Registration number:
Wherwell Solar Ltd
for the Year Ended 31 December 2023
Wherwell Solar Ltd
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Wherwell Solar Ltd
Company Information
Directors |
Andrea Arcangeli Jose Miguel Moraga Delgado |
Registered office |
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Accountants |
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Auditors |
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Wherwell Solar Ltd
(Registration number: 13505069)
Balance Sheet as at 31 December 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Retained earnings |
(20,321) |
(10,431) |
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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
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Wherwell Solar Ltd
Notes to the Financial Statements for the Year Ended 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
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
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Wherwell Solar Ltd
Notes to the Financial Statements for the Year Ended 31 December 2023
Tangible assets |
Assets under construction |
Total |
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Cost or valuation |
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At 1 January 2023 |
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Additions |
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At 31 December 2023 |
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Depreciation |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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Debtors |
Current |
2023 |
2022 |
Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Accruals and deferred income |
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Other creditors |
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Wherwell Solar Ltd
Notes to the Financial Statements for the Year Ended 31 December 2023
Share capital |
Allotted, called up and not fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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Ordinary of £1 each |
100 |
100 |
100 |
100 |
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.
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 £
Related party transactions |
Summary of transactions with parent
Loans from related parties
2023 |
Parent |
Entities with joint control or significant influence |
Total |
At start of period |
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Advanced |
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At end of period |
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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 |
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At end of period |
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Parent and ultimate parent undertaking |
The company's immediate and ultimate parent is