Registered number: 08105442
STRIPE SOLAR LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
|
STRIPE SOLAR LIMITED
COMPANY INFORMATION
|
STRIPE SOLAR LIMITED
CONTENTS
|
|
|
|
Statement of profit or loss and other comprehensive income
|
|
Statement of financial position
|
|
Statement of changes in equity
|
|
|
|
Notes to the financial statements
|
|
|
STRIPE 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.
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, Stripe Solar Limited has not traded but remains active for future projects of the wider group.
The loss for the year, after taxation, amounted to £4,794 (2022 - loss £5,516).
The directors do not recommend the payment of any dividend.
The directors who served during the year were:
|
Thomas Chor Sin Ng (resigned 1 February 2023)
|
|
|
STRIPE 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
|
|
|
|
STRIPE SOLAR LIMITED
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
The notes on pages 10 to 14 form part of these financial statements.
|
|
STRIPE SOLAR LIMITED
REGISTERED NUMBER: 08105442
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
|
|
|
|
|
|
|
Trade and other receivables
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade and other liabilities
|
|
|
|
|
|
|
|
Issued capital and reserves
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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:
The notes on pages 10 to 14 form part of these financial statements.
|
STRIPE SOLAR LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive loss for the year
|
|
|
|
|
|
|
|
The notes on pages 10 to 14 form part of these financial statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive loss for the year
|
|
|
|
|
|
|
|
The notes on pages 10 to 14 form part of these financial statements.
|
|
STRIPE SOLAR LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
Cash flows from operating activities
|
|
|
|
|
|
|
|
|
Movements in working capital:
|
|
|
Decrease/(increase) in trade and other receivables
|
|
|
Decrease in trade and other payables
|
|
|
Cash generated from operations
|
|
|
|
|
|
Net cash increase/(decrease) in cash and cash equivalents
|
|
|
|
|
|
Cash and cash equivalents at the beginning of year
|
|
|
Cash and cash equivalents at the end of the year
|
|
|
The notes on pages 10 to 14 form part of these financial statements.
|
STRIPE SOLAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
|
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.
Stripe 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.
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.
|
STRIPE SOLAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
3.Accounting policies
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.
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.
|
|
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.
|
(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
|
STRIPE SOLAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
3.Accounting policies (continued)
|
|
Financial liabilities and equity instruments (continued)
|
|
(ii) Financial liabilities (continued)
|
∙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.
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.
|
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.
|
STRIPE SOLAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
|
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.
|
|
|
|
|
Tax, legal and professional fees
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The company had no employees during the year (2022: £Nil). 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.
|
|
Trade and other receivables
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Receivables from related parties
|
|
|
|
STRIPE SOLAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
|
|
|
|
|
|
|
Ordinary shares of £1.00 each
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary shares of £1.00 each
|
|
|
|
|
|
At 1 January and 31 December
|
|
|
|
|
|
STRIPE SOLAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Retained earnings
Retained earnings represents cumulative profits or losses, net of dividends paid and other adjustments.
|
|
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.
|
|
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 them.
The total balance owed from Global Resources England Limited as at 31 December 2023 was £242,223 (2022: £247,755). This amount is interest free and repayable on demand.
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.
|