Registered number: 13796237
O&G SOLAR (SPV 11) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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O&G SOLAR (SPV 11) LIMITED
COMPANY INFORMATION
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O&G SOLAR (SPV 11) LIMITED
CONTENTS
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Statement of Changes in Equity
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Notes to the Financial Statements
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O&G SOLAR (SPV 11) LIMITED
REGISTERED NUMBER: 13796237
BALANCE SHEET
AS AT 31 DECEMBER 2023
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Creditors: amounts falling due within one year
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Allotted, called up and fully paid share capital
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Equity shareholders' deficit
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For the year ended 31 December 2023 the Company was entitled to exemption from audit under section 480 of the Companies Act 2006.
Members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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 Director's Report and the Statement of Comprehensive Income in accordance with provisions applicable to companies subject to the small companies' regime under section 444 of the Companies Act 2006.
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O&G SOLAR (SPV 11) LIMITED
REGISTERED NUMBER: 13796237
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 July 2024.
The notes on pages 4 to 7 form part of these financial statements.
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O&G SOLAR (SPV 11) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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On incorporation on 13 December 2022
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Shares issued during the period
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At 31 December 2022 and 1 January 2023
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The notes on pages 4 to 7 form part of these financial statements.
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O&G SOLAR (SPV 11) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
O&G SOLAR (SPV 11) Limited (Company number 13796237), having its registered office and principal place of business at 315, 37 Cremer St, London, United Kingdom, E2 8HD, is a private limited company incorporated in England and Wales.
2.Accounting policies
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Basis of preparation of financial statements
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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 Company has taken advantage of the exemption in Financial Reporting Standard 102, Section 1A.7, from the requirement to produce a Statement of Cash Flows on the grounds that it is a small company.
The financial statements have been prepared on the going concern basis, despite net liabilities of £4,683 (2022: £2,163) and incurring a loss of £2,520 (2022: £2,164) during the year ended 31 December 2023.
The directors have been provided with an undertaking from the Company's shareholders, that they will, for at least 12 months from the date of approval of these financial statements, continue to make available such funds as are needed by the Company and, in particular, will not seek repayment of the amounts currently made available. This should enable the Company to continue in operational existence for the foreseeable future by meeting its liabilities as they fall due for payment.
The financial statements do not include any adjustments that would result from the going concern basis of preparation being inappropriate.
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O&G SOLAR (SPV 11) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
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.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
Tax is recognised in Statement of Comprehensive Income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date in the countries where the Company operates and generates income.
Development costs represent the costs incurred in bringing individual projects to the consented stage. Expenditure on research into identifying suitable sites, payment to landowners to secure the land and payment to grid manager to secure the connections. Once site selection has been reached and option over the land is acquired, the option forms the basis of the development of asset. Subsequently, directly attributable costs, including planning application costs are treated as capitalized if a clearly defined project, the expenditure is separately identifiable, the outcome of the project can be assessed reasonable certainty, aggregate costs are expected to be exceeded by related future sales and adequate resources exists to enable the project to be completed.
To determine whether a project is a Qualifying asset, the Company’s management assess whether the statutory approvals, the interests in the land, the electricity connection feasibility etc. led to the conclusion that it is probable the project will produce economic benefits for the Company (i.e., it is likely the project will reach be the stage of completion and will be commercially active.)
Short-term debtors are measured at transaction price, less any impairment.
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O&G SOLAR (SPV 11) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Short-term creditors are measured at the transaction price.
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 and loans to related parties.
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.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.
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O&G SOLAR (SPV 11) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Amounts owed by group undertakings
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Amounts owed to participating interests
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Accruals and deferred income
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Allotted, called up and fully paid
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100 (2022 - 100) Ordinary shares of £0.01 each
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12 (2022 - 12) A Ordinary shares of £0.01 each
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Related party transactions
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Included within amounts owed to group undertakings is an amount of £59,697 (2022: £42,684) due to the parent undertaking, O&G Solar Mico Limited.
Included within amounts owed to participating interests is an amount of £40,945 (2022: £40,945) due to Aukera UK Limited.
Included within amounts owed by group undertakings is an amount of £4,942 (2022: £Nil) due from a fellow subsidiary of O&G Solar Mico Limited.
Outstanding balances with entities are unsecured and no interest is charged.
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