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Registered number: 08105314










EAST APPLETON NORTH SOLAR LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
EAST APPLETON NORTH SOLAR LIMITED
 
 
 
COMPANY INFORMATION


 
Directors
Paul Wyman Cheng 
Chen Chang Tsai 




Registered number
08105314



Registered office
6th Floor
2 London Wall Place

London

EC2Y 5AU




Accountants
MHA
Chartered Accountant

6th Floor

2 London Wall Place

London

EC2Y 5AU




Page 1

 
EAST APPLETON NORTH SOLAR LIMITED
 
 
 
CONTENTS



Page
Directors' report
3 - 4
Statement of profit or loss and other comprehensive income
5
Statement of financial position
6
Statement of changes in equity
7
Statement of cash flows
8
Notes to the financial statements
9 - 15
Page 2

 
EAST APPLETON NORTH SOLAR 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' responsibilities statement

The directors are responsible for preparing the Directors' report and the financial statements, in accordance with applicable law.

Company law requires the directors to prepare financial statements for each financial year. Under that law they have elected to prepare the financial statements in accordance with UK adopted international accounting standards and the requirements of the Companies Act 2006. 

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 the financial statements, the directors are required to:

select suitable accounting policies and then apply them consistently;

make judgments and estimates that are reasonable and prudent;

state whether they have been prepared in accordance with UK adopted international accounting standards and the Companies Act 2006, subject to any material departures disclosed and explained in the financial statements;

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 responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Company and to prevent and detect fraud and other irregularities.

Principal activity

The principal activity of the company is the installation, development and operation of solar photovoltaic units. 
Subsequent to the disposal of the assets on 5 January 2018, East Appleton North Solar Limited has not traded but remains active for future projects of the wider group.

Results and dividends

The loss for the year, after taxation, amounted to £4,794 (2022 - loss £4,805).

The directors do not recommend the payment of any dividend.

Directors

The directors who served during the year were:

Paul Wyman Cheng 
Thomas Chor Sin Ng (resigned 1 February 2023)
Chen Chang Tsai 

Page 3

 
EAST APPLETON NORTH SOLAR LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Small companies' exemption note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 



Paul Wyman Cheng
Director

Date: 30 September 2024
Page 4

 
EAST APPLETON NORTH SOLAR LIMITED
 
 
 
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023


2023
2022
Note
£
£

Administrative expenses
 6 
(4,794)
(5,080)

Tax credit
  
-
275

Loss for the year
  
(4,794)
(4,805)


Total comprehensive loss
  
(4,794)
(4,805)

The notes on pages 10 to 15 form part of these financial statements.

Page 5

 
EAST APPLETON NORTH SOLAR LIMITED
REGISTERED NUMBER: 08105314
 
 
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023


2023
2022
Note
£
£

Assets

Current assets
  

Trade and other receivables
 8 
271,887
-

Cash and cash equivalents
  
-
281,949

Total assets

  

271,887
281,949

Liabilities

Current liabilities
  

Trade and other liabilities
 9 
4,332
9,600

Net assets
  
267,555
272,349


Issued capital and reserves
  

Share capital
 10 
100
100

Retained earnings
  
267,455
272,249

TOTAL EQUITY
  
267,555
272,349

For the year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The 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 Company's financial statements have been prepared in accordance with the provisions applicable to the companies subject to the small companies regime.

The financial statements were approved and authorised for issue by the board of directors and were signed on its behalf by:






Paul Wyman Cheng
Director
Date: 30 September 2024

The notes on pages 10 to 15 form part of these financial statements.

Page 6

 
EAST APPLETON NORTH SOLAR LIMITED

 
 
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023



Share capital
Retained earnings
Total equity


£
£
£

At 1 January 2023
100
272,249
272,349

Loss for the year
-
(4,794)
(4,794)

Total comprehensive loss for the year
-
(4,794)
(4,794)

At 31 December 2023
100
267,455
267,555

The notes on pages 10 to 15 form part of these financial statements.



Share capital
Retained earnings
Total equity


£
£
£

At 1 January 2022
100
277,054
277,154

Loss for the year
-
(4,805)
(4,805)

Total comprehensive loss for the year
-
(4,805)
(4,805)

At 31 December 2022
100
272,249
272,349

The notes on pages 10 to 15 form part of these financial statements.

