PV Crystalox Solar plc (PVCS) 2022年年度報告「LSE」.pdf

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1、1 PV Crystalox Solar PLC Annual report For the year ended 30 June 2022 Company No.06019466PV Crystalox Solar PLC Annual Report for the year ended 30 June 2022 Index 2 Page(s)Company information 3 Strategic Report 4-7 Directors Report 8-12 Independent auditors report 13-16 Statement of Comprehensive

2、Income 17 Statement of financial position 18 Statement of changes in equity 19 Cash flow statement Notes to the financial statements 20 21-30 PV Crystalox Solar PLC Annual Report for the year ended 30 June 2022 Company information 3 Company registration number 06019466 Registered office Innovation C

3、entre 99 Park Drive Milton Park ABINGDON Oxfordshire OX14 4RY Directors I A Dorrity J K Sleeman Company secretary P J Finnegan Bankers National Westminster Bank Plc Thames Valley Corporate Office Abbey Gardens 4 Abbey Street READING RG1 3BA Solicitors Norton Rose Fulbright LLP 3 More London Riversid

4、e LONDON SE1 2AQ Independent auditors Azets Audit Services Chartered Accountants and Statutory Auditors Gladstone House 77-79 High Street EGHAM TW20 9HY PV Crystalox Solar PLC Annual Report for the year ended 30 June 2022 Strategic Report for the year ended 30 June 2022 4 The directors present their

5、 strategic report on the Company for the 12 months ended 30 June 2022.The period end was changed in 2021 from 31 December 2020 to 30 June 2021 in order to give shareholders a more representative view of the value of the Companys assets.Principal activities and review of the business The Company acts

6、 as the holding company of three subsidiary companies(together the Group)and is the ultimate holder of the whole of the share capital in these subsidiary companies.It is the immediate parent company of Crystalox Solar Limited and PV Crystalox Solar Silicon GmbH(PVCSS)in Germany.Crystalox Solar Limit

7、ed owns the whole of the share capital in Crystalox Limited.As communicated to shareholders in June 2021,the Company is seeking to liquidate its assets and return the remaining cash to its shareholders.The largest asset on the balance sheet is its investment in subsidiary undertakings which relates

8、to companies in Germany and the United Kingdom.Extremely challenging PV market conditions have persisted since 2011 when overcapacity primarily in China caused a collapse in pricing across the value chain.This difficult environment eventually necessitated the Groups exit from the PV industry.Manufac

9、turing ceased at Crystalox Limited in 2017 and the closure of the UK facilities was completed in 2018.Major restructuring of the German subsidiary PVCSS was carried out during 2018 when the Board concluded that the transformation of the manufacturing operation to focus on the cutting of ceramics wou

10、ld be preferable to closure and ultimately offered the potential for a favourable outcome for all stakeholders through a sale to a third party or a transfer of the business to the existing management team.The resolution of a tax audit at PVCSS in September 2021 has removed a potential obstacle to th

11、e sale of the subsidiary.Discussions with a potential buyer have been protracted and ongoing for more than year but have not yet been successfully concluded.PV Crystalox Solar PLC Annual Report for the year ended 30 June 2022 Strategic Report for the year ended 30 June 2022 5 Crystalox Limited(a who

12、lly owned subsidiary)received a cash inflow of 0.2m in March 2022 which related to a historic settlement of a wafer supply contract with a customer which did not fulfil its obligations.Receipts of 9.5 million in aggregate relating to this customer have been collected since 2014.A further cash inflow

13、 of approximately 0.2 million into the UK subsidiary is anticipated during the coming twelve months.The value of these receipts will be recognised in these financial statements when the amounts are passed up to the parent company by way of dividends in the future.Financial Performance The Company ha

14、s a loss before tax for the period of 202k.This loss is in respect of the Companys administration costs,net of group management fee income and a gain on exchange on an amount receivable in Euros.The main elements are:Wages and salaries 223k Administration costs 58k Management fee income (72)k Gain o

15、n exchange:currency receivables (7)K Total administration fees 202k Wages and salaries cost of 223k are much lower than in previous periods due to the Directors and the Company Secretary reducing their salaries by 60%in October 2021 to reflect their move to part-time contracts.Wages and salaries are

