PV Crystalox Solar PLC
Annual report
For the year ended
30 June 2024
Company No. 06019466
PV Crystalox Solar PLC
Annual Report for the year ended 30 June 2024
Index
Page(s)
Company information
1
Strategic report
2-5
Directors’ report
6-9
Independent auditors' report
10-13
Statement of comprehensive income
14
Statement of financial position
15
Statement of changes in equity
16
Cash flow statement
Notes to the financial statements
17
18-25
PV Crystalox Solar PLC
Annual Report for the year ended 30 June 2024
Company information
1
Company registration number
06019466
Registered office
Innovation Centre
99 Park Drive
Milton Park
ABINGDON
Oxfordshire
OX14 4RY
Directors
I A Dorrity
J K Sleeman
P J Finnegan
Company secretary
P J Finnegan
Bankers
National Westminster Bank Plc
Thames Valley Corporate Office
Abbey Gardens
4 Abbey Street
READING
RG1 3BA
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 2024
Strategic report
2
The directors present their strategic report on the Company for the year ended 30 June
2024.
Principal activities and review of the business
The Company acts 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 Limited 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 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 Group's exit from the PV industry. Manufacturing
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 would 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 removed a potential obstacle to the sale of the subsidiary and discussions
with a potential buyer reached an advanced stage during 2022. However, the buyer
ultimately withdrew its interest due to a very significant reduction in demand for the products
that PVCSS was manufacturing on its behalf.
The Green Deal Industrial Plan was announced by the European Union in 2023 and included
a target to reach 30GW of annual PV manufacturing capacity by 2025. Following this
announcement, discussions were held with parties looking to set up integrated PV production
operations and who were interested in PVCSS. As the only remaining European wafering
facility with the necessary infrastructure and operational expertise PVCSS was uniquely
positioned. However, no agreement was reached with interested parties regarding the sale of
PVCSS.
Sales volumes at PVCSS had not recovered since the loss of its major customer in mid-2022
and the company had remained loss-making since then. As there was little prospect of any
return to profitability in the near term, the Board took the decision in June 2024 to shut down
operations and to wind up the company. Accordingly, employees in Erfurt were informed of
PV Crystalox Solar PLC
Annual Report for the year ended 30 June 2024
Strategic report (continued)
3
the closure of the company and given notice of redundancy. Notice was also given to the
landlord to terminate the lease and vacate the premises at the end of the year.
Following the announcement of closure, an approach was received from a company which
expressed interest in purchasing the fixed assets and inventory of PVCSS with the intention
to continue operations at the site. This interest was contingent on securing a new lease for
the building and agreeing new contracts with the employees. In November 2024 agreement
was concluded with the company and the liquidation value of PVCSS is now expected to
significantly exceed the original estimate made when the decision to close the company was
taken.
Crystalox Limited (a wholly owned subsidiary) received a cash inflow of €127k in April 2023
which related to a historic settlement of a wafer supply contract with a customer which did
not fulfil its obligations. Receipts of €9.6 million in aggregate relating to this customer have
been collected since in 2014. A final cash inflow into the UK subsidiary is now expected in
late 2025 when the winding up of the special purpose vehicle responsible for the liquidation
of the customer’s assets is completed. During the year Crystalox Limited paid up a dividend
of £557k to the Company via its intermediate parent company, Crystalox Solar Limited.
Financial Performance
The Company has a profit before tax for the year of £258k. This profit is in respect of the
dividend income from Crystalox Limited which is partly offset by the impairment of
Company’s investments in subsidiaries and salaries/administration costs net of group
management fee income. The main elements are:
2024
2023
£’000
£’000
Income from shares in Group undertaking
557
-
Impairment of investments
(251)
-
Staff costs
(87)
(190)
Administration costs
(27)
(33)
Gain on exchange
-
-
Management fee income
66
75
Profit / (Loss) before taxation
258
(148)
Staff costs of £87k are lower than in previous periods due to further reductions in the
directors’ salaries. Salaries had previously been reduced by 60% in October 2021 to reflect
the move to part-time contracts and 45% in February 2023 to reflect the reduced time
commitment of the directors. Wages and salaries are analysed in Note 5 to the accounts.
PV Crystalox Solar PLC
Annual Report for the year ended 30 June 2024
Strategic report (continued)
4
Following the decision to shut down the German subsidiary and the sale of its assets the
Board will start the wind-up of the subsidiary companies during 2025 which should enable a
final distribution to shareholders in late 2026.
