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Registered number: 09828399






JLEAG SOLAR 1 LIMITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

 
JLEAG SOLAR 1 LIMITED
 
 
COMPANY INFORMATION


Directors
Mr M. Ma 
Mr C. J. Tanner 




Registered number
09828399



Registered office
No 1 Filament Walk, Suite 216

London

SW18 4GQ




Independent auditors
Calders (1883) LLP
Statutory Auditor and Chartered Accountants

30 Orange Street

London

WC2H 7HF





 
JLEAG SOLAR 1 LIMITED
 

CONTENTS



Page
Directors' report
1 - 2
Independent auditors' report
3 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 22


 
JLEAG SOLAR 1 LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the company during the year was the installation and maintenance of solar panels to provide renewable electricity.

Results and dividends

The profit for the year, after taxation, amounted to £191,847 (2023 - £160,747).

The directors do not recommend the payment of a dividend (2023: £Nil).

Directors

The directors who served during the year were:

Mr M. Ma 
Mr C. J. Tanner 

Future developments

The company will continue to maintain its current sites and benefit from the generation tariffs therefrom.

Page 1

 
JLEAG SOLAR 1 LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsCalders (1883) LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 29 August 2024 and signed on its behalf.
 





Mr M. Ma
Director

Page 2

 
JLEAG SOLAR 1 LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JLEAG SOLAR 1 LIMITED
 

Opinion


We have audited the financial statements of JLEAG Solar 1 Limited (the 'Company') for the year ended 31 March 2024, which comprise the Statement of comprehensive income including profit and loss account, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 March 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 3

 
JLEAG SOLAR 1 LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JLEAG SOLAR 1 LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' report has been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 4

 
JLEAG SOLAR 1 LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JLEAG SOLAR 1 LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered and undertook the following audit procedures in response:
• We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant are those that relate to the reporting frameworks (United Kingdom accounting standards and Companies Act 2006);
• We obtained an understanding of the nature of the industry and sector, control environment and business performance;
• The outcome of discussions with management and those charged with governance and any matters we identified having obtained and reviewed the company’s documentation of their policies and procedures related to:
- Identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance or any actual or potential litigation or claims;
- Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
- The internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; 
• The matters discussed during the audit engagement team briefing regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. All engagement team members were advised to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit;
• Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
• Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
• Reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC and inspection of relevant legal correspondence;
• In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments by testing manual journal entries, in particular journal entries relating to management estimates and entries determined to be large or relating to unusual transactions;
• Assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business;
• Assessment of the appropriateness of the collective competence and capabilities of the engagement team included consideration of the engagement team’s:
- understanding of, and practical experience with audit engagements of a similar nature and complexity through appropriate training and participation;
- knowledge of the industry in which the client operates; 
- understanding of the legal and regulatory requirements specific to the company including
• the provisions of the applicable legislation
• the applicable statutory provisions;
 
Page 5

 
JLEAG SOLAR 1 LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JLEAG SOLAR 1 LIMITED (CONTINUED)


As a result of these procedures, we considered the opportunities and incentives that may exist within the company for fraud and identified the greatest potential for fraud in the areas in which management is required to exercise significant judgement. We are also required to perform specific procedures to respond to the risk of management override.   
We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of the material amounts and disclosures in the financial statements. 
Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation, and distributable profits legislation.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate and avoid a material penalty. These included data protection, employment and health and safety regulations, competition and anti-bribery laws, environment regulations. 
With regards to laws and regulations relating to the operating aspects of the company, these were discussed with management and were not considered fundamental to the operating of the business therefore should not have a material impact on the financial statements.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Page 6

 
JLEAG SOLAR 1 LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JLEAG SOLAR 1 LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Philip Ewen (Senior statutory auditor)
  
for and on behalf of
Calders (1883) LLP
 
Statutory Auditor and Chartered Accountants
  
30 Orange Street
London
WC2H 7HF

29 August 2024
Page 7

 
JLEAG SOLAR 1 LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME INCLUDING PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£
£

  

Turnover
 4 
2,815,080
2,717,165

Gross profit
  
2,815,080
2,717,165

Administrative expenses
  
(1,095,360)
(987,414)

Operating profit
 5 
1,719,720
1,729,751

Income from fixed assets investments
  
-
7,424,717

Amounts written off investments
  
(1)
(7,422,718)

Interest payable and similar expenses
 8 
(1,486,944)
(1,581,003)

Profit before tax
  
232,775
150,747

Tax on profit
 9 
(40,928)
10,000

Profit for the financial year
  
191,847
160,747

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income including profit and loss account.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 12 to 22 form part of these financial statements.

