Swindon Chapel Farm Solar Plc - Limited company accounts 25.1

REGISTERED NUMBER: 09662120 (England and Wales)

Report of the Directors and

Financial Statements

for the Year Ended 31 March 2026

for

Swindon Chapel Farm Solar Plc

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

4

Statement of Profit or Loss

7

Statement of Profit or Loss and Other

Comprehensive Income

8

Statement of Financial Position

9

Statement of Changes in Equity

10

Statement of Cash Flows

11

Notes to the Statement of Cash Flows

12

Notes to the Financial Statements

13

DIRECTORS:

P A Smith

E Jones

O J Reinhold

SECRETARY:

I M Burbidge

REGISTERED OFFICE:

Civic Offices

Euclid Street

Swindon

SN1 2JH

REGISTERED NUMBER:

09662120 (England and Wales)

The directors present their report with the financial statements of the company for the year ended 31 March 2026.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the provision of electricity via photovoltaic solar array.

DIVIDENDS

No dividends will be distributed for the year ended 31 March 2026.

DIRECTORS

P A Smith has held office during the whole of the period from 1 April 2025 to the date of this report.

Other changes in directors holding office are as follows:

E Jones and O J Reinhold were appointed as directors after 31 March 2026 but prior to the date of this report.

R P R Richards ceased to be a director after 31 March 2026 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors 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 UK-adopted international accounting standards. 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 and then apply them consistently;

-	make judgements 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 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Sumer Auditco Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

O J Reinhold - Director

4 September 2026

Opinion

We have audited the financial statements of Swindon Chapel Farm Solar Plc (the 'company') for the year ended 31 March 2026 which comprise the Statement of Profit or Loss, the Statement of Profit or Loss and Other Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the UK.

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 March 2026 and of its loss for the year then ended;

-	have been properly prepared in accordance with IFRSs as adopted by the UK; 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 UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

Opinions 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Directors has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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

We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on page two, 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 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.

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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to employment law and company legislation and we considered the extent to which non-compliance might have a material effect on the financial statements of the Company. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and Corporation Tax Act 2010. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or reduce expenditure, and management bias in accounting estimates and judgemental areas of the financial statements. Audit procedures performed by the audit engagement team included:

- Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;

- Understanding of management's internal controls designed to prevent and detect irregularities, and fraud;

- Reviewing the Company's legal costs to check for non-compliance with laws and regulations and fraud;

- Review of tax compliance

- Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing;

- Testing transactions entered into outside of the normal course of the Company's business; and

- Identifying and testing journal entries, in particular any journal entries with fraud characteristics.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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 Report of the Auditors.

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 a Report of the Auditors 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.

David Iain Black (Senior Statutory Auditor)

for and on behalf of Sumer Auditco Limited

Statutory Auditors

Hermes House

Fire Fly Avenue

Swindon

Wiltshire

SN2 2GA

11 September 2026

CONTINUING OPERATIONS

Revenue

615,614

679,618

Cost of sales

(162,799

)

(152,387

)

GROSS PROFIT

452,815

527,231

Administrative expenses

(259,580

)

(259,383

)

OPERATING PROFIT

193,235

267,848

Finance costs

4

(181,325

)

(197,527

)

Finance income

4

2,716

4,625

PROFIT BEFORE INCOME TAX

5

14,626

74,946

Income tax

6

(102,412

)

15,398

(LOSS)/PROFIT FOR THE YEAR

(87,786

)

90,344

(LOSS)/PROFIT FOR THE YEAR

(87,786

)

90,344

OTHER COMPREHENSIVE INCOME

-

TOTAL COMPREHENSIVE INCOME

FOR THE YEAR

(87,786

)

90,344

ASSETS

NON-CURRENT ASSETS

Property, plant and equipment

7

3,316,825

3,527,032

Trade and other receivables

8

9,206

10,127

Deferred tax

15

1,689

104,101

3,327,720

3,641,260

CURRENT ASSETS

Trade and other receivables

8

118,608

127,067

Cash and cash equivalents

9

67,976

201,232

186,584

328,299

TOTAL ASSETS

3,514,304

3,969,559

EQUITY

SHAREHOLDERS' EQUITY

Called up share capital

10

50,001

Retained earnings

11

(914,119

)

(826,333

)

TOTAL EQUITY

(864,118

)

(776,332

)

