Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-312022-04-010truetrueNo description of principal activityfalse0truetrue 11924259 2022-04-01 2023-03-31 11924259 2021-04-01 2022-03-31 11924259 2023-03-31 11924259 2022-03-31 11924259 1 2022-04-01 2023-03-31 11924259 d:Director4 2022-04-01 2023-03-31 11924259 c:CurrentFinancialInstruments 2023-03-31 11924259 c:CurrentFinancialInstruments 2022-03-31 11924259 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 11924259 c:CurrentFinancialInstruments c:WithinOneYear 2022-03-31 11924259 c:ShareCapital 2023-03-31 11924259 c:ShareCapital 2022-03-31 11924259 c:SharePremium 2022-04-01 2023-03-31 11924259 c:SharePremium 2023-03-31 11924259 c:SharePremium 2022-03-31 11924259 c:CapitalRedemptionReserve 2023-03-31 11924259 c:CapitalRedemptionReserve 2022-03-31 11924259 c:OtherMiscellaneousReserve 2022-04-01 2023-03-31 11924259 c:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 11924259 c:RetainedEarningsAccumulatedLosses 2023-03-31 11924259 c:RetainedEarningsAccumulatedLosses 2022-03-31 11924259 d:FRS102 2022-04-01 2023-03-31 11924259 d:Audited 2022-04-01 2023-03-31 11924259 d:FullAccounts 2022-04-01 2023-03-31 11924259 d:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 11924259 d:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 11924259 2 2022-04-01 2023-03-31 11924259 4 2022-04-01 2023-03-31 11924259 6 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Registered number: 11924259










CLEAN SOLAR POWER (EASTERN EUROPE) LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
CLEAN SOLAR POWER (EASTERN EUROPE) LIMITED
REGISTERED NUMBER: 11924259

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

2023
2022
Note

Fixed assets
  

Unquoted Investments
 4 
15,986,988
14,956,988

  
15,986,988
14,956,988

Current assets
  

Debtors: amounts falling due within one year
 5 
15,246,216
14,908,637

Cash at bank and in hand
 6 
52,590
1,967,919

  
15,298,806
16,876,556

Creditors: amounts falling due within one year
 7 
(38,380,885)
(36,381,217)

Net current liabilities
  
 
 
(23,082,079)
 
 
(19,504,661)

Total assets less current liabilities
  
(7,095,091)
(4,547,673)

  

Net liabilities
  
(7,095,091)
(4,547,673)


Capital and reserves
  

Called up share capital 
 8 
229
229

Share premium account
 8 
871,475
871,475

Capital reserve
 8 
16,721,993
16,721,993

Profit and loss account
 8 
(24,688,788)
(22,141,370)

  
(7,095,091)
(4,547,673)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 4 October 2023.



Benjamin Paul Fraser
Director

The notes on pages 2 to 8 form part of these financial statements.

Page 1

 
CLEAN SOLAR POWER (EASTERN EUROPE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Clean Solar Power (Eastern Europe) Ltd ("the Company") is a private company limited by shares, incorporated and domiciled in England and Wales. The address of the company's registered office is 1st Floor, 239 Kensington Highstreet, London, W8 6SN. The registered number is 11924259. The principal activity of the Company is the development, construction and acquisition of solar and wind power projects.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).

This information is included in the consolidated financial statements of Hero Future Energies Global Ltd as at 31 March 2021 and these financial statements may be obtained from Companies House.

There is no requirement with Section 1A of Financial Reporting Standard 102 to present a Statement of Changes in Equity.

Page 2

 
CLEAN SOLAR POWER (EASTERN EUROPE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.3

Going concern

The Company was loss-making and had cash at the reporting date of €52,590.
The Company conducted a thorough assessment of its ability to continue as a going concern. This assessment took into account various factors, including the company's financial performance, cash position, debt obligations, available sources of financing, and potential risks associated with geopolitical tensions in Ukraine.
During the year, the Company obtained an inter-company loan from Hero Future Energies Global Ltd (HFE Global) and repaid the existing intercompany loan provided to Hero Future Energies Pvt Ltd. HFE Global Ltd recently raised funds from a new investor and its existing shareholders which was considered in the assessment of the Company’s liquidity and ability to meet its financial obligations. 
The Company acknowledges the significant risk posed by the current geopolitical tension between Ukraine and Russia to its project assets located in Ukraine. Regular monitoring of the physical condition and status of the assets in Ukraine is carried out through live video feeds at each site. As of the reporting date, there has been no physical damage to the project assets. However, the geopolitical tension raises doubt about the future cash flows and/or value of these assets in the event of potential disposal.
To bolster the Company's going concern status, the Directors have obtained a letter of support from HFE Global Ltd. The letter provides financial and other support to ensure that the Company can meet its debts as they fall due for a minimum of 12 months from the date of signing the financials. The terms and conditions of this support were considered in the going concern assessment.
Based on the assessment and the support received from HFE Global Ltd, the Directors have prepared the financial statements on a going concern basis. The financial statements reflect the assumption that the Company will continue its operations for the foreseeable future, without any intention of liquidation or significant curtailment of activities.
The going concern assessment is performed periodically to reassess the Company's ability to continue as a going concern, taking into account changes in business conditions, financial performance, and other relevant factors. Any significant changes in the assessment will be promptly communicated to relevant stakeholders.

