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British Solar Renewables Limited

Annual Report and Financial Statements
Year Ended 31 December 2023

Registration number: 07315867

 

British Solar Renewables Limited

Contents

Company Information

1

Strategic Report

2 to 3

Directors' Report

4

Statement of Directors' Responsibilities

5

Independent Auditor's Report

6 to 9

Profit and Loss Account

10

Balance Sheet

11

Statement of Changes in Equity

12

Notes to the Financial Statements

13 to 23

 

British Solar Renewables Limited

Company Information

Directors

Mr G Phillips

Mr T Humpage

Ms F Button

Registered office

35 - 35A The Maltings
Lower Charlton Trading Estate
Shepton Mallet
Somerset
England
BA4 5QE

Auditors

PKF Francis Clark
Statutory Auditor
Centenary House
Peninsula Park
Rydon Lane
Exeter
Devon
EX2 7XE

 

British Solar Renewables Limited

Strategic Report for the Year Ended 31 December 2023

The directors present their strategic report for the year ended 31 December 2023.

Principal activity

The principal activity of the company is that of the development, design and the operation and maintenance of solar and energy storage plants.

Fair review of the business

The Company has continued to invest heavily in the future of the business through the continued development of an extensive pipeline of solar and battery storage projects. This extensive pipeline is key for 2024 and beyond as we transition to a full IPP.

The focus of activities for 2024 and beyond will be as follows:

- Development of energy infrastructure projects in the UK specialising in large scale solar and energy storage projects,

- Providing first class O&M services to maximise the longevity and efficiencies of clients solar and energy storage plants.

The Company has invested heavily in its development pipelines, the result of this focus on core activities is the recognition of a Loss for the year before tax and interest of £61k (2022: Loss £2.2m). In 2023 there has been particular attention on the Company becoming an Independent Power Producer (IPP), which will present further growth in long term profits and operational assets held on its own balance sheet.
The Company adopts the 'Everyone, Safe, Always' mantra across all areas of the business from those working on site to those working in the office. The focus on health and safety is key in safeguarding the business, our employees, our subcontractors, our customers, and the public.

The Company has invested significant time and resources to ensure that our processes are as robust as they can be. We currently hold accreditations for ISO 9001 Quality Management, ISO 14001 Environmental Management Systems, ISO 45001 Occupational Health and Safety and ISO 50001 Energy Management. We continually strive to improve our processes.

Key performance indicators
 

Overall, the above activities generated revenues of £1.4m (2022: £2.3m ). The company generated an EBITDA of -£61k (2022: -£2.2m) in the Period. From a balance sheet perspective, the net asset position of the Company has decreased to £6.6m (2022: £6.7m) and the Company has net cash balances of £68k (2022: £0.3m) at 31 December 2023. The work undertaken during the period gives the Company a strong foundation for increased levels of activity in 2024 in the UK.

 

British Solar Renewables Limited

Strategic Report for the Year Ended 31 December 2023

Principal risks and uncertainties

Operating risks
The key operating risk in 2024 is further changes in the UK and European regulatory regime which impact the solar and energy storage markets.

Financial risks
The main financial risk is the availability of funding and working capital to finance growth.

Price risk
The Company is exposed to fluctuations in the market prices of goods and services. The Company is proactive in its approach to managing these costs through strong relationships with suppliers and the regular reviewing of costs against budget.

Credit risk
The Company takes all necessary precautions before offering or continuing to offer credit terms to any new and existing customers. All new customers must meet the Company's stringent criteria prior to credit terms being offered. The Company utilise credit reports from reputable credit reference agencies along with industry knowledge and experience to assist in the decision-making process. The credit terms of existing customers are monitored and reviewed on a regular basis with specific consideration given to past trading experience, credit report updates and industry knowledge.

Interest rate risk
The Company's exposure to interest rate risk is currently low as it does not have any third-party interest-bearing debt.

Approved and authorised by the Board on 2 August 2024 and signed on its behalf by:
 

.........................................
Mr G Phillips
Director

 

British Solar Renewables Limited

Directors' Report for the Year Ended 31 December 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors of the company

The directors who held office during the year were as follows:

Mr G Phillips

Mr T Humpage

Ms F Button

Financial Instruments


Objectives and policies

The Board recognises the need for strong corporate governance particularly in the area of the financial risk management. It meets on a bi-monthly basis to review the financial performance of the business and the forecast performance and cash flows. Access to funding is a key risk and the Board are focused on ensuring that there is sufficient working capital available within the company to operate effectively.

