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REGISTERED NUMBER: 10268652 (England and Wales)




















Financial Statements

FOR THE YEAR ENDED

31 December 2022

for

PP US SOLAR PROJECTS LIMITED

PP US SOLAR PROJECTS LIMITED (REGISTERED NUMBER: 10268652)

Contents of the Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2022










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


PP US SOLAR PROJECTS LIMITED

Company Information
FOR THE YEAR ENDED 31 DECEMBER 2022







DIRECTORS: P Pels
S P James





REGISTERED OFFICE: First Floor, Winston House
349 Regents Park Road
London
N3 1DH





REGISTERED NUMBER: 10268652 (England and Wales)





AUDITORS: Melinek Fine LLP
Chartered Accountants
Statutory Auditors
First Floor, Winston House
349 Regents Park Road
London
N3 1DH

PP US SOLAR PROJECTS LIMITED (REGISTERED NUMBER: 10268652)

Balance Sheet
31 DECEMBER 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Investments 4 - 75

CURRENT ASSETS
Debtors 5 116,282,778 3,992,505
Cash at bank 2,140,075 72,691
118,422,853 4,065,196
CREDITORS
Amounts falling due within one year 6 1,041,759 4,064,583
NET CURRENT ASSETS 117,381,094 613
TOTAL ASSETS LESS CURRENT
LIABILITIES

117,381,094

688

PROVISIONS FOR LIABILITIES 7 63,945,357 -
NET ASSETS 53,435,737 688

CAPITAL AND RESERVES
Called up share capital 100 100
Profit and loss account 8 53,435,637 588
53,435,737 688

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 September 2024 and were signed on its behalf by:





P Pels - Director


PP US SOLAR PROJECTS LIMITED (REGISTERED NUMBER: 10268652)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2022


1. STATUTORY INFORMATION

PP US Solar Projects 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.

Preparation of consolidated financial statements
The financial statements contain information about PP US Solar Projects Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, PP Asset Management, First Floor, Winston House, 349 Regents Park Road, London, United Kingdom, N3 1DH.

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

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost unless they are classified as receivable within one year in which case they are measured at the undiscounted amount of the cash or other consideration expected to be received net of impairment.

Financial liabilities that are classified as payable within one year are subsequently measured at the undiscounted amount of the cash or other consideration expected to be paid.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset or settle the liability simultaneously.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.


PP US SOLAR PROJECTS LIMITED (REGISTERED NUMBER: 10268652)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


2. ACCOUNTING POLICIES - continued
Deferred tax
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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2021 - NIL ) .

4. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2022 75
Disposals (75 )
At 31 December 2022 -
NET BOOK VALUE
At 31 December 2022 -
At 31 December 2021 75

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors - 30,000
Amounts owed by group undertakings - 1,939,766
Other debtors 116,282,778 2,022,739
116,282,778 3,992,505

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade creditors 12,670 7,737
Amounts owed to group undertakings 756 1,132,906
Other creditors 1,028,333 2,923,940
1,041,759 4,064,583

PP US SOLAR PROJECTS LIMITED (REGISTERED NUMBER: 10268652)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


7. PROVISIONS FOR LIABILITIES
2022 2021
£    £   
Other provisions 63,945,357 -

Other
provisions
£   
Provided during year 63,150,198
Balance at 31 December 2022 63,150,198

8. RESERVES
Profit
and loss
account
£   

At 1 January 2022 588
Profit for the year 113,505,049
Dividends (60,070,000 )
At 31 December 2022 53,435,637

The only movement in reserves during the period is the profit for the period less dividends for the period.

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Aryeh Melinek (Senior Statutory Auditor)
for and on behalf of Melinek Fine LLP

The comparative period was not subject to audit because the company took advantage of small company audit exemptions in that period.

10. PARENT UNDERTAKING

The company which heads the smallest group within which the results of this company are consolidated is, PP Asset Management Limited. The address of its registered office is First Floor, Winston House, 349 Regents Park Road, London, UK, N3 1DH and consolidated accounts are available from Companies House.