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Registration number: 13505144

Westlands Solar Ltd

Filleted Financial Statements

for the Year Ended 31 December 2023

 

Westlands Solar Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 7

 

Westlands 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

 

Westlands Solar Ltd

(Registration number: 13505144)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

280,739

275,187

Current assets

 

Debtors

5

455

832

Cash at bank and in hand

 

391

4,963

 

846

5,795

Creditors: Amounts falling due within one year

6

(300,891)

(290,464)

Net current liabilities

 

(300,045)

(284,669)

Net liabilities

 

(19,306)

(9,482)

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

(19,406)

(9,582)

Shareholders' deficit

 

(19,306)

(9,482)

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

 
     
 

Westlands 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 & Wales.

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 that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

There was a net deficiency of assets amounting to £19,306 (2022: £9,482) at the balance sheet date, which includes a shareholder loan of £292,699 from group undertakings. The Company has encountered difficulties securing land for the project and is currently seeking an alternative site. These conditions have created a material uncertainty that may cast significant doubt on the Company’s ability to continue as a going concern, and therefore it may be unable to realise its assets and discharge its liabilities in the normal course of business. Management have implemented measures to address the uncertainty including:
• Obtaining a six-month assurance agreement with a new landlord to secure the land until all necessary documents are fully prepared.
• Obtaining support from the parent company to provide necessary funds for the project timeline.

The company is in discussion with two landowners with sufficient land for the project to be relocated, once this land has been secured the project should be on track for completion within the expected timescale. On the basis of the measures described, the financial statements have been prepared on a going concern basis.

 

Westlands 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.
The Auditor report include the following Note on Material uncertainty related to going concern:
We draw attention to Note 2 in the financial statements, which indicates that the company incurred a net loss of £9,824 during the year ended 31 December 2023 and, as of that date, the company’s current liabilities exceeded its total assets by £19,306. As stated in Note 2, these events or conditions, along with other matters as set in Note 2, indicate that a material uncertainty exists that may cast significant doubt on the company’s ability to continue as a going concern. Our opinion is not modified in the respect of this matter.

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.

 

Westlands Solar Ltd

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

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.

4

Tangible assets

Assets under construction
£

Total
£

Cost or valuation

At 1 January 2023

275,187

275,187

Additions

5,552

5,552

At 31 December 2023

280,739

280,739

Depreciation

Carrying amount

At 31 December 2023

280,739

280,739

At 31 December 2022

275,187

275,187

5

Debtors

Current

2023
£

2022
£

Other debtors

455

832

 

455

832

 

Westlands Solar Ltd

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

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

3,180

2,790

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

9

287,216

279,959

Accruals and deferred income

 

5,000

5,000

Other creditors

 

5,495

2,715

 

300,891

290,464

7

Share capital

Allotted, called up and not fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £752,835 (2022 - £367,849).

During 2023, the company encountered difficulties in securing land for the project. However, as of 19 April 2024, the management has identified suitable parcels of land at Beckerley Lane, Holt, Trowbridge, and WT452750, being land on the southwest side of Copse Farm, Holt, Trowbridge, BA14 6FW. The company has obtained an agreement from the landlords that they will not engage with or allow access to third parties regarding the property, ensuring the use of this land for at least six months, until the lease option is signed.

 

Westlands Solar Ltd

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

9

Related party transactions

Summary of transactions with parent

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 was:
 

Loans from related parties

2023

Parent
£

Entities with joint control or significant influence
£

Total
£

At start of period

253,574

26,385

279,959

Advanced

33,642

(20,902)

12,740

At end of period

287,216

5,483

292,699

2022

Parent
£

Entities with joint control or significant influence
£

Total
£

Advanced

253,574

26,385

279,959

At end of period

253,574

26,385

279,959

10

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.