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Registered number: 09377661 SOLARPORT SYSTEMS LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
SOLARPORT SYSTEMS LIMITED COMPANY INFORMATION
Directors | Mark Noel
| Christy Tattershall
| David Tattershall
| Jade Tattershall
| Liam Tattershall
| Louise Tatterhsall
| Gemma Buckley (appointed 9 January 2025)
Registered number | 09377661
Registered office | Unit 3 The Core
| Gore Cross Business Park
| Bridport
| Dorset
| DT6 3FH
SOLARPORT SYSTEMS LIMITED CONTENTS
| Page
Strategic report | 1 - 2
Directors' report | 3 - 4
Independent auditors' report | 5 - 8
Statement of income and retained earnings | 9
Statement of financial position | 10 - 11
Statement of cash flows | 12 - 13
Analysis of net debt | 14
Notes to the financial statements | 15 - 36
SOLARPORT SYSTEMS LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 JANUARY 2025
Introduction
Solarport Systems Limited is the leading UK designer and manufacturer of solar mounting systems. The company delivers critical components for their projects, from high profile utility-scale solar generation to commercial and domestic installations.
Business review
The directors are pleased to present the review of the business for the year ended 31 January 2025 and of the position of the company at the end of the year. The intention is to portray balanced and comprehensive summary of the development and performance of the company consistent with the size of and relatively uncomplicated nature of the business against the background of any risks and uncertainties that may exist. In doing so, the directors have taken into account only such facts and circumstances of which they are aware at the date of this report. There has been no change in the principal activity of the company. The company operates out of two sites. The Head Quarters based in Bridport, and a manufacturing facility in Yeovil. In the year to 31 January 2025 total revenues rose by 109% over the previous year. This was driven by an expanding market in the UK as the country strives to increase electricity generation from renewable sources, in line with the policy of striving for Net Zero by 2035, and also by the company increasing its domestic market share.
Principal risks and uncertainties
The main risks and uncertainties for the business relate to: • The political risk caused by the government changing direction on driving the country towards renewable energy and achieving Net Zero within a given timeframe; and • The volatility of material prices which form a significant part of total costs of the mounting systems. The company undertakes regular reviews of the principle risks facing the business and, whenever possible, processes are put in place to monitor and minimise such risks. The Directors give the highest priority to the safety and welfare of our colleagues and the public. We continue to strive for a reduction in accidents and the severity of those accidents through promotion of safe working practices and awareness. The company continues to hold relevant quality, environmental and health and safety standards of ISO 9001:2015, ISO 14001:2015 and ISO 45001:2018. Efforts continue across company to reduce its environmental impact. During the year, the company engaged with key partners to both standardise designs on its utility-scale products and standardise on higher material grades to facilitate reductions in the amount of steel being used. This work undertaken will reduce the level of embedded carbon in the company’s products. The company is also working with those key partners for a further decarbonisation on a global scale. Page 1
SOLARPORT SYSTEMS LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025
Financial key performance indicators
The key objectives of the company are to achieve growth in operating profit, through focus on Gross Margin expansion and improved cost control. The company is committed to delivering the highest standards of customer service and to continuous improvement in all aspects of the business. The relevant key financial performance indicators are turnover and operating profit. 2025 2024 Turnover 44,308,974 21,160,420 Operating Profit 3,169,107 954,155
Other key performance indicators
The company also considers the amount of delivered system Megawatts (MW) as a key driver of future turnover. As the market expands rapidly, individual projects are also expanding quickly. To be able to highlight an increasing installed base is critical, giving the final Key Performance Indicator as MW delivered 2025 2024 2023 MW Delivered 925 450 220 This report was approved by the board and signed on its behalf.
David Tattershall Director
Date: 15 September 2025
Page 2
SOLARPORT SYSTEMS LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 JANUARY 2025 The directors present their report and the financial statements for the year ended 31 January 2025.
Directors' responsibilities statement
The directors are responsible for preparing the Strategic report, 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 2006. They 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.
Results and dividends
The profit for the year, after taxation, amounted to £2,467,125 (2024 - £704,889). The directors propose a dividend of £25,000 which has not been provided for in these accounts.