16、 analysed in Note 5 to the accounts.Management will continue to realise the Companys and Groups assets whilst allowing adequate time for matters to be settled in Germany where management have limited ability to accelerate the disposal process.The Directors consider it is appropriate to prepare finan

17、cial statements for shareholders comprising the parent company only as these give a more representative view of the assets and liabilities held.The directors present the closing balance sheet on 30 June 2022 as providing the best estimate of the remaining value in the business on that date.The inves

18、tment in subsidiaries value of 2,777k has been reviewed and is supported by the potential sale of the German subsidiary and assets held within the UK subsidiaries.Furthermore,with the exception of the investment in Germany,other assets are all of a short-term nature.PV Crystalox Solar PLC Annual Rep

19、ort for the year ended 30 June 2022 Strategic Report for the year ended 30 June 2022 6 Operating costs are expected to remain low with all UK based directors and employees working on an average of two days per week and the Company no longer having the costs of maintaining an ongoing public listing.P

20、rincipal risks and uncertainties As a result of the decision in 2020 to delist from the London Stock Market and for the directors and secretary to agree part-time contracts the Companys costs levels are greatly reduced.Liquidity/cashflow risk:Although the Company continues to hold a significant cash

21、 balance,remaining cash outgoings are restricted to those necessary for administrative purposes.Cash held by the Company is kept instantly available in current bank accounts and bank deposit accounts.The Company holds its cash in pounds sterling(subsidiary companies have a combination of currencies,

22、accordingly there is some risk associated with foreign exchange rate movements in these companies).Key performance indicators(KPIs)PV Crystalox Solar PLC and its Groups operations are managed as one operation.For this reason,the Companys directors believe that analysis using key performance indicato

23、rs for the Company is not necessary or appropriate for an understanding of the development,performance or position of the business of PV Crystalox Solar PLC.The sole purpose of the Company and Group is currently to optimise the disposal of its assets and maximise the return to shareholders as soon a

24、s all outstanding matters have been finalised and settled.Going concern/basis of preparation As part of its normal business practice,the Company regularly prepares both annual and longer-term plans which are based on the directors expectations.PV Crystalox Solar PLC Annual Report for the year ended

25、30 June 2022 Strategic Report for the year ended 30 June 2022 7 The Companys anticipated remaining running costs are expected to be a relatively small proportion of the remaining cash.Following the decision to cease production during 2017 the financial statements for both the current and prior year

26、are prepared on a basis other than going concern.Accordingly,whilst the directors are comfortable the company is able to meet its debts as they fall due,the financial statements are being prepared on a basis other than going concern.Future developments The Company will focus on preparation for a pos

27、sible solvent liquidation.By order of the board Iain Dorrity Director 2 November 2022 PV Crystalox Solar PLC Annual Report for the year ended 30 June 2022 Directors Report for the year ended 30 June 2022 8 The directors present their report and the audited financial statements of the Company for the

28、 12 months ended 30 June 2022.Results and dividends The trading result for the year and the Companys financial position at the end of the year are shown in the attached financial statements.The Company does not propose paying a dividend(2021:Nil).Strategic Report The Company is required by the Compa

29、nies Act 2006 to set out the development and performance of the business of the Company during the financial period ended 30 June 2022 and of the position of the Company at the end of the period and a description of the principal risks and uncertainties facing the Company.The information concerning

30、the Strategic Report can be found on pages 4 to 7.Research and development No research and development activities were carried out in the years under review.Employees The Company had 2 employees at 30 June 2022(2 at 30 June 2021).PV Crystalox Solar PLC Annual Report for the year ended 30 June 2022 D

31、irectors Report for the year ended 30 June 2022 9 Directors The directors who served the Company during the year and up to the date of signing were as follows:Mr J K Sleeman Dr I A Dorrity Statement by the Directors relating to their statutory duties under s172(1)Companies Act 2006 The Board of Dire

32、ctors considers,both individually and together,that they have acted in the way they consider,in good faith,would be most likely to promote the success of the company for the benefit of the members as a whole(having regard to the stakeholders and the matters set out in s172(1)(a-f)of the Act)in the d

33、ecisions taken during the year ended 30 June 2022.The Company is a holding company currently engaged in the orderly disposal of its subsidiaries and returning monies to shareholders.The Companys success in following this strategy is measurable ultimately in terms of the value arising.To this end:The