Page 3

 
CLEAN SOLAR POWER (EASTERN EUROPE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is Euros.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 4

 
CLEAN SOLAR POWER (EASTERN EUROPE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Investments in non-derivative instruments that are equity to the issuer are measured:
at fair value with changes recognised in the Statement of comprehensive income if the shares are publicly traded or their fair value can otherwise be measured reliably;
at cost less impairment for all other investments.


3.


Employees

The Company has no employees other than the Directors, who did not receive any remuneration (2022 - €NIL).

Page 5

 
CLEAN SOLAR POWER (EASTERN EUROPE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Fixed asset investments





Loans to subsidiaries




Cost or valuation


At 1 April 2022
14,956,988


Additions
1,030,000



At 31 March 2023
15,986,988






Net book value



At 31 March 2023
15,986,988



At 31 March 2022
14,956,988

Page 6

 
CLEAN SOLAR POWER (EASTERN EUROPE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Debtors

2023
2022


Amounts owed by group undertakings
14,963,228
14,634,591

Other debtors
250,441
250,070

Prepayments
282
282

Tax recoverable
32,265
23,694

15,246,216
14,908,637



6.


Cash and cash equivalents

2023
2022

Cash at bank and in hand
52,590
1,967,919

52,590
1,967,919



7.


Creditors: Amounts falling due within one year

2023
2022

Other loans (HFE India and Asia)
34,134,107
34,144,913

Interest accrued
3,720,835
1,691,678

Other creditors
494,433
494,433

Accruals
31,510
50,193

38,380,885
36,381,217



8.


Reserves

Share premium account

Share premium account represents the balance premium on issue of shares. 

Other reserves

Capital account includes accumulated foreign exchange gains and losses.

Profit and loss account

Profit and loss account includes all current and prior period retained profits and losses.

Page 7

 
CLEAN SOLAR POWER (EASTERN EUROPE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

9.


Related party transactions

In accordance with Financial Reporting Standard 102 section 33 “Related Party Disclosures”, the company has not disclosed transactions with other wholly owned group companies as its results are consolidated into the financial statements of the ultimate parent company which are publicly available.


10.


Post balance sheet events

There are three solar projects in Ukraine: Gea 1, Gea 2 and Greenway, with capacities of 12 MW, 20 MW and 20 MW, respectively. At the balance sheet date only Gea 1 was generating. In April 2023 connectivity work was completed for Gea 2 which started generating in 1 June 2023. The connectivity work was completed at Greenway in June 2023 and it is expected to commence generation by 1 November 2023 after an energisation certificate has been obtained. 


11.


Controlling party

The Directors consider BM Munjal Energies Private Limited (“BMMEPL”) to be the ultimate controlling company as it is the largest Group in which this Company's information is consolidated. BMMEPL is incorporated in India.
The smallest group in which the results of the company are consolidated is Hero Future Energies Global Limited. The consolidated financial statements of Hero Future Energies Global Limited may be obtained from 1st Floor 239 Kensington High Street, London, United Kingdom, W8 6SN.


12.


Auditors' information

The auditors' report on the financial statements for the year ended 31 March 2023 was unqualified.

In their report, the auditors emphasised the following matter without qualifying their report:

We draw attention to Note 4 (Exceptional Items) which describes the signficant uncertainty associated with the current situation in Ukraine and the related recoverabilty risks due to the possibility that the sites operated by the SPV's could be destroyed, damaged or seized by Russian forces.
This could have a material impact on the future assessment of the recoverable amounts of these loans, including the possibility that the SPV's are unable to generate any future revenues leading to the recoverable amount being deemed to be zero at a future date. Our opinion is not modified in respect of this matter.
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.

The audit report was signed on 4 October 2023 by Ian Cliffe (Senior statutory auditor) on behalf of Haysmacintyre LLP.

Page 8