Sun Solar Solutions Limited - Limited company accounts 18.2

REGISTERED NUMBER: 08335945 (England and Wales)

Report of the Directors and

Unaudited Financial Statements for the Year Ended 31 December 2018

for

Sun Solar Solutions Limited

Page

Company Information

1

Report of the Directors

2

Income Statement

3

Balance Sheet

4

Notes to the Financial Statements

6

DIRECTORS:

Pinecroft Corporate Services Limited

G E Shaw

REGISTERED OFFICE:

C/O Foresight Group

The Shard

32 London Bridge Street

London

SE1 9SG

REGISTERED NUMBER:

08335945 (England and Wales)

The directors present their report with the financial statements of the company for the year ended 31 December 2018.

PRINCIPAL ACTIVITY

The Company owned and provided asset management services to Steventon Solar Limited, which

was sold during the course of the year.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2018 to

the date of this report.

Pinecroft Corporate Services Limited

G E Shaw

Other changes in directors holding office are as follows:

J Graham - resigned 11 September 2018

GOING CONCERN

These accounts have been prepared on a going concern basis. The directors believe this basis is

appropriate following consideration of cash flow forecasts which show the company is able to meet

its liabilities as they fall due.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act

2006 relating to small companies.

ON BEHALF OF THE BOARD:

G E Shaw - Director

24 September 2019

TURNOVER

187,840

320,000

Administrative expenses

122,742

(510,054

)

OPERATING PROFIT/(LOSS)

310,582

(190,054

)

Profit/loss on disposal

4

(33,408

)

-

277,174

(190,054

)

gain/(loss) from shares in group undertakings

(126,542

)

(302,262

)

Interest receivable and similar income

144,500

412,626

PROFIT/(LOSS) BEFORE TAXATION

295,132

(79,690

)

Tax on profit/(loss)

-

-

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

295,132

(79,690

)

FIXED ASSETS

Investments

5

10,144,085

3,137,292

CURRENT ASSETS

Debtors

6

429,233

1,667,858

Investments

7

-

3,983,000

Cash at bank

439,346

5,309,412

868,579

10,960,270

CREDITORS

Amounts falling due within one year

8

(266,621

)

(238,101

)

NET CURRENT ASSETS

601,958

10,722,169

TOTAL ASSETS LESS CURRENT LIABILITIES

10,746,043

13,859,461

PROVISIONS FOR LIABILITIES

(37,459

)

(29,733

)

NET ASSETS

10,708,584

13,829,728

CAPITAL AND RESERVES

Called up share capital

99,537

133,686

Share premium

8,096,562

8,097,910

Reserves

1,419,221

4,800,000

Retained earnings

1,093,264

798,132

SHAREHOLDERS' FUNDS

10,708,584

13,829,728

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 24 September 2019 and were signed on its behalf by:

G E Shaw - Director

1.	STATUTORY INFORMATION

Sun Solar Solutions Limited is a private company, limited by shares , 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 preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

Investments in subsidiaries

Shares in the subsidiary are periodically revalued to reflect the fair value of the underlying

asset. Under FRS 102, any unrealised gains or losses are put through the profit and loss

accounts in the periods in which they occur.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income

Statement, except to the extent that it relates to items recognised in other comprehensive

income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have

been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not

reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in

periods different from those in which they are recognised in financial statements. Deferred tax

is measured using tax rates and laws that have been enacted or substantively enacted by the

year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is

probable that they will be recovered against the reversal of deferred tax liabilities or other

future taxable profits.

Currently there is no deferred tax being recognised in the financial statements.

Going concern

These accounts have been prepared on a going concern basis. The directors believe this basis

is appropriate following consideration of cash flow forecasts which show the company is able

to meet its liabilities as they fall due.

Group accounts

Group Accounts are not being prepared as the group would be small as per the Companies

Act 2006 Section 383. As per the Companies Act 2006 Section 398, small groups are

permitted to produce consolidated accounts but are not required to do so.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2017 - NIL).

4.	EXCEPTIONAL ITEMS

31.12.18

31.12.17

£

£

Exceptional items

(7,572

)

-

Profit/loss on disposal

(33,408

)

-

(40,980

)

-

5.	FIXED ASSET INVESTMENTS

31.12.18

31.12.17

£

£

Shares in group undertakings

-

1,883,580

Loans to group undertakings

-

1,253,712

Other loans

10,144,085

-

10,144,085

3,137,292

Additional information is as follows:

Share in

subsidiary

£

COST OR VALUATION

At 1 January 2018

1,129,831

Disposals

(1,129,831

)

At 31 December 2018

-

PROVISIONS

At 1 January 2018

(753,749

)

Provision for year

753,749

At 31 December 2018

-

NET BOOK VALUE

At 31 December 2018

-

At 31 December 2017

1,883,580

Cost or valuation at 31 December 2018 is represented by:

Share in

subsidiary

£

Valuation in 2017

1,883,580

Valuation in 2018

(1,883,580

)

Loans to

group

Other

undertakings

loans

Totals

£

£

£

At 1 January 2018

1,253,712

-

1,253,712

New in year

-

10,144,085

10,144,085

Repayment in year

(1,253,712

)

-

(1,253,712

)

At 31 December 2018

-

10,144,085

10,144,085

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Trade debtors

-

253,461

Other debtors

222,435

47,948

Sh/holder loan int receivable

-

834,419

Interest Receivable- 3rd Party

206,798

102,030

Prepayments

-

430,000

429,233

1,667,858

7.	CURRENT ASSET INVESTMENTS

31.12.18

31.12.17

£

£

Loan

-

3,983,000

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Trade creditors

-

96,303

Amounts owed to group undertakings

169,000

-

VAT

97,621

35,199

Other creditors

-

106,599

266,621

238,101

9.	RELATED PARTY DISCLOSURES

Betelguese Solar Limited is considered to be a related party by virtue of common directors.

Sun Solar Solutions Limited loaned £6,161,085 to Betelgeuse Solar Limited during the course

of the year. At the year end, there was a total loan amount of £10,144,085.

Steventon Solar Limited is a wholly owned subsidiary of Sun Solar Solutions Limited. During

the year there was a shareholder loan of £1,253,712 owed from Steventon Solar Limited to the

Company. At the year end there was nothing outstanding from this loan. There was £31,085

of interest incurred on the loan during the year with nothing left outstanding at the year end.

Additionally, during the year, Sun Solar Solutions Limited invoiced Steventon Solar Limited

£187,840 excluding VAT for asset management services, of which nothing was outstanding at

the year end.

Foresight Group LLP is considered to be a related party by virtue of common directors.

Foresight Group LLP invoiced the Company £45,592 excluding VAT for management fees

during the course of the year, of which nothing was outstanding at the end of the year.

10.	ULTIMATE CONTROLLING PARTY

In the opinion of the directors there is no ultimate controlling party.