34、 Company and its subsidiaries are dependent upon the loyalty and hard work of their employees and seeks to reward those employees fairly whilst creating an environment that is both safe,secure and rewarding with responsive and trusted leadership.The Companys subsidiaries are encouraged to maintain r

35、egular and honest contact with customers and suppliers,to understand their needs and to build a partnering approach to business generally for the long term.The Companys subsidiaries consider the impact of their operations on their local communities with charitable activities encouraged and supported

36、.PV Crystalox Solar PLC Annual Report for the year ended 30 June 2022 Directors Report for the year ended 30 June 2022 10 The Company and its subsidiaries consider the impact of their operations on the environment,with travel minimised and recyclable packaging materials employed where possible.The B

37、oards intention,for itself and for its subsidiaries,is to operate responsibly within a governance culture and framework that is appropriate to nature and size.The Board,through its Annual General Meeting and regular announcements to shareholders communicates with members fairly and equally by provid

38、ing clear and informative information about the Companys business and its investments.Energy and carbon reporting As the Company has consumed less than 40,000kWh of energy in this reporting period,it qualifies as a low energy user under the regulations and is not required to report on any emissions,

39、energy consumption or energy efficient activities.Directors indemnities As permitted by the Articles of Association,the Directors have the benefit of an indemnity which is a qualifying third-party indemnity provision as defined by Section 234 of the Companies Act 2006.The indemnity was in force thro

40、ughout the last financial period and is in force as at the date of approval of the financial statements.The Company also purchased and maintained throughout the financial year Directors and Officers liability insurance in respect of itself and its Directors.Going concern Going concern is discussed i

41、n the Strategic Report which can be found on pages 6 and 7.PV Crystalox Solar PLC Annual Report for the year ended 30 June 2022 Directors Report for the year ended 30 June 2022 11 Future Developments The Company will focus on preparation for a possible solvent liquidation.Disclosure of information t

42、o the auditors The director who held office at the date of approval of this Directors Report confirms that,so far as he is each aware,there is no relevant audit information of which the Companys auditors are unaware;and the directors have taken all the steps that they ought to have taken as director

43、s to make themselves aware of any relevant audit information and to establish that the Companys auditors are aware of that information.Independent auditors Azets Audit Services has indicated that it is willing to continue in office.A resolution to re-appoint Azets Audit Services as auditors for the

44、ensuing year will be proposed at the AGM.Statement of directors responsibilities in respect of the financial statements The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulation.Company law requires the directors to pr

45、epare financial statements for each financial year.Under that law the directors have prepared the financial statements in accordance with International Financial Reporting Standards(“IFRS”)and applicable law.Under company law the directors must not approve the financial statements unless they are sa

46、tisfied 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 the financial statements,the directors are required to:PV Crystalox Solar PLC Annual Report for the year ended 30 June 2022 Directors Report for th

47、e year ended 30 June 2022 12 select suitable accounting policies and then apply them consistently;state whether applicable IFRSs have been followed,subject to any material departures disclosed and explained in the financial statements;make judgements and accounting estimates that are reasonable and

48、prudent;and 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 also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detectio

49、n of fraud and other irregularities.The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the companys transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the finan

50、cial statements comply with the Companies Act 2006.On behalf of the board Peter Finnegan Company Secretary 2 November 2022 PV Crystalox Solar PLC Annual Report for the year ended 30 June 2022 Independent auditors report to the members of PV Crystalox Solar PLC 13 Opinion We have audited the financia

51、l statements of PV Crystalox Solar Plc(the company)for the year ended 30 June 2022,which comprise the statement of comprehensive income,the statement of financial position,the statement of cash flows,the statement of changes in equity and notes to the financial statements,including a summary of sign

52、ificant 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 companys affairs

53、 as at 30 June 2022 and of its loss for the year then ended;have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;and have been prepared in accordance with the requirements of the Companies Act 2006.Basis for opinion We conducted our audit in accordance

54、 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 group and the parent company in accorda

55、nce with the ethical requirements that are relevant to our audit of the financial statements in the UK,including the FRCs 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

56、and appropriate to provide a basis for our opinion.Emphasis of matter basis of preparation of the financial statements We draw your attention to note 1 to the financial statements which describes the basis of preparation of the financial statements.As described in note 1,the company is not considere