Directors
The directors who served during the year were:
Mark Noel
Christy Tattershall
David Tattershall
Jade Tattershall
Liam Tattershall
Louise Tatterhsall
Gemma Buckley (appointed 9 January 2025)
Future developments
The directors are optimistic that the market for solar mounting will continue to grow rapidly and that the company will share in that growth and the directors are optimistic about the company’s future prospects. Page 3
SOLARPORT SYSTEMS LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025
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.
Post balance sheet events
There have been no significant events affecting the Company since the year end.
Auditors
The auditors, Xeinadin Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
David Tattershall Director
Date: 15 September 2025
Page 4
SOLARPORT SYSTEMS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SOLARPORT SYSTEMS LIMITED
Opinion
We have audited the financial statements of Solarport Systems Limited (the 'Company') for the year ended 31 January 2025, which comprise the Statement of income and retained earnings, the Statement of financial position, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The 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 31 January 2025 and of its profit 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. Page 5
SOLARPORT SYSTEMS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SOLARPORT SYSTEMS LIMITED (CONTINUED)
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 Report. Our 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.
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 Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic report and the Directors' report have 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 Strategic report or 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.
Responsibilities of directors
As explained more fully in the Directors' responsibilities statement set out on page 3, 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 6
SOLARPORT SYSTEMS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SOLARPORT SYSTEMS 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: We assessed the risk of material misstatement due to non-compliance with laws and regulations and fraud by obtaining an understanding of the legal and regulatory frameworks that are applicable to the entity and determined that the most significant are those that relate to the determination of material amounts and disclosures in the financial statements such as the UK reporting framework, UK company law and UK tax legislation. Other laws and regulations that are fundamental to the operating aspects of the business include employment law, data protection, contract law and health and safety legislation; Specifically in respect of fraud we discussed with management and those charged with governance areas in which the entity was susceptible to fraud and whether there were any instances of known, suspected or alleged fraud. We also assessed the ability of internal controls to mitigate the risk of fraud. We assessed the risk of non-compliance with laws and regulations by: - Making enquiries of management and those charged with governance concerning actual and potential litigation or claims; - Reading meeting minutes for evidence of discussions which may indicate potential litigation and claims; - Reviewing the company's records for evidence of legal costs which may indicate non-compliance with laws and regulations; and - Considering the effectiveness of internal controls to mitigate such risks. We assessed the risk of material misstatement in respect of irregularities and fraud as follows: - Enquiring of management concerning actual and potential instances of fraud, as well assessing areas in the financial statements that are at risk of material misstatement due to fraud; - Assessing the risk of management override of controls via a review of accounting entries, estimates and the testing of journal entries; - Seeking explanations and evidence for any significant transactions outside the normal course of business; - Performing analytical procedures to identify any unusual relationships that may indicate risks of material misstatement due to fraud; - Testing fraud risk of revenue recognition by testing revenue to source documentation; and - Maintaining professional scepticism and challenging explanations provided by management. Page 7
SOLARPORT SYSTEMS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SOLARPORT SYSTEMS LIMITED (CONTINUED) Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 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.
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 2006. Our 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. Mr P A Cattermole FCA (Senior statutory auditor) for and on behalf of Xeinadin Audit Limited Chartered Accountants Statutory Auditors Wadebridge House 16 Wadebridge Square Dorchester Dorset DT1 3AQ 15 September 2025 Page 8
SOLARPORT SYSTEMS LIMITED STATEMENT OF INCOME AND RETAINED EARNINGS FOR THE YEAR ENDED 31 JANUARY 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 44,308,974 | 21,160,420
Cost of sales |  | (35,461,056) | (17,580,145)
Gross profit |  | 8,847,918 | 3,580,275
Distribution costs |  | (903,598) | (623,908)
Administrative expenses |  | (4,772,978) | (2,009,037)
Other operating income | 5 | - | 6,825
Other operating charges |  | (2,235) | -
Operating profit | 6 | 3,169,107 | 954,155
Interest receivable and similar income |  | 46,749 | -
Interest payable and similar expenses | 11 | (85,561) | (63,145)
Profit before tax |  | 3,130,295 | 891,010
Tax on profit | 12 | (663,170) | (186,121)
Profit after tax |  | 2,467,125 | 704,889
Retained earnings at the beginning of the year |  | 1,250,247 | 605,358
|  | 1,250,247 | 605,358
Profit for the year |  | 2,467,125 | 704,889
Dividends declared and paid |  | (309,380) | (60,000)
Retained earnings at the end of the year |  | 3,407,992 | 1,250,247
The notes on pages 15 to 36 form part of these financial statements.