The directors consider it is appropriate to prepare financial statements for shareholders
comprising the parent company only as these give a more representative view of the assets
and liabilities held and is permitted for a small unlisted group. The directors present the
closing balance sheet on 30 June 2024 as providing the best estimate of the remaining value
in the business on that date. The investment in subsidiaries value of £2.53 million has been
reviewed and is supported by the assets held within the UK subsidiaries and the liquidation
value of the German subsidiary following the sale of its assets
Principal 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 Company’s costs levels are greatly
reduced.
Liquidity / cashflow risk:
Although the Company continues to hold a significant cash 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, accordingly there is some risk associated with foreign exchange rate movements
in these companies).
Key performance indicators (KPIs)
PV Crystalox Solar PLC and its Group’s operations are managed as one operation. For this
reason, the Company’s directors believe that analysis using key performance indicators 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 as 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.
The Company’s anticipated remaining running costs are expected to be a relatively small
proportion of the remaining cash.
PV Crystalox Solar PLC
Annual Report for the year ended 30 June 2024
Strategic report (continued)
5
Following the decision to cease production during 2017 the financial statements for both the
current and prior year are prepared on a basis other than going concern.
However, 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 Board will proceed with the wind up of the Company’s subsidiaries and preparations for
solvent liquidation of the Company.
By order of the board
Iain Dorrity
Director
25 November 2024
PV Crystalox Solar PLC
Annual Report for the year ended 30 June 2024
Directors’ report
6
The directors present their report and the audited financial statements of the Company for
the year ended 30 June 2024.
Results and dividends
The trading result for the year and the Company's financial position at the end of the year
are shown in the attached financial statements.
The Company does not propose paying a dividend (2023: Nil).
Strategic Report
The Company is required by the Companies Act 2006 to set out the development and
performance of the business of the Company during the year ended 30 June 2024 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 the Strategic Report can
be found on pages 2 to 5.
Research and development
No research and development activities were carried out in the years under review.
Employees
The Company had 3 employees at 30 June 2024 (3 at 30 June 2023).
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
Dr P J Finnegan
PV Crystalox Solar PLC
Annual Report for the year ended 30 June 2024
Directors’ report (continued)
7
Statement by the Directors relating to their statutory duties under s172 (1) Companies
Act 2006
The Board of directors 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 decisions taken during the year ended
30 June 2024.
•
The Company is a holding company currently engaged in the orderly disposal of its
subsidiaries and returning monies to shareholders. The Company’s success in
following this strategy is measurable ultimately in terms of the value arising. To this
end:
•
The 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 Company’s subsidiaries are encouraged to maintain regular 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 Company’s subsidiaries consider the impact of their operations on their local
communities with charitable activities encouraged and supported.
•
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 Board’s 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 providing clear and
informative information about the Company’s business and its investments.
PV Crystalox Solar PLC
Annual Report for the year ended 30 June 2024
Directors’ report (continued)
8
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, 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 throughout 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 in the Strategic Report which can be found on pages 4 and 5.
Future Developments
The Company will focus on preparation for a possible solvent liquidation.
Disclosure of information to the auditors
The directors 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 Company’s
auditors are unaware; and the directors have taken all the steps that they ought to have
taken as directors to make themselves aware of any relevant audit information and to
establish that the Company’s 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 ensuing year will be proposed at the AGM.
PV Crystalox Solar PLC
Annual Report for the year ended 30 June 2024
Directors’ report (continued)
9
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 prepare financial statements for each financial year.
Under that law the directors have prepared the financial statements in accordance with UK
adopted International 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 the financial statements, the directors are required to:
•
select suitable accounting policies and then apply them consistently;
•
state whether applicable UK Adopted International Accounting Standards have been
followed, subject to any material departures disclosed and explained in the financial
statements;
•
make judgements and accounting estimates that are reasonable and 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 detection of fraud and other irregularities.
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.
On behalf of the board
Peter Finnegan
Company Secretary
25 November 2024
PV Crystalox Solar PLC
Annual Report for the year ended 30 June 2024
Independent auditors’ report to the members of PV Crystalox Solar PLC
10
Opinion
We have audited the financial statements of PV Crystalox Solar Plc (the ‘company’) for the year
ended 30 June 2024, which comprise the statement of comprehensive income, the statement of
financial position, the statement of changes in equity, the statement of cash flows and 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 UK adopted International
Accounting Standards.
In our opinion the financial statements:
•
give a true and fair view of the state of the company's affairs as at 30 June 2024 and of its
loss for the year then ended;
•
have been properly prepared in accordance with UK adopted International Accounting
Standards; 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 ‘Auditor’s
responsibilities for the audit of the financial statements’ section of our report. We are independent of
the group and the parent 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.