57、d to be a going concern and the financial statements have been prepared on a basis other than going concern.Our opinion is not modified in respect of this matter.Other information The directors are responsible for the other information.The other information comprises the information included in the

58、annual report and financial statements,other than the financial statements and our auditors report 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 conclusio

59、n 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 mat

60、erially misstated.If we identify such material inconsistencies or apparent material misstatements,we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information.If,based on the work we have performed,we conclude t

61、hat there is a material misstatement of this other information,we are required to report that fact.We have nothing to report in this regard.PV Crystalox Solar PLC Annual Report for the year ended 30 June 2022 Independent auditors report to the members of PV Crystalox Solar PLC 14 Opinions on other m

62、atters prescribed by the Companies Act 2006 In our opinion,based on the work undertaken in the course of our audit:the information given in the strategic report and the directors report for the financial year for which the financial statements are prepared is consistent with the financial statements

63、;and the strategic report and the directors report have 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 hav

64、e not identified material misstatements in the strategic report or the directors report.We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if,in our opinion:adequate accounting records have not been kept,or returns a

65、dequate 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 explana

66、tions we require for our audit.Responsibilities of directors for the financial statements As explained more fully in the statement of directors responsibilities as set out on page 11 and 12,the directors are responsible for the preparation of the financial statements and for being satisfied that the

67、y give a true and fair view,and for such internal control as the directors determine is 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

68、 the groups and the parent companys 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 group or the parent company or to cease operations,or have no reali

69、stic 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 an auditors report that

70、 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 th

71、e aggregate,they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Councils website at:www.frc.org.uk

72、/auditorsresponsibilities.This description forms part of our auditors report.PV Crystalox Solar PLC Annual Report for the year ended 30 June 2022 Independent auditors report to the members of PV Crystalox Solar PLC 15 Extent to which the audit was considered capable of detecting irregularities,inclu

73、ding fraud Irregularities,including fraud,are instances of non-compliance with laws and regulations.We design procedures in line with our responsibilities,outlined above and on the Financial Reporting Councils website,to detect material misstatements in respect of irregularities,including fraud.We o

74、btain and update our understanding of the entity,its activities,its control environment,and likely future developments,including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.Based on this understanding,we identify and assess the ris

75、ks of material misstatement of the financial statements,whether due to fraud or error,design and perform audit procedures responsive to those risks,and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.This includes consideration of the risk of acts by the e

76、ntity that were contrary to applicable laws and regulations,including fraud.In response to the risk of irregularities and non-compliance with laws and regulations,including fraud,we designed procedures which included:Enquiry of management and those charged with governance around actual and potential

77、 litigation and claims as well as actual,suspected and alleged fraud;Reviewing minutes of meetings of those charged with governance;Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the compan

78、y through enquiry and inspection;Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;Performing audit work over the risk of management bias and override of controls,including testing of journal entries and other

79、adjustments for appropriateness,evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.Because of the inherent limitations of an audit,there is a risk that we will not detect all irregula

80、rities,including those leading to a material misstatement in the financial statements or non-compliance with regulation.This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements,as we will be less likely to

81、 become aware of instances of non-compliance.The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error,as fraud may involve collusion,forgery,intentional omissions,misrepresentations,or the override of internal control.PV Crystalox Solar PLC A

82、nnual Report for the year ended 30 June 2022 Independent auditors report to the members of PV Crystalox Solar PLC 16 Use of our report This report is made solely to the companys members,as a body,in accordance with Chapter 3 of Part 16 of the Companies Act 2006.Our audit work has been undertaken so

83、that we might state to the companys members those matters we are required to state to them in an auditors report 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 companys members as a body,for our audit

84、 work,for this report,or for the opinions we have formed.Paul Creasey(Senior Statutory Auditor)For and on behalf of Azets Audit Services Chartered Accountants and Statutory Auditor Egham 2 November 2022PV Crystalox Solar PLC Annual Report for the 12 months ended 30 June 2022 Income statement for the

85、 12 months ended 30 June 2022 17 (All amounts in thousands unless otherwise stated)12 Months 18 Months note 2022 2021 Revenue 3-Cost of sales -Gross profit -Administrative expenses (290)(1,304)Other operating income 72 25(Loss)before interest and taxation 4(218)(1,279)Finance income/cost 7 3(Loss)be

