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Registered number: 13084282
















SKY ZESTEC LIMITED (FORMERLY FERN ROOFTOP SOLAR (ZESTEC) LIMITED)




DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024


































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SKY ZESTEC LIMITED

 
COMPANY INFORMATION


DIRECTORS
P E Dias 
D N G Goodwin (appointed 31 January 2024)
L G Halstead (resigned 29 August 2023)
B D Rhys Jones (resigned 19 July 2024)




COMPANY SECRETARY
Octopus Company Secretarial Services Limited



REGISTERED NUMBER
13084282



REGISTERED OFFICE
UK House 5th Floor
164 - 182 Oxford Street

London

England

W1D 1NN




INDEPENDENT AUDITORS
Bishop Fleming LLP
Chartered Accountants & Statutory Auditors

Brook House, Winslade Park

Manor Drive

Clyst St Mary

Exeter

EX5 1FY




BANKERS
Barclays Bank
1 Churchill Place

London

Greater London

E14 5HP






SKY ZESTEC LIMITED


CONTENTS



Page
Directors' report
1 - 2
Independent auditors' report
3 - 6
Statement of comprehensive income
7
Statement of financial position
8
Notes to the financial statements
9 - 15


SKY ZESTEC LIMITED

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024

The directors present their report and the financial statements for the year ended 30 June 2024.

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

DIRECTORS

The directors who served during the year were:

P E Dias 
D N G Goodwin (appointed 31 January 2024)
L G Halstead (resigned 29 August 2023)
B D Rhys Jones (resigned 19 July 2024)

DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

AUDITORS

The auditorsBishop Fleming LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

SMALL COMPANIES NOTE

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

Page 1


SKY ZESTEC LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
This report was approved by the board and signed on its behalf.
 






P E Dias
Director

Date: 28 March 2025

UK House 5th Floor
164 - 182 Oxford Street
London
England
W1D 1NN
Page 2


SKY ZESTEC LIMITED

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SKY ZESTEC LIMITED
OPINION


We have audited the financial statements of Sky Zestec Limited (formerly Fern Solar Zestec Limited) (the 'Company') for the year ended 30 June 2024, which comprise the Statement of comprehensive income, the Statement of financial position and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 June 2024 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


BASIS FOR OPINION


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


CONCLUSIONS RELATING TO GOING CONCERN


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


OTHER INFORMATION


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 3


SKY ZESTEC LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SKY ZESTEC LIMITED (CONTINUED)

OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' report has been prepared in accordance with applicable legal requirements.


MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' report and from the requirement to prepare a Strategic report.


RESPONSIBILITIES OF DIRECTORS
 

As explained more fully in the Directors' responsibilities statement set out on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 4


SKY ZESTEC LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SKY ZESTEC LIMITED (CONTINUED)

AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In identifying and assesseing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

the nature of the sector, control environment and the Company’s performance;
results of our enquiries of management and the Directors, about their own identification and assessment of the risks of irregularities

We have obtained and reviewed the Company’s documentation of their policies and procedures relating to:
 
identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; 
detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; 
the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations

We have considered the matters discussed among the audit engagement team regarding now and where fraud might occur in the financial statements and any potential indicators of fraud. 
As a result of these procedures, we have considered the opportunities and incentives that may exist within the organisation for fraud and identified the highest area of risk to be in relation to revenue recognition, with a particular risk in relation to year-end cut-off.  In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
We identified and obtained an understanding of the laws and regulations that are of significance to the Company by discussions with directors and by updating our understanding of the sector in which the Company operated in. Laws and regulations that are of direct significance to the Company, and of which non-compliance could result in material misstatement, are considered to be the UK Companies Act, FRS 102 and UK tax legislation. 
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company’s ability to operate. 
Our procedures to respond to risks identified for the company included the following, as we considered appropriate:

Reviewing the financial statement disclosures and testing to supporting documentation to assess    compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
Reviewing the financial statement disclosures and testing to supporting documentation to assess the recognition of revenue;
Enquiring of Directors and management concerning actual and potential litigation and claims;
Performing procedures to confirm material compliance with the requirements of the above regulations; 
Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
Reading minutes of Director meetings; and
Page 5


SKY ZESTEC LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SKY ZESTEC LIMITED (CONTINUED)

In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; and assessing whether the judgements made in making accounting estimates are indicative of a potential bias.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.the nature of the sector, control environment and the Company’s performance;


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


OTHER MATTERS
 

The corresponding figures for the year ended 30/06/2023 are unaudited.


