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Westmill Solar

Financial Performance, 12 months to 31 December 2016

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 Lancashire County Council Pension Fund.

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 2016 the solar plant generated 5,080 megawatt hours (MWh) of electricity, equivalent to the electricity consumption of 1,639 households, 15% more than originally expected, and similar to the 2015 figures.

Profit and loss summary and profitability indicators

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

The figures stated are for 31 December 2016.

Profit and loss summary Profitability indicators
Revenue £2,040,292 Initial return on mean assets 7.3%
Gross Profit £1,036,102 Gross Margin 51%
Administrative costs and depreciation £89,409 Efficiency 91%
Profit before tax £229 Net margin 0%
Corporation tax paid or deferred £19,039 Effective tax rate 8314%
Net profit after payments to shareholders -£18,810 Net return on mean assets -0.1%

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 and solvency indicators

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

Solvency indicators are designed to show you the most important factors affecting the amount of cash the business has available. Ethex shows different indicators according to whether the business is a trading business, (buying and selling goods), or a financial business (taking money and lending or investing it on). Read more

Balance sheet summary Solvency indicators
Total assets £14,869,492 Gearing 145%
Total liabilities £10,273,928 Current assets ratio 245%
Total Funds/Reserves £4,379,735 Debtor days 64
Profit and loss account £15,803

Returns and value

The returns indicators show you how much return the business is making from all the money it has. A higher return means a more profitable business and more money for the shareholders. Read more

The share and asset value indicators are designed to help you understand better what the shares of the business might be worth. Read more

Returns indicators Share and asset value
Most recent full year interest payment 7 pence Last traded price Read more
Earnings per share -40 pence Net asset value per share £0.94
Distributable profits per share 34 pence

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