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Registered number: 11724460









PAS SOLAR LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
PAS SOLAR LIMITED
REGISTERED NUMBER: 11724460

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
                                                                    Note
$
$

Fixed assets
  

Tangible assets
 4 
327,535
404,583

  
327,535
404,583

Current assets
  

Stocks
 6 
23,647
24,487

Debtors
 7 
1,559,667
1,363,599

Cash at bank and in hand
  
901
8,742

  
1,584,215
1,396,828

Creditors: amounts falling due within one year
  
(6,223)
(5,728)

Net current assets
  
 
 
1,577,992
 
 
1,391,100

Total assets less current liabilities
  
1,905,527
1,795,683

Creditors: amounts falling due after more than one year
 8 
(3,524,754)
(3,223,643)

  

Net liabilities
  
(1,619,227)
(1,427,960)


Capital and reserves
  

Called up share capital 
 9 
260
260

Share premium account
 10 
1,599,870
1,599,870

Profit and loss account
 10 
(3,219,357)
(3,028,090)

  
(1,619,227)
(1,427,960)


Page 1

 
PAS SOLAR LIMITED
REGISTERED NUMBER: 11724460
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 March 2024.




O W Adams
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
PAS SOLAR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

PAS Solar Limited ("the Company") is a private company limited by shares and incorporated in England and Wales. The address of its registered office is 28 St. John's Square, London, England, EC1M 4DN.
The financial statements are presented in US Dollars. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Company has net current liabilities as at 31 December 2023. The directors are of the opinion that the company will be able to meet is liabilities as they fall due for a period of at least 12 months from the date of approval of these financial statements and therefore consider it appropriate to continue to prepare the financial statements on a going concern basis.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is USD.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of comprehensive income except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.4

Interest income

Interest income is recognised in the Statement of comprehensive income using the effective interest method.

Page 3

 
PAS SOLAR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Finance costs

Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in the Statement of comprehensive income in the year in which they are incurred.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
20%, 10%, 5% straight line.
Office equipment
-
20 % straight line.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

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

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of comprehensive income.

Page 4

 
PAS SOLAR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

Taxation

Tax is recognised in the Statement of comprehensive income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Employees




The average monthly number of employees, including directors, during the year was 2 (2022 - 3).

Page 5

 
PAS SOLAR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Plant and machinery
Office equipment
Total

$
$
$



Cost or valuation


At 1 January 2023
991,089
4,090
995,179



At 31 December 2023

991,089
4,090
995,179



Depreciation


At 1 January 2023
589,534
1,062
590,596


Charge for the year on owned assets
76,230
818
77,048



At 31 December 2023

665,764
1,880
667,644



Net book value



At 31 December 2023
325,325
2,210
327,535



At 31 December 2022
401,555
3,028
404,583

Page 6

 
PAS SOLAR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Fixed asset investments





Investments in subsidiary companies

$



Cost or valuation


At 1 January 2023
472,723



At 31 December 2023

472,723



Impairment


At 1 January 2023
472,723



At 31 December 2023

472,723



Net book value



At 31 December 2023
-



At 31 December 2022
-


6.


Stocks

2023
2022
$
$

Raw materials and consumables
23,647
24,487



7.


Debtors

2023
2022
$
$

Due after more than one year

Amounts owed by group undertakings
1,559,407
1,363,195

Due within one year

Other debtors
260
404

1,559,667
1,363,599


Page 7

 
PAS SOLAR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Creditors: Amounts falling due after more than one year

2023
2022
$
$

Other Loans
3,524,754
3,223,643

3,524,754
3,223,643


Loans of $3,024,754 (2022 - $2,722,880) are secured against the assets of the company and interest accrues at a rate of 10% per annum. 
Loans of $500,000 (
2022 - $500,000) are unsecured against the assets of the company and interest accrues at a fixed rate of 4.5 % per annum.

Page 8

 
PAS SOLAR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Share capital

2023
2022
$
$
Allotted, called up and fully paid



200 (2022 - 200) Ordinary shares of $1.30 each
260
260



10.


Reserves

Share premium account

100 equity shares was issued previously at a premium of $1,599,870 against $1.6m of shareholder's loan.

Profit and loss account

The profit and loss account comprises of accumulated profits and losses, less dividends and other adjustments.


11.


Related party transactions

Included within debtors at the year end are amounts of $1,559,407 (2022 - $1,363,195) due from a subsidiary company. 


12.


Controlling party

The ultimate parent company is Renewable Energy Performance Platform, a private limited company by guarantee, incorporated in England and Wales.

 
Page 9