Company registration number 13094502 (England and Wales)
BEDWORTH SOLAR LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
BEDWORTH SOLAR LIMITED
COMPANY INFORMATION
Directors
H Bashir
(Appointed 28 February 2024)
G Pope
(Appointed 28 February 2024)
Company number
13094502
Registered office
3rd Floor, St George's House
13-14 Ambrose Street
Cheltenham
GL50 3LG
BEDWORTH SOLAR LIMITED
CONTENTS
Page
Directors' report
1
Statement of comprehensive income
2
Statement of financial position
3
Notes to the financial statements
4 - 7
BEDWORTH SOLAR LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
The directors present their annual report and financial statements for the year ended 31 December 2023.
Principal activities
The company's principal activity during the period was the construction of a solar project at the Bedworth site, for the future production of electricity.
Results and dividends
The loss for the year amounted to £3,724 (2022: £1,857 loss). The directors do not recommend payment of any dividend for the year ended 31 December 2023 (2022: £nil).
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
J Hall
(Resigned 28 February 2024)
T Igla
(Resigned 28 February 2024)
H Bashir
(Appointed 28 February 2024)
G Pope
(Appointed 28 February 2024)
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
H Bashir
Director
26 September 2024
BEDWORTH SOLAR LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Year
Year
ended
ended
31 December
31 December
2023
2022
as restated
£
£
Turnover
-
-
Administrative expenses
(3,724)
(1,857)
Loss before taxation
(3,724)
(1,857)
Tax on loss
Loss for the financial year
(3,724)
(1,857)
The income statement has been prepared on the basis that all operations are continuing operations.
The notes on pages 4 to 7 form part of these financial statements.
BEDWORTH SOLAR LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 3 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,192,210
854,812
Current assets
Debtors
4
70,406
12,424
Cash at bank and in hand
380
117,200
70,786
129,624
Creditors: amounts falling due within one year
5
(1,272,294)
(990,010)
Net current liabilities
(1,201,508)
(860,386)
Net liabilities
(9,298)
(5,574)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(9,299)
(5,575)
Total equity
(9,298)
(5,574)
The notes on pages 4 to 7 form part of these financial statements.
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 26 September 2024 and are signed on its behalf by:
H Bashir
Director
Company registration number 13094502 (England and Wales)
BEDWORTH SOLAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information
Bedworth Solar Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3rd Floor, St George's House, 13-14 Ambrose Street, Cheltenham, GL50 3LG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The directors have considered a period of 12 months from the date of approval of thesetrue financial statements in preparing their going concern assessment. The going concern assessment is dependent on the ultimate parent, Innova Capital Limited, not seeking repayment of the amounts due to other group entities that are controlled by Innova Capital Limited for a period of at least 12 months from the date of signing these financial statements. Innova Capital Limited has indicated its intention to continue to make available such funds as are needed by the company and that it does not intend to seek repayment of the amounts due during the going concern assessment period.
Consequently, the directors have are confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Assets under construction
Costs related to projects under construction are capitalised where, in the opinion of the directors, the related project is likely to be successfully constructed and the economic benefits arising from future operations will at least equal the amount of capitalised expenditure incurred to date and the cost can be measured reliably. Subsequently they are measured at cost as property, plant and equipment, net of depreciation and any impairment losses.
The company is not currently charging any depreciation on its projects under construction as the projects are not yet operational and the economic benefit of the assets have not started to flow into the business.
Once a project is completed and becomes operational, it will be depreciated over its useful economic life, which the company currently estimates to be 40 years. The useful life is based on industry standards and research which indicates that solar farms have a life of 25-40 years.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
BEDWORTH SOLAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
BEDWORTH SOLAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
The company does not have any employees.
3
Tangible fixed assets
Assets under construction
£
Cost
At 1 January 2023
854,812
Additions
337,398
At 31 December 2023
1,192,210
Depreciation and impairment
At 1 January 2023 and 31 December 2023
Carrying amount
At 31 December 2023
1,192,210
At 31 December 2022
854,812
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
70,406
12,424
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
5,610
Other creditors
1,272,294
984,400
1,272,294
990,010
BEDWORTH SOLAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
6
Parent company
As at 31 December 2023 the company's parent is Industria Solar Financials Limited and ultimate controlling party is Industria Resources Llp who are both incorporated in England and Wales with the registered address as 2 C/O The Advisory Group, Old Brewery House, Chester Le Street, County Durham, United Kingdom, DH3 3EZ.
On 28 February 2024 the company was sold by Industria Solar Financials Limited to IR DNO Limited, who's ultimate parent is Innova Capital Limited. Both entities are incorporated in England and Wales and have the same registered address of 3rd Floor, St George's House, 13-14 Ambrose Street, Cheltenham, GL50 3LG.
7
Prior period adjustment
After the acquisition of the company by IR DNO Limited, the company changed its accounting policy around work in progress. Development costs and other project work was previously accounted for within intangible assets but was reclassified to assets under construction to be in line with IR DNO Limited's accounting policy and was adjusted in the prior year. The directors believe this better reflects the substance of the balance.
Adjustments to equity
The prior period adjustments do not give rise to any effect upon equity.