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Westmill Solar

Financial Performance, 12 months to 31 December 2018

Westmill Solar Co-operative is financed by £5.8 million in equity from more than 1,500 members and a 20 year loan of £12 million from Local Pensions Partnership Investments Limited (LPPI).

The Co-operative receives income from the sale of electricity to Co-op Energy and from Government subsidies under the Feed-In Tariff scheme and other small schemes. 

The Co-operative contracts the management of the solar plant to RINA (formerly named OST Energy), an experienced independent engineering consultancy specialising in technical advisory work for the renewable energy market. Management of the Co-operative itself is contracted out to Ethex, reporting to the board. 

Revenue and net profit

These graphs give you a snapshot of how the business is expected to perform over the next five years. Revenue shows you how much money the business has brought in every year. The net profit shows you how much of that money ended up as profit after all of the costs of running the business, and after tax. Read more

The graphs show the forecast income, and alongside the actual past performance. Forecast income is based on a P50 scenario, which means that the probability that the result will be exceeded is considered to be 50%.

In 2018, the solar plant generated 5,350 megawatt hours of electricity, the equivalent consumption of 1,725 households, some 22% higher than the P50 forecast from the 2012 share offer document.

Profit and loss summary and profitability indicators

The Profit and Loss summary tables show how profitable the business has been over the last year. 

The figures stated are for 31 December 2018.

Profit and loss summary
Revenue £2,247,016
Gross Profit £1,367,356
Administrative costs and depreciation £76,037
Profit before tax £279,611
Corporation tax paid or deferred £35,342
Net profit after payments to shareholders and tax £244,269

Note on corporation tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the society operates and generates taxable income. Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the society.

Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Balance sheet summary

The balance sheet of a business gives you a picture of everything the business owns. It shows you all the cash the business has received and what it has done with it. Read more

Balance sheet summary
Total assets £13,483,188
Total liabilities £9,246,176
Total Equity and Reserves £4,336,100
Profit and loss account £15,803

Returns

Returns indicators
2017 interest payment 7 pence
Last traded price Read more

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