Page 8

 
JLEAG SOLAR 1 LIMITED
REGISTERED NUMBER: 09828399

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 10 
8,000,579
8,633,582

Investments
 11 
3
4

  
8,000,582
8,633,586

Current assets
  

Debtors: amounts falling due within one year
 12 
847,620
765,285

Cash at bank and in hand
  
1,222,006
114,878

  
2,069,626
880,163

Creditors: amounts falling due within one year
 13 
(159,407)
(62,739)

Net current assets
  
 
 
1,910,219
 
 
817,424

Total assets less current liabilities
  
9,910,801
9,451,010

Creditors: amounts falling due after more than one year
 14 
(19,155,484)
(18,818,540)

Provisions for liabilities
  

Deferred tax
 15 
(257,000)
(326,000)

  
 
 
(257,000)
 
 
(326,000)

Net liabilities
  
(9,501,683)
(9,693,530)


Capital and reserves
  

Called up share capital 
 16 
3
3

Share premium account
 17 
7,184,997
7,184,997

Profit and loss account
 17 
(16,686,683)
(16,878,530)

  
(9,501,683)
(9,693,530)


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 August 2024.




Mr M. Ma
Director

The notes on pages 12 to 22 form part of these financial statements.

Page 9

 
JLEAG SOLAR 1 LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD FROM 1 APRIL 2020 TO 31 MARCH 2024


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 April 2022
3
7,184,997
(17,039,277)
(9,854,277)



Profit for the year
-
-
160,747
160,747



At 1 April 2023
3
7,184,997
(16,878,530)
(9,693,530)



Profit for the year
-
-
191,847
191,847


At 31 March 2024
3
7,184,997
(16,686,683)
(9,501,683)


The notes on pages 12 to 22 form part of these financial statements.

Page 10

 
JLEAG SOLAR 1 LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
191,847
160,747

Adjustments for:

Depreciation of tangible assets
622,711
621,406

Profit on disposal of tangible assets
(35,587)
(20,900)

Loan interest
1,486,944
1,581,003

(Increase) in debtors
(80,311)
(119,897)

Amount written off investments
1
7,422,718

(Increase)/decrease in amounts owed by groups
(2,024)
-

Increase/(decrease) in creditors
26,668
(9,644)

Corporation tax paid
(39,928)
-

Taxation charge
40,928
(10,000)

Group dividends received
-
(7,424,717)

Net cash generated from operating activities

2,211,249
2,200,716


Cash flows from investing activities

Sale of tangible fixed assets
45,879
31,217

Loans from parent company repaid
-
(7,457,044)

Group dividends received
-
7,424,717

Net cash from investing activities

45,879
(1,110)

Cash flows from financing activities

Increase in parent company balance
-
328,930

Loans from parent company repaid
(399,924)
(943,997)

Interest paid
(750,076)
(1,581,003)

Net cash used in financing activities
(1,150,000)
(2,196,070)

Net increase in cash and cash equivalents
1,107,128
3,536

Cash and cash equivalents at beginning of year
114,878
111,342

Cash and cash equivalents at the end of year
1,222,006
114,878


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,222,006
114,878

1,222,006
114,878


Page 11

 
JLEAG SOLAR 1 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

JLEAG Solar 1 Limited is a private company limited by share capital, incorporated in England and Wales,
registration number 09828399. The address of the registered office is No 1 Filament Walk, Suite 216, London, SW18 4GQ.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The company's forecasts and projections show that the company expects to be able to continue to operate.
The directors, at the time of approving the financial statements, are satisfied that the company has adequate resources to continue in operational existence for the foreseeable future, a period of not less than 12 months from the date of this report. Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. 
Revenue is measured based on electricity generation in the period and applicable tariffs. Revenue is recognised as and when confirmed by the renewable energy FiT Licensee on a quarterly basis and includes an accrual for the revenue due for the period from the last agreed quarter end to the end of the accounting period. 

 
2.4

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.

Page 12

 
JLEAG SOLAR 1 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

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
-
Straight line over 25 years

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.

 
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.6

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.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

Page 13

 
JLEAG SOLAR 1 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.8

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance sheet 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Page 14

 
JLEAG SOLAR 1 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.8
Financial instruments (continued)

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.9

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.

 
2.10

Finance costs

Finance costs are charged to profit or loss 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.

Page 15

 
JLEAG SOLAR 1 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily ascertainable from other sources.  The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant.  Actual outcomes may differ from these estimates.  
The estimates and underlying assumptions are reviewed on a continuing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised.
There were no key judgements or estimation uncertainties in the application of the company's accounting policies during the year.