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 considered 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 annual report and financial statements, other than the financial statements
and our auditor’s 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 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 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 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.
PV Crystalox Solar PLC
Annual Report for the year ended 30 June 2024
Independent auditors’ report to the members of PV Crystalox Solar PLC
(continued)
11
Opinions on other matters 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;
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 have 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 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 for the financial statements
As explained more fully in the statement of directors’ responsibilities as set out on page 11, 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 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 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.
PV Crystalox Solar PLC
Annual Report for the year ended 30 June 2024
Independent auditors’ report to the members of PV Crystalox Solar PLC
(continued)
12
Auditor’s 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 auditor’s report
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.
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 auditor’s report.
Extent to which the audit was considered capable of detecting irregularities, including 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 Council’s
website, to detect material misstatements in respect of irregularities, including fraud.
We obtain 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
risks 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
entity 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
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 company
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 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 irregularities,
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 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
Annual Report for the year ended 30 June 2024
Independent auditors’ report to the members of PV Crystalox Solar PLC
(continued)
13
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 an auditor’s 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 company’s members as a body, for our audit 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
25 November 2024
PV Crystalox Solar PLC
Annual Report for the year ended 30 June 2024
Statement of Comprehensive Income for the year ended 30 June 2024
14
(All amounts in £ thousands unless otherwise stated)
note
2024
2023
Revenue
3
-
-
Cost of sales
-
-
Gross profit
-
-
Administrative expenses
(114)
(223)
Impairment of investments
(251)
-
Income from shares in Group undertaking
557
-
Other operating income
66
75
Profit / (Loss) before interest and taxation
4
258
(148)
Finance income/cost
-
-
Profit / (Loss) before taxation
258
(148)
Tax on profit
6
-
-
Profit / (Loss) for the financial year
258
(148)
There was no other comprehensive income for the period (2023: £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 Crystalox Solar PLC
Annual Report for the year ended 30 June 2024
Statement of financial position as at 30 June 2024
15
(All amounts in £ thousands unless otherwise stated)
Note
2024
2023
Non-current assets
Investments
7
2,527
2,777
Current assets
Other receivables
8
573
42
Cash and cash equivalents
9
41
80
614
122
Current liabilities
Creditors and other payables
10
(42)
(58)
(42)
(58)
Net current assets
572
64
Total assets less current liabilities
3,099
2,841
Net assets
3,099
2,841
Capital and reserves
Called up share capital
11
110
110
Profit and loss account
2,989
2,731
Total shareholders' funds
3,099
2,841
The notes on pages 19 to 25 are an integral part of these financial statements.
The financial statements were authorised for issue by the board on 25 November 2024 and were
signed on its behalf by:
Iain Dorrity
Director
Company No. 06019466
PV Crystalox Solar PLC
Annual Report for the year ended 30 June 2024
Statement of changes in equity for the year ended 30 June 2024
(All amounts in £ thousands unless otherwise stated)
16
Share
capital
£’000
Retained
earnings /
(accumulated
losses)
£’000
Total
equity
£’000
As at 1 July 2022
110
2,879
2,989
Loss for the year and total
comprehensive income
-
(148)
(148)
As at 30 June 2023
110
2,731
2,841
Share
capital
£’000
Retained
earnings /
(accumulated
losses)
£’000
Total
equity
£’000
As at 1 July 2023
110
2,731
2,841
—
Transactions with owners
-
-
-
Profit for the year and total comprehensive
income
-
258
258
As at 30 June 2024
110
2,989
3,099
PV Crystalox Solar PLC
Annual Report for the year ended 30 June 2024
Cash flow statement for the year ended 30 June 2024
(All amounts in £ thousands unless otherwise stated)
17
2023
£’000
2023
£’000
Profit / (loss) before taxes
258
(148)
Adjustments for:
Impairment of investments
251
-
Dividend from subsidiary
(557)
-
509
(148)
Changes in working capital
(Increase) / decrease in Debtors
(532)
7
Decrease in Creditors
(16)
(10)
(548)
(3)
Net cash used in operating activities
(596)
(151)
Cash flow from investing activities
Dividend from subsidiary
557
-
Net cash generated from/(used in) investing activities
557
-
Cash flow from financing activities
Net cash used in financing activities
-
-
Cash used in operations
(39)
(151)
Cash and cash equivalents at the beginning of the period
80
231
Cash and cash equivalents at the end of the year
41
80
PV Crystalox Solar PLC
Annual Report for the year ended 30 June 2024
Notes to the financial statements
(All amounts in £ thousands unless otherwise stated)
18
1 – Summary of material accounting policies
Basis of preparation
PV Crystalox Solar PLC is a public company limited by shares and registered in England and Wales.