86、fore taxation (211)(1,276)Tax on(loss)6-(Loss)for the financial year (211)(1,276)There was no other comprehensive income for the period(2021:nil).The activities of the Company are no longer classed as continuing and the financial statements have been prepared on a basis other than going concern.PV C

87、rystalox Solar PLC Annual Report for the 12 months ended 30 June 2022 Statement of financial position as at 30 June 2022 18 (All amounts in thousands unless otherwise stated)Note 2022 2021 Non current assets Investments 2,777 2,777 Current assets Other receivables 7 49 200 Cash and cash equivalents

88、8 231 279 280 479 Current liabilities Creditors and other payables 9 (68)(56)(68)(56)Net current(liabilities)/assets 212 423 Total assets less current liabilities 2,989 3,200 Net assets 2,989 3,200 Capital and reserves Called up share capital 11 110 110 Profit and loss account 2,879 3,090 Total shar

89、eholders(deficit)2,989 3,200 The notes on pages 21 to 30 are an integral part of these financial statements.The financial statements on pages 17 to 30 were authorised for issue by the board on 1 November 2022 and were signed on its behalf by:Dr I A Dorrity Director Company No.06019466 PV Crystalox S

90、olar PLC Annual Report for the 12 months ended 30 June 2022 Statement of changes in equity for the 12 months ended 30 June 2022(All amounts in thousands unless otherwise stated)19 Share capital 000 Shares held by the EBT 000 Share-based payment reserve 000 Retained earnings/(accumulated losses)000 T

91、otal equity 000 As at 1 January 2020 220(54)103 6,256 6,525 Share based payment credit-Shareholder return-Capital Return(110)-(1,890)(2,000)Transactions with owners(110)-(1,890)(2,000)Loss for the period-(1,276)(1,778)-Total comprehensive income-54(103)(1,276)(1,325)As at 30 June 2021 110-3,090 3,20

92、0 Share capital 000 Shares held by the EBT 000 Share-based payment reserve 000 Retained earnings/(accumulated losses)000 Total equity 000 As at 1 July 2021 110-3,090 3,200 Loss for the year and total comprehensive income-(211)(211)As at 30 June 2022 110-2,879 2,989 PV Crystalox Solar PLC Annual Repo

93、rt for the 12 months ended 30 June 2022 Cash flow statement For the period ended 30 June 2022(30 June 2021 18 months)(All amounts in thousands unless otherwise stated)20 2022 000 2021 000(Loss)before taxes(211)(1,276)Adjustments for:Credit/(charge)for share-based payments-(49)(211)(1,325)Changes in

94、working capital Decrease in accounts receivables 151 2,601 Increase/(Decrease)in accounts payables and deferred income 12(80)163 2,521 Net cash(used in)/generated from operating activities(48)1,196 Cash flow from investing activities Net cash generated from/(used in)investing activities Cash flow fr

95、om financing activities Capital return to shareholders (2,000)Net cash used in financing activities (2,000)Cash(used in)/generated from operations(48)(804)Cash and cash equivalents at the beginning of the period 279 1,083 Cash and cash equivalents at the end of the year 231 279 PV Crystalox Solar PL

96、C Annual Report for 12 months ended 30 June 2022 Notes to the financial statements(All amounts in thousands unless otherwise stated)21 1 Summary of significant accounting policies Basis of preparation PV Crystalox Solar PLC is a public company limited by shares and registered in England and Wales.Th

97、e registered office is stated on page 3 of these financial statements.The financial statements of PV Crystalox Solar PLC have been prepared in accordance with International Financial Reporting Standards(IFRS and IFRIC Interpretations)as adopted by the UK(“UK adopted IAS”)and those parts of the Compa

98、nies Act 2006 applicable to companies preparing their accounts under UK adopted IFRS.Following the delisting on 29 September 2020 the financial statements are no longer prepared on the going concern basis and have instead been prepared on a basis other than going concern as it is the Directors inten

99、tion to liquidate the Company as soon as various outstanding matters have been settled.All assets and liabilities have been classified as current.The Company is in a net asset position of 3.0 million at 30 June 2022.The preparation of financial statements in conformity with UK adopted IAS requires t

