13 false false false false true false false false false false false true false false false false false false 2022-05-01 Sage Accounts Production Advanced 2023 - FRS102_2023 3,962,994 786,718 32,508 32,508 xbrli:pure xbrli:shares iso4217:GBP 8021337 2022-05-01 2023-04-30 8021337 2023-04-30 8021337 2022-04-30 8021337 2021-05-01 2022-04-30 8021337 2022-04-30 8021337 2021-04-30 8021337 bus:RegisteredOffice 2022-05-01 2023-04-30 8021337 bus:OrdinaryShareClass1 2022-05-01 2023-04-30 8021337 bus:LeadAgentIfApplicable 2022-05-01 2023-04-30 8021337 bus:Director1 2022-05-01 2023-04-30 8021337 bus:Director3 2022-05-01 2023-04-30 8021337 core:WithinOneYear 2023-04-30 8021337 core:WithinOneYear 2022-04-30 8021337 core:MotorVehicles 2022-04-30 8021337 core:LandBuildings 2023-04-30 8021337 core:MotorVehicles 2023-04-30 8021337 core:DeferredTaxation 2022-05-01 2023-04-30 8021337 core:LandBuildings 2022-05-01 2023-04-30 8021337 core:MotorVehicles 2022-05-01 2023-04-30 8021337 core:RetainedEarningsAccumulatedLosses 2021-05-01 2022-04-30 8021337 core:RetainedEarningsAccumulatedLosses 2022-05-01 2023-04-30 8021337 core:UKTax 2022-05-01 2023-04-30 8021337 core:ShareCapital 2023-04-30 8021337 core:ShareCapital 2022-04-30 8021337 core:RetainedEarningsAccumulatedLosses 2023-04-30 8021337 core:RetainedEarningsAccumulatedLosses 2022-04-30 8021337 core:ShareCapital 2021-04-30 8021337 core:RetainedEarningsAccumulatedLosses 2021-04-30 8021337 core:CostValuation core:Non-currentFinancialInstruments 2022-04-30 8021337 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2023-04-30 8021337 core:DisposalsRepaymentsInvestments core:Non-currentFinancialInstruments 2023-04-30 8021337 core:CostValuation core:Non-currentFinancialInstruments 2023-04-30 8021337 core:Non-currentFinancialInstruments core:ProvisionsForImpairmentInvestments 2023-04-30 8021337 core:Non-currentFinancialInstruments 2023-04-30 8021337 core:Non-currentFinancialInstruments 2022-04-30 8021337 core:AcceleratedTaxDepreciationDeferredTax 2023-04-30 8021337 core:DeferredTaxation 2023-04-30 8021337 bus:LeadAgentIfApplicable 2021-05-01 2022-04-30 8021337 bus:MediumEntities 2022-05-01 2023-04-30 8021337 bus:Audited 2022-05-01 2023-04-30 8021337 bus:Medium-sizedCompaniesRegimeForAccounts 2022-05-01 2023-04-30 8021337 bus:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 8021337 bus:FullAccounts 2022-05-01 2023-04-30 8021337 bus:OrdinaryShareClass1 2023-04-30 8021337 bus:OrdinaryShareClass1 2022-04-30 8021337 core:LandBuildings core:OwnedOrFreeholdAssets 2022-05-01 2023-04-30
COMPANY REGISTRATION NUMBER: 8021337
PADERO SOLAER LTD TRADING AS PS RENEWABLES
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 April 2023
PADERO SOLAER LTD TRADING AS PS RENEWABLES
FINANCIAL STATEMENTS
YEAR ENDED 30 APRIL 2023
Contents
Page
Strategic report
1
Directors' report
2
Independent auditor's report to the members
4
Profit and loss account
7
Balance sheet
8
Statement of changes in equity
9
Statement of cash flows
10
Notes to the financial statements
11
PADERO SOLAER LTD TRADING AS PS RENEWABLES
STRATEGIC REPORT
YEAR ENDED 30 APRIL 2023
REVIEW OF THE BUSINESS The company is principally engaged in the design, development, supply and installation of solar energy systems and the ongoing maintenance of these systems and is one of the largest renewable energy development and construction companies within the United Kingdom. The company focuses on developing larger utility scale (and subsidy free) energy products, mainly solar farms with battery storage. PRINCIPAL RISKS AND UNCERTAINTIES The process of risk management is addressed through a framework of policies, procedures and internal controls that are reviewed by the Board of Directors on a regular basis. KEY FINANCIAL PERFORMANCE INDICATORS We consider that our key financial performance indicators are those that communicate the performance and strength of the company as a whole, these being turnover and gross margin as follows:
2023 2022
£ £
Turnover 24,995,398 9,968,013
Gross profit margin 25.8% 4.4%
BUSINESS REVIEW AND FUTURE DEVELOPMENTS The work on the development of large scale solar farms during 2023 is reflected in the increased turnover and gross profit margin. Due to the continued growth and expansion of the company, we invested £1.1 million in acquiring business premises during 2023. We continue to seek further opportunities to become involved in national infrastructure projects and sites that are sub 50MW.
