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Registration number: 07664991

Sunflower Energy Solutions Limited

Unaudited Filleted Financial Statements

for the Period from 1 January 2023 to 31 March 2024

 

Sunflower Energy Solutions Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Sunflower Energy Solutions Limited

Company Information

Director

Mr W Knight

Registered office

Unit B9, Block B
Mercury Business Park
Bradninch
Exeter
EX5 4LB

Accountants

Stapletons
Chartered Certified Accountants
4 Market Street
Crediton
Devon
EX17 2AJ

 

Sunflower Energy Solutions Limited

(Registration number: 07664991)
Balance Sheet as at 31 March 2024

Note

2024
£

2022
£

Fixed assets

 

Intangible assets

4

-

4,000

Tangible assets

5

334,553

355,937

 

334,553

359,937

Current assets

 

Stocks

6

30,500

88,200

Debtors

7

388,740

403,883

Cash at bank and in hand

 

25,991

24,405

 

445,231

516,488

Creditors: Amounts falling due within one year

8

(247,908)

(330,936)

Net current assets

 

197,323

185,552

Total assets less current liabilities

 

531,876

545,489

Creditors: Amounts falling due after more than one year

8

(313,498)

(302,795)

Provisions for liabilities

(11,684)

(14,985)

Net assets

 

206,694

227,709

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

206,594

227,609

Shareholders' funds

 

206,694

227,709

For the financial period ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Sunflower Energy Solutions Limited

(Registration number: 07664991)
Balance Sheet as at 31 March 2024

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 26 November 2024
 

.........................................
Mr W Knight
Director

 

Sunflower Energy Solutions Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit B9, Block B
Mercury Business Park
Bradninch
Exeter
EX5 4LB

These financial statements were authorised for issue by the director on 26 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

 

Sunflower Energy Solutions Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 31 March 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

2% straight line basis

Plant and machinery

20% reducing balance basis

Motor vehicles

25% reducing balance basis

Office equipment

33% reducing balance basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

3 years straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Sunflower Energy Solutions Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 31 March 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Sunflower Energy Solutions Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 31 March 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 13 (2022 - 12).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

12,000

12,000

At 31 March 2024

12,000

12,000

Amortisation

At 1 January 2023

8,000

8,000

Amortisation charge

4,000

4,000

At 31 March 2024

12,000

12,000

Carrying amount

At 31 March 2024

-

-

At 31 December 2022

4,000

4,000

 

Sunflower Energy Solutions Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 31 March 2024

5

Tangible assets

Land and buildings
£

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

280,272

114,317

18,624

413,213

Additions

-

10,000

682

10,682

At 31 March 2024

280,272

124,317

19,306

423,895

Depreciation

At 1 January 2023

3,205

44,144

9,927

57,276

Charge for the period

4,007

25,055

3,004

32,066

At 31 March 2024

7,212

69,199

12,931

89,342

Carrying amount

At 31 March 2024

273,060

55,118

6,375

334,553

At 31 December 2022

277,067

70,173

8,697

355,937

6

Stocks

2024
£

2022
£

Other inventories

30,500

88,200

7

Debtors

Current

2024
£

2022
£

Trade debtors

240,665

202,832

Prepayments

5,882

1,500

Other debtors

142,193

199,551

 

388,740

403,883

 

Sunflower Energy Solutions Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 31 March 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2022
£

Due within one year

 

Loans and borrowings

10

19,240

16,647

Trade creditors

 

91,477

111,436

Taxation and social security

 

84,805

123,228

Accruals and deferred income

 

20,333

21,100

Other creditors

 

32,053

58,525

 

247,908

330,936

Creditors: amounts falling due after more than one year

Note

2024
£

2022
£

Due after one year

 

Loans and borrowings

10

199,787

223,017

Deferred income

 

113,711

79,778

 

313,498

302,795

9

Share capital

Allotted, called up and fully paid shares

2024

2022

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2022
£

Bank borrowings

162,193

176,157

Hire purchase contracts

37,594

46,860

199,787

223,017

 

Sunflower Energy Solutions Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 31 March 2024

Current loans and borrowings

2024
£

2022
£

Bank borrowings

11,828

9,235

Hire purchase contracts

7,412

7,412

19,240

16,647

Bank borrowings

Bank loan is denominated in Pound Sterling with a nominal interest rate of 3.20% over the Bank of England base rate%, and the final instalment is due on 30 November 2037. The carrying amount at period end is £161,052 (2022 - £168,991).

The company's bankers, Lloyds Bank PLC, hold a fixed and floating charge over the company's assets by way of a debenture dated 2 November 2022. The bank also hold a First Legal Charge over the freehold property as security for the term loan.

11

Related party transactions

Director's remuneration

The director's remuneration for the period was as follows:

2024
£

2022
£

Remuneration

15,713

18,808

Contributions paid to money purchase schemes

37,500

6,000

53,213

24,808