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Registered number:
FOR THE YEAR ENDED 31 JANUARY 2025
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SOLARPORT SYSTEMS LIMITED
COMPANY INFORMATION
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SOLARPORT SYSTEMS LIMITED
CONTENTS
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SOLARPORT SYSTEMS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2025
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.
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.
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.
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SOLARPORT SYSTEMS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
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
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.
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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.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
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.
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.
The directors who served during the year were:
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.
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SOLARPORT SYSTEMS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
There have been no significant events affecting the Company since the year end.
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.
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SOLARPORT SYSTEMS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SOLARPORT SYSTEMS LIMITED
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).
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.
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.
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SOLARPORT SYSTEMS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SOLARPORT SYSTEMS LIMITED (CONTINUED)
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.
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.
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.
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SOLARPORT SYSTEMS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SOLARPORT SYSTEMS LIMITED (CONTINUED)
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.
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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.
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.
for and on behalf of
Chartered Accountants
Statutory Auditors
Wadebridge House
16 Wadebridge Square
Dorset
DT1 3AQ
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SOLARPORT SYSTEMS LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 JANUARY 2025
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SOLARPORT SYSTEMS LIMITED
REGISTERED NUMBER: 09377661
STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2025
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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:
The notes on pages 15 to 36 form part of these financial statements.
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SOLARPORT SYSTEMS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2025
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SOLARPORT SYSTEMS LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
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SOLARPORT SYSTEMS LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 JANUARY 2025
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SOLARPORT SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
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
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:
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.
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SOLARPORT SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
2.Accounting policies (continued)
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.
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SOLARPORT SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
2.Accounting policies (continued)
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SOLARPORT SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
2.Accounting policies (continued)
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:
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:
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.
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SOLARPORT SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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SOLARPORT SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
2.Accounting policies (continued)
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
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SOLARPORT SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
2.Accounting policies (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.
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SOLARPORT SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
2.Accounting policies (continued)
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SOLARPORT SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
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.
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SOLARPORT SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
Analysis of turnover by country of destination:
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SOLARPORT SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
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SOLARPORT SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
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SOLARPORT SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
Page 27
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SOLARPORT SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
12.Taxation (continued)
There were no factors that may affect future tax charges.
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SOLARPORT SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
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SOLARPORT SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
Page 30
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SOLARPORT SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
15.Tangible fixed assets (continued)
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SOLARPORT SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
17.Debtors (continued)
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SOLARPORT SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
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SOLARPORT SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
Page 34
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SOLARPORT SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
Profit and loss account
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SOLARPORT SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
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.
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.
Dividends of £100,020 have been declared since the year-end.
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