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Registered number: 10685682
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ZESTEC ASSET MANAGEMENT LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE PERIOD ENDED 31 MARCH 2025
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ZESTEC ASSET MANAGEMENT LIMITED
REGISTERED NUMBER:10685682
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Page 1
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ZESTEC ASSET MANAGEMENT LIMITED
REGISTERED NUMBER:10685682
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2025
The directors consider that the Company is entitled to exemption from audit under section 479a of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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 statement of comprehensive income 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 3 to 10 form part of these financial statements.
Page 2
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ZESTEC ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025
Zestec Asset Management Limited, is a private company, limited by shares, incorporated and domiciled in England, The United Kingdom, company number: 10685682. The registered office is located at, UK House 5th Floor, 164-182 Oxford Street, London, England, W1D 1NN.
The Company is a wholly owned subsidiary of a group of companies of which the principal activities during the year continued to be the generation and sale of electricity from renewable energy. The primary focus and business activity of the Company is not expected to change.
2.ACCOUNTING POLICIES
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BASIS OF PREPARATION OF FINANCIAL STATEMENTS
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The following principal accounting policies have been applied:
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CHANGE IN REPORTING PERIOD
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The current accounting period has been shortened to be a 9 month period to 31 March 2025 to align with other group members.
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FINANCIAL REPORTING STANDARD 102 - REDUCED DISCLOSURE EXEMPTIONS
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The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Sky Rooftop Holdings 1 Limited as at 31 March 2025 and these financial statements may be obtained from Companies House.
After making enquiries and having considered the ongoing support from SKY Renewables S.A.R.L., the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For these reasons, they continue to adopt the going concern basis of accounting in preparing the financial statements.
Page 3
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ZESTEC ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025
2.ACCOUNTING POLICIES (CONTINUED)
The Company recognises revenue when the amount can be reliably measured, it is probable that future economic benefit will flow to the entity and when specific criteria have been met as described below.
Interest income is recognised in profit or loss using the effective interest method.
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.
All borrowing costs are recognised in profit or loss in the period in which they are incurred.
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.
Investments in subsidiaries are measured at cost less accumulated impairment.
Stocks are work-in-progress, representing costs incurred on behalf of customers, which the entity will recognise at the lower of cost and net realisable value. Stocks are transferred to the profit or loss when the WIP balances are recharged to the customer at the end of the project.
At each reporting date, stocks are assessed for impairment and recoverability. If stock is deemed to be impaired or irrecoverable, the carrying amount is reduced to its recoverable amount. The impairment loss is recognised immediately in the profit or loss.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Page 4
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ZESTEC ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025
2.ACCOUNTING POLICIES (CONTINUED)
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CASH AND CASH EQUIVALENTS
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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.
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.
Page 5
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ZESTEC ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025
2.ACCOUNTING POLICIES (CONTINUED)
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are 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 Statement of comprehensive income.
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The average monthly number of employees, including directors, during the period was 33 (2024:30).
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Page 6
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ZESTEC ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025
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Charge for the period on owned assets
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Investments in subsidiary companies
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Page 7
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ZESTEC ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025
6.DEBTORS (CONTINUED)
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Amounts owed by group undertakings
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Prepayments and accrued income
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CASH AND CASH EQUIVALENTS
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CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
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Loans from group undertakings
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Amounts owed to group undertakings include a loan from the controlling party of £2,597,483 (2024: £2,297,483). The loan bears no interest and is repayable on demand.
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Page 8
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ZESTEC ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025
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CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
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Loans from group undertakings
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Amounts owed to group undertakings
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During the financial year 2021, the Company applied for and received a loan of £50,000 from the Bounce Back Loan Scheme (BBLS). The loan incurs interest at 2.5% (2024: 2.5%). The loan will be repaid in full in 2031.
During the year ended 31 March 2025, the company made use of a shareholder loan arrangement with the controlling party and at the year end date this had a balance of £2,708,611 (2024: £1,500,000) with accrued interest of £36,062 (2024: £26,301).
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Analysis of the maturity of loans is given below:
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AMOUNTS FALLING DUE WITHIN ONE YEAR
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Loans from controlling party
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AMOUNTS FALLING DUE 1-2 YEARS
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AMOUNTS FALLING DUE 2-5 YEARS
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AMOUNTS FALLING DUE AFTER MORE THAN 5 YEARS
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Loans from controlling party
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Page 9
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ZESTEC ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025
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ALLOTTED, CALLED UP AND FULLY PAID
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3,870,071 (2024:3,176,605) Ordinary shares of £1.00 each
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During the year, the Company issued 693,466 ordinary shares for £1 each for a total consideration of £693,466.
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 £80,381 (2024: £63,484) . Contributions totalling £13,560 (2024: £17,568) were payable to the fund at the reporting date and are included in creditors.
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COMMITMENTS UNDER OPERATING LEASES
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At 31 March 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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RELATED PARTY TRANSACTIONS
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The company has taken advantage of exemption under paragraph 33.1A from the provisions of FRS102, on the grounds that as at the 9 months ended 31 March 2025, it was a wholly owned subsidiary.
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The immediate parent undertaking is Sky Rooftop Holdings 1 Limited, which is the smallest group to consolidate these financial statements.
The ultimate parent undertaking and controlling party is SKY Renewables S.A.R.L. This is incorporated in Luxembourg with the registered address at 60 Avenue J.F Kennedy, L-1855, Luxembourg.
Page 10
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