Page 9
SOLARPORT SYSTEMS LIMITED REGISTERED NUMBER: 09377661 STATEMENT OF FINANCIAL POSITION AS AT 31 JANUARY 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 14 |  | 42,619 |  | 47,354
Tangible assets | 15 |  | 1,829,804 |  | 1,147,469
|  |  | 1,872,423 |  | 1,194,823
Current assets |  |  |  |  |
Stocks | 16 | 4,285,446 |  | 1,398,252 |
Debtors: amounts falling due after more than one year | 17 | 641,432 |  | - |
Debtors: amounts falling due within one year | 17 | 2,911,555 |  | 2,279,617 |
Cash at bank and in hand | 18 | 3,796,442 |  | 411,247 |
|  | 11,634,875 |  | 4,089,116 |
Creditors: amounts falling due within one year | 19 | (8,775,020) |  | (3,131,983) |
Net current assets |  |  | 2,859,855 |  | 957,133
Total assets less current liabilities |  |  | 4,732,278 |  | 2,151,956
Creditors: amounts falling due after more than one year | 20 |  | (396,745) |  | (642,499)
Provisions for liabilities |  |  |  |  |
Deferred tax | 23 | (360,594) |  | (259,110) |
Other provisions | 24 | (566,847) |  | - |
|  |  | (927,441) |  | (259,110)
Net assets |  |  | 3,408,092 |  | 1,250,347
Capital and reserves |  |  |  |  |
Called up share capital | 25 |  | 100 |  | 100
Profit and loss account | 26 |  | 3,407,992 |  | 1,250,247
|  |  | 3,408,092 |  | 1,250,347
Page 10
SOLARPORT SYSTEMS LIMITED REGISTERED NUMBER: 09377661 STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 JANUARY 2025 The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
David Tattershall
Director
Date: 15 September 2025
The notes on pages 15 to 36 form part of these financial statements. Page 11
SOLARPORT SYSTEMS LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JANUARY 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 2,467,125 | 704,889
Adjustments for: |  |
Amortisation of intangible assets | 4,735 | -
Depreciation of tangible assets | 248,646 | 156,093
Loss on disposal of tangible assets | 14,971 | -
Government grants | - | (6,825)
Interest paid | 85,561 | 63,143
Interest received | (46,749) | -
Taxation charge | 663,170 | 186,121
(Increase)/decrease in stocks | (2,887,194) | 3,003,418
(Increase)/decrease in debtors | (1,273,370) | 603,290
Increase/(decrease) in creditors | 4,760,862 | (5,027,303)
Increase in provisions | 566,847 | -
Corporation tax (paid)/received | (118,388) | -
Net cash generated from operating activities | 4,486,216 | (317,174)
Cash flows from investing activities |  |
Purchase of intangible fixed assets | - | (19,254)
Purchase of tangible fixed assets | (953,453) | (314,147)
Sale of tangible fixed assets | 7,500 | -
Government grants received | - | 6,825
Interest received | 46,749 | -
HP interest paid | (43,410) | (45,080)
Net cash from investing activities | (942,614) | (371,656)
Page 12
SOLARPORT SYSTEMS LIMITED STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025
|  | 2025 | 2024
|  | £ | £
Cash flows from financing activities |  |
Repayment of loans | (58,904) | (55,435)
Other new loans | 400,000 | -
Repayment of/new finance leases | (175,972) | 177,863
Dividends paid | (309,380) | (60,000)
Interest paid | (14,151) | (18,063)
Net cash used in financing activities | (158,407) | 44,365
Net increase/(decrease) in cash and cash equivalents | 3,385,195 | (644,465)
Cash and cash equivalents at beginning of year | 411,247 | 1,055,712
Cash and cash equivalents at the end of year | 3,796,442 | 411,247
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 3,796,442 | 411,247
| 3,796,442 | 411,247
The notes on pages 15 to 36 form part of these financial statements.
