PF Solar Limited - Period Ending 2017-09-30

PF Solar Limited

Annual Report and Unaudited Financial Statements
Year Ended 30 September 2017

Registration number: 09457967

PF Solar Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 7

PF Solar Limited

Company Information

Directors

Mr S F Shine Mr M J Hutchinson Mr B De Vitry D'Avaucourt Mr N D Beatty

Registered office

Salcey Lawn House Salcey Lawn Hartwell Northants NN7 2HA

Accountants

Francis Clark LLP Vantage Point Woodwater Park Pynes Hill Exeter EX2 5FD

Page 1

PF Solar Limited

Balance Sheet

30 September 2017

	Note	2017 £	2016 £
Fixed assets
Investments	4	10,001	10,001
Current assets
Debtors	5	1,809,949	1,897,803
Cash at bank and in hand		61,302	69,392
		1,871,251	1,967,195
Creditors: Amounts falling due within one year	6	(63,827)	(54,722)
Net current assets		1,807,424	1,912,473
Total assets less current liabilities		1,817,425	1,922,474
Creditors: Amounts falling due after more than one year	6	(853,750)	(956,316)
Net assets		963,675	966,158
Capital and reserves
Called up share capital		1,100,000	1,100,000
Profit and loss account		(136,325)	(133,842)
Total equity		963,675	966,158

The notes on pages 4 to 7 form an integral part of these financial statements.

Page 2

PF Solar Limited

Balance Sheet

30 September 2017

For the financial year ending 30 September 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 19 February 2018 and signed on its behalf by:
 

.........................................

Mr N D Beatty

Director

Company Registration Number: 09457967

The notes on pages 4 to 7 form an integral part of these financial statements.

Page 3

PF Solar Limited

Notes to the Financial Statements

Year Ended 30 September 2017

1	General information

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
Salcey Lawn House
Salcey Lawn
Hartwell
Northants
NN7 2HA

These financial statements were authorised for issue by the Board on 19 February 2018.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 including Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Change in basis of accounting

The company's financial statements have been prepared in accordance with FRS102 - the Financial Reporting Standard applicable in the UK and Republic of Ireland. The company has transferred from previously extant UK GAAP to FRS102 as at 1 October 2015. There is no material impact on the reported financial position and financial performance.

Group accounts not prepared

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Page 4

PF Solar Limited

Notes to the Financial Statements

Year Ended 30 September 2017

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3	Staff numbers

There were no persons employed by the company during the year.

4	Investments

	2017 £	2016 £
Investments in subsidiaries	10,001	10,001

Subsidiaries	£
Cost or valuation
At 1 October 2016	10,001
Carrying amount
At 30 September 2017	10,001
At 30 September 2016	10,001

Page 5

PF Solar Limited

Notes to the Financial Statements

Year Ended 30 September 2017

5

Debtors

	Note	2017  £	2016  £
Amounts due from group undertakings	9	1,809,492	1,897,268
Other debtors		457	535
		1,809,949	1,897,803

6

Creditors

	Note	2017  £	2016  £
Due within one year
Loans and borrowings	7	60,710	52,722
Trade creditors		1,117	-
Accrued expenses		2,000	2,000
		63,827	54,722
Due after one year
Loans and borrowings	7	853,750	956,316

	2017 £	2016 £
After more than five years by instalments	579,481	691,337

7	Loans and borrowings

	2017 £	2016 £
Non-current loans and borrowings
Bank borrowings	853,750	956,316

	2017 £	2016 £
Current loans and borrowings
Bank borrowings	60,710	52,722

Page 6

PF Solar Limited

Notes to the Financial Statements

Year Ended 30 September 2017

Bank borrowings

Included in total loans and borrowings at the year end is £914,460 (2016: £1,009,038) on which security has been given. This includes a floating charge over all present and future undertakings and assets of the company.

8	Share capital

Allotted, called up and fully paid shares

	2017		2016
	No.	£	No.	£
Ordinary shares of £1 each	1,100,001	1,100,001	1,100,001	1,100,001

9	Related party transactions

Summary of transactions with subsidiaries

Pierces Solar Limited
 During the current and previous year a loan existed between the company and Pierces Solar Limited. This loan is interest free and repayable on demand. At the balance sheet date the amount due from Pierces Solar Limited was £1,809,492 (2016 - £1,897,268).
 

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