Wherwell Solar Ltd 13505069 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is that of production of electricity. Digita Accounts Production Advanced 6.30.9574.0 true true true 13505069 2023-01-01 2023-12-31 13505069 2023-12-31 13505069 core:CurrentFinancialInstruments 2023-12-31 13505069 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 13505069 core:OtherPropertyPlantEquipment 2023-12-31 13505069 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2023-12-31 13505069 core:ParentEntities 2023-12-31 13505069 bus:SmallEntities 2023-01-01 2023-12-31 13505069 bus:Audited 2023-01-01 2023-12-31 13505069 bus:FilletedAccounts 2023-01-01 2023-12-31 13505069 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 13505069 bus:RegisteredOffice 2023-01-01 2023-12-31 13505069 bus:Director1 2023-01-01 2023-12-31 13505069 bus:Director2 2023-01-01 2023-12-31 13505069 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 13505069 core:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 13505069 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2023-01-01 2023-12-31 13505069 core:ParentEntities 2023-01-01 2023-12-31 13505069 1 2023-01-01 2023-12-31 13505069 countries:England 2023-01-01 2023-12-31 13505069 2022-12-31 13505069 core:OtherPropertyPlantEquipment 2022-12-31 13505069 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2022-12-31 13505069 core:ParentEntities 2022-12-31 13505069 2021-07-12 2022-12-31 13505069 2022-12-31 13505069 core:CurrentFinancialInstruments 2022-12-31 13505069 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 13505069 core:OtherPropertyPlantEquipment 2022-12-31 13505069 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2022-12-31 13505069 core:ParentEntities 2022-12-31 13505069 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2021-07-12 2022-12-31 13505069 core:ParentEntities 2021-07-12 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 13505069

Wherwell Solar Ltd

Filleted Financial Statements

for the Year Ended 31 December 2023

 

Wherwell Solar Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 7

 

Wherwell Solar Ltd

Company Information

Directors

Andrea Arcangeli

Jose Miguel Moraga Delgado

Registered office

1-3 Whittlesey Street
London
England
SE1 8SZ

Accountants

Global Tax Limited
112 Houndsditch
London
EC3A 7BD

Auditors

Carbon Accountancy Limited
Chartered Accountants and Registered Auditors
80-83 Long Lane
London
EC1A 9ET

 

Wherwell Solar Ltd

(Registration number: 13505069)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

759,325

556,533

Current assets

 

Debtors

5

6,069

45,441

Cash at bank and in hand

 

1,716

67,735

 

7,785

113,176

Creditors: Amounts falling due within one year

6

(787,331)

(680,040)

Net current liabilities

 

(779,546)

(566,864)

Net liabilities

 

(20,221)

(10,331)

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

(20,321)

(10,431)

Shareholders' deficit

 

(20,221)

(10,331)

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 31 July 2024 and signed on its behalf by:
 

.........................................
Andrea Arcangeli
Director

.........................................
Jose Miguel Moraga Delgado
Director

 
     
 

Wherwell Solar Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
1-3 Whittlesey Street
London
England
SE1 8SZ
United Kingdom

These financial statements were authorised for issue by the Board on 31 July 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

There was a net deficiency of assets of £20,221 (2022: £10,331) at the balance sheet date. This includes a shareholder loan of £770,072 from Group undertakings. The Company is not yet generating revenues and will continue to need support from the Group for the foreseeable future. The parent company has issued a letter of support confirming its commitment to continue providing working capital and to not request repayment of the loan until the Company completes the build project which is currently expected to conclude in the year 2025 and is financially capable of repaying. Based on the directors' assessment and the continued financial support from the Group to fund the project through to completion, the accounts have been prepared on a going concern basis.

 

Wherwell Solar Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 31 July 2024 was John Leyden FCA, who signed for and on behalf of Carbon Accountancy Limited.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Assets under construction include the ongoing costs to construct fixed assets which are not ready for use and are stated in the balance sheet at cost. Depreciation will commence once the construction is complete and the asset is in a location and condition necessary for it to be capable of operating in the manner intended by management.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors 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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 0). The Directors were remunerated by the parent company, Solarig Global Services, S.A and there is no recharge to the Company. The Directors also act as directors for a number of fellow subsidiaries, and so it is not possible to make an accurate apportionment of their remuneration in respect of each of the subsidiaries.

 

Wherwell Solar Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Assets under construction
£

Total
£

Cost or valuation

At 1 January 2023

556,533

556,533

Additions

202,792

202,792

At 31 December 2023

759,325

759,325

Depreciation

Carrying amount

At 31 December 2023

759,325

759,325

At 31 December 2022

556,533

556,533

5

Debtors

Current

2023
£

2022
£

Other debtors

6,069

45,441

 

6,069

45,441

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

12,247

11,273

Amounts owed to group undertakings and undertakings in which the company has a participating interest

10

723,878

629,171

Accruals and deferred income

 

5,000

5,000

Other creditors

 

46,206

34,596

 

787,331

680,040

 

Wherwell Solar Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

7

Share capital

Allotted, called up and not fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

8

Obligations under leases and hire purchase contracts

There are no lease/land lease commitments as at the balance sheet date. The directors have signed an option agreement for the company to lease land for solar development. The agreement provides the Company with the exclusive right to lease land at Wherwell, Andover, Hampshire, England for its solar project development in the future, subject to certain conditions and with a provisional longstop date being the 18th August 2026 for signing a lease agreement.

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitment towards assets under construction not included in balance sheet stands at £371,657 (2022 - £281,503).

10

Related party transactions

Summary of transactions with parent

Solarig Global Services, S.A.
 Company’s working capital is being funded by its parent company Solarig Global Services, S.A., a company incorporated in Spain. At the balance sheet date amount due to parent and entities with joint control or significant influence was:
 

Loans from related parties

2023

Parent
£

Entities with joint control or significant influence
£

Total
£

At start of period

629,171

34,584

663,755

Advanced

94,707

11,610

106,317

At end of period

723,878

46,194

770,072

 

Wherwell Solar Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

2022

Parent
£

Entities with joint control or significant influence
£

Total
£

Advanced

629,171

34,584

663,755

At end of period

629,171

34,584

663,755

11

Parent and ultimate parent undertaking

The company's immediate and ultimate parent is Solarig Global Services, S.A, incorporated in Spain. Its registered address is Calle de la Ribera del Loira, number 28, 2nd floor, 28042, Madrid, Spain.