USE OF OUR REPORT
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.






Mark Munro FCA (Senior statutory auditor)
for and on behalf of
Bishop Fleming LLP
Chartered Accountants
Statutory Auditors
Brook House, Winslade Park
Manor Drive
Clyst St Mary
Exeter
EX5 1FY

31 March 2025
Page 6


SKY ZESTEC LIMITED

 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
Note
£
£

  

Turnover
  
235,126
128,031

Cost of sales
  
(160,727)
(83,053)

Gross profit
  
74,399
44,978

Administrative expenses
  
(7,857)
(9,918)

Operating profit
  
66,542
35,060

Interest payable and similar expenses
  
(128,807)
(71,869)

Loss before tax
  
(62,265)
(36,809)

Tax on loss
 4 
(405,777)
14,337

Loss for the financial year
  
(468,042)
(22,472)

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 9 to 15 form part of these financial statements.
Page 7


SKY ZESTEC LIMITED
REGISTERED NUMBER:13084282

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
4,481,029
1,690,346

  
4,481,029
1,690,346

Current assets
  

Debtors: amounts falling due within one year
 6 
427,696
118,841

Cash at bank and in hand
 7 
1,756,450
771,638

  
2,184,146
890,479

Creditors: amounts falling due within one year
 8 
(437,853)
(48,913)

Net current assets
  
 
 
1,746,293
 
 
841,566

Total assets less current liabilities
  
6,227,322
2,531,912

Creditors: amounts falling due after more than one year
  
(5,091,080)
(2,062,041)

Provisions for liabilities
  

Deferred tax
  
(405,777)
-

  
 
 
(405,777)
 
 
-

Net assets
  
730,465
469,871


Capital and reserves
  

Called up share capital 
 11 
12,220
4,934

Share premium account
  
1,209,801
488,451

Profit and loss account
  
(491,556)
(23,514)

  
730,465
469,871


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 





P E Dias
Director

Date: 28 March 2025

The notes on pages 9 to 15 form part of these financial statements.

Page 8


SKY ZESTEC LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


GENERAL INFORMATION

Sky Zestec Limited is a private company, limited by shares, incorporated and domiciled in England, The United Kingdom, company number: 13084282. The registered office is UK House 5th floor, 162-182 Oxford Street, London, England, W1D 1NN.
The principal activity of the Company is the construction and operation of rooftop solar assets for the purpose of electricity generation.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

GOING CONCERN

After making enquiries and having considered the ongoing support from SKY Renewables S.A.R.L., the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For these reasons, they continue to adopt the going concern basis of accounting in preparing the financial statements.

 
2.3

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, including discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Revenue is derived from the production of electricity, and is recognised on an accruals basis in the period in which it is generated.

 
2.4

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 9


SKY ZESTEC LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.ACCOUNTING POLICIES (continued)

 
2.5

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


 
2.6

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Assets under construction are accounted for at cost. They are not depreciated until the accounting period in which they are brought into use. The Company brings the assets into use only when the solar sites are able to generate revenue.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
4% - 10% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 10


SKY ZESTEC LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.ACCOUNTING POLICIES (continued)

 
2.8

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

PROVISIONS FOR LIABILITIES

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.11

FINANCIAL INSTRUMENTS

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Page 11


SKY ZESTEC LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

3.


EMPLOYEES




The Company has no employees other than the directors, who did not receive any remuneration  (2023:£NIL).

The average monthly number of employees, including directors, during the year was 0 (2023:0).


4.