LIABILITIES

NON-CURRENT LIABILITIES

Financial liabilities - borrowings

Interest bearing loans and borrowings

13

4,062,860

4,262,255

CURRENT LIABILITIES

Trade and other payables

12

114,671

199,377

Financial liabilities - borrowings

Interest bearing loans and borrowings

13

200,891

284,259

315,562

483,636

TOTAL LIABILITIES

4,378,422

4,745,891

TOTAL EQUITY AND LIABILITIES

3,514,304

3,969,559

The financial statements were approved by the Board of Directors and authorised for issue on 4 September 2026 and were signed on its behalf by:

O J Reinhold - Director

Called up

share

Retained

Total

capital

earnings

equity

£

Balance at 1 April 2024

50,001

(916,677

)

(866,676

)

Changes in equity

Total comprehensive income

-

90,344

Balance at 31 March 2025

50,001

(826,333

)

(776,332

)

Changes in equity

Total comprehensive income

-

(87,786

)

(87,786

)

Balance at 31 March 2026

50,001

(914,119

)

(864,118

)

Cash flows from operating activities

Cash generated from operations

1

328,116

485,039

Interest paid

(181,325

)

(197,527

)

Net cash from operating activities

146,791

287,512

Cash flows from investing activities

Interest received

2,716

4,625

Net cash from investing activities

2,716

4,625

Cash flows from financing activities

Loan repayments in year

(282,763

)

(187,314

)

Net cash from financing activities

(282,763

)

(187,314

)

(Decrease)/increase in cash and cash equivalents

(133,256

)

104,823

Cash and cash equivalents at

beginning of year

2

201,232

96,409

Cash and cash equivalents at end of

year

2

67,976

201,232

1.	RECONCILIATION OF PROFIT BEFORE INCOME TAX TO CASH GENERATED FROM OPERATIONS

2026

2025

£

Profit before income tax

14,626

74,946

Depreciation charges

210,207

Finance costs

181,325

197,527

Finance income

(2,716

)

(4,625

)

403,442

478,055

Decrease in trade and other receivables

9,380

10,584

Decrease in trade and other payables

(84,706

)

(3,600

)

Cash generated from operations

328,116

485,039

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 March 2026

31.3.26

1.4.25

£

Cash and cash equivalents

67,976

201,232

Year ended 31 March 2025

31.3.25

1.4.24

£

Cash and cash equivalents

201,232

96,409

1.	STATUTORY INFORMATION

Swindon Chapel Farm Solar PLC is a public company, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparation

These financial statements have been prepared in accordance with UK-adopted international accounting standards and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS. The financial statements have been prepared under the historical cost convention.

These financial statements are presented in British Pounds (GBP), which is the company's functional and presentational currency.

The figures contained in the accounts have been rounded to the nearest one pound and only contain information about the company as an individual standalone entity.

Going concern

The ability of the company to continue to trade at current levels is dependent on Swindon Borough Council not calling in all or part of the amounts owed to it. Cash flow will continue to improve as the company delivers the business plan; this will permit loan repayments and further investment in the business. The directors are confident that loans will not be called in and that the facility will be repaid or renewed before the renewal date.

The company’s forecasts and projections, taking account of reasonably possible changes in trading performance, show that the company should be able to operate within the level of its current arrangements. After making enquiries, the directors have concluded that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.

Revenue recognition

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, regardless of when the payment is being made. Revenue is measured at the fair value of the consideration received or receivable, taking into account contractually defined terms of payment and excluding discounts, rebates and other sales taxes or duty. The company recognises revenue from contracts with customers based on a five-step model as set out in IFRS 15:

1. Identify the contract(s) with a customer: A contract is defined as an agreement between two or more parties that creates enforceable rights and obligations and sets out the criteria for every contract that must be met.

2. Identify the performance obligations in the contract: A performance obligation is a promise in a contract with a customer to transfer a good or service to the customer.

3. Determine the transaction price: The transaction price is the amount of consideration to which the company expects to be entitled in exchange for transferring promised goods or services to a customer, excluding amounts collected on behalf of third parties.

4. Allocate the transaction price to the performance obligations in the contract: For a contract that has more than one performance obligation, the company will allocate the transaction price to each performance obligation in an amount that depicts the amount of consideration to which the company expects to be entitled in exchange for satisfying each performance obligation.

5. Recognise revenue when (or as) the entity satisfies a performance obligation at a point in time or over time. The company satisfies a performance obligation and recognises revenue over time, if one of the following criteria is met:

-

The customer simultaneously receives and consumes the benefits provided by the company's
performance as the company performs; or

-

The company's performance creates or enhances an asset that the customer controls as the
asset is created or enhanced; or

-

The company's performance does not create an asset with an alternative use to the company
and the entity has an enforceable right to payment for performance completed to date.

