronos Solar Projects GmbH, the immediate parent undertaking incorporated in Germany, were acquired by EDP Renewables S.A., incorporated in Spain. The ultimate controlling party from this date is therefore EDP Renewables. Prior to this date, the ultimate controlling party was Summercourt Capital GmbH, incorporated in Germany.

21
Cash (absorbed by)/generated from operations
Year
Period
ended
ended
31 December
31 December
2022
2021
£
£
Profit for the year before income tax
11,258
1,857
Adjustments for:
Finance costs
985
1,780
Depreciation and impairment of property, plant and equipment
257
-
Movements in working capital:
(Increase)/decrease in trade and other receivables
(19,056)
107,425
Increase/(decrease) in trade and other payables
2,172
(84,625)
Cash (absorbed by)/generated from operations
(4,384)
26,437
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