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Company registration number: 07677943







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024


S.E. SOLAR (1) LIMITED






































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S.E. SOLAR (1) LIMITED
 


 
COMPANY INFORMATION


Director
Mr N. Street 




Registered number
07677943



Registered office
Magna House
18-32 London Rd

Staines-upon-Thames

TW18 4BP




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

Magna House

18-32 London Road

Staines-Upon-Thames

TW18 4BP





 


S.E. SOLAR (1) LIMITED
 



CONTENTS



Page
Statement of Financial Position
1 - 2
Notes to the Financial Statements
3 - 6


 


S.E. SOLAR (1) LIMITED
REGISTERED NUMBER:07677943



STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,998,982
2,149,137

  
1,998,982
2,149,137

Current assets
  

Debtors: amounts falling due after more than one year
 5 
-
11,748

Debtors: amounts falling due within one year
 5 
1,349,827
145,900

Cash at bank and in hand
  
564,151
349,593

  
1,913,978
507,241

Creditors: amounts falling due within one year
 6 
(418,243)
(246,039)

Net current assets
  
 
 
1,495,735
 
 
261,202

Total assets less current liabilities
  
3,494,717
2,410,339

Creditors: amounts falling due after more than one year
 7 
(1,684,813)
(694,038)

Provisions for liabilities
  

Deferred tax
  
(240,010)
(235,122)

  
 
 
(240,010)
 
 
(235,122)

Net assets
  
1,569,894
1,481,179


Capital and reserves
  

Called up share capital 
  
1,250,000
1,250,000

Profit and loss account
  
319,894
231,179

  
1,569,894
1,481,179


Page 1

 


S.E. SOLAR (1) LIMITED
REGISTERED NUMBER:07677943


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

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 income and retained earnings 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 by 


................................................
Mr N. Street
Director
Date: 28 October 2024

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 


S.E. SOLAR (1) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

S.E. Solar (1) Limited is a private company limited by shares, incorporated and domiciled in England & Wales. The company's principal place of business is Anesco, The Green, Easter Park, Benyon Road, Reading, Berkshire, RG7 2PQ.

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.

 
2.2

Revenue

Revenue principally represents recurring revenues received under energy supply agreements and Feed in Tariff payments. Revenue is recognised in correlation to the period in which the electricity is provided.

 
2.3

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 equipment (Solar equipment)
-
Straight line basis 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.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

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.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.

Costs associated with the derivatives instruments have been charged to the profit of loss in the period in which they are incurred. RPI fee has been recognised in other operating charges and the interest rate swap recognised in interest payable and other similar expenses. 
Page 3

 


S.E. SOLAR (1) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

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.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

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 reporting 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 reporting 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 reporting date.

 
2.9

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2023 - 1).

Page 4

 


S.E. SOLAR (1) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Plant and equipment

£



Cost or valuation


At 1 April 2023
3,743,669



At 31 March 2024

3,743,669



Depreciation


At 1 April 2023
1,594,532


Charge for the year on owned assets
150,155



At 31 March 2024

1,744,687



Net book value



At 31 March 2024
1,998,982



At 31 March 2023
2,149,137


5.


Debtors

2024
2023
£
£

Due after more than one year

Financial instruments (after 1 yr)
-
11,748

-
11,748


2024
2023
£
£

Due within one year

Amounts owed by group undertakings
1,200,000
-

Other debtors
8,767
3,448

Prepayments and accrued income
141,060
142,452

1,349,827
145,900


Page 5

 


S.E. SOLAR (1) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
233,643
186,027

Trade creditors
25,672
8,249

Amounts owed to group undertakings
26,447
-

Corporation tax
24,684
29,921

Accruals and deferred income
107,797
21,842

418,243
246,039


The bank loans, including those falling due after more than one year, are secured by way of charges over the airspace leases where the plant and equipment is situated.


7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
1,443,261
485,804

Financial instruments (after 1 yr)
241,552
208,234

1,684,813
694,038


Included within creditors falling due after more than one year is an amount of £nil (2023 - £nil) in respect of liabilities which fall due for payment after more than five years from the balance sheet.


8.


Auditors' information

The auditors' report on the financial statements for the year ended 31 March 2024 was unqualified.

The audit report was signed on 28 October 2024 by Andrew Cook FCA (Senior Statutory Auditor) on behalf of Menzies LLP.

 
Page 6