Company Registration No. 07426533 (England and Wales)
ABBEY POWER GENERATION LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
PAGES FOR FILING WITH REGISTRAR
ABBEY POWER GENERATION LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 7
ABBEY POWER GENERATION LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 JUNE 2021
30 June 2021
2021
2020
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
4
1,546,760
1,645,709
Current assets
Trade and other receivables
5
443,708
96,658
Cash and cash equivalents
104
78
443,812
96,736
Current liabilities
6
(1,435,965)
(1,404,765)
Net current liabilities
(992,153)
(1,308,029)
Total assets less current liabilities
554,607
337,680
Non-current liabilities
7
(41,899)
Provisions for liabilities
(156,098)
(140,914)
Net assets
356,610
196,766
Equity
Called up share capital
8
50,000
50,000
Retained earnings
306,610
146,766
Total equity
356,610
196,766
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on
30 June 2022
30 June 2022
and are signed on its behalf by:
R J B Duce
Director
Company Registration No. 07426533
- 1 -
ABBEY POWER GENERATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
1
Accounting policies
Company information
Abbey Power Generation Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Devonshire House, 1 Devonshire Street, London, W1W 5DR.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
1.2
Revenue
Revenue
represents amounts receivable for goods and services net of VAT and trade discounts.
Revenue is recognised to the extent that the company obtains the right to consideration in exchange for its performance. All revenue arises in the United Kingdom and is attributable to the continuing principal activities of the company.
1.3
Property, plant and equipment
Property, plant and equipment
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
Over the life of the lease
Plant and machinery
Straight line between 4 -15 years
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Impairment of non-current assets
- 2 -
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
ABBEY POWER GENERATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
1
Accounting policies
(Continued)
- 3 -
Recoverable amount is the higher of fair value less costs to sell and value in use. 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 for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.5
Cash and cash equivalents
Cash and cash equivalents
include cash in hand, deposits held at call with banks,
and
other short-term liquid investments with original maturities of three months or less
.
1.6
Financial instruments
A financial instrument is a contract that gives rise to a financial asset of one entity and a financial liability of another entity. They are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include
trade and other receivables
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
ABBEY POWER GENERATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
1
Accounting policies
(Continued)
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including
trade and other payables
, bank loans
and
loans from
fellow group companies
,
are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future receipts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Trade payables
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade payables
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
income statement
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
income statement
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
- 4 -
ABBEY POWER GENERATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
2
Judgements and key sources of estimation uncertainty
The directors make estimates and assumptions concerning the future. The resulting accounting estimate will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.
Useful economic lives of tangible assets and the annual depreciation charge for tangible assets are sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 4 for the carrying amount of the property, plant and equipment together with note 1.3 for useful economic lives for each class of assets.
3
Employees
There were no employees (excluding the directors) during the year (2020
: none
).
4
Property, plant and equipment
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 July 2020 and 30 June 2021
959,716
1,568,788
2,528,504
Depreciation and impairment
At 1 July 2020
419,708
463,087
882,795
Depreciation charged in the year
46,816
52,133
98,949
At 30 June 2021
466,524
515,220
981,744
Carrying amount
At 30 June 2021
493,192
1,053,568
1,546,760
At 30 June 2020
540,005
1,105,704
1,645,709
- 5 -
ABBEY POWER GENERATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
5
Trade and other receivables
2021
2020
Amounts falling due within one year:
£
£
Other receivables
443,708
96,658
6
Current liabilities
2021
2020
£
£
Bank loans
7,906
Trade payables
6,011
8,147
Amounts owed to group undertakings
89,500
89,500
Corporation tax
20,500
Other taxation and social security
18,419
17,321
Other payables
1,293,629
1,289,797
1,435,965
1,404,765
7
Non-current liabilities
2021
2020
£
£
Bank loans and overdrafts
41,899
During the
year,
the company received government support under the Coronavirus Business Interruption Loan Scheme. The loan of £50,000 was drawn down in September 2020 and is due for repayment in full in 2026. However, no repayments are due for the first 13 months after the drawdown date. The Government is to pay the interest for the first 12 months after which interest accrues on a monthly basis at 2.5%.
8
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
50,000
50,000
50,000
50,000
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Stephen Simou FCA.
The auditor was Citroen Wells.