For performance obligations where any one of the above conditions are not met, revenue is recognised at a point in time at which the performance obligation is satisfied. The company is required to assess each of its contracts with customers to determine whether performance obligations are satisfied over time or at a point in time in order to determine the appropriate method of recognising revenue. The company has concluded that for majority of its arrangements, it is either creating or enhancing an asset controlled by the customer or it is creating an asset with no alternative use and has an enforceable right to payment for work completed. Therefore, it meets the criteria to recognise revenue over time and measure progress of its projects through the time-based (output approach) as it best depicts the transfer of control of products and services under each performance obligation When the company satisfies a performance obligation by delivering the promised goods or services it creates a contract asset based on the amount of consideration earned by the performance. Where the amount of consideration received from a customer exceeds the amount of revenue recognised this gives rise to a contract liability. Revenue is measured at the fair value of the consideration received or receivable, taking into account contractually defined terms of payment and excluding taxes and duty. The company assesses its revenue arrangements against specific criteria to determine if it is acting as principal or agent. The company has concluded that it is acting as an agent in all of its revenue arrangements. Revenue is recognised when the company completes its performance obligation and control is transferred to the customer. The company combines two or more contracts entered into at or near the same time with the same customer and accounts for the contracts as a single contract if one or more of the following criteria are met:

-

The two or more contracts entered into at or near the same time with the same customer are
negotiated as a package, with a single commercial objective;

-

The amount of consideration to be paid in one contract depends on the price or performance of
the other contract; or

-

The goods or services promised in the contracts (or some goods or services promised in each of
the contracts) are a single performance obligation.

If the above criteria are met, the arrangements are combined and accounted for as a single arrangement for revenue recognition. Revenue is recognised in the statement of comprehensive income to the extent that it is highly probable that a significant reversal in the mount of cumulative revenue recognised will not occur and the revenue and costs, if applicable, can be measured reliably.

Cash and cash equivalents

Cash represents cash in hand and deposits held on demand with financial institutions. Cash equivalents are short-term, highly-liquid investments with original maturities of three months or less (as at their date of acquisition). Cash equivalents are readily convertible to known amounts of cash and subject to an insignificant risk of change in that cash value.

In the presentation of the Statement of Cash Flows, cash and cash equivalents also include bank overdrafts. Any such overdrafts are shown within borrowings under ‘current liabilities’ on the Statement of Financial Position.

Property, plant and equipment

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery

-

4% on a straight line basis

Useful lives and residual values are reviewed annually, and adjusted if appropriate, at the end of each reporting period. Residual values are based on the estimated amount which would be currently obtainable from disposal of the asset net of disposal costs if the asset were already of the age and condition expected at the end of its useful life.

The carrying values of plant and equipment are reviewed for impairment if events or changes in circumstances indicate the carrying value may not be recoverable, and are written down immediately to their recoverable amount. An asset's carrying amount is written down immediately to its recoverable amount if the asset's carrying amount is greater than its estimated recoverable amount.

Repairs and maintenance are charged to the income statement during the financial position in which it was incurred.

An item of plant and equipment is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on the derecognition of the asset is included in the income statement in the period of derecognition.

Financial instruments

Financial assets and financial liabilities are recognised when the company becomes a 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.

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the statement of financial position when a legally enforceable right exists to set off the recognised amounts and the company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Debt instruments which meet the following conditions are subsequently measured at amortised cost using the effective interest method:

a) The contractual return to the holder is (i) a fixed amount; (ii) a positive fixed rate or a positive variable rate; or (iii) a combination of a positive or a negative fixed rate and a positive variable rate.

b) The contract may provide for repayments of the principal or the return to the holder (but not both) to be linked to a single relevant observable index of general price inflation of the currency in which the debt instrument is denominated, provided such links are not leveraged.

c) The contract may provide for a determinable variation of the return to the holder during the life of the instrument, provided that (i) the new rate satisfies condition (a) and the variation isn't contingent on future events other than (1) a change of a contractual variable rate; (2) to protect the holder against credit deterioration of the issuer; (3) changes in levies applied by a central bank or arising from changes in relevant taxation or law; or (ii) the new rate is a market rate of interest and satisfies condition (a).

d) There is no contractual provision that could, by its terms, result in the holder losing the principal amount or any interest attributable to the current year or prior years.

e) Contractual provisions that permit the issuer to prepay a debt instrument or permit the holder to put it back to the issuer before maturity are not contingent on future events, other than to protect the holder against the credit deterioration of the issuer or a change in control of the issuer, or to protect the holder or issuer against changes in levies applied by a central bank or arising from changes in relevant taxation or law.

f) Contractual provisions may permit the extension of the term of the debt instrument, provided that the return to the holder and any other contractual provisions applicable during the extended term satisfy the conditions of paragraphs (a) to (c).