Page 13
SOLARPORT SYSTEMS LIMITED ANALYSIS OF NET DEBT FOR THE YEAR ENDED 31 JANUARY 2025
| At 1 February 2024 | Cash flows | Other non-cash changes | At 31 January 2025
| £ | £ | £ | £
Cash at bank and in hand | 411,247 | 3,385,195 | - | 3,796,442
Debt due after 1 year | (177,472) | 62,641 | - | (114,831)
Debt due within 1 year | (93,614) | (369,027) | (124,456) | (587,097)
Finance leases | (626,092) | 175,972 | - | (450,120)
| (485,931) | 3,254,781 | (124,456) | 2,644,394
The notes on pages 15 to 36 form part of these financial statements.
Page 14
SOLARPORT SYSTEMS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
1. | General information
Solarport Systems Limited is a private company limited by shares incorporated in England and Wales. It has a company number of 09377661 and a registered address of Unit 3 The Core, Gore Cross Business Park, Bridport, Dorset, DT6 3FH. 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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Going concern
The Directors have made due enquiries (including a detailed review of working capital requirements) and conclude that there is a reasonable expectation that the company has adequate resources to continue into the foreseeable future and consider that there are no material uncertainties that may cast doubt on its ability to operate as a going concern. Page 15
SOLARPORT SYSTEMS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 2.Accounting policies (continued)
| 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, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.4 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.5 | Government grants
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure. Page 16
SOLARPORT SYSTEMS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 2.Accounting policies (continued)
| 2.6 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.7 | 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.
| 2.8 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.9 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.
| 2.10 | 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. Page 17
SOLARPORT SYSTEMS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 2.Accounting policies (continued)
| 2.11 | Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. The estimated useful lives range as follows:
|  |  |  | Patents | - | 10 | years
| 2.12 | 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. At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives. Depreciation is provided on the following basis:
|  |  |  | Short-term leasehold property | - | straight line over 10 years
|  |  |  | Plant and machinery | - | straight line over 5 to 10 years
|  |  |  | Motor vehicles | - | 20% reducing balance
|  |  |  | Fixtures and fittings | - | straight line over 7 to 10 years
|  |  |  | Office equipment | - | straight line over 3 to 7 years
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. Page 18
SOLARPORT SYSTEMS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 2.Accounting policies (continued)
| 2.13 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.14 | 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.
| 2.15 | 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. In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.
| 2.16 | 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.
| 2.17 | 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. Page 19
SOLARPORT SYSTEMS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 2.Accounting policies (continued)
| 2.18 | 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. The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102. 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. Other financial assets Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The Page 20
SOLARPORT SYSTEMS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 2.Accounting policies (continued)
| 2.18 | Financial instruments (continued)
impairment reversal is recognised in the profit or loss. Basic financial liabilities 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 the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Other financial instruments Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss. Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy. Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled. Page 21
SOLARPORT SYSTEMS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 2.Accounting policies (continued)
| 2.19 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Page 22
SOLARPORT SYSTEMS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgments, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Critical judgments The following judgments (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements. Valuation of stock Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Costs included apportioned labour and overhead in bringing the stock to its present location and condition. Key sources of estimation uncertainty Provision for stock Stock is reviewed on an ongoing basis and a provision is made where the directors are of an opinion that specific items are slow moving and require write down. As at the year end the directors have no material concerns over the recoverability of the company’s stock balance in note 16. Tangible fixed assets and depreciation Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing lives, all relevant known factors are taken into account but there is inherent uncertainty in making this assessment. Recoverability of trade debtors The determination of whether trade debtors should be impaired