Company No:
Contents
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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345,568 | 354,664 | |||
Current assets | ||||
Cash at bank and in hand |
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33,128 | 29,827 | |||
Creditors: amounts falling due within one year | 4 | (
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Net current liabilities | (422,285) | (425,364) | ||
Total assets less current liabilities | (76,717) | (70,700) | ||
Net liabilities | (
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Capital and reserves | ||||
Called-up share capital | 5 |
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Profit and loss account | (
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Total shareholders' deficit | (
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Director's responsibilities:
The financial statements of Sadborow Solar Limited (registered number:
Mr C G S Eyre
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Sadborow Solar Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Centenary House Peninsula Park, Rydon Lane, Exeter, EX2 7XE, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
At the balance sheet date the company was loss-making and had net current liabilities of £422,285 and net liabilities of £76,717.
The company is preparing to trade as a supplier of electricity. The company was expected to make losses in its early years due to initial set up costs, but it is expected to be profitable in future years.
In the opinion of the director, with the ongoing support of the shareholders, the company has sufficient working capital to be able to continue its activities for the foreseeable future.
The company is reliant upon the continued support of its shareholders. There are no indications that the support currently provided will be withdrawn. Consequently, the director considers it appropriate to prepare the financial statements on the going concern basis.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Land and buildings | not depreciated |
Plant and machinery |
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Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including the director |
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Land and buildings | Plant and machinery | Total | |||
£ | £ | £ | |||
Cost | |||||
At 01 April 2023 |
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At 31 March 2024 |
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Accumulated depreciation | |||||
At 01 April 2023 |
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Charge for the financial year |
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At 31 March 2024 |
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Net book value | |||||
At 31 March 2024 |
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At 31 March 2023 |
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2024 | 2023 | ||
£ | £ | ||
Accruals |
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Taxation and social security |
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Other creditors |
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2024 | 2023 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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Other creditors comprise a director's loan account balance of £204,900 (2023: £204,900) and a balance of £245,000 (2023: £245,000) owed to a company under common control. These balances are interest free and are repayable on demand.