This report was approved by the board of directors on 31 January 2024 and signed on behalf of the board by:
G Lockhart
Director
Registered office:
2 Crossways Business Centre
Bicester Road
Kingswood
Aylesbury
Buckinghamshire
HP18 0RA
PADERO SOLAER LTD TRADING AS PS RENEWABLES
DIRECTORS' REPORT
YEAR ENDED 30 APRIL 2023
The directors present their report and the financial statements of the company for the year ended 30 April 2023 .
Directors
The directors who served the company during the year were as follows:
G Lockhart
A Mozas
Dividends
Particulars of recommended dividends are detailed in note 13 to the financial statements.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' 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 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 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 judgments 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 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. Statement of disclosure of information to auditors
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on 31 January 2024 and signed on behalf of the board by:
G Lockhart
Director
Registered office:
2 Crossways Business Centre
Bicester Road
Kingswood
Aylesbury
Buckinghamshire
HP18 0RA
PADERO SOLAER LTD TRADING AS PS RENEWABLES
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PADERO SOLAER LTD TRADING AS PS RENEWABLES
YEAR ENDED 30 APRIL 2023
Opinion
We have audited the financial statements of Padero Solaer Ltd trading as PS Renewables (the 'company') for the year ended 30 April 2023 which comprise the profit and loss account, balance sheet, statement of changes in equity, statement of cash flows and the related notes, 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 FRS 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 30 April 2023 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 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. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
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 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: - 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 directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
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: - Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulations and fraud; - Challenging assumptions and judgements made by management in their significant accounting estimates; - Identifying and testing journal entries, in particular any manual journal entries posted by unexpected users, posted with descriptions indicating a higher level of risk, or posted late with a favourable impact on financial performance. There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. 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 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.
J D White
(Senior Statutory Auditor)
For and on behalf of
EK & Co 2003 Ltd
Chartered Certified Accountants & Statutory Auditor
2 Crossways Business Centre
Bicester Road
Kingswood
Aylesbury
Bucks
HP18 0RA
31 January 2024
PADERO SOLAER LTD TRADING AS PS RENEWABLES
PROFIT AND LOSS ACCOUNT
YEAR ENDED 30 APRIL 2023
2023
2022
Note
£
£
Turnover
4
24,995,398
9,968,013
Cost of sales
( 18,544,293)
( 9,526,951)
------------
-----------
Gross profit
6,451,105
441,062
Administrative expenses
( 2,150,244)
( 899,451)
-----------
--------
Operating profit/(loss)
5
4,300,861
( 458,389)
Income from participating interests
8
318,279
Other interest receivable and similar income
9
34,228
167,826
Amounts written off investments
10
( 249,145)
Interest payable and similar expenses
11
( 68,478)
( 247,010)
-----------
--------
Profit/(loss) before taxation
4,584,890
( 786,718)
Tax on profit/(loss)
12
( 621,896)
-----------
--------
Profit/(loss) for the financial year and total comprehensive income
3,962,994
( 786,718)
-----------
--------
All the activities of the company are from continuing operations.
