Registration number:
Solarig Development UK Ltd
(formerly
for the Year Ended 31 December 2023
Solarig Development UK Ltd
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Solarig Development UK Ltd
Company Information
Directors |
Jose Miguel Moraga Delgado Miguel Angel Calleja Rodriguez |
Registered office |
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Auditors |
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Solarig Development UK Ltd
(Registration number: 09690936)
Balance Sheet as at 31 December 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
- |
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Current assets |
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Debtors |
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|
|
Cash at bank and in hand |
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|
|
|
|
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Net liabilities |
( |
( |
|
Capital and reserves |
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Called up share capital |
5,000 |
5,000 |
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Retained earnings |
(949,517) |
(658,044) |
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Shareholders' deficit |
(944,517) |
(653,044) |
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 directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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Solarig Development UK Ltd
Notes to the Financial Statements for the Year Ended 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in England.
The company was formerly known as Solaring UK Limited.
The address of its registered office is:
England
These financial statements were authorised for issue by the
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 accounts have been prepared on a going concern despite the deficit in shareholders’ funds of £944,517 (2022: £653,044). The directors have obtained a letter of support from the parent company, Solaring Global Services SA, that it will continue to support the company for the foreseeable future and that any intercompany debts will not be repayable until the company has the funds to do so.
Audit report
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.
Revenue in relation to operations and maintenance contracts is recognised evenly over the contractual period.
Revenue in relation to additional services is recognised in the period in which the services are performed.
Solarig Development UK Ltd
Notes to the Financial Statements for the Year Ended 31 December 2023
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current 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.
Deferred tax is recognised in the respect of all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
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 |
Plant and machinery |
10% on cost |
Intangible assets
Computer software has been fully amortised.
Amortisation
Asset class |
Amortisation method and rate |
Computer software |
over 3 years |
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.
Solarig Development UK Ltd
Notes to the Financial Statements for the Year Ended 31 December 2023
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.
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.
Operating leases
Rentals paid under operating leases are charged to profit or loss on straight line basis over the period of the leases.
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.
Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company’s pension scheme are charged to profit or loss in the period to which they relate.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Solarig Development UK Ltd
Notes to the Financial Statements for the Year Ended 31 December 2023
Intangible assets |
Other intangible assets |
Total |
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Cost or valuation |
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At 1 January 2023 |
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At 31 December 2023 |
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Amortisation |
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Amortisation charge |
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At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
- |
- |
Tangible assets |
Other tangible assets |
Total |
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Cost or valuation |
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At 1 January 2023 |
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Disposals |
( |
( |
At 31 December 2023 |
- |
- |
Depreciation |
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At 1 January 2023 |
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Charge for the year |
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Eliminated on disposal |
( |
( |
At 31 December 2023 |
- |
- |
Carrying amount |
||
At 31 December 2023 |
- |
- |
At 31 December 2022 |
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Solarig Development UK Ltd
Notes to the Financial Statements for the Year Ended 31 December 2023
Debtors |
Note |
2023 |
2022 |
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Trade debtors |
- |
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Amounts owed by related parties |
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Other debtors |
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Prepayments |
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- |
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Deferred tax assets |
- |
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Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Trade creditors |
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Amounts due to related parties |
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Social security and other taxes |
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Outstanding defined contribution pension costs |
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- |
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Accruals |
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The parent company has entered into a loan agreement facility with the company to lend a maximum of 3,000,000 euros, with an effective date for the loan of 1 October 2017 and termination date of 31 December 2027. The loan is unsecured and the current rate of the interest charged an annual basis is 2.79%.
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2023 |
2022 |
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Not later than one year |
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The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Solarig Development UK Ltd
Notes to the Financial Statements for the Year Ended 31 December 2023
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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5,000 |
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5,000 |
Parent and ultimate parent undertaking |
The company is 100% subsidiary of Solaring Energy Services SL, a company registered in Spain.
The parent company of the smallest group for which the results of the company are consolidated is Solaring Global Services SA, Calle Ribera del Loira, Num28. Planta 2, 28042 Madrid - Spain.