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Solar Power Generation Limited

Annual Report and Financial Statements
Year Ended 31 December 2023

Registration number: 08415124

 

Solar Power Generation Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 8

 

Solar Power Generation Limited

Balance Sheet

31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Deferred tax assets

 

384,508

-

Tangible assets

4

-

-

Investments

5

800

1,000

 

385,308

1,000

Current assets

 

Stocks

6

-

4,840

Debtors

7

3,887,024

4,705,241

Cash at bank and in hand

 

382

430

 

3,887,406

4,710,511

Creditors: Amounts falling due within one year

8

(3,680,736)

(3,722,528)

Net current assets

 

206,670

987,983

Total assets less current liabilities

 

591,978

988,983

Creditors: Amounts falling due after more than one year

8

(195,669)

(205,369)

Net assets

 

396,309

783,614

Capital and reserves

 

Called up share capital

9

100

100

Profit and loss account

396,209

783,514

Shareholders' funds

 

396,309

783,614

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 Board on 2 August 2024 and signed on its behalf by:
 

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

Company Registration Number: 08415124

 

Solar Power Generation 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 & 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.

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.

Group accounts not prepared

The financial statements contain information about Solar Power Generation 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 group accounts of a larger UK group.

 

Solar Power Generation Limited

Notes to the Financial Statements

Year Ended 31 December 2023

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.

Significant judgements and estimates

The preparation of the financial statements requires management 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 (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

1) Deferred tax assets - utilisation of historical losses
The company has taxable losses of £3,389,017 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 £380,363 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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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.

 

Solar Power Generation Limited

Notes to the Financial Statements

Year Ended 31 December 2023

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

Investments

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

 

Solar Power Generation Limited

Notes to the Financial Statements

Year Ended 31 December 2023

Financial instruments

Classification
The company holds the following financial instruments:

• 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
The company has chosen to apply the recognition and measurement principles in FRS102.

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.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 0).

4

Tangible assets

Plant and machinery
£

Total
£

Cost or valuation

At 1 January 2023

59,986

59,986

At 31 December 2023

59,986

59,986

Depreciation

At 1 January 2023

59,986

59,986

At 31 December 2023

59,986

59,986

Carrying amount

At 31 December 2023

-

-

At 31 December 2022

-

-

 

Solar Power Generation Limited

Notes to the Financial Statements

Year Ended 31 December 2023

5

Investments

2023
£

2022
£

Investments in subsidiaries

800

1,000

Subsidiaries

£

Cost or valuation

At 1 January 2023

1,000

Disposals

(200)

At 31 December 2023

800

Details of undertakings

Undertaking

Holding

Proportion of voting rights and shares held

     

2023

2022

BSR Applications Limited

Ordinary shares

100%

100%

Amwel JV Limited

A Ordinary shares

50%

50%

Solar Park Holdings Limited

Ordinary shares

100%

100%

Sustainable Power Generation Limited

Ordinary shares

100%

100%

Renewable Energy Connections Limited

Ordinary shares

100%

100%

Aller Langport Solar Park Limited

Ordinary shares

0%

100%

Rampisham Woods Solar Park Limited

Ordinary shares

0%

100%

George Solar Farm Limited

Ordinary shares

100%

100%

The Down House Solar Park Limited

Ordinary shares

100%

100%

Coombe Farm Solar Park Limited

Ordinary shares

100%

100%

The company disposed of its investments in Aller Langport Solar Park Limited and Rampisham Woods Solar Park Limited during the year to another group company. Consideration equal to the nominal value was received.

All subsidiary undertakings and joint ventures have the same registered office as that of the company. They are all involved in the generation of electricity or have been dormant.

 

Solar Power Generation Limited

Notes to the Financial Statements

Year Ended 31 December 2023

6

Stocks

2023
£

2022
£

Other inventories

-

4,840

7

Debtors

2023
£

2022
£

Amounts due from group undertakings

3,883,202

3,877,678

Deferred tax assets

-

823,741

Prepayments

3,822

3,822

3,887,024

4,705,241

8

Creditors

2023
£

2022
£

Due within one year

Amounts owed to group undertakings

3,658,542

3,640,339

Other creditors

800

800

Accruals and deferred income

21,394

81,389

3,680,736

3,722,528

2023
£

2022
£

Due after one year

Accruals and deferred income

195,669

205,369

 

Solar Power Generation Limited

Notes to the Financial Statements

Year Ended 31 December 2023

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Shareholding of £1 each

100

100

100

100

         

10

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.

11

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.

12

Audit report

The Independent Auditors' Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report was Tom Beable (FCA), who signed for and on behalf of PKF Francis Clark on 7 August 2024.