PADERO SOLAER LTD TRADING AS PS RENEWABLES
BALANCE SHEET
30 April 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
14
1,130,738
Investments
15
213
249,165
-----------
--------
1,130,951
249,165
Current assets
Stocks
16
762,297
259,575
Debtors
17
15,724,691
6,210,248
Cash at bank and in hand
1,875,771
749,534
------------
-----------
18,362,759
7,219,357
Creditors: amounts falling due within one year
18
( 17,186,945)
( 6,471,969)
------------
-----------
Net current assets
1,175,814
747,388
-----------
--------
Total assets less current liabilities
2,306,765
996,553
Provisions
Taxation including deferred tax
19
( 32,508)
-----------
--------
Net assets
2,274,257
996,553
-----------
--------
Capital and reserves
Called up share capital
22
100
100
Profit and loss account
23
2,274,157
996,453
-----------
--------
Shareholders funds
2,274,257
996,553
-----------
--------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 31 January 2024 , and are signed on behalf of the board by:
G Lockhart
Director
Company registration number: 8021337
PADERO SOLAER LTD TRADING AS PS RENEWABLES
STATEMENT OF CHANGES IN EQUITY
YEAR ENDED 30 APRIL 2023
Called up share capital
Profit and loss account
Total
£
£
£
At 1 May 2021
100
1,783,171
1,783,271
Loss for the year
( 786,718)
( 786,718)
----
-----------
-----------
Total comprehensive income for the year
( 786,718)
( 786,718)
At 30 April 2022
100
996,453
996,553
Profit for the year
3,962,994
3,962,994
----
-----------
-----------
Total comprehensive income for the year
3,962,994
3,962,994
Dividends paid and payable
13
( 2,685,290)
( 2,685,290)
----
-----------
-----------
Total investments by and distributions to owners
( 2,685,290)
( 2,685,290)
----
-----------
-----------
At 30 April 2023
100
2,274,157
2,274,257
----
-----------
-----------
PADERO SOLAER LTD TRADING AS PS RENEWABLES
STATEMENT OF CASH FLOWS
YEAR ENDED 30 APRIL 2023
2023
2022
£
£
Cash flows from operating activities
Profit/(loss) for the financial year
3,962,994
( 786,718)
Adjustments for:
Depreciation of tangible assets
7,858
Amounts written off investments
249,145
Income from participating interests
( 318,279)
Other interest receivable and similar income
( 34,228)
( 167,826)
Interest payable and similar expenses
68,478
247,010
Tax on profit/(loss)
621,896
Changes in:
Stocks
( 502,722)
89,724
Trade and other debtors
( 9,006,057)
( 2,107,947)
Trade and other creditors
6,476,446
( 15,261)
-----------
-----------
Cash generated from operations
1,276,386
( 2,491,873)
-----------
-----------
Net cash from/(used in) operating activities
1,276,386
( 2,491,873)
-----------
-----------
Cash flows from investing activities
Purchase of tangible assets
( 1,138,596)
Acquisition of subsidiaries
( 591,550)
Proceeds from sale of subsidiaries
249,054
838,234
Dividends received
318,279
Interest received
34,228
167,826
-----------
-----------
Net cash (used in)/from investing activities
( 537,035)
414,510
-----------
-----------
Cash flows from financing activities
Loans (to)/from group undertakings
1,127,913
3,456,390
Loans (to)/from participating interests
28,389
( 15,651)
Interest paid
( 68,478)
( 247,010)
Dividends paid
( 2,685,290)
Loans (to)/from other related entities
1,984,352
(1,783,816)
-----------
-----------
Net cash from financing activities
386,886
1,409,913
-----------
-----------
Net increase/(decrease) in cash and cash equivalents
1,126,237
( 667,450)
Cash and cash equivalents at beginning of year
749,534
1,416,984
-----------
-----------
Cash and cash equivalents at end of year
1,875,771
749,534
-----------
-----------
PADERO SOLAER LTD TRADING AS PS RENEWABLES
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 APRIL 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 Crossways Business Centre, Bicester Road, Kingswood, Aylesbury, Buckinghamshire, HP18 0RA.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Revenue recognition
Turnover represents the amounts derived from construction contracts and the provision of maintenance services. Revenue for construction contracts is recognised by reference to the percentage of completion of the contract, provided the outcome can be reliably measured. When the outcome cannot be reliably measured, revenue is only recognised to the extent that it is probable that costs are recoverable. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
10% Straight line basis
Motor vehicles
-
25% Straight line basis
Investments in subsidiaries
Investments in subsidiaries are accounted for at cost less any accumulated impairment losses.