The company's principal financial instruments comprise short term trade and other debtors and creditors, balances with group undertakings including shareholder loans, and cash and bank balances. The main financial risks that arise from day-to-day activities are discussed above in the Strategic report.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved and authorised by the Board on 2 August 2024 and signed on its behalf by:
 

.........................................
Mr G Phillips
Director

 

British Solar Renewables Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

British Solar Renewables Limited

Independent Auditor's Report to the Members of British Solar Renewables Limited

Opinion

We have audited the financial statements of British Solar Renewables Limited (the 'company') for the year ended 31 December 2023, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its loss for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

 

British Solar Renewables Limited

Independent Auditor's Report to the Members of British Solar Renewables Limited

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

 

British Solar Renewables Limited

Independent Auditor's Report to the Members of British Solar Renewables Limited

Enquiring of management, including obtaining and reviewing supporting documentation, concerning the Company’s policies and procedures relating to:

• identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;

• detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and

• the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.

Discussing among the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud;

Addressing the risk of management override of internal controls, including testing journal entries processed during the year and evaluating whether there was evidence of bias that represented a risk of material misstatement due to fraud; and

Considering the company’s compliance with laws and regulations that have a direct impact on the financial statements including, but not limited to, UK Company Law and UK Tax Legislation, and we considered the extent to which noncompliance might have a material effect on the company financial statements.

Our procedures to respond to the risks identified included the following:

• Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations (discussed above);

• Enquiring of management concerning actual and potential litigation and claims; and

• In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements. This risk increases the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements as we are less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

 

British Solar Renewables Limited

Independent Auditor's Report to the Members of British Solar Renewables Limited

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Tom Beable (FCA) (Senior Statutory Auditor)
PKF Francis Clark, Statutory Auditor

Centenary House
Peninsula Park
Rydon Lane
Exeter
Devon
EX2 7XE

7 August 2024

 

British Solar Renewables Limited

Profit and Loss Account

Year Ended 31 December 2023

Note

2023
£

2022
£

Turnover

3

1,398,129

2,289,013

Cost of sales

 

(1,157,915)

(1,594,839)

Gross profit

 

240,214

694,174

Administrative expenses

 

(279,642)

(2,174,302)

Operating loss before exceptional items

4

(39,428)

(1,480,128)

Exceptional administrative expenses

5

(21,281)

(763,562)

Operating loss and Loss before tax

 

(60,709)

(2,243,690)

Tax on loss

8

(57,395)

699,454

Loss for the financial year

 

(118,104)

(1,544,236)

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

British Solar Renewables Limited

Balance Sheet

31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Deferred tax assets

 

962,753

-

Tangible assets

9

14,768

-

Investments

10

575,683

575,683

 

1,553,204

575,683

Current assets

 

Stocks

11

130,510

318,317

Debtors

12

32,626,644

21,646,080

Cash at bank and in hand

 

68,398

344,555

 

32,825,552

22,308,952

Creditors: Amounts falling due within one year

13

(27,767,480)

(16,155,255)

Net current assets

 

5,058,072

6,153,697

Net assets

 

6,611,276

6,729,380

Capital and reserves

 

Called up share capital

15

11

11

Share premium reserve

8,999,991

8,999,991

Capital redemption reserve

7,440,775

7,440,775

Profit and loss account

(9,829,501)

(9,711,397)

Shareholders' funds

 

6,611,276

6,729,380

Approved and authorised by the Board on 2 August 2024 and signed on its behalf by:
 

.........................................
Mr G Phillips
Director

Company Registration Number: 07315867

 

British Solar Renewables Limited

Statement of Changes in Equity

Year Ended 31 December 2023

Share capital
£

Share premium
£

Capital redemption reserve
£

Profit and loss account
£

Total
£

At 1 January 2023

11

8,999,991

7,440,775

(9,711,397)

6,729,380

Loss for the year

-

-

-

(118,104)

(118,104)