100、he use of certain critical accounting estimates.It also requires management to exercise its judgement in the process of applying the companys accounting policies.The areas involving a higher degree of judgement or complexity,or areas where assumptions and estimates are significant to the financial s

101、tatements are disclosed in note 2.The financial statements contain information about PV Crystalox Solar PLC as an individual company and do not contain consolidated financial information as the parent of a group.The company is exempt under Section 399(2A)of Companies Act 2006 from the requirements t

102、o prepare consolidated financial statements.As part of the program to liquidate its assets and return the remaining cash to shareholders,the company changed its accounting reference date to 30 June to give a better understanding of the financial position to its members.The financial statements are f

103、or a 12 month period from 1 July 2021 to 30 June 2022.The comparative figures are for the 18 months ended 30 June 2021 and may not be entirely comparable.The financial statements are prepared in sterling which is the functional currency of the company.Monetary amounts in these financial statements a

104、re expressed in 000.The principal accounting policies of the company have remained unchanged from the previous year,have been consistently applied throughout the period and are set out below.New Standards,amendments and IFRIC interpretations At the date of authorisation of these financial statements

105、,certain new standards,amendments and interpretations to existing standards have been published but are not yet effective,and have not been adopted early by the Company.Management anticipates that all of the pronouncements will be adopted in the Companys accounting policies for the first period begi

106、nning after the effective date of the pronouncement.Information on new standards,amendments and interpretations that are expected to be relevant to the Companys financial statements is provided below.Certain other new standards and interpretations have been issued but are not expected to have a mate

107、rial impact on the Companys financial statements.In the current period,the company has applied a number of amendments to Standards and Interpretations issued by the IASB that are effective for an annual period that begins on or after 1 January 2021.These have not had any material impact on the amoun

108、ts reported for the current period and prior years:PV Crystalox Solar PLC Annual Report for 12 months ended 30 June 2022 Notes to the financial statements(All amounts in thousands unless otherwise stated)22 Interest rate benchmark reform phase 2(Amendments to IFRS 9,IAS 39,IFRS 7,IFRS 4 and IFRS 16)

109、Covid-19 Related Rent Concessions(Amendment to IFRS 16).The following Adopted IFRSs have been issued but have not been applied by the Company in these financial statements,all of which are effective for accounting periods commencing on or after 1 January 2022.Their adoption is not expected to have a

110、 material effect on the financial statements unless otherwise indicated:Narrow scope amendments to IFRS 3,IAS 16 and IAS 37 Annual improvements to IFRS Standards 2018 2020 Amendments to IAS 1:Classification of Liabilities as Current or non-Current Amendments to IAS 1:Disclosure of Accounting Policie

111、s Amendments to IAS 8:Definition of Accounting Estimates Amendments to IAS 12:Deferred Tax related to assets and Liabilities arising from a single transaction As yet,none of these have been endorsed for use in the UK and will not be adopted until such time as endorsement is confirmed.The directors d

112、o not expect any material impact as a result of adopting the standards and amendments listed above in the financial year they become effective.PV Crystalox Solar PLC Annual Report for the 12 months ended 30 June 2022 Notes to the financial statements(continued)(All amounts in thousands unless otherw

113、ise stated)23 1 Summary of significant accounting policies(continued)Dividends paid Dividends paid are included in the Company financial statements in the period in which the related dividends are paid.Fixed asset investments Investments in subsidiaries are stated at cost less provision for impairme

114、nt.Debtors Debtors are initially recorded at fair value and subsequently valued at amortised cost,less provisions for impairment.Any change in their value through impairment or reversal of impairment is recognised in the Income Statement net of any advance payment held by the company where a right o

115、f offset exists.Impairment of non-financial assets The Company assesses at each reporting date whether there is an indication that an asset may be impaired.If any such indication exists,or when annual impairment testing for an asset is required,the Company makes an estimate of the assets recoverable

116、 amount.An assets recoverable amount is the higher of an assets or cash-generating units fair value less costs to sell and its value in use and is determined for an individual asset,unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of a

117、ssets.In assessing value in use,the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.Where the carrying amount of an asset exceeds its recoverable am

118、ount,the asset is considered impaired and is written down to its recoverable amount.Impairment losses are recognised in the income statement as impairment losses PV Crystalox Solar PLC Annual Report for the 12 months ended 30 June 2022 Notes to the financial statements(continued)(All amounts in thou