The 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 Companies 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’ intention to liquidate the Company as soon as various outstanding matters have been
settled. The Company is in a net asset position of £3.1 million at 30 June 2024.
The preparation of financial statements in conformity with UK adopted IAS requires the use of certain
critical accounting estimates. It also requires management to exercise its judgement in the process of
applying the company’s accounting policies. The areas involving a higher degree of judgement or
complexity, or areas where assumptions and estimates are significant to the financial statements 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 to prepare consolidated
financial statements.
The financial statements are prepared in sterling which is the functional currency of the company.
Monetary amounts in these financial statements are 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, 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 Company's accounting
policies for the first period beginning after the effective date of the pronouncement. Information on
new standards, amendments and interpretations that are expected to be relevant to the Company’s
financial statements is provided below. Certain other new standards and interpretations have been
issued but are not expected to have a material impact on the Company’s 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 2023. These have not had any material impact on the amounts reported for the current
period and prior year.
PV Crystalox Solar PLC
Annual Report for the year ended 30 June 2024
Notes to the financial statements (continued)
(All amounts in £ thousands unless otherwise stated)
19
•
Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2);
•
Definition of Accounting Estimates (Amendments to IAS 8); and
•
Deferred Tax Related to Assets and Liabilities arising from a Single Transaction
(Amendments to IAS 12).
•
Insurance contracts (IFRS 17)
•
International Tax reform – Pillar Two Model Rules (Amendments to IAS 12)
New Standards, amendments and IFRIC interpretations (continued)
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 2024. Their adoption is not expected to have a material effect on the financial statements
unless otherwise indicated:
•
IFRS 16 Leases (Amendment – Liability in a Sale and Leaseback)
•
IAS 1 Presentation of Financial Statements (Amendment – Classification of Liabilities as
Current or Non-current)
The following IFRSs have not been endorsed for use in the UK and will not be adopted until such time
as endorsement is confirmed.
•
IAS 11 Presentation of Financial statements – non-current liabilities with covenants
•
IAS 7 and IFRS 7 – supplier finance amendments
•
IAS 10 and IAS 28 0 Sale of contribution of assets between an investor and its associate or
joint venture.
The directors do not expect any material impact as a result of adopting the standards and
amendments listed above in the financial year they become effective.
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 impairment.
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 of 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 asset’s recoverable amount.
An asset’s recoverable amount is the higher of an asset’s or cash-generating unit’s fair value less
costs to sell and its value in use and is determined for an individual asset, unless the asset does not
PV Crystalox Solar PLC
Annual Report for the year ended 30 June 2024
Notes to the financial statements (continued)
(All amounts in £ thousands unless otherwise stated)
20
generate cash inflows that are largely independent of those from other assets or groups of assets. 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 amount,
the asset is considered impaired and is written down to its recoverable amount. Impairment losses are
recognised in the income statement as ‘impairment losses’.
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 Income 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 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 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 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, bank 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 classified 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 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 party 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
Annual Report for the year ended 30 June 2024
Notes to the financial statements (continued)
(All amounts in £ thousands unless otherwise stated)
21
Gains and losses are recognised in the income statement when the liabilities are derecognised as
well as through the amortisation process. The liabilities are 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 incorporation.
2 – Critical accounting estimates and judgements
Estimates and judgements are continually evaluated and are based on historical 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 are 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:
2024
2023
United Kingdom
-
-
Continental Europe
-
-
Rest of the world
-
-
-
-
The Company has no assets or liabilities recognised related to contracts with customers.
PV Crystalox Solar PLC
Annual Report for the year ended 30 June 2024
Notes to the financial statements (continued)
(All amounts in £ thousands unless otherwise stated)
22
4 – (Loss) before interest and taxation
(Loss) before interest and taxation is stated after charging / (crediting):
2024
2023
Wages and salaries
79
165
Social security costs
8
21
Other pension costs
-
4
Staff costs
87
190
Audit fees payable to the company's auditor
(9)
(8)
5 – Employees and directors
Employees
The average monthly number of persons (including directors) employed by the company during the
period was:
2024
2023
By activity
No.
No.