Page 7

 
EAST APPLETON NORTH SOLAR LIMITED

 
 
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023


2023
2022
£
£

Cash flows from operating activities

Loss for the year
(4,794)
(4,805)

(4,794)
(4,805)

Movements in working capital:

(Increase)/decrease in trade and other receivables
(271,887)
67,340

Decrease in trade and other payables
(5,268)
(5,915)

Cash generated from operations
(281,949)
56,620


Net cash (decrease)/increase in cash and cash equivalents
(281,949)
56,620


Cash and cash equivalents at the beginning of year
281,949
225,329

Cash and cash equivalents at the end of the year
-
281,949

The notes on pages 10 to 15 form part of these financial statements.

Page 8

 
EAST APPLETON NORTH SOLAR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


Authorisation of financial statements and general information

The company's financial statements for the year ended 31 December 2023 were authorised for issue and the statement of financial position signed on the board's behalf by Mr Paul Wyman Cheng. 
East Appleton North Solar Limited is a private company limited by shares incorporated and domiciled in England and Wales. The company’s registered office is 6th Floor, 2 London Wall Place, London, EC2Y 5AU. 
The immediate parent company is Global Resources England Limited, a company incorporated and domiciled in England and Wales. The ultimate holding company is Plus Renewables Technologies Limited, a company incorporated in the Cayman Islands.


2.


Basis of preparation

The financial statements have been prepared in accordance with UK adopted international accounting standards and the Companies Act 2006. 
The financial statements have been prepared on the historical cost basis.

Details of the Company's accounting policies, including changes during the year, are included in note 3.

In preparing these financial statements, management has made judgments, estimates and assumptions that affect the application of the Company accounting policies and the reported amounts of assets, liabilities, income and expenses.
Significant accounting policies are disclosed in note 5 of the financial statements.
The company has taken advantage of the exemption conferred by section 401 of the Companies Act to not file consolidated financial statements.

New standards, interpretations and amendments not yet effective
The directors consider that there are no new or revised standards that are not yet effective that are expected to have a material impact on the Company.









Page 9

 
EAST APPLETON NORTH SOLAR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.Accounting policies

 
3.1

Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the statement of financial position date.
Deferred tax is provided using the liability method, on temporary differences between the tax bases of assets and liabilities and their carrying amount, in the financial statements. Deferred tax assets relating to the carry-forward of unused tax losses are recognised to the extent that it is probable that future taxable profit will be available against which the unused tax losses can be utilised. 
Unrecognised deferred tax assets are reassessed at each reporting date and recognised to the extent that it has become probable that future taxable profits will be available against which they can be used. 
Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted by the statement of financial position date.

 
3.2

Financial instruments

Financial assets and financial liabilities are recognised when an entity becomes a party to the contractual provisions of the instruments.

Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in profit or loss.

 
3.3

Financial assets

All recognised financial assets are subsequently measured in their entirety at either amortised cost or fair value, depending on the classification of the financial assets.

 
3.4

Financial liabilities and equity instruments


(i) Classification as debt or equity

Debt and equity instruments issued by an entity are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument.
 
Page 10

 
EAST APPLETON NORTH SOLAR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.Accounting policies (continued)


3.4
Financial liabilities and equity instruments (continued)


(ii) Financial liabilities

All financial liabilities are subsequently measured at amortised cost using the effective interest method or at FVTPL.

However, financial liabilities that arise when a transfer of a financial asset does not qualify for derecognition or when the continuing involvement approach applies, financial guarantee contracts issued by the Company, and commitments issued by the Company to provide a loan at below-market interest rate are measured in accordance with the specific accounting policies set out below.

Financial liabilities at FVTPL

Financial liabilities are classified as at FVTPL when the financial liability is (i) contingent consideration of an acquirer in a business combination to which IFRS 3 applies, (ii) held for trading, or (iii) it is designated as at FVTPL.

A financial liability is classified as held for trading if:
it has been incurred principally for the purpose of repurchasing it in the near term;
on initial recognition it is part of a portfolio of identified financial instruments that the Company manages together and has a recent actual pattern of short-term profit-taking; or
it is a derivative, except for a derivative that is a financial guarantee contract or a designated and effective hedging instrument.

A financial liability other than a financial liability held for trading or contingent consideration of an acquirer in a business combination may be designated as at FVTPL upon initial recognition if:
such designation eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise; or
the financial liability forms part of a group of financial assets or financial liabilities or both, which is managed and its performance is evaluated on a fair value basis, in accordance with the Company's documented risk management or investment strategy, and information about the grouping is provided internally on that basis; or
it forms part of a contract containing one or more embedded derivatives, and IFRS 9 permits the entire combined contract to be designated as at FVTPL.

Financial liabilities at FVTPL are stated at fair value, with any gains or losses arising on remeasurement recognised in profit or loss to the extent that they are not part of a designated hedging relationship (see note ). The net gain or loss recognised in profit or loss incorporates any interest paid on the financial liability and is included in the ‘fair value gains/losses' line item.