Debt instruments that have no stated interest rate (and do not constitute a financing transaction) and are classified as payable or receivable within one year are initially measured at an undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.

With the exception of some hedging instruments, other debt instruments not meeting these conditions are measured at fair value through profit or loss.

Commitments to make and receive loans which meet the conditions mentioned above are measured at cost (which may be nil) less impairment.

Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

Taxation

Current taxes are based on the results shown in the financial statements and are calculated according to local tax rules, using tax rates enacted or substantially enacted by the statement of financial position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Borrowing costs

Borrowing costs which are directly attributable to the construction of property, plant and equipment are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

Finance costs

Finance costs of financial liabilities are recognised in the statement of income and retained earnings over the term of such instruments at a constant rate on the carrying amount.

Segmental reporting

All activities are undertaken in the UK. The company’s turnover is all from the provision of electricity derived from a photovoltaic solar array.

3.	EMPLOYEES AND DIRECTORS

The company does not currently have any employees. As a result, there were no staff costs for the year ended 31 March 2026 nor for the year ended 31 March 2025.

4.	NET FINANCE COSTS

2026

2025

£

Finance income:

Deposit account interest

2,716

4,625

Finance costs:

Debenture interest

89,833

106,035

Loan interest

91,492

181,325

197,527

Net finance costs

178,609

192,902

5.	PROFIT BEFORE INCOME TAX

The profit before income tax is stated after charging:

2026

2025

£

Depreciation - owned assets

210,207

Auditors' remuneration

5,513

5,182

6.	INCOME TAX

Analysis of tax expense/(income)

2026

2025

£

Deferred tax

102,412

(15,398

)

Total tax expense/(income) in statement of profit or loss

102,412

(15,398

)

Factors affecting the tax expense

The tax assessed for the year is higher (2025 - lower) than the standard rate of corporation tax in the UK. The difference is explained below:

2026

2025

£

Profit before income tax

14,626

74,946

Profit multiplied by the standard rate of corporation tax in the UK of

25% (2025 - 25%)

3,657

18,737

Effects of:

Expenses not tax deductible

-

37

Depreciation in excess of capital allowances

11,629

8,846

Losses utilised

(14,607

)

(26,464

)

Deferred tax

102,412

(15,398

)

Deposit account interest

(679

)

(1,156

)

Tax expense/(income)

102,412

(15,398

)

7.	PROPERTY, PLANT AND EQUIPMENT

Plant and

machinery

£

COST

At 1 April 2025

and 31 March 2026

5,230,342

DEPRECIATION

At 1 April 2025

1,703,310

Charge for year

210,207

At 31 March 2026

1,913,517

NET BOOK VALUE

At 31 March 2026

3,316,825

At 31 March 2025

3,527,032

8.	TRADE AND OTHER RECEIVABLES

2026

2025

£

Current:

Trade debtors

8,378

5,214

Other debtors

37,500

VAT

4,730

6,315

Prepayments and accrued income

68,000

78,038

118,608

127,067

2026

2025

£

Non-current:

Prepayments and accrued income

9,206

10,127

Aggregate amounts

127,814

137,194

9.	CASH AND CASH EQUIVALENTS

2026

2025

£

Cash in hand

1

Bank accounts

67,975

201,231

67,976

201,232

10.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

2026

2025

value:

£

50,000

Ordinary

1

50,001

11.

RESERVES

Retained

earnings

£

At 1 April 2025

(826,333

)

Deficit for the year

(87,786

)

At 31 March 2026

(914,119

)

12.	TRADE AND OTHER PAYABLES

2026

2025

£

Current:

Trade creditors

61,009

29,605

Accruals and deferred income

53,662

169,772

114,671

199,377

Trade Creditors includes amounts owed to Swindon Borough Council of £1,200 (2025: NIL).

Accruals and deferred income includes rental fees of £27,703 (2025: £30,582) payable to Swindon Borough Council.

13.