Administration
3
3
Total
3
3
Directors
Remuneration in respect of directors was as follows:
2024
2023
Emoluments receivable (excluding pension
contributions)
80
124
Value of company pension contributions
-
4
80
128
Emoluments of the highest paid director are as follows:
2024
2023
Total emoluments (excluding pension contributions)
46
80
Value of company pension contributions
-
4
46
84
During the period no directors (2023: 1) participated in money purchase pension schemes.
PV Crystalox Solar PLC
Annual Report for the year ended 30 June 2024
Notes to the financial statements (continued)
(All amounts in £ thousands unless otherwise stated)
23
6 – Tax on (loss) / profit
2024
2023
Current tax:
UK Corporation tax based on (loss) / profit for the year
at 25.0% (2023: 20.48%)
-
-
Total Current tax
-
-
Deferred tax:
Total deferred tax
-
-
Income tax expense
-
-
.
2024
2023
Profit / (loss) before taxation
258
(148)
Profit / (loss) profit before taxation multiplied by standard rate of
tax in the UK at 25.0% (2023: 20.48%)
64
(30)
Disallowable expenses
63
Non-taxable income
(139)
Deferred tax adjustments / utilisation of previously
unrecognised tax losses
12
40
Total tax charge
-
-
7 – Investments
Shares in subsidiary undertakings
£’000
Cost
At 1 July 2023
3,256
Impairment
At 1 July 2023
(479)
Impairment of PV Crystalox Solar Silicon GmbH
(729)
Reversal of Impairment of Crystalox Limited
479
At 30 June 2024
2,527
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 of each subsidiary
to its net book value. As a result of this review the Company increased the carrying value of Crystalox Limited by
£479,000, which represented the original cost of investment, and impaired the investment in PV Crystalox Solar
Silicon GmbH by £729,000.
At 30 June 2024 the Company held 100% of the allotted ordinary share capital of the following undertakings:
Subsidiary
Country of
incorporation
Activity
Proportion
held
%
Crystalox Solar Limited1
United Kingdom
Holding company
100
Crystalox Limited1
United Kingdom
Trading company
100*
PV Crystalox Solar Silicon GmbH2
Germany
Trading company
100
*Held indirectly through Crystalox Solar Limited.]
Registered addresses:
1. Innovation Centre, 99 Park Drive, Milton Park, Abingdon, Oxfordshire OX14 4RY.
2. Gustav-Tauschek Straße 2, Erfurt, 99099, Germany.
The directors believe that the carrying value (after the impairment discussed above) of the investments is
supported by their net realisable value and expected future income streams.
PV Crystalox Solar PLC
Annual Report for the year ended 30 June 2024
Notes to the financial statements (continued)
(All amounts in £ thousands unless otherwise stated)
24
8 –Other receivables
2024
2023
Amounts due from group undertakings
572
40
Prepayments and accrued income
1
2
573
42
9 – Cash and cash equivalents
The company has a positive net cash balance at 30 June 2024.
10 – Creditors and other payables
2024
2023
Amounts owed to group undertakings
-
-
Accruals
41
58
41
58
All amounts owed to group undertakings are interest free, unsecured and repayable on demand.
11 – Called up share capital
Allotted, called up and fully paid:
2024
2023
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 price risks, which result from
both its operating and investing activities. The Company’s risk management is coordinated at its
headquarters, in close co-operation with the Board of directors, and focuses on actively securing the
Company’s short to medium term cash flows by minimising the exposure to financial 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 are reputable banks with high
quality external credit ratings.
All creditors and other payables have contractual maturities within 6 months of the accounting reference
date.
PV Crystalox Solar PLC
Annual Report for the year ended 30 June 2024
Notes to the financial statements (continued)
(All amounts in £ thousands unless otherwise stated)
25
13 Summary of financial assets and liabilities by category
The carrying amounts of the Company’s financial assets and liabilities as recognised at the balance
sheet date are considered to approximate to their carrying values. These assets and liabilities may also
be categorised as follows:
Financial assets measured at amortised cost
2024
2023
Non current
Investments in subsidiaries
2,527
2,777
Current
Other receivables
572
40
Cash and cash equivalents
41
80
3,141
2,897
Financial liabilities measured at amortised cost
2024
2023
Current
Trade and other payables
42
58
42
58
14 Related Party Transactions
The company earned management charges from its subsidiaries amounting to £66,000 (2023:
£75,000) and received dividends of £557,000 (2023: £nil).
Costs for key management personnel for the year amounted to £87,000 (2023: £190,000).
PV Crystalox Solar plc
Innovation Centre
99 Park Drive
Milton Park
Abingdon
Oxfordshire
OX4 4RY
Telephone: +44 (0) 1235 437160
www.pvcrystalox.com