requires the estimation of the expected cash flows and the relevant age of the debtors. Provision for warranty The company offers a 25-year warranty as standard. The warranty expense experience of the company is monitored on a regular basis assessing any claims made against the historical delivery and value of the contract to which any warranty claim relates. At the end of the year the directors determine whether a warranty provision would be required from any claims experience in that financial year. Based on the historical warranty experience and the Directors' best estimate of future outcomes a general provision is made in relation to each year's sales where the timing and amount of any liability is uncertain. Had the provision been calculated on the same basis in the prior year there would have been an additional provision of £346,786 as at 31 January 2024 and the profit in the current year would have increased by the same amount. In addition, where specific, quantifiable warranty issues have been identified, these are provided in full and included in current liabilities. At the date of approving the financial statements the Directors are satisfied that the provision for warranty is adequate based on the warranty experience in the financial year and previous years. Page 23
SOLARPORT SYSTEMS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Sale of goods | 44,046,212 | 20,672,969
| Sale of services | 236,980 | 465,373
| Other sales | 25,782 | 22,078
|  | 44,308,974 | 21,160,420
Analysis of turnover by country of destination:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| United Kingdom | 43,680,430 | 21,131,749
| Rest of Europe | 628,544 | 28,671
|  | 44,308,974 | 21,160,420
5. | Other operating income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Government grants receivable | - | 6,825
|  | - | 6,825
6. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other operating lease rentals | 208,224 | 150,729
Page 24
SOLARPORT SYSTEMS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
7. | Auditors' remuneration
| During the year, the Company obtained the following services from the Company's auditors:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 37,000 | 25,000
8. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 3,013,761 | 1,617,873
| Social security costs | 349,285 | 169,209
| Cost of defined contribution scheme | 397,302 | 50,634
|  | 3,760,348 | 1,837,716
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Production and manufacturing | 15 | 14
|  | Head office and administration | 25 | 20
|  | Directors | 5 | 4
|  |  | 45 | 38
Page 25
SOLARPORT SYSTEMS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
9. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 1,056,795 | 393,760
| Company contributions to defined contribution pension schemes | 280,486 | 3,119
| Amounts paid to third parties in respect of directors' services | 298,504 | 7,008
|  | 1,635,785 | 403,887
| During the year retirement benefits were accruing to 6 directors (2024 - 3) in respect of defined contribution pension schemes.
| The highest paid director received remuneration of £304,684 (2024 - £146,035).
| The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £13,867 (2024 - £NIL).
| The total accrued pension provision of the highest paid director at 31 January 2025 amounted to £83,647 (2024 - £NIL).
| Management consider the key management personnel to be the directors of the Company.
10. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 46,749 | -
|  | 46,749 | -
11. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | 14,151 | 18,065
| Other loan interest payable | 28,000 | -
| Finance leases and hire purchase contracts | 43,410 | 45,080
|  | 85,561 | 63,145
Page 26
SOLARPORT SYSTEMS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
12. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 686,432 | 151,803
| Adjustments in respect of previous periods | (124,746) | (33,495)
|  | 561,686 | 118,308
| Total current tax | 561,686 | 118,308
| Deferred tax |  |
| Origination and reversal of timing differences | 101,484 | 67,813
| Total deferred tax | 101,484 | 67,813
| Tax on profit | 663,170 | 186,121
Page 27
SOLARPORT SYSTEMS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 12.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 24.03%).
| The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 3,130,295 | 891,010
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 24.03%) | 782,574 | 214,110
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 4,048 | 1,202
| Capital allowances for year in excess of depreciation | 1,294 | 2,690
| Utilisation of tax losses | - | 1,646
| Adjustments to tax charge in respect of prior periods | (124,746) | (33,495)
| Increase or decrease in pension fund prepayment leading to an increase (decrease) in tax | - | (32)
| Total tax charge for the year | 663,170 | 186,121
| Factors that may affect future tax charges
There were no factors that may affect future tax charges.
13. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Dividends paid | 309,380 | 60,000
|  | 309,380 | 60,000
Page 28
SOLARPORT SYSTEMS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
14. | Intangible assets
|  | Patents
|  | £
| Cost |
| At 1 February 2024 | 47,354
| At 31 January 2025 | 47,354
| Amortisation |
| Charge for the year on owned assets | 4,735
| At 31 January 2025 | 4,735
| Net book value |
| At 31 January 2025 | 42,619
| At 31 January 2024 | 47,354
| The aggregate amount of research and development costs recognised as an expense during the year was £535,727.
