Pepys Power Limited - Limited company accounts 16.3

REGISTERED NUMBER: 07772750 (England and Wales)

Report of the Directors and

Unaudited Financial Statements for the Period 6 April 2016 to 31 March 2017

for

Pepys Power Limited

Page

Company Information

1

Report of the Directors

2

Statement of Directors' Responsibilities

3

Income Statement

4

Balance Sheet

5

Notes to the Financial Statements

7

DIRECTORS:

R J Thompson

D P Cambridge

REGISTERED OFFICE:

The Shard

co/ Foresight Group LLP

32 London Bridge Street

London

SE1 9SG

REGISTERED NUMBER:

07772750 (England and Wales)

The directors present their report with the financial statements of the company for the period 6 April 2016 to 31 March 2017.

PRINCIPAL ACTIVITY

The Company owns residential rooftop solar assets from which it generates revenue from

generating electricity.

DIRECTORS

R J Thompson has held office during the whole of the period from 6 April 2016 to the date of this report.

Other changes in directors holding office are as follows:

D P Cambridge was appointed as a director after 31 March 2017 but prior to the date of this report.

J B Milne ceased to be a director after 31 March 2017 but prior to the date of this report.

GOING CONCERN

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

appropriate following consideration of cash flow forecasts, which show that 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:

R J Thompson - Director

21 December 2017

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 United

Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and

applicable law). 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;

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.

TURNOVER

186,991

174,760

Administrative expenses

110,490

347,514

OPERATING PROFIT/(LOSS)

4

76,501

(172,754

)

Interest receivable and similar income

87

2,368

PROFIT/(LOSS) BEFORE TAXATION

76,588

(170,386

)

Tax on profit/(loss)

17,363

(37,046

)

PROFIT/(LOSS) FOR THE FINANCIAL PERIOD

59,225

(133,340

)

FIXED ASSETS

Tangible assets

6

1,348,653

1,416,879

CURRENT ASSETS

Debtors

7

587,981

85,826

Cash at bank

14,268

370,366

602,249

456,192

CREDITORS

Amounts falling due within one year

8

11,092

9,849

NET CURRENT ASSETS

591,157

446,343

TOTAL ASSETS LESS CURRENT LIABILITIES

1,939,810

1,863,222

PROVISIONS FOR LIABILITIES

17,553

190

NET ASSETS

1,922,257

1,863,032

CAPITAL AND RESERVES

Called up share capital

1,993,140

1,993,140

Retained earnings

(70,883

)

(130,108

)

SHAREHOLDERS' FUNDS

1,922,257

1,863,032

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 March 2017 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 21 December 2017 and were signed on its behalf by:

R J Thompson - Director

1.	STATUTORY INFORMATION

Pepys Power 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

Going concern

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

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

basis is appropriate following consideration of cash flow forecasts, which show that the

Company is able to meet its liabilities as they fall due.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting

Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland',

not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

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

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

Tangible fixed assets

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

Plant and machinery etc

-

4% on cost

Taxation

Taxation for the period 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

period 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 1 .

4.	OPERATING PROFIT/(LOSS)

The operating profit (2016 - operating loss) is stated after charging:

Period

6.4.16

to

Year Ended

31.3.17

5.4.16

£

£

Depreciation - owned assets

68,226

68,226

5.	DEFERRED TAX

A deferred tax liability of £17,553 is currently being recognised.

A deferred tax asset of £29,506 in respect to the operating loss is currently being recognised.

B/f losses -£206,074

Trading profit £76,589

Non-deductible expenses £68,226

Capital allowances -£94,034

Final -£155,293

Deferred tax asset £29,506

A deferred tax liability of £47,059 in respect to the timing differences between the recognition

of capital allowances and depreciation is currently being recognised.

Net book value £1,348,653

Tax written down value £1,100,976

Deferred tax liability £47,059

6.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 6 April 2016

and 31 March 2017

1,705,650

DEPRECIATION

At 6 April 2016

288,771

Charge for period

68,226

At 31 March 2017

356,997

NET BOOK VALUE

At 31 March 2017

1,348,653

At 5 April 2016

1,416,879

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

5.4.16

£

£

Trade debtors

421

-

Amounts owed by group undertakings

569,464

-

Prepayments and accrued income

16,118

33,793

VAT

1,978

52,033

587,981

85,826

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

5.4.16

£

£

Trade creditors

304

-

Accruals

10,788

9,849

11,092

9,849

9.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Averon Park Limited.