However, for financial liabilities that are designated as at FVTPL, the amount of change in the fair value of the financial liability that is attributable to changes in the credit risk of that liability is recognised in other comprehensive income, unless the recognition of the effects of changes in the liability's credit risk in other comprehensive income would create or enlarge an accounting mismatch in profit or loss. The remaining amount of change in the fair value of the liability is recognised in profit or loss. Changes in fair value attributable to a financial liability's credit risk that are recognised in other comprehensive income are not subsequently reclassified to profit or loss; instead, they are transferred to retained earnings upon derecognition of the financial liability.

Page 11

 
EAST APPLETON NORTH SOLAR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.Accounting policies (continued)


3.4
Financial liabilities and equity instruments (continued)


(ii) Financial liabilities (continued)

Gains or losses on financial guarantee contracts and loan commitments issued by the Company that are designated by the Company as at FVTPL are recognised in profit or loss.

Fair value is determined in the manner described in note 12.

Financial liabilities subsequently measured at amortised cost

Financial liabilities that are not (i) contingent consideration of an acquirer in a business combination, (ii) held for trading, or (iii) designated as at FVTPL, are subsequently measured at amortised cost using the effective interest method.

The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial liability, or (where appropriate) a shorter period, to the amortised cost of a financial liability.


4.


Functional and presentation currency

These financial statements are presented in pound sterling, which is the Company's functional currency. All amounts have been rounded to the nearest pound.


5.


Accounting estimates and judgments

Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the disclosure of contingent liabilities at the date of the financial statements. If in the future such estimates and assumptions, which are based on management’s best judgement at the date of the financial statements, deviate from the actual circumstances, the original estimates and assumptions will be modified as appropriate in the year in which the circumstances change. Where necessary, the comparatives will be reclassified from the previously reported results to take into account presentational changes.
There are no key judgements or estimates that have had a significant effect on amounts recognised in the financial statements.

Page 12

 
EAST APPLETON NORTH SOLAR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Expenses by nature

2023
2022
£
£

Tax, legal and professional fees
1,944
1,500

Audit fees
-
3,550

Accountancy fees
2,850
-

Other expenses
-
30


7.


Directors' remuneration

The company had no employees during the year (2022: None). No directors received any emoluments during the year (2022: £Nil).  
Key Management Personnel includes directors and certain personnel of a parent entity. It is impractical to determine the compensation of these individuals as they are remunerated for the services provided to the group entities as a whole.



8.


Trade and other receivables

2023
2022
£
£


Receivables from related parties
271,887
-


9.


Trade and other payables

2023
2022
£
£

Payables to related parties
-
4,530

Accruals
4,332
5,070

Total trade and other payables

4,332
9,600

Page 13

 
EAST APPLETON NORTH SOLAR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
10.


Share capital

Authorised

2023
2023
2022
2022
Number
£
Number
£

Shares treated as equity
Ordinary shares of £1.00 each

100

100

100
 
100
 
100

100

100
 
100
 

Issued and fully paid


2023
2023
2022
2022
Number
£
Number
£

Ordinary shares of £1.00 each

At 1 January and 31 December
100

100

100
 
100
 

Page 14

 
EAST APPLETON NORTH SOLAR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Reserves


Retained earnings

Retained earnings represents cumulative profits or losses, net of dividends paid and other adjustments.


12.


Financial instruments - fair values and risk management



12.1 Interest rate risk management

The Company manages its cost of borrowing by using only fixed rate debt.  



12.2 Liquidity risk management

The company has given responsibility of liquidity risk management to the board who have formulated liquidity management tools to service this requirement. Trade and other payables have a maturity of 12 months or less. Management of liquidity risk is achieved by monitoring budgets and forecasts and actual cash flows. 


13.


Related party transactions

During the year Global Resources England Limited, the immediate holding company, paid expenses of £5,532 (2022: £4,530) in respect of  audit and tax fees on behalf of the company and then recharged to them.
The total balance owed from Global Resources England Limited as at 31 December 2023 was £271,887 (2022: £4,530 owed to). This amount is interest free and repayable on demand. 


14.


Controlling party

The ultimate holding company and controlling party was Plus Renewables Technologies Limited, a company incorporated in the Cayman Islands (see note 1). The registered office of Plus Renewables Technologies Limited is PO Box 31119 Grand Pavilion, Hibiscus Way, 802 West Bay Road, Grand Cayman, KY1-1205 Cayman Islands.

Page 15