Company No:
Contents
Note | 30.06.2024 | 31.05.2023 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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4,980,367 | 125,000 | |||
Current assets | ||||
Debtors | 4 |
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1,472,607 | 25,001 | |||
Creditors: amounts falling due within one year | 5 | (
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Net current liabilities | (5,118,834) | (126,889) | ||
Total assets less current liabilities | (138,467) | (1,889) | ||
Net liabilities | (
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Capital and reserves | ||||
Called-up share capital | 6 |
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Profit and loss account | (
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Total shareholder's deficit | (
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Director's responsibilities:
The financial statements of Derril Water Solar Limited (registered number:
Mr D Hogwood
Director |
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.
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 £.
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.
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.
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.
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.
Assets under construction | not depreciated |
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.
Period from 01.06.2023 to 30.06.2024 |
Year ended 31.05.2023 |
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Number | Number | ||
Monthly average number of persons employed by the Company during the period, including the director |
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Assets under construc- tion |
Total | ||
£ | £ | ||
Cost | |||
At 01 June 2023 |
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Additions |
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At 30 June 2024 |
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Accumulated depreciation | |||
At 01 June 2023 |
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At 30 June 2024 |
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Net book value | |||
At 30 June 2024 |
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At 31 May 2023 |
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30.06.2024 | 31.05.2023 | ||
£ | £ | ||
Prepayments |
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VAT recoverable |
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Other debtors |
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30.06.2024 | 31.05.2023 | ||
£ | £ | ||
Trade creditors |
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Amounts owed to Group undertakings |
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Accruals |
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Other creditors |
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30.06.2024 | 31.05.2023 | ||
£ | £ | ||
Allotted, called-up and not yet paid | |||
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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).
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
On 16th September 2024 Derril Water Solar Limited entered a Contracts for Difference (CFD) agreement with Low Carbon Contracts Company Limited.