Solarig Development UK Ltd 09690936 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is during the year included the provision of support services in the development, building, operation, and maintenance of photovoltaic plants. Digita Accounts Production Advanced 6.30.9574.0 true true true 09690936 2023-01-01 2023-12-31 09690936 2023-12-31 09690936 bus:OrdinaryShareClass1 2023-12-31 09690936 core:CurrentFinancialInstruments 2023-12-31 09690936 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 09690936 core:OtherResidualIntangibleAssets 2023-12-31 09690936 core:WithinOneYear 2023-12-31 09690936 core:OtherPropertyPlantEquipment 2023-12-31 09690936 bus:SmallEntities 2023-01-01 2023-12-31 09690936 bus:Audited 2023-01-01 2023-12-31 09690936 bus:FilletedAccounts 2023-01-01 2023-12-31 09690936 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 09690936 bus:RegisteredOffice 2023-01-01 2023-12-31 09690936 bus:Director1 2023-01-01 2023-12-31 09690936 bus:Director2 2023-01-01 2023-12-31 09690936 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 09690936 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 09690936 1 2023-01-01 2023-12-31 09690936 core:ComputerSoftware 2023-01-01 2023-12-31 09690936 core:OtherResidualIntangibleAssets 2023-01-01 2023-12-31 09690936 core:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 09690936 core:PlantMachinery 2023-01-01 2023-12-31 09690936 1 2023-01-01 2023-12-31 09690936 countries:England 2023-01-01 2023-12-31 09690936 2022-12-31 09690936 core:OtherResidualIntangibleAssets 2022-12-31 09690936 core:OtherPropertyPlantEquipment 2022-12-31 09690936 2022-01-01 2022-12-31 09690936 2022-12-31 09690936 bus:OrdinaryShareClass1 2022-12-31 09690936 core:CurrentFinancialInstruments 2022-12-31 09690936 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 09690936 core:WithinOneYear 2022-12-31 09690936 core:OtherPropertyPlantEquipment 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 09690936

Solarig Development UK Ltd
(formerly Solaring UK Limited)

Filleted Financial Statements

for the Year Ended 31 December 2023

 

Solarig Development UK Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 8

 

Solarig Development UK Ltd

Company Information

Directors

Jose Miguel Moraga Delgado

Miguel Angel Calleja Rodriguez

Registered office

9-10 Staple Inn, 2nd Floor
London
WC1V 7QH

Auditors

Carbon Accountancy Limited
Chartered Accountants and Registered Auditors
80-83 Long Lane
London
EC1A 9ET

 

Solarig Development UK Ltd

(Registration number: 09690936)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

-

942

Current assets

 

Debtors

6

199,281

284,146

Cash at bank and in hand

 

35,289

9,061

 

234,570

293,207

Creditors: Amounts falling due within one year

7

(1,179,087)

(947,193)

Net current liabilities

 

(944,517)

(653,986)

Net liabilities

 

(944,517)

(653,044)

Capital and reserves

 

Called up share capital

9

5,000

5,000

Retained earnings

(949,517)

(658,044)

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 Board on 27 December 2024 and signed on its behalf by:
 

.........................................
Jose Miguel Moraga Delgado
Director

 

Solarig Development UK Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

1

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:
9-10 Staple Inn, 2nd Floor
London
WC1V 7QH
England

These financial statements were authorised for issue by the Board on 27 December 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 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

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 27 December 2024 was John Leyden, who signed for and on behalf of Carbon Accountancy Limited.

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

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 1).

 

Solarig Development UK Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 January 2023

6,000

6,000

At 31 December 2023

6,000

6,000

Amortisation

Amortisation charge

6,000

6,000

At 31 December 2023

6,000

6,000

Carrying amount

At 31 December 2023

-

-

5

Tangible assets

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

2,395

2,395

Disposals

(2,395)

(2,395)

At 31 December 2023

-

-

Depreciation

At 1 January 2023

1,453

1,453

Charge for the year

100

100

Eliminated on disposal

(1,553)

(1,553)

At 31 December 2023

-

-

Carrying amount

At 31 December 2023

-

-

At 31 December 2022

942

942

 

Solarig Development UK Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

6

Debtors

Note

2023
£

2022
£

Trade debtors

 

-

22,230

Amounts owed by related parties

7,880

74,880

Other debtors

 

10,847

4,350

Prepayments

 

180,554

-

Deferred tax assets

-

182,686

 

199,281

284,146

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

38,478

31,617

Amounts due to related parties

1,104,945

890,332

Social security and other taxes

 

5,134

15,098

Outstanding defined contribution pension costs

 

616

-

Accruals

 

29,914

10,146

 

1,179,087

947,193

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%.

8

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

47,400

2,900

The amount of non-cancellable operating lease payments recognised as an expense during the year was £33,530 (2022 - £23,658).

 

Solarig Development UK Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

5,000

5,000

5,000

5,000

       

10

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.