Investments in joint ventures
Investments in joint ventures are accounted for at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Work in progress
Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Basic financial assets, which include trade and other receivables, loans to fellow group companies and other related entities and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. Basic financial liabilities, which include trade and other receivables, loans from fellow group companies and other related entities and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year of less. If not, then they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. Employee benefits Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
Distributions to equity holders
Dividends and other distributions to the company's shareholders are recognised as a liability in the financial statements in the period in which the dividends and other distributions are approved by the shareholders. These amounts are recognised in the statement of changes in equity.
4. Turnover
Turnover arises from:
2023
2022
£
£
Rendering of services
728,902
819,245
Construction contracts
24,266,496
9,148,768
------------
-----------
24,995,398
9,968,013
------------
-----------
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Operating profit/(loss)
Operating profit or loss is stated after charging/crediting:
2023
2022
£
£
Depreciation of tangible assets
7,858
Impairment of trade debtors
(55,975)
Foreign exchange differences
( 106,051)
93,705
--------
-------
6. Auditor's remuneration
2023
2022
£
£
Fees payable for the audit of the financial statements
30,000
20,000
-------
-------
7. Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:
2023
2022
No.
No.
Production staff
11
6
Management staff
2
2
----
----
13
8
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2023
2022
£
£
Wages and salaries
947,243
289,830
Social security costs
114,360
32,398
Other pension costs
62,412
16,978
-----------
--------
1,124,015
339,206
-----------
--------
8. Income from participating interests
2023
2022
£
£
Dividends from participating interests
318,279
--------
----
9. Other interest receivable and similar income
2023
2022
£
£
Interest on loans and receivables
34,228
167,826
-------
--------
10. Amounts written off investments
2023
2022
£
£
Impairment of other fixed asset investments
249,145
----
--------
11. Interest payable and similar expenses
2023
2022
£
£
Other interest payable and similar charges
68,478
247,010
-------
--------
12. Tax on profit/(loss)
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
589,388
Deferred tax:
Origination and reversal of timing differences
32,508
--------
----
Tax on profit/(loss)
621,896
--------
----
Reconciliation of tax expense
The tax assessed on the profit/(loss) on ordinary activities for the year is lower than (2022: higher than) the standard rate of corporation tax in the UK of 19.49 % (2022: 19 %).
2023
2022
£
£
Profit/(loss) on ordinary activities before taxation
4,584,890
( 786,718)
-----------
--------
Profit/(loss) on ordinary activities by rate of tax
893,740
( 149,476)
Effect of expenses not deductible for tax purposes
391
39
Effect of revenue exempt from tax
( 62,043)
Utilisation of tax losses
( 210,816)
Unused tax losses
149,557
Unprovided deferred tax
(120)
Investment in tax credit
(4,600)
Adjustment to closing deferred tax to average tax rate
7,161
Adjustments in respect of prior periods - deferred tax
(1,937)
-----------
--------
Tax on profit/(loss)
621,896
-----------
--------
An increase in the UK corporation tax rate from 19% to 25% (effective 1 April 2023) was substantively enacted on 24 May 2021. The deferred tax liability at 30 April 2023 has been calculated at 25%.