119、sands unless otherwise stated)24 1 Summary of significant accounting policies(continued)Pension costs The company operates a defined contribution pension scheme for employees.The assets of the scheme are held separately from those of the company.The annual contributions payable are charged to the In

120、come Statement.Deferred taxation Deferred tax is recognised on all timing differences where the transactions or events that give the company an obligation to pay more tax in the future,or a right to pay less tax in the future,have occurred by the balance sheet date.Deferred tax assets are recognised

121、 when it is more likely than not that they will be recovered.Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse,based on tax rates and laws enacted or substantively enacted at the balance sheet date.Foreign

122、 currencies Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date.Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction.Exchange differences

123、are taken into account in arriving at the operating profit.Cash and cash equivalents Cash and cash equivalents includes cash in hand,deposits held at call with banks,other short-term highly liquid investments with original maturities of three months or less and bank overdrafts.In the balance sheet,b

124、ank overdrafts,should they arise,would be shown within borrowings in current liabilities.Financial assets Financial assets are assigned to the different categories on initial recognition,depending on the characteristics of the instrument and its purpose.All financial assets of the Company are classi

125、fied as loans and receivables.Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market.After initial recognition these are measured at amortised cost using the effective interest method,less impairment losses.Any change in

126、their value is recognised in the income statement.Financial liabilities Financial liabilities include trade and other payables,payables to related parties and interest-bearing loans and borrowings.Financial liabilities are recognised on the balance sheet when,and only when,the Company becomes a part

127、y to the contractual provisions of the financial instrument.Financial liabilities are initially recognised at fair value of consideration received less directly attributable transaction costs and subsequently measured at amortised cost using the effective interest method.PV Crystalox Solar PLC Annua

128、l Report for the 12 months ended 30 June 2022 Notes to the financial statements(continued)(All amounts in thousands unless otherwise stated)25 Gains and losses are recognised in the income statement when the liabilities are derecognised as well as through the amortisation process.The liabilities are

129、 derecognised when the obligation under the liability is discharged or cancelled or expired.Equity Equity is comprised of the following balances:Share capital is the nominal value of the issued share capital of the company.Profit and loss account represents accumulated profits and losses from incorp

130、oration.PV Crystalox Solar PLC Annual Report for the 12 months ended 30 June 2022 Notes to the financial statements(continued)(All amounts in thousands unless otherwise stated)26 2 Critical accounting estimates and judgements Estimates and judgements are continually evaluated and are based on histor

131、ical experience and other factors,including expectations of future events that are believed to be reasonable under the circumstances.The company makes estimates and assumptions concerning the future.The resulting accounting estimates will,by definition,seldom equal the related actual results.There a

132、re no longer any other estimates and assumptions that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year.3 Revenue Analysis of revenue by customer location:2022 2021 United Kingdom -Continental Europe -Rest of the w

133、orld -The Company has no assets or liabilities recognised related to contracts with customers.4 (Loss)before interest and taxation (Loss)before interest and taxation is stated after charging/(crediting):2022 2021 Wages and salaries 200 597 Social security costs 23 49 Termination costs(including soci

134、al security)-335 Other pension costs 9 56 Staff costs 232 1,037 (Loss)/gain on currency translation 7 1 Audit fees payable to the companys auditor (7)(11)2022 2021 Interest received -2 Loss/(Gain on currency transactions 7 1 Net Finance income 7 3 PV Crystalox Solar PLC Annual Report for the 12 mont

135、hs ended 30 June 2022 Notes to the financial statements(continued)(All amounts in thousands unless otherwise stated)27 5 Employees and directors Employees The average monthly number of persons(including directors)employed by the company during the period was:2022 2021 By activity No.No.Administratio

136、n 3 3 Total 3 3 Directors Remuneration in respect of directors was as follows:2022 2021 Emoluments receivable(excluding pension contributions)126 444 Termination costs -Value of company pension contributions 7 11 132 455 Emoluments of the highest paid director are as follows:2022 2021 Total emolumen

137、ts(excluding pension contributions)99 380 Termination costs -Value of company pension contributions 7 11 106 391 During the period one director(2021:1)participated in money purchase pension schemes.The position of full-time company Secretary was made redundant on 30 June 2020.A new part-time company

