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REGISTERED NUMBER: 07444253 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023

FOR

THE STREET BY STREET SOLAR PROGRAMME
LIMITED

THE STREET BY STREET SOLAR PROGRAMME
LIMITED (REGISTERED NUMBER: 07444253)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


THE STREET BY STREET SOLAR PROGRAMME
LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2023







DIRECTORS: R M Armour
K W Yu





REGISTERED OFFICE: 1 Kings Arms Yard
London
EC2R 7AF





REGISTERED NUMBER: 07444253 (England and Wales)





ACCOUNTANTS: Crowe U.K. LLP
Riverside House
40-46 High Street
Maidstone
Kent
ME14 1JH

THE STREET BY STREET SOLAR PROGRAMME
LIMITED (REGISTERED NUMBER: 07444253)

BALANCE SHEET
30 NOVEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,210,935 2,472,040

CURRENT ASSETS
Stocks 5,000 5,000
Debtors 5 366,966 340,094
Investments 6 1,016,935 -
Cash at bank 226,181 1,084,301
1,615,082 1,429,395
CREDITORS
Amounts falling due within one year 7 788,918 748,306
NET CURRENT ASSETS 826,164 681,089
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,037,099

3,153,129

CREDITORS
Amounts falling due after more than one
year

8

3,973,113

4,079,947
NET LIABILITIES (936,014 ) (926,818 )

CAPITAL AND RESERVES
Called up share capital 3,334 3,334
Share premium 157 157
Capital redemption reserve 1,667 1,667
Retained earnings (941,172 ) (931,976 )
(936,014 ) (926,818 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 August 2024 and were signed on its behalf by:



K W Yu - Director


THE STREET BY STREET SOLAR PROGRAMME
LIMITED (REGISTERED NUMBER: 07444253)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023


1. STATUTORY INFORMATION

The Street By Street Solar Programme Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Accounting standards require the directors to consider the appropriateness of the going concern basis when preparing the financial statements. The directors confirm that they consider that the going concern basis remains appropriate. The directors believe that the company has sufficient resources to continue in operational existence for the foreseeable future. The directors believe this to be the case as the company has positive reserves and cash balances.

Having regard to the above, the directors believe it is appropriate to adopt the going concern basis of accounting in preparing the financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is generated from the feed in tariff ("FiT") government scheme associated with electricity exported to the grid. The income is recognised net of VAT when the electricity is physically exported.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 5% on cost

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Financial reporting standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
- the requirements of Section 7 Statement of Cash Flows;
- the requirements of Section 3 Financial Statement Presentation paragraph 3.17 (d);
- the requirements of Section 11 Financial Instruments paragraphs 11.39 to 11.48A;
- the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.29;
- the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
- the requirements of Section 33 Related Party Disclosures paragraph 33.7.

THE STREET BY STREET SOLAR PROGRAMME
LIMITED (REGISTERED NUMBER: 07444253)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


2. ACCOUNTING POLICIES - continued

Debtors
Short term debtors are measured at transaction price, less any impairment.

Creditors
Short term creditors are measured at the transaction price

Cash and Cash Equivalents
Cash is represented by cash in hand with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with no significant risk of change in value.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 December 2022 5,142,798
Disposals (8,422 )
At 30 November 2023 5,134,376
DEPRECIATION
At 1 December 2022 2,670,758
Charge for year 256,929
Eliminated on disposal (4,246 )
At 30 November 2023 2,923,441
NET BOOK VALUE
At 30 November 2023 2,210,935
At 30 November 2022 2,472,040

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 304,944 279,094
Other debtors 62,022 61,000
366,966 340,094

6. CURRENT ASSET INVESTMENTS
2023 2022
£    £   
Unlisted investments 1,016,935 -

THE STREET BY STREET SOLAR PROGRAMME
LIMITED (REGISTERED NUMBER: 07444253)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 765 11,557
Taxation and social security 568 -
Other creditors 787,585 736,749
788,918 748,306

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Other creditors 3,973,113 4,079,947

Amounts falling due in more than five years:

Repayable by instalments
Other loans more 5yrs instal 3,088,895 3,275,562

The company issued £5,000,000 loan notes for £3,333,000, a discount of 33.34%. The interest rate payable is 9.5%. The loan notes are repayable in instalments over a period of 20 years, commencing 5 years after the date of issue. The discount is being charged to the profit and loss account on a straight line basis over the 25 year term of the loan stock.

In addition, the company has issued a £200,000 variable rate loan note at par. The interest rate payable is 92% of the company's free cash flow (after interest and capital redemption payments on the discounted loan note) and is charged to the profit and loss account when payments are made. The loan note is repayable by 31 January 2039.

There are also other loans totalling £660,487. These loan notes are repayable over 180 months commencing from the 17th month of draw down and attract interest at 6% per annum.

The loan notes are secured on the assets of the company.

9. RELATED PARTY DISCLOSURES

At the balance sheet date, the company had loan balances outstanding with its shareholders totalling £4,146,627 (2022: £4,237,795). See note 9 for further details. During the year, the company incurred interest charges of £435,451 (2022: £451,612) and a discounting charge of £66,680 (2022: £66,680) on the shareholder loans.

During the year, the company incurred monitoring fees with Albion Capital Group LLP, a related party, at a cost of £15,000 (2022: £15,015). There were no outstanding balances at the balance sheet date £nil (2022: £nil).

10. ULTIMATE CONTROLLING PARTY

The directors consider there to be no controlling party.