Page 16

 
JLEAG SOLAR 1 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Turnover

The whole of the turnover is attributable to generation and export tariffs receivable on solar panel installations exclusive of value added tax.
All turnover arose from installations within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
622,711
621,406

Fees payable to the Company's auditor for the audit of the Company's
annual financial statements
12,000
12,000


6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors and their associates:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
15,625
12,000

Fees payable to the Company's auditors in respect of:

All non-audit services not included above
7,400
9,100


7.


Employees




The Company has no employees other than the directors, who did not receive any remuneration
(2023 - £NIL).


8.


Interest payable and similar expenses

2024
2023
£
£


Interest on loans from group undertakings
1,486,944
1,581,003

1,486,944
1,581,003

Page 17

 
JLEAG SOLAR 1 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
70,000
-

Adjustments in respect of previous periods
39,928
-


Total current tax
109,928
-

Deferred tax


Accelerated capital allowances
(69,000)
(10,000)

Total deferred tax
(69,000)
(10,000)


Taxation on profit/(loss) on ordinary activities
40,928
(10,000)

Factors affecting tax charge for the year

There were no factors that affected the tax charge for the year which has been calculated on the profits on ordinary activities before tax at the standard rate of corporation tax in the UK of25% (2023 - 19%).



Factors that may affect future tax charges

The company has unutilised tax losses of £10,061,697 (2023: £10,339,164), Non-trade loan relationship deficits of £862,873 (2023: £862,873) and capital allowances in excess of depreciation of £6,490,743 (2023: £6,812,901). The directors do not expect to be able to fully utilise the tax losses due to group restrictions on claiming loss relief and hence a net deferred tax liability has been recognised in these financial statements of £257,000 (2023: £326,000). 

Page 18

 
JLEAG SOLAR 1 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Tangible fixed assets





Plant and machinery

£



Cost or valuation


At 1 April 2023
15,493,095


Disposals
(20,357)



At 31 March 2024

15,472,738



Depreciation


At 1 April 2023
6,859,513


Charge for the year on owned assets
622,711


Disposals
(10,065)



At 31 March 2024

7,472,159



Net book value



At 31 March 2024
8,000,579



At 31 March 2023
8,633,582


11.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2023
4


Amounts written off
(1)



At 31 March 2024
3




Page 19

 
JLEAG SOLAR 1 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

Cross Solar PV Limited
Ordinary
100%
Domestic Solar Limited
Ordinary
100%
Residential PV Trading Limited
Ordinary
100%

The Registered Office of the subsidiary undertakings is C/O Freetricity, 1 Filament Walk, Suite 203, Wandsworth, London, SW18 4GQ.


12.


Debtors

2024
2023
£
£


Trade debtors
709,156
647,312

Amounts owed by group undertakings
38,374
36,350

Other debtors
379
-

Prepayments
99,711
81,623

847,620
765,285



13.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
26,485
1,388

Corporation tax
70,000
-

Other taxation and social security
-
9,198

Accruals and deferred income
62,922
52,153

159,407
62,739


Page 20

 
JLEAG SOLAR 1 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

14.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Amounts owed to group undertakings
19,155,484
18,818,540

19,155,484
18,818,540


The loan from the parent company is repayable on 1 October 2036 and carries interest at the rate of 8% per annum. 


15.


Deferred taxation




2024


£






At beginning of year
(326,000)


Released to profit or loss
69,000



At end of year
(257,000)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(257,000)
(326,000)

(257,000)
(326,000)


16.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



300 (2023 - 300) Ordinary shares of £0.01 each
3
3


Page 21

 
JLEAG SOLAR 1 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

17.


Reserves

Share premium account

The share premium account represents the premium paid of £47,549.98 per share on the 100 ordinary shares which were issued on 29 October 2015 and the premium paid of £24,299.99 per share on the 100 ordinary shares which were issued on 12 November 2015.

Profit and loss account

The profit and loss reserve currently has an adverse balance and includes all current and prior period retained profits and losses.


18.


Related party transactions

In the year ended 31 March 2020 a group reorganisation took place and the company took over the assets and liabilities of its ten subsidiaries. Six of these subsidiaries have now been struck off at Companies House.


19.


Controlling party

The company's immediate parent company is JLEN Environmental Assets Group (UK) Limited, a limited company incorporated in England. 
The company's ultimate controlling entity is John Laing Environmental Assets Group Limited, a limited corporate entity incorporated in Guernsey, Channel Islands.

 
Page 22