TAXATION


2024
2023
£
£

CORPORATION TAX


Current tax on profits for the year
-
2,771


TOTAL CURRENT TAX
-
2,771

DEFERRED TAX


Adjustments in respect of previous years
405,777
(17,108)

TOTAL DEFERRED TAX
405,777
(17,108)


TAX ON LOSS
405,777
(14,337)

FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is higher than (2023:lower than) the standard rate of corporation tax in the UK of 25% (2023:20.5%). The differences are explained below:

2024
2023
£
£


Loss on ordinary activities before tax
(62,265)
(36,809)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023:20.5%)
(15,566)
(7,544)

EFFECTS OF:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
105
1,889

Adjustments to tax charge in respect of prior periods
421,238
(17,968)

Non-qualifying depreciation
-
9,286

TOTAL TAX CHARGE FOR THE YEAR
405,777
(14,337)



Page 12


SKY ZESTEC LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

5.


TANGIBLE FIXED ASSETS





Plant and machinery
Assets Under Construction
Total

£
£
£



COST OR VALUATION


At 1 July 2023
1,750,564
-
1,750,564


Additions
2,040,890
850,178
2,891,068



At 30 June 2024

3,791,454
850,178
4,641,632



DEPRECIATION


At 1 July 2023
60,218
-
60,218


Charge for the year on owned assets
100,385
-
100,385



At 30 June 2024

160,603
-
160,603



NET BOOK VALUE



At 30 June 2024
3,630,851
850,178
4,481,029



At 30 June 2023
1,690,346
-
1,690,346


6.


DEBTORS

2024
As restated
2023
£
£


Trade debtors
127,562
53,825

Amounts owed by group undertakings
46,793
46,793

Other debtors
244,060
8,090

Prepayments and accrued income
9,281
10,133

427,696
118,841



7.


CASH AND CASH EQUIVALENTS

2024
2023
£
£

Cash at bank and in hand
1,756,450
771,638

1,756,450
771,638


Page 13


SKY ZESTEC LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

8.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
As restated
2023
£
£

Trade creditors
75,737
3,585

Amounts owed to group undertakings
209,844
-

Other taxation and social security
-
8,203

Other creditors
14,801
14,801

Accruals and deferred income
137,471
22,324

437,853
48,913



9.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024
As restated 2023
£
£

Amounts owed to group undertakings
5,091,080
2,062,041

5,091,080
2,062,041


Amounts owed to group undertakings of £5,091,080 are unsecured loans with year end balances amounting to £4,888,082 (2023: £1,987,936) with accrued interest balances of £202,998 (2023: £74,105). The loans bear interest at 5% (2023: 5%) and are repayable on demand.


10.


DEFERRED TAXATION




2024


£






Charged to profit or loss
(405,777)



AT END OF YEAR
(405,777)

The deferred taxation balance is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(405,777)
-

(405,777)
-

Page 14


SKY ZESTEC LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

11.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



1,222,000 (2023:493,400) Ordinary shares of £0.01 each
12,220
4,934


During the year ended 30 June 2024, the Company issued 728,636 ordinary shares of £0.01 each for a total consideration of £728,636, the premium was included as an addition in the share premium account.

During the year ended 30 June 2023, the members of the company, by passing a special resolution, reduced the Company's share capital from £7,819.89 to £4,566.77 by cancelling 325,312 of the issued ordinary shares of £0.01 each in the capital of the company. Subsequent to this cancelling of share capital, 36,707 ordinary shares at a nominal value of £0.01 were allotted for consideration of £1 each. The premium on the shares was allocated to share premium.


12.


RELATED PARTY TRANSACTIONS

The company has taken advantage of the exemption under paragraph 33.1A from the previous provisions of FRS 102, on the grounds that as art the year ended 30 June 2024, it was a wholly owned subsidiary.

13.


POST BALANCE SHEET EVENTS

On the 19 July 2024, all of the Company's shares were purchased by Sky Rooftop Holdings 1, a company registered in England and Wales, company regisration number 13480699. 


14.


CONTROLLING PARTY

At the year end date, the immediate parent was Fern UK Power Developments Limited, and the ultimate controlling party was Fern Trading Limited.
As of 19 July 2024, the immediate parent undertaking is Sky Rooftop Holdings 1 Limited, which is the smallest group to consolidate these financial statements.
As of 19 July 2024, the ultimate parent undertaking and controlling party is SKY Renewables S.A.R.L. This is incorporated in Luxembourg with the registered address at 60 Avenue J.F Kennedy, L-1855, Luxembourg.

 
Page 15