At 31 December 2023

11

8,999,991

7,440,775

(9,829,501)

6,611,276

Share capital
£

Share premium
£

Capital redemption reserve
£

Profit and loss account
£

Total
£

At 1 January 2022

11

8,999,991

7,440,775

(8,167,161)

8,273,616

Loss for the year

-

-

-

(1,544,236)

(1,544,236)

At 31 December 2022

11

8,999,991

7,440,775

(9,711,397)

6,729,380

 

British Solar Renewables Limited

Notes to the Financial Statements

Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
35 - 35A The Maltings
Lower Charlton Trading Estate
Shepton Mallet
Somerset
England
BA4 5QE

These financial statements were authorised for issue by the Board on 2 August 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.

Basis of preparation

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. The financial statements have been prepared under the historical cost convention.

The presentational currency is £ sterling.

Going concern

The financial statements have been prepared on a going concern basis.

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.

 

British Solar Renewables Limited

Notes to the Financial Statements

Year Ended 31 December 2023

Summary of disclosure exemptions

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 FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

• the requirements of Section 7 Statement of Cash Flows;
• the requirement of paragraph 3.17(d);
• the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
• the requirement of paragraph 33.7..

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 recognition
Revenue 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 recognition based on the stage of completion percentage of the work and the expected outcome of the contract.

2) Carrying value of work in progress
Work in progress includes costs associated with the development of solar parks. 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 £130,510 but the directors consider this to be recoverable based on historic experience. No provision has been recognised against work in progress at the balance sheet date.

3) Deferred tax assets
The company has taxable losses of £7,651,027 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 solar park projects and the wider group’s activity. A deferred tax asset of £922,753 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.

 

British Solar Renewables Limited

Notes to the Financial Statements

Year Ended 31 December 2023

Contract revenue recognition

Long-term contracts are assessed on a contract by contract basis and are reflected in the Statement of Comprehensive Income by recording turnover and related costs as contract activity progresses based on the percentage completed. Where the outcome of each long-term contract can be assessed with reasonable certainty before its conclusion, the attributable profit is recognised in the Statement of Comprehensive Income as the difference between the reported turnover and related costs for that contract.

The completion stage of a contract is determined by reference to costs incurred compared to total estimated costs of the contract.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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

The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is adjusted for prospectively.

Fixed assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in the Statement of Comprehensive Income.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

British Solar Renewables 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 on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Deferred taxation

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.

Financial instruments

Financial instruments are classified and accounted for according to the substance of the contractual arrangements as either financial assets, financial liabilities or equity instruments, and are held at amortised cost. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all its liabilities.

Operating lease commitments

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the Statement of Comprehensive Income on a straight line basis over the period of the lease. Any incentives related to the lease have been spread over the life of the lease.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

 

British Solar Renewables Limited

Notes to the Financial Statements

Year Ended 31 December 2023


Consolidated financial statements
The financial statements contain information about British Solar Renewables Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company has taken advantage of the exemption conferred by section 400 of the Companies Act 2006 not to produce consolidated financial statements as it is included in EEA group accounts of a larger group.

Exceptional Items
Exceptional items are one off, material items outside of the normal course of business which are not related to the company's trading activities

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Turnover

The analysis of the company's Turnover for the year from continuing operations is as follows:

2023
£

2022
£

Solar park construciton contracts and operation and maintenance contracts

1,398,129

2,289,013

100% of turnover was generated in the UK (2022: 100%).

4

Operating loss

Arrived at after charging/(crediting)

2023
£

2022
£

Foreign exchange losses

22,506

4,127

The company’s audit fee is borne by the ultimate parent company and no specific recharge is made.

5

Exceptional items

Exceptional items in the current period relate to a provision made against an intragroup receivable. The exceptional items recorded in the prior year relate to a bonus paid to employees, paid in relation to the group's restructuring activities.

 

British Solar Renewables Limited

Notes to the Financial Statements

Year Ended 31 December 2023

6

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2023
£

2022
£

Wages and salaries

4,359,147

2,272,031

Social security costs

491,720

252,200

Pension costs, defined contribution scheme

411,733

244,599

5,262,600

2,768,830

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2023
No.