Page 29
SOLARPORT SYSTEMS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
15. | Tangible fixed assets
|  | Short-term leasehold property | Plant and machinery | Motor vehicles | Other fixed assets | Total
|  | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |
| At 1 February 2024 | 38,354 | 1,209,522 | 66,507 | 100,821 | 1,415,204
| Additions | 60,516 | 734,293 | 82,009 | 76,635 | 953,453
| Disposals | - | (28,398) | - | (325) | (28,723)
| At 31 January 2025 | 98,870 | 1,915,417 | 148,516 | 177,131 | 2,339,934
| Depreciation |  |  |  |  |
| At 1 February 2024 | 3,577 | 207,156 | 17,203 | 39,800 | 267,736
| Charge for the year on owned assets | 13,097 | 100,719 | 11,097 | 29,362 | 154,275
| Charge for the year on financed assets | - | 86,989 | 7,382 | - | 94,371
| Disposals | - | (5,940) | - | (312) | (6,252)
| At 31 January 2025 | 16,674 | 388,924 | 35,682 | 68,850 | 510,130
| Net book value |  |  |  |  |
| At 31 January 2025 | 82,196 | 1,526,493 | 112,834 | 108,281 | 1,829,804
| At 31 January 2024 | 34,777 | 1,002,366 | 49,304 | 61,021 | 1,147,468
| The net book value of land and buildings may be further analysed as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Short leasehold | 82,196 | 34,777
|  | 82,196 | 34,777
Page 30
SOLARPORT SYSTEMS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 15.Tangible fixed assets (continued)
| The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Plant and machinery | 636,644 | 746,043
| Motor vehicles | 29,528 | 36,911
|  | 666,172 | 782,954
16. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Raw materials and consumables | 3,348,516 | 676,272
| Work in progress (goods to be sold) | 936,930 | 721,980
|  | 4,285,446 | 1,398,252
| The carrying value of stocks are stated net of impairment losses totalling £73,920 (2024 - £nil). Impairment losses totalling £73,920 (2024 - £nil) were recognised in profit and loss.
17. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Due after more than one year |  |
| Other debtors | 641,432 | -
|  | 641,432 | -
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Due within one year |  |
| Trade debtors | 1,613,976 | 1,888,325
| Other debtors | 736,096 | 94,776
| Prepayments and accrued income | 561,483 | 296,516
|  | 2,911,555 | 2,279,617
Page 31
SOLARPORT SYSTEMS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 17.Debtors (continued)
| Other debtors due after more than one year includes warranty bonds of £641,432 (2024: £nil) held with Lloyds Bank PLC and other debtors due within one year includes £736,096 (2024: £90,000) performance bonds held with Lloyds Bank PLC. Although these amounts are held in a bank account in the name of Solarport Systems Limited, the company cannot physically access the monies until the expiration of the bond period. All amounts due after more than one year can be accessed between June and December 2026.
18. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 3,796,442 | 411,247
|  | 3,796,442 | 411,247
19. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 62,641 | 58,904
| Other loans | 428,000 | -
| Trade creditors | 2,010,291 | 1,093,163
| Corporation tax | 561,606 | 118,308
| Other taxation and social security | 1,245,135 | 452,512
| Obligations under finance lease and hire purchase contracts | 168,206 | 161,065
| Other creditors | 2,012,296 | 40,404
| Accruals and deferred income | 2,286,845 | 1,207,627
|  | 8,775,020 | 3,131,983
| The obligations under finance leases and hire purchase contracts are secured by a charge over the assets to which the liability relates.
Page 32
SOLARPORT SYSTEMS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
20. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 114,831 | 177,472
| Net obligations under finance leases and hire purchase contracts | 281,914 | 465,027
|  | 396,745 | 642,499
21. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts falling due within one year |  |
| Bank loans | 62,641 | 58,904
| Other loans | 428,000 | -
|  | 490,641 | 58,904
| Amounts falling due 2-5 years |  |
| Bank loans | 114,831 | 177,472
|  | 114,831 | 177,472
|  | 605,472 | 236,376
| The company took a recovery loan of £250k in December 2021 at an interest rate of 7.3% with monthly repayments until November 2027. It took a second recovery loan of £51k in January 2022 at an interest rate of 9.4% with monthly repayments until December 2027. It also took a bounce back loan of £50k in September 2020 at an interest rate of 2.5% with monthly repayments until August 2026. In November 2024, it took a loan from a supplier of £421k at an interest rate of 10% with repayment due in full by February 2025. No security has been provided for any of these loans.