138、 secretary was employed on the 1 July 2020.The salary for the part-time position(2 days per week)was 2/5ths of that previously paid for the full-time position.PV Crystalox Solar PLC Annual Report for the 12 months ended 30 June 2022 Notes to the financial statements(continued)(All amounts in thousan

139、ds unless otherwise stated)28 6 Tax on(loss)/profit 2022 2021 Current tax:UK Corporation tax based on(loss)/profit for the year at 19.00%(2018:19.00%)-Adjustment in respect of prior periods -Total Current tax -Deferred tax:Total deferred tax -Income tax expense -.2022 2021(Loss)/profit before taxati

140、on (211)(1,276)(Loss)/profit before taxation multiplied by standard rate of tax in the UK at 19.00%(2018:19.00%)(40)(242)Fixed asset timing differences -Disallowance income/expenses -27 Deferred tax adjustments/utilisation of previously unrecognised tax losses 40 215 Total tax charge -7 Investments

141、Shares in subsidiary undertakings 000 Cost and net book value At 1 July 2021 2,777 At 30 June 2022 2,777 The Company carried out an impairment review during the period by considering the investments in each subsidiary separately.It compared the expected future cash flows and balance sheet position o

142、f each subsidiary to its net book value.As a result of this review the Company confirmed that no impairment was required in the period.At 30 June 2022 the Company held 100%of the allotted ordinary share capital of the following undertakings:Subsidiary Country of incorporation Activity Proportion hel

143、d%Profit/(loss)for the year 000 Capital and Reserves 000 Crystalox Solar Limited1 United Kingdom Holding company 100-Crystalox Limited1 United Kingdom Trading company 100*292 991 PV Crystalox Solar Silicon GmbH2 Germany Trading company 100 209 2,491 *Held indirectly through Crystalox Solar Limited.R

144、egistered addresses:1.Innovation Centre,99 Park Drive,Milton Park,Abingdon,Oxfordshire OX14 4RY.2.Gustav-Tauschek Strae 2,Erfurt,99099,Germany.PV Crystalox Solar PLC Annual Report for the 12 months ended 30 June 2022 Notes to the financial statements(continued)(All amounts in thousands unless otherw

145、ise stated)29 The directors believe that the carrying value(after the impairment discussed above)of the investments is supported by their net realisable value.8 Other receivables 2022 2021 Amounts due from group undertakings 46 195 Prepayments and accrued income 3 5 49 200 9 Cash and cash equivalent

146、s The company has a positive net cash balance at 30 June 2022.10 Creditors and other payables 2022 2021 Amounts owed to group undertakings -3 Accruals 68 53 68 56 All amounts owed to group undertakings are interest free,unsecured and repayable on demand.11 Called up share capital Allotted,called up

147、and fully paid:2022 2021 3,649,045 Ordinary shares of 3.0206 pence each 110 110 12 Risk management objectives and policies The company is exposed to market risk through its use of financial instruments and specifically to currency risk,interest rate risk,credit and liquidity risk and certain other p

148、rice risks,which result from both its operating and investing activities.The Companys risk management is coordinated at its headquarters,in close co-operation with the Board of directors,and focuses on actively securing the Companys short to medium term cash flows by minimising the exposure to finan

149、cial markets.The company does not engage in the trading of financial assets for speculative purposes nor does it write options.Besides amounts due from subsidiary undertakings,the company is not exposed to credit risk.Credit risk on bank balances is considered negligible since the counter parties ar

150、e reputable banks with high quality external credit ratings.PV Crystalox Solar PLC Annual Report for the 12 months ended 30 June 2022 Notes to the financial statements(continued)(All amounts in thousands unless otherwise stated)30 All creditors and other payables have contractual maturities within 6

151、 months of the accounting reference date.13 Summary of financial assets and liabilities by category The carrying amounts of the Companys financial assets and liabilities as recognised at the balance sheet date are considered to approximate to their carrying values.These assets and liabilities may al

152、so be categorised as follows:Financial assets measured at amortised cost 2022 2021 Non current Investments in subsidiaries 2,777 2,777 Current Other receivables 46 195 Cash and cash equivalents 231 279 3,054 3,251 Financial liabilities measured at amortised cost 2022 2021 Current Trade and other payables 68 56 68 56