2022
No.

Head office

69

54

Directors

4

2

O and M

19

20

EPC

14

13

106

89

7

Directors' remuneration

No director received remuneration through this company. Directors' remuneration is borne by Owl Bidco Investment Bidco Limited.

8

Taxation

Tax charged/(credited) in the profit and loss account

2023
£

2022
£

Current taxation

UK corporation tax

(8,215)

-

Deferred taxation

Arising from origination and reversal of timing differences

65,610

(699,454)

Tax expense/(receipt) in the income statement

57,395

(699,454)

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2022 - lower than the standard rate of corporation tax in the UK) of 23.5% (2022 - 19%).

The differences are reconciled below:

 

British Solar Renewables Limited

Notes to the Financial Statements

Year Ended 31 December 2023

2023
£

2022
£

Loss before tax

(60,709)

(2,243,690)

Corporation tax at standard rate

(14,267)

(426,301)

Effect of expense not deductible in determining taxable profit (tax loss)

6,373

-

Deferred tax expense/(credit) relating to changes in tax rates or laws

7

(346,717)

Increase from tax losses for which no deferred tax asset was recognised

65,282

-

Tax increase arising from group relief

-

73,564

Total tax charge/(credit)

57,395

(699,454)

Deferred tax

Deferred tax assets and liabilities

2023

Asset
£

Liability
£

Deferred capital allowances

31,723

-

Tax losses carried forward

922,753

-

Short term timing differences

8,277

-

962,753

-

2022

Asset
£

Liability
£

Deferred capital allowances

32,051

-

Tax losses carried forward

996,312

-

1,028,363

-

 

British Solar Renewables Limited

Notes to the Financial Statements

Year Ended 31 December 2023

9

Tangible assets

Furniture, fittings and equipment
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 January 2023

-

42,166

42,166

Additions

14,768

-

14,768

At 31 December 2023

14,768

42,166

56,934

Depreciation

At 1 January 2023

-

42,166

42,166

Charge for the year

-

-

-

At 31 December 2023

-

42,166

42,166

Carrying amount

At 31 December 2023

14,768

-

14,768

At 31 December 2022

-

-

-

 

British Solar Renewables Limited

Notes to the Financial Statements

Year Ended 31 December 2023

10

Investments

2023
£

2022
£

Investments in subsidiaries

575,683

575,683

Details of undertakings

Undertaking

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

BSR Connect Limited

Ordinary

100%

100%

Subsidiary undertakings

BSR Connect Limited

The principal activity of BSR Connect Limited is Supply of electrical connections services.

11

Stocks

2023
£

2022
£

Work in progress

130,510

318,317

12

Debtors

2023
£

2022
£

Trade debtors

228,820

232,037

Amounts owed by group undertakings

31,561,848

19,887,980

Other debtors

465,935

27,398

Prepayments

370,041

470,302

Deferred tax assets

-

1,028,363

32,626,644

21,646,080

 

British Solar Renewables Limited

Notes to the Financial Statements

Year Ended 31 December 2023

13

Creditors

2023
£

2022
£

Due within one year

Trade creditors

125,005

204,290

Amounts due to group undertakings

26,528,313

15,129,975

Social security and other taxes

148,963

158,806

Other creditors

75,047

1,225

Accruals

890,152

660,959

27,767,480

16,155,255

14

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

79,486

66,922

Later than one year and not later than five years

399,733

38,788

479,219

105,710

The amount of non-cancellable operating lease payments recognised as an expense during the year was £114,306 (2022 - £261,586).

15

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Share holding of £1 each

11

11

11

11

         

Rights, preferences and restrictions

Ordinary shares have the following rights, preferences and restrictions:
The ordinary shares shall be non-redeemable but shall hold full rights in respect of voting, and shall entitle the holder to full participation in respect of the entity and in the event of winding up the company, the shares may be considered by the directors when considering dividends from time to time.

 

British Solar Renewables Limited

Notes to the Financial Statements

Year Ended 31 December 2023

16

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £411,733 (2022 - £244,599).

17

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.

18

Parent and ultimate parent undertaking

The immediate parent company is BSR Group Holdings Limited, a company registered in England & Wales. The ultimate parent company up until 28 July 2022 was Siem Industries S.A., a company registered in the Cayman Islands. From 28 July 2022 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.