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SOLARPORT SYSTEMS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
22. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Within one year | 196,643 | 203,149
| Between 1-5 years | 302,805 | 516,254
|  | 499,448 | 719,403
23. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | (259,110)
| Charged to profit or loss | (101,484)
| At end of year | (360,594)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | (430,800) | (261,320)
| Pension surplus | 70,206 | 2,210
|  | (360,594) | (259,110)
| The company expectes that the deferred tax liability in respect of accelerated capital allowances will reverse over the useful life of the assets. The deferred tax liability in respect of pensions surplus will reverse in the next accounting period.
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SOLARPORT SYSTEMS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
24. | Provisions
|  | Warranty Provision
|  | £
| Charged to profit or loss | 566,847
| At 31 January 2025 | 566,847
| The warranty provision is in respect of the Company's 25 year warranty on its system sales. The figure represents the directors' best estimate of this provision, which is explained in Note 3.
25. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | Nil (2024 - 35) Ordinary A shares of £1.00 each | - | 35
|  | Nil (2024 - 17) Ordinary B shares of £1.00 each | - | 17
|  | Nil (2024 - 24) Ordinary C shares of £1.00 each | - | 24
|  | Nil (2024 - 24) Ordinary D shares of £1.00 each | - | 24
|  | 310 (2024 - Nil) Ordinary A shares of £0.10 each | 31 | -
|  | 150 (2024 - Nil) Ordinary B shares of £0.10 each | 15 | -
|  | 220 (2024 - Nil) Ordinary C shares of £0.10 each | 22 | -
|  | 220 (2024 - Nil) Ordinary D shares of £0.10 each | 22 | -
|  | 100 (2024 - Nil) Ordinary E shares of £0.10 each | 10 | -
|  |  | 100 | 100
| On 5 April 2024 100 Ordinary £1 shares were reclassified as 1,000 Ordinary £0.10 shares. 40 Ordinary A £0.10 shares, 20 Ordinary B £0.10 shares, 20 Ordinary C £0.10 shares and 20 Ordinary D £0.10 shares were then reclassified as Ordinary E £0.10 shares. All shares have full rights with respect to voting, dividends and capital distributions.
26. | Reserves
Profit and loss account The profit and loss account comprises aggregate profits of the company net of distributions via dividend payments. Page 35
SOLARPORT SYSTEMS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
27. | Contingent liabilities
On 22 December 2023, the company issued a debenture with a fixed and floating charge over its assets and liabilities to Lloyds Bank PLC. Lloyds bank issues performance and warranty bonds on behalf of Solarport in relation to specific contracts. At 31 January 2025 the total value of bonds issued amounted to £1,546,029. Of this £1,377,528 is covered in a ring-fenced bank account with Lloyds (see Note 17). The remaining exposure is covered by insurance through UK Export Finance – which covers 70% of the total warranty bond issued.
28. | Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £397,302 (2024 - £50,634) . Contributions totalling £280,822 (2024 - £8,838) were payable to the fund at the reporting date and are included in creditors.
29. | Commitments under operating leases
| At 31 January 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 207,362 | 156,884
| Later than 1 year and not later than 5 years | 192,850 | 277,812
|  | 400,212 | 434,696
30. | Related party transactions
| During the year, the Company purchased goods and services from a related party controlled by individuals who jointly control the Company totalling £191,279 (2024 - £96,834). The balance outstanding at 31 January 2025 was £6,473 (2024 - £5,836). Individuals with joint control over the Company received dividends of £309,380 (2024 - £60,000).
31. | Post balance sheet events
Subsequent to the year-end, the Company has agreed new banking facilities which remove the requirement for 100% ring-fenced cash in respect of performance and warranty bonds. As a result the previously ringfenced cash balance of £1,377,528 (see note 17), was returned to Solarport Systems Limited on 20 August 2025, along with further amounts ring-fenced since the year-end. Going forward, the Company has a contingent liability (currently £2.2m) in respect of such bonds, until their expiry. As part of these new arrangements HSBC UK Bank PLC have taken a charge over the Company’s assets. Dividends of £100,020 have been declared since the year-end.
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