|
Registered number: 14763876
MA SOLAR UK LTD
(FORMERLY KNOWN AS MA SOLAR ITALY LIMITED)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
|
|
MA SOLAR UK LTD (FORMERLY KNOWN AS MA SOLAR ITALY LIMITED)
CONTENTS
|
|
|
|
|
|
|
|
|
Statement of changes in equity
|
|
Notes to the financial statements
|
|
|
|
MA SOLAR UK LTD (FORMERLY KNOWN AS MA SOLAR ITALY LIMITED)
COMPANY INFORMATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2nd Floor Connaught House
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Blick Rothenberg Audit LLP
|
|
|
Chartered Accountants & Statutory Auditor
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REGISTERED NUMBER:14763876
|
MA SOLAR UK LTD (FORMERLY KNOWN AS MA SOLAR ITALY LIMITED)
BALANCE SHEET
AS AT 31 DECEMBER 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debtors: amounts falling due within more than one year
|
|
|
|
|
|
Debtors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 4 to 9 form part of these financial statements.
|
|
MA SOLAR UK LTD (FORMERLY KNOWN AS MA SOLAR ITALY LIMITED)
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
|
|
|
|
|
|
|
|
|
|
At incorporation 28 March 2023
|
|
|
|
Loss for the financial period
|
|
|
|
Shares issued during the period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss for the financial year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MA SOLAR UK LTD (FORMERLY KNOWN AS MA SOLAR ITALY LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
MA Solar UK Ltd is a private company limited by shares incorporated in England and Wales. The address of its registered office is 2nd Floor Connaught House, 1-3 Mount Street, London, W1K 3NB.
These financial statements have been prepared for the year ended 31 December 2024. Therefore the comparative amounts presented in the financial statements are not entirely comparable with the previous accounting period from incorporation on 28 March 2023 to 31 December 2023.
The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
2.Accounting policies
|
|
|
Basis of preparation of financial statements
|
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The company has taken the exemption to prepare consolidated financial statements in accordance with Section 383 of the Companies Act.
The following principal accounting policies have been applied:
The financial statements have been prepared on a going concern basis notwithstanding the fact that the company has a deficiency on total equity at the end of the year. The directors consider this basis to be appropriate as the company has sufficient facilities available from its shareholder to fund its working capital requirements for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved.
After making enquiries of the company's shareholder, the directors have a reasonable expectation that the shareholders have adequate resources, including continued access to the investor loans, to continue in operational existence and meet its liabilities as they fall due for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
|
|
MA SOLAR UK LTD (FORMERLY KNOWN AS MA SOLAR ITALY LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
|
|
|
Foreign currency translation
|
Functional and presentation currency
The company's functional and presentational currency is Sterling (£).
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents and loan receivables are presented in the profit and loss account within 'interest receivable and similar income'.
The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.
Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
The company’s policies for its major classes of financial assets and financial liabilities are set out below.
Financial assets
Basic financial assets, including other debtors and bank balances are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Financial liabilities
Basic financial liabilities, including other creditors and loans from fellow group companies are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
|
|
MA SOLAR UK LTD (FORMERLY KNOWN AS MA SOLAR ITALY LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.
Investments in subsidiaries are measured at cost less accumulated impairment.
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Ordinary shares are classed as equity.
|
|
MA SOLAR UK LTD (FORMERLY KNOWN AS MA SOLAR ITALY LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Interest income is recognised in profit or loss using the effective interest method.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
|
|
The average monthly number of employees, including directors, during the year was 2 (2023 - 2).
|
|
|
Investments in subsidiary companies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following was a subsidiary undertaking of the company:
|
|
|
|
|
|
|
|
|
|
Via Torri Bianche 9, 20871 Vimercate (MB), Italy
|
|
|
|
|
MA SOLAR UK LTD (FORMERLY KNOWN AS MA SOLAR ITALY LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
|
|
Due after more than one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Called up share capital not paid
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Included in other debtors at 31 December 2024 is a loan receivable of €5,345,825. The loan is secured up to a maximum of €4.9 million. Interest was charged at the European Central bank rate up until 12 October 2023 and charged at 2.50% thereafter. The loan is repayable on the acquisition of a company which was completed in January 2025.
Also included in other debtors at 31 December 2024 is a loan receivable of £6,698,201 of which no interest has been charged. The loan is repayable on the acquisition of a company which was completed in January 2025.
The residual amount included within other debtors relate to legal and professional fees associated with an acquisition completed in January 2025 where the decision to acquire the company was completed during 2024.
|
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed to group undertakings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Included in other loans at 31 December 2024 is a loan of €16,100,000. Interest is charged at the European Central bank rate plus a 3% margin. The loan is repayable on the acquisition of a company which was completed in January 2025.
|
|
|
MA SOLAR UK LTD (FORMERLY KNOWN AS MA SOLAR ITALY LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
|
|
|
Allotted, called up and fully paid
|
|
|
|
|
|
|
|
|
|
|
|
1,000 (2023 - 1,000) Ordinary shares of £0.01 each
|
|
|
|
|
Related party transactions
|
|
|
The company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures" from disclosing transactions with entities which are a wholly owned part of the group.
|
On 16 December 2024 MA Corporate Holdings Limited, a company registered in England and Wales, ceased to be the ultimate parent undertaking and controlling party.
The address of its registered office is 2nd Floor Connaught House, 1-3 Mount Street, London, W1K 3NB. Copies of the group financial statements of MA Corporate Holdings Limited are available from Companies House, Crown Way, Maindy, Cardiff CF14 3UZ.
From 16 December 2024, M J Meyohas, a director of the company, is the ultimate beneficial owner.
|
|
Post balance sheet events
|
Subsequent to the year end in January 2025, the company acquired the trade and assets of Fimer S.P.A.
The auditor's report on the financial statements for the year ended 31 December 2024 was unqualified.
The audit report was signed on 17 September 2025 by Mark Hart FCA CTA (senior statutory auditor) on behalf of Blick Rothenberg Audit LLP.
|