Year Ended
Registration number:
BSR EPC Limited
Balance Sheet
31 December 2023
Note |
2023 |
2022 |
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Fixed assets |
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Deferred tax assets |
453,190 |
- |
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Tangible assets |
- |
- |
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- |
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Current assets |
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Stocks |
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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 |
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Profit and loss account |
( |
( |
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Shareholders' deficit |
( |
( |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Company Registration Number: 11245654
BSR EPC Limited
Notes to the Financial Statements
Year Ended 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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.
The presentation currency is £ sterling.
Going concern
The financial statements have been prepared on a going concern basis.
The company has net current liabilities of £3,059,931.
In making their going concern assessment, the directors have obtained confirmation that the ultimate parent undertaking and other group companies will continue to provide financial and non financial support to the company for the foreseeable future, being at least 12 months from approval of the financial statements.
The directors have obtained confirmation that the amounts due to group companies, whilst considered repayable on demand, will only be called in when there are sufficient funds to do so and not in detriment to third party creditors.
The directors have also considered the ability of the ultimate parent undertaking and other group companies ability to provide financial and non financial support for the foreseeable future.
As such, the directors believe that the going concern basis to be appropriate.
BSR EPC Limited
Notes to the Financial Statements
Year Ended 31 December 2023
Significant judgements and estimates
The preparation of the financial statements requires the directors to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date, and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.
The following judgements and estimates have had the most significant effect on amounts recognised in the financial statements.
1) Revenue and profit recognition on long term contracts
Revenue and profit is recognised in relation to the value of work carried outwhich is based on the project as a whole. Judgements are made on the timing of revenue and profit recognition based on the stage of completion percentage of the work (based on milestones), and the expected outcome of the contract.
2) Deferred tax assets
The company has taxable losses of £1,812,760 available to utilise in the future. The directors have exercised judgement in the level of taxable losses that they believe the company will be able to utilise in the future based on financial forecasts for renewable asset projects and the wider group’s activity. A deferred tax asset of £453,190 has been recognised in relation to these losses. A number of projects are expected to cover a significant period of time and as such the deferred tax asset has been treated as a non-current asset in the current year. The directors’ assessment has changed since the comparative period, where deferred tax assets were treated as current assets, due to the timing of significant expected transactions.
3) Carrying value of work in progress
Work in progress includes costs associated with the development of renewable assets. The directors assess the development costs based on a gate process, whereby each stage in the development cycle is required to go through a robust viability assessment. Certain development costs are incurred prior to planning permission being obtained on sites and are included within work in progress where the directors believe planning will be obtained, based on historical experience. Further to this certain costs incurred may be partially refundable in the event of a project not being taken forward.
Where planning is not expected to be obtained or the proposed development is not currently viable, the associated costs are provided against.
The total value of work in progress that is still subject to obtaining planning permission is £537,601 but the directors consider this to be recoverable based on historic experience. A provision of £3,823 has been recognised against work in progress at the balance sheet date, which has been recognised as an expense in the period.
Revenue recognition
Turnover represents revenue generated from long term contracts and through the sale of services. Revenue generated from services is recognised over the period that it relates to.
Contract revenue recognition
Long-term contracts are assessed on a contract by contract basis and are reflected in the Income Statement by recording turnover and related costs as contract activity progresses. Where the outcome of each long-term contract can be assessed with reasonable certainty before its conclusion, the attributable profit is recognised in the Income Statement as the difference between the reported turnover and related costs for that contract.
BSR EPC Limited
Notes to the Financial Statements
Year Ended 31 December 2023
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in reSpect of all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
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.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
33% Straight line |
Stocks
Work in progress is valued at the lower of cost and recoverable value. Cost is based on the cost of purchases price of goods and services and other directly attributable costs. Recoverable value is based on estimated selling price less additional costs to completion and disposal.
BSR EPC Limited
Notes to the Financial Statements
Year Ended 31 December 2023
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Balances with group undertakings; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
BSR EPC Limited
Notes to the Financial Statements
Year Ended 31 December 2023
Tangible assets |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 January 2023 |
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At 31 December 2023 |
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Depreciation |
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At 1 January 2023 |
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At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
- |
- |
At 31 December 2022 |
- |
- |
Stocks |
2023 |
2022 |
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Work in progress |
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Debtors |
2023 |
2022 |
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Trade debtors |
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Amounts due from group undertakings |
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Other debtors |
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Deferred tax assets |
- |
458,055 |
Prepayments |
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BSR EPC Limited
Notes to the Financial Statements
Year Ended 31 December 2023
Creditors |
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 |
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Accruals and deferred income |
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Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
|
|
|
100 |
|
100 |
Related party transactions |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with other wholly owned subsidiaries within the group.
Parent and ultimate parent undertaking |
The immediate parent company is BSR Group Holdings Limited, a company registered in England & Wales. The ultimate parent company is Owl TopCo 1 Limited, a company registered in England & Wales.
The smallest group in which the results of the company are consolidated is that headed by BSR Group Holdings Limited, a company registered in England & Wales. The largest group in which the results of the company is consolidated is that headed by Owl TopCo 1 Limited, a company registered in England & Wales. Copies of the publicly available consolidated financial statements may be obtained from the Registrar of Companies.
The directors do not consider there to be any individual who has ultimate control.
Audit report |