Spirit Solar Ltd |
Registered number: |
07138647 |
Directors' Report |
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Since 2010, Spirit Energy has been a pioneer of the specialist design and installation of Solar, Battery and EV Charging to both commercial and residential markets. Our long-standing reputation for - and continued investment in - the technical excellence of our team has proven critical in an environment of fast-moving advances in solar and energy storage technologies. Since day one, our focus has been to leverage this expertise to maximise our clients’ return on investment with detailed and meticulous system design and the finest installation standards. We continue to service long-standing clients in the new-build, mechanical and electrical industries whilst investing in further strategic partnerships in the commercial sector. The company aims to sustain the current operations whilst actively growing the business through partnerships with key suppliers, manufacturers and commercial entities. The outlook for the renewable sector is strong. Technical advances continue to make investment returns, particularly in the commercial market, compelling, and it is this, combined with the rising focus on carbon reduction and net-zero targets that has caused the increasing demand for our unusually detailed approach. As always, the directors acknowledge the importance of our highly knowledgeable and experienced team, with nearly half of profits shared with staff and the remaining reinvested to maintain our strong financial standing. |
The directors present their report and accounts for the year ended 30 June 2024. |
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Principal activities |
The company's principal activity during the year continued to be the design, installation and maintenance of renewable energy systems, primarily solar photovoltaic and battery storage systems. |
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Directors |
The following persons served as directors during the year: |
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Ian Charles |
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Vishal Giga |
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Small company provisions |
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime. |
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This report was approved by the board on 24 January 2025 and signed on its behalf. |
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Ian Charles |
Director |
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Spirit Solar Ltd |
Registered number: |
07138647 |
Statement of Financial Position |
as at 30 June 2024 |
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Notes |
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2024 |
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2023 |
£ |
£ |
Fixed assets |
Tangible assets |
3 |
|
|
143,721 |
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167,883 |
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Current assets |
Stocks |
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563,065 |
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|
730,934 |
Debtors |
4 |
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728,563 |
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|
621,176 |
Cash at bank and in hand |
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|
178,261 |
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|
457,491 |
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1,469,889 |
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1,809,601 |
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Creditors: amounts falling due within one year |
5 |
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(526,380) |
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(1,168,510) |
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Net current assets |
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943,509 |
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641,091 |
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Total assets less current liabilities |
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1,087,230 |
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808,974 |
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Creditors: amounts falling due after more than one year |
6 |
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- |
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(65,110) |
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Provisions for liabilities |
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(33,824) |
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(29,186) |
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Net assets |
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1,053,406 |
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714,678 |
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Capital and reserves |
Called up share capital |
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20 |
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20 |
Share premium |
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300,000 |
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300,000 |
Profit and loss account |
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753,386 |
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414,658 |
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Shareholders' funds |
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1,053,406 |
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714,678 |
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The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
The accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
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Ian Charles |
Director |
Approved by the board on 24 January 2025 |
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Spirit Solar Ltd |
Notes to the Accounts |
for the year ended 30 June 2024 |
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102 Section 1a small entities, the financial reporting standard applicable in the UK and the Republic of Ireland. |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Plant and machinery |
33.33% straight line |
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Motor vehicles |
33.33% straight line |
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Inventories |
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Inventories are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
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Debtors |
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Short term debtors are measured at transaction price, less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price. Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Provisions |
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Provisions are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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Pensions |
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The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme. |
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2 |
Employees and directors |
2024 |
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2023 |
Number |
Number |
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Average number of directors and persons employed by the company |
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37 |
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30 |
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3 |
Tangible fixed assets |
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Plant and machinery etc |
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Motor vehicles |
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Total |
£ |
£ |
£ |
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Cost |
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At 1 July 2023 |
77,769 |
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180,249 |
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258,018 |
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Additions |
14,576 |
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31,613 |
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46,189 |
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Disposals |
(805) |
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(16,440) |
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(17,245) |
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At 30 June 2024 |
91,540 |
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195,422 |
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286,962 |
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Depreciation |
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At 1 July 2023 |
19,028 |
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71,107 |
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90,135 |
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Charge for the year |
26,404 |
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43,500 |
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69,904 |
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On disposals |
(358) |
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(16,440) |
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(16,798) |
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At 30 June 2024 |
45,074 |
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98,167 |
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143,241 |
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Net book value |
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At 30 June 2024 |
46,466 |
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97,255 |
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143,721 |
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At 30 June 2023 |
58,741 |
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109,142 |
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167,883 |
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4 |
Debtors |
2024 |
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2023 |
£ |
£ |
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Trade debtors |
414,233 |
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449,900 |
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Prepayments |
124,382 |
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101,467 |
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Other debtors |
189,948 |
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69,809 |
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728,563 |
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621,176 |
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5 |
Creditors: amounts falling due within one year |
2024 |
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2023 |
£ |
£ |
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Obligations under finance lease and hire purchase contracts |
- |
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22,834 |
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Trade creditors |
109,388 |
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239,834 |
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Accruals |
2,310 |
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3,588 |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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2,520 |
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- |
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Corporation tax |
120,985 |
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53,204 |
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Other taxes and social security costs |
665 |
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54,332 |
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Other creditors |
290,512 |
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794,718 |
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526,380 |
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1,168,510 |
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6 |
Creditors: amounts falling due after one year |
2024 |
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2023 |
£ |
£ |
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Obligations under finance lease and hire purchase contracts |
- |
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65,110 |
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7 |
Other information |
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Spirit Solar Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
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25 Albury Close |
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Reading |
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RG30 1BD |