- 6 -
ABBEY POWER GENERATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
10
Financial commitments, guarantees and contingent liabilities
The company has granted a fixed and floating charge over all of its assets as part security against a loan made by Royal Bank of Scotland to Abbey Power Solutions Limited ('APS'). APS is a subsidiary of Abbey Commercial Investments Limited (see note
1
2).
11
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2021
2020
£
£
149,973
163,973
12
Related party transactions
Mr Roland Duce is the ultimate controlling party of Abbey Commercial Investments Limited ('ACI') and Strategic Resources Limited.
ACI has undertaken to financially support the company to enable it to continue its business activities.
At the
year
end, the company was indebted to ACI in
the
amount of £
1,283,901
(20
20
: £
1,282,680
). This amount is unsecured and repayable on demand.
Interest has been charged during the year of £nil (2020: £49,220).
Abbey Power Solutions Limited ('APS')
is
a subsidiary of ACI. At the year end, APS
was indebted to the company
in the amount of £
391,036
(2020: £49,050
owed to APS
). This amount is unsecured and repayable on demand. Interest has been charged during the year of £2,190 (2020: £nil).
At the
year
end, the company was indebted to Strategic Resources Limited in the amount of £89,500 (20
20
: £89,500). This amount is unsecured, interest free and repayable on demand.
- 7 -
2021-06-30
2020-07-01
false
CCH Software
CCH Accounts Production 2022.100
No description of principal activity
This audit opinion is unqualified
R J B Duce
B D Foord
A J C Duce
J D Foord
C A Gray
0
2022-06-30
07426533
2020-07-01
2021-06-30
07426533
2021-06-30
07426533
2020-06-30
07426533
core:LandBuildings
2021-06-30
07426533
core:OtherPropertyPlantEquipment
2021-06-30
07426533
core:LandBuildings
2020-06-30
07426533
core:OtherPropertyPlantEquipment
2020-06-30
07426533
core:CurrentFinancialInstruments
core:WithinOneYear
2021-06-30
07426533
core:CurrentFinancialInstruments
core:WithinOneYear
2020-06-30
07426533
core:Non-currentFinancialInstruments
core:AfterOneYear
2021-06-30
07426533
core:Non-currentFinancialInstruments
core:AfterOneYear
2020-06-30
07426533
core:CurrentFinancialInstruments
2021-06-30
07426533
core:CurrentFinancialInstruments
2020-06-30
07426533
core:ShareCapital
2021-06-30
07426533
core:ShareCapital
2020-06-30
07426533
core:RetainedEarningsAccumulatedLosses
2021-06-30
07426533
core:RetainedEarningsAccumulatedLosses
2020-06-30
07426533
core:ShareCapitalOrdinaryShares
2021-06-30
07426533
core:ShareCapitalOrdinaryShares
2020-06-30
07426533
bus:Director1
2020-07-01
2021-06-30
07426533
core:LandBuildings
core:LeasedAssetsHeldAsLessee
2020-07-01
2021-06-30
07426533
core:PlantMachinery
2020-07-01
2021-06-30
07426533
core:LandBuildings
2020-07-01
2021-06-30
07426533
core:OtherPropertyPlantEquipment
2020-07-01
2021-06-30
07426533
core:WithinOneYear
2021-06-30
07426533
core:WithinOneYear
2020-06-30
07426533
core:Non-currentFinancialInstruments
2021-06-30
07426533
core:Non-currentFinancialInstruments
2020-06-30
07426533
bus:OrdinaryShareClass1
2020-07-01
2021-06-30
07426533
bus:OrdinaryShareClass1
2021-06-30
07426533
bus:OrdinaryShareClass1
2020-06-30
07426533
bus:PrivateLimitedCompanyLtd
2020-07-01
2021-06-30
07426533
bus:SmallCompaniesRegimeForAccounts
2020-07-01
2021-06-30
07426533
bus:FRS102
2020-07-01
2021-06-30
07426533
bus:Audited
2020-07-01
2021-06-30
07426533
bus:Director2
2020-07-01
2021-06-30
07426533
bus:Director3
2020-07-01
2021-06-30
07426533
bus:Director4
2020-07-01
2021-06-30
07426533
bus:Director5
2020-07-01
2021-06-30
07426533
bus:FullAccounts
2020-07-01
2021-06-30
xbrli:pure
xbrli:shares
iso4217:GBP