13. Dividends
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):
2023
2022
£
£
Dividends paid on ordinary shares
2,685,290
-----------
----
14. Tangible assets
Freehold property
Motor vehicles
Total
£
£
£
Cost
At 1 May 2022
19,495
19,495
Additions
1,138,596
1,138,596
-----------
-------
-----------
At 30 April 2023
1,138,596
19,495
1,158,091
-----------
-------
-----------
Depreciation
At 1 May 2022
19,495
19,495
Charge for the year
7,858
7,858
-----------
-------
-----------
At 30 April 2023
7,858
19,495
27,353
-----------
-------
-----------
Carrying amount
At 30 April 2023
1,130,738
1,130,738
-----------
-------
-----------
At 30 April 2022
-----------
-------
-----------
15. Investments
Shares in group undertakings
Shares in joint ventures
Total
£
£
£
Cost
At 1 May 2022
498,259
51
498,310
Additions
102
102
Disposals
( 249,054)
( 249,054)
--------
----
--------
At 30 April 2023
249,307
51
249,358
--------
----
--------
Impairment
At 1 May 2022 and 30 April 2023
249,145
249,145
--------
----
--------
Carrying amount
At 30 April 2023
162
51
213
--------
----
--------
At 30 April 2022
249,114
51
249,165
--------
----
--------
16. Stocks
2023
2022
£
£
Work in progress
762,297
259,575
--------
--------
17. Debtors
2023
2022
£
£
Trade debtors
11,665,435
3,910,365
Amounts owed by group undertakings
1,610,901
1,074,126
Amounts owed by undertakings in which the company has a participating interest
226,194
254,583
Prepayments and accrued income
374,108
38,117
Other debtors
1,848,053
933,057
------------
-----------
15,724,691
6,210,248
------------
-----------
18. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
788,365
431,719
Amounts owed to group undertakings
2,925,290
1,260,500
Accruals and deferred income
4,460,656
39,721
Corporation tax
589,388
Social security and other taxes
2,167,150
466,989
Amounts owed to other related entities
6,255,985
4,271,633
Other creditors
111
1,407
------------
-----------
17,186,945
6,471,969
------------
-----------
19. Provisions
Deferred tax (note 20)
£
At 1 May 2022
Additions
32,508
-------
At 30 April 2023
32,508
-------
20. Deferred tax
The deferred tax included in the balance sheet is as follows:
2023
2022
£
£
Included in provisions (note 19)
32,508
-------
----
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
32,508
-------
----
21. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 62,412 (2022: £ 16,978 ).
22. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
23. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
24. Analysis of changes in net debt
At 1 May 2022
Cash flows
At 30 Apr 2023
£
£
£
Cash at bank and in hand
749,534
1,126,237
1,875,771
--------
-----------
-----------
25. Related party transactions
Information about related party transactions and outstanding balances are outlined below:
2023 2022
£ £
Sales to entities over which the entity has control 4,365 2,289,671
Purchases from entities over which the entity has control 571 53,309
Asset purchases from other related parties 950,000
Amounts due from entities over which the entity has control 1,616,783 1,081,443
Amounts due from joint ventures 14,940
Amounts due from other related parties 567,903 342,319
Amounts owed to entities with control over the company 2,925,290 1,274,900
Amounts owed to other related entities 6,255,985 4,271,633
Assets purchased from other related entities 950,000
Amounts owed to joint ventures 120,572 178,069
PADERO SOLAER LTD TRADING AS PS RENEWABLES
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 30 APRIL 2023
26. Controlling party
The ultimate parent company was Solaer Holdings SL, a company incorporated in Spain, On 17 November 2022 the ultimate parent company changed to Los Dalton De Pozoseco SL, a company incorporated in Spain. On 15 December 2022 the ultimate parent company was Sumando Ltd, a company incorporated in England and Wales. The ultimate controlling parties are Cecu Solar SL and Los Leandros Solares SL, both companies are incorporated in Spain and have equal control.