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COMPANY REGISTRATION NUMBER: 08835477
HARPER SOLAR LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 June 2024
HARPER SOLAR LIMITED
STATEMENT OF FINANCIAL POSITION
30 June 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
4
2,901,778
3,130,972
Current assets
Debtors
5
293,463
650,381
Cash at bank and in hand
1,880,545
1,170,644
------------
------------
2,174,008
1,821,025
Creditors: amounts falling due within one year
6
606,038
575,915
------------
------------
Net current assets
1,567,970
1,245,110
------------
------------
Total assets less current liabilities
4,469,748
4,376,082
Creditors: amounts falling due after more than one year
7
2,382,085
2,642,743
Provisions
Taxation including deferred tax
228,606
281,791
------------
------------
Net assets
1,859,057
1,451,548
------------
------------
Capital and reserves
Called up share capital
9
13,465
13,465
Revaluation reserve
10
188,814
188,814
Other reserves
10
97,917
192,341
Profit and loss account
10
1,558,861
1,056,928
------------
------------
Shareholders funds
1,859,057
1,451,548
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
HARPER SOLAR LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 June 2024
These financial statements were approved by the board of directors and authorised for issue on 18 October 2024 , and are signed on behalf of the board by:
Mr N Morris
Director
Company registration number: 08835477
HARPER SOLAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 JUNE 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 London Street, Reading, Berkshire, RG1 4QW, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Solar farm
-
5% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
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 entity after deducting all of its financial liabilities.
4. Tangible assets
Land and buildings
Equipment
Total
£
£
£
Cost
At 1 July 2023 and 30 June 2024
260,703
4,583,897
4,844,600
---------
------------
------------
Depreciation
At 1 July 2023
1,713,628
1,713,628
Charge for the year
229,194
229,194
---------
------------
------------
At 30 June 2024
1,942,822
1,942,822
---------
------------
------------
Carrying amount
At 30 June 2024
260,703
2,641,075
2,901,778
---------
------------
------------
At 30 June 2023
260,703
2,870,269
3,130,972
---------
------------
------------
Tangible assets held at valuation
The directors have considered the value of the land which is held at valuation. Based on the knowledge of the land valuation of a neighbouring solar farm, the value per the accounts is still considered appropriate. The land was valued professionally during year end 30 June 2021 and there was no material difference to the carrying value. Revaluations are accounted through a revaluation reserve.
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property
£
At 30 June 2024
Aggregate cost
8,951
Aggregate depreciation
-------
Carrying value
8,951
-------
At 30 June 2023
Aggregate cost
8,951
Aggregate depreciation
-------
Carrying value
8,951
-------
5. Debtors
2024
2023
£
£
Trade debtors
141,936
376,068
Other debtors
151,527
274,313
---------
---------
293,463
650,381
---------
---------
The debtors above include the following amounts falling due after more than one year:
2024
2023
£
£
Other debtors
130,558
256,457
---------
---------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
260,659
244,907
Trade creditors
20,531
14,186
Amounts owed to group undertakings and undertakings in which the company has a participating interest
88,539
44,209
Corporation tax
196,453
227,985
Social security and other taxes
22,286
30,100
Other creditors
17,570
14,528
---------
---------
606,038
575,915
---------
---------
The amounts shown within loans are secured by way of a legal charge over the company's assets
7. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,829,474
2,090,132
Amounts owed to group undertakings and undertakings in which the company has a participating interest
552,611
552,611
------------
------------
2,382,085
2,642,743
------------
------------
The amounts shown within loans are secured by way of a legal charge over the company's assets
8. Financial instruments
Derivative Financial Instruments Derivative financial instruments are initially measured at fair value at the date on which a derivative contract is entered into and are subsequently measured at fair value through profit or loss. The company uses derivative financial instruments to hedge its exposure to interest rate risks. These instruments are interest rate swaps. At the reporting date, the fair value of derivative financial instruments held was £130,558. The net movement in fair value for the year ended 30 June 2024 was £94,424 loss and has been recognised in the Statement of Comprehensive Income. Fair value is obtained using mid-market MTM valuations. These valuations are provided by Santander. Significant terms and conditions that may affect the mount, timing and certainty of future cash flows include the notional amount on each calculation period start date (31st December and 30th June) and the 6-month SONIA (previously LIBOR) rate. The notional principal amount of the swap (determined by reference to a pre-agreed schedule) as at the 30th June 2024 is £2,090,131 with a fixed interest of 3.948% paid semi-annually in exchange for receiving 6-month SONIA plus 2.4%, re-set semi-annually. The swap matures on the 22nd November 2026
9. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares shares of £ 0.20 each
67,325
13,465
67,325
13,465
--------
--------
--------
--------
10. Reserves
Revaluation reserve - This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income. Hedging reserve - This reserve records fair value movements on cash flow and net investment hedging instruments. Profit and loss account - This reserve records retained earnings and accumulated losses.
11. Fair value reserve
The following movements on the fair value reserve are included within other reserves in the statement of changes in equity:
2024
2023
£
£
At start of year
192,341
81,864
Fair value movements on cash flow hedging instruments
( 94,424)
110,477
---------
--------
At end of year
97,917
81,864
---------
--------