Silverfin false false 30/06/2024 01/06/2023 30/06/2024 Mr W J Dodd 25/02/2025 31/05/2023 Mr D Hogwood 31/05/2023 09 March 2025 The principal activity of the company during the financial year was construction of a solar park. 10196127 2024-06-30 10196127 bus:Director1 2024-06-30 10196127 bus:Director2 2024-06-30 10196127 2023-05-31 10196127 core:CurrentFinancialInstruments 2024-06-30 10196127 core:CurrentFinancialInstruments 2023-05-31 10196127 core:ShareCapital 2024-06-30 10196127 core:ShareCapital 2023-05-31 10196127 core:RetainedEarningsAccumulatedLosses 2024-06-30 10196127 core:RetainedEarningsAccumulatedLosses 2023-05-31 10196127 core:ConstructionInProgressAssetsUnderConstruction 2023-05-31 10196127 core:ConstructionInProgressAssetsUnderConstruction 2024-06-30 10196127 bus:OrdinaryShareClass1 2024-06-30 10196127 2023-06-01 2024-06-30 10196127 bus:FilletedAccounts 2023-06-01 2024-06-30 10196127 bus:SmallEntities 2023-06-01 2024-06-30 10196127 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-06-30 10196127 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-06-30 10196127 bus:Director1 2023-06-01 2024-06-30 10196127 bus:Director2 2023-06-01 2024-06-30 10196127 2022-06-01 2023-05-31 10196127 core:ConstructionInProgressAssetsUnderConstruction 2023-06-01 2024-06-30 10196127 bus:OrdinaryShareClass1 2023-06-01 2024-06-30 10196127 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 10196127 1 2023-06-01 2024-06-30 10196127 1 2023-06-01 2024-06-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: 10196127 (England and Wales)

DERRIL WATER SOLAR LIMITED

Unaudited Financial Statements
For the financial period from 01 June 2023 to 30 June 2024
Pages for filing with the registrar

DERRIL WATER SOLAR LIMITED

Unaudited Financial Statements

For the financial period from 01 June 2023 to 30 June 2024

Contents

DERRIL WATER SOLAR LIMITED

BALANCE SHEET

As at 30 June 2024
DERRIL WATER SOLAR LIMITED

BALANCE SHEET (continued)

As at 30 June 2024
Note 30.06.2024 31.05.2023
£ £
Fixed assets
Tangible assets 3 4,980,367 125,000
4,980,367 125,000
Current assets
Debtors 4 1,472,607 25,001
1,472,607 25,001
Creditors: amounts falling due within one year 5 ( 6,591,441) ( 151,890)
Net current liabilities (5,118,834) (126,889)
Total assets less current liabilities (138,467) (1,889)
Net liabilities ( 138,467) ( 1,889)
Capital and reserves
Called-up share capital 6 1 1
Profit and loss account ( 138,468 ) ( 1,890 )
Total shareholder's deficit ( 138,467) ( 1,889)

For the financial period ending 30 June 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 financial statements of Derril Water Solar Limited (registered number: 10196127) were approved and authorised for issue by the Director on 09 March 2025. They were signed on its behalf by:

Mr D Hogwood
Director
DERRIL WATER SOLAR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 June 2023 to 30 June 2024
DERRIL WATER SOLAR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 June 2023 to 30 June 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Derril Water Solar Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Frames Unit 208 Phipp Street, London, EC2A 4PS, England, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director notes that the business has net liabilities of £138,467. The Company is supported through loans from the Parent Company. The director has received assurances that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the Parent Company will continue to support the Company. After making enquiries, the director believes that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Reporting period length

The entity has extended its financial year to 30 June 2024 and therefore the reporting period length for these financial statements cover a 13 month period from 1 June 2023 to 30 June 2024. As such, the information given in the financial statements are not entirely comparable.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Change in basis of accounting

The Company has adopted FRS 102 - the Financial Reporting Standard applicable in the UK and Republic or Ireland. The company has transferred from the FRS 105 - the Financial Reporting Standard applicable to the Mirco-entities Regime as at 1 June 2023. There has been no impact on the reported financial position and financial performance.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Assets under construction not depreciated

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

2. Employees

Period from
01.06.2023 to
30.06.2024
Year ended
31.05.2023
Number Number
Monthly average number of persons employed by the Company during the period, including the director 3 3

3. Tangible assets

Assets under construc-
tion
Total
£ £
Cost
At 01 June 2023 125,000 125,000
Additions 4,855,367 4,855,367
At 30 June 2024 4,980,367 4,980,367
Accumulated depreciation
At 01 June 2023 0 0
At 30 June 2024 0 0
Net book value
At 30 June 2024 4,980,367 4,980,367
At 31 May 2023 125,000 125,000

4. Debtors

30.06.2024 31.05.2023
£ £
Prepayments 34,397 0
VAT recoverable 966,423 25,000
Other debtors 471,787 1
1,472,607 25,001

5. Creditors: amounts falling due within one year

30.06.2024 31.05.2023
£ £
Trade creditors 3,212,754 0
Amounts owed to Group undertakings 2,884,147 151,890
Accruals 2,950 0
Other creditors 491,590 0
6,591,441 151,890

6. Called-up share capital

30.06.2024 31.05.2023
£ £
Allotted, called-up and not yet paid
1 Ordinary share of £ 1.00 1 1

7. Financial commitments

Commitments

Capital commitments are as follows:

30.06.2024 31.05.2023
£ £
Contracted for but not provided for:
Tangible fixed assets 19,994,878 0

The company had entered into a contract to build a new solar park and had outstanding capital commitments as detailed above.

Other financial commitments

The company has an operating lease in place until the earlier of permanently ceasing generation or 41 years ending on 7 April 2065. Rent payable is the greater of 4% of the gross income receivable by Derril Water Solar Limited by way of income receipt from the Development or £32,416 per annum subject to Index Linked increase on each anniversary of the Lease. The directors estimate that the rent payable to the end of the lease is £1,354,205(2023 - £Nil).

The company has a second operating lease in place until the earlier of permanently ceasing generation or 42 years ending on 7 April 2066. Rent payable is the greater of 4% of the gross income receivable by Derril Water Solar Limited by way of income receipt from the Development or £63,600 per annum subject to Index Linked increase on each anniversary of the Lease. The directors estimate that the rent payable to the end of the lease is £5,499,360 (2023 - £Nil).

8. Related party transactions

Other related party transactions

During the period, the company's managing agent recharged expenses of £1,373,602 (2023: nil). As at 30 June 2024, £491,590 (2023: nil) was owed by the company, and the managing agent held £350,000 (2023: nil) on behalf of the company as a restoration fund for ongoing projects

9. Events after the Balance Sheet date

On 23rd September 2024 Derril Water Solar Limited agreed to borrow a sterling variable loan facility of £20,200,000 and a sterling variable overdraft facility of £1,600,000 with Clydesdale Bank Plc.

On 16th September 2024 Derril Water Solar Limited entered a Contracts for Difference (CFD) agreement with Low Carbon Contracts Company Limited.

10. Ultimate controlling party

The parent of the smallest group in which these financial statements are consolidated is Derril Water Solar Coop Limited, a Co-operative society registered under the Co-operative and Community Benefit Societies Act 2014. The address of Derril Water Solar Coop Limited is Ayr Business Centre, C/O Ripple Energy, 2 Beresford Terrace, Ayr, KA7 2EG.