FINANCIAL LIABILITIES - BORROWINGS

2026

2025

£

Current:

Debentures

111,266

105,009

Other loans

89,625

179,250

200,891

284,259

Non-current:

Debentures - 1-2 years

1,628,048

1,737,817

Other loans - 1-2 years

2,434,812

2,524,438

4,062,860

4,262,255

Terms and debt repayment schedule

1 year or

More than

less

1-2 years

2-5 years

5 years

Totals

£

Debentures

111,266

117,899

397,557

1,112,592

1,739,314

Other loans

89,625

358,500

1,986,687

2,524,437

200,891

207,524

756,057

3,099,279

4,263,751

Other loans includes a loan of £2,524,437 (2025: £2,703,688) outstanding as at the year end from Swindon Borough Council, with interest payable during the year of £91,492 (2025: £91,492). The loan is repayable over a period of 20 years.

14.	FINANCIAL INSTRUMENTS

Financial Instruments by category

At 31 March 2026

Loans and

receivables

At fair value

through

profit & loss

Liabilities at

amortised cost

Total

£

Financial assets

Trade and other receivables excluding

prepaid expenses

45,878

-

45,878

Cash and cash equivalents

67,976

-

67,976

Financial liabilities

Trade and other payables

-

(4,378,422

)

(4,378,422

)

113,854

-

(4,378,422

)

(4,264,568

)

Financial Instruments by category

At 31 March 2025

Loans and

receivables

At fair value

through

profit & loss

Liabilities at

amortised cost

Total

£

Financial assets

Trade and other receivables excluding

prepaid expenses

42,714

-

42,714

Cash and cash equivalents

201,232

-

201,232

Financial liabilities

Trade and other payables

-

(4,745,891

)

(4,745,891

)

243,946

-

(4,745,891

)

(4,501,945

)

Risk management

Exposure to liquidity risks arises in the normal course of the Company's business. These risks are limited by the Company's financial management policies and practices described below.

Market risk - cash flow interest rate risk

The Company is exposed to interest rate risk through the impact of rate changes on interest-bearing borrowings. The interest rates on the Company's long term loans are set at 4%, with repayment scheduled over 20 years, repayments over time are disclosed in note 13 to the financial statements. The Debenture loan is a fixed payment of £108,127 bi-annually, the interest element decreases over time as the capital is repaid. The Company's policy is to obtain the most favorable interest rates available for its borrowings.

Except for the Company's bank and finance lease borrowings, the Company has no significant interest-bearing assets and liabilities.

The Company does not use any derivative instruments to reduce its economic exposure to changes in interest rates.

Credit risk

The Company is at risk from its customers defaulting in making payments for energy that has been supplied to them. The majority of the Company's customers are based within the energy supply industry and therefore industry related changes or economic hardships present a risk to the Company.

To minimise this risk Swindon Chapel Farm Solar Plc has a policy of only dealing with customers who have either demonstrated creditworthiness or can provide sufficient collateral. To determine previous creditworthiness the Company makes use of independent rating agencies, other publicly available financial information and its own trading records. The Company's exposure and its customers' creditworthiness is continually monitored so that any potential problems are detected at an early stage.

Liquidity risk

The directors have ultimate responsibility for liquidity risk management in maintaining adequate reserves, banking facilities and reserve borrowing facilities. They do this by continuously monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities.

As described above, the company's derivative instruments all mature within three months of origination and are included within current liabilities in the Statement of Financial Position.

The following table details the remaining contractual maturities at the end of reporting date of the Company's non-derivative financial liabilities, which are based on contractual undiscounted cash flows (including interest payments computed using contractual rates or, if floating, based on rates current at the end of reporting date) and the earliest date the Company can be required to pay.

In the view of the directors, the key risk to liquidity is in meeting short term cash flow needs. All amounts repayable on demand or within three months are covered by the company's cash and accounts receivable balances, giving confidence that funds will be available to settle liabilities as they fall due.

15.	DEFERRED TAX

2026

2025

£

Balance at 1 April

(104,101

)

(88,703

)

Provided for during the year

102,412

(15,398

)

Balance at 31 March

(1,689

)

(104,101

)

16.	ULTIMATE PARENT COMPANY

Swindon Borough Council is regarded by the directors as being the company's ultimate parent company. The company is consolidated in the financial statements of its parent which may be obtained at Civic Offices, Euclid Street, Swindon, SN1 2JH.

17.	RELATED PARTY DISCLOSURES

During the year, the company incurred administrative expenses of £57,625 (2025: £32,876) from Swindon Borough Council.