Distributed Generators Limited
|
Registered number: |
09917668
|
Balance Sheet |
as at 31 October 2017
|
|
Notes |
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|
2017 |
|
|
2016 |
£ |
£ |
Fixed assets |
Tangible assets |
2 |
|
|
2,660,626 |
|
|
- |
|
Current assets |
Debtors |
3 |
|
285,408 |
|
|
47,473 |
Cash at bank and in hand |
|
|
1,660,289 |
|
|
3,152,034 |
|
|
|
1,945,697 |
|
|
3,199,507 |
|
Creditors: amounts falling due within one year |
4 |
|
(346,885) |
|
|
(3,715) |
|
Net current assets |
|
|
|
1,598,812 |
|
|
3,195,792 |
|
Total assets less current liabilities |
|
|
|
4,259,438 |
|
|
3,195,792 |
|
Creditors: amounts falling due after more than one year |
5 |
|
|
(2,210,181) |
|
|
(960,000) |
|
|
|
Net assets |
|
|
|
2,049,257 |
|
|
2,235,792 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
4 |
|
|
2 |
Share premium |
|
|
|
2,143,999 |
|
|
2,239,999 |
Profit and loss account |
|
|
|
(94,746) |
|
|
(4,209) |
|
Shareholders' funds |
|
|
|
2,049,257 |
|
|
2,235,792 |
|
|
|
|
|
|
|
|
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
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The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
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The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
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|
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|
A Tucker |
Director |
Approved by the board on 12 April 2018
|
|
Distributed Generators Limited
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Notes to the Accounts |
for the year ended 31 October 2017
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|
1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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|
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of heat.
|
|
|
Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life. Depreciation will commence on the completion of construction.
|
|
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
|
|
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
|
|
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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|
2 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Plant and machinery etc |
£ |
|
Cost |
|
Additions |
2,660,626 |
|
At 31 October 2017 |
2,660,626 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 31 October 2017 |
- |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 October 2017 |
2,660,626 |
|
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Construction of the plant is expected to complete in March 2018, with the commissioning shortly after in April 2018. Once the plant has been commissioned, depreciation of the equipment will commence. Included in the fixed assets above is £31,107 of capitalised finance costs incurred on the loan from TP Leasing Ltd. |
|
3 |
Debtors |
2017 |
|
2016 |
£ |
£ |
|
|
Other taxes and social security costs |
|
|
|
|
276,103 |
|
- |
|
Other debtors |
9,305 |
|
47,473 |
|
|
|
|
|
|
285,408 |
|
47,473 |
|
|
|
|
|
|
|
|
|
|
4 |
Creditors: amounts falling due within one year |
2017 |
|
2016 |
£ |
£ |
|
|
Trade creditors |
314,916 |
|
1,613 |
|
Other taxes and social security costs |
- |
|
(100) |
|
Other creditors |
31,969 |
|
2,202 |
|
|
|
|
|
|
346,885 |
|
3,715 |
|
|
|
|
|
|
|
|
|
|
5 |
Creditors: amounts falling due after one year |
2017 |
|
2016 |
£ |
£ |
|
|
Triple Point VCT 2011 Plc |
|
|
|
|
960,000 |
|
960,000 |
|
TP Leasing Ltd |
1,250,181 |
|
- |
|
|
|
|
|
|
2,210,181 |
|
960,000 |
|
|
|
|
|
|
|
|
|
|
6 |
Loans |
2017 |
|
2016 |
£ |
£ |
|
Creditors include: |
|
|
Secured loans |
2,210,181 |
|
960,000 |
|
|
|
|
|
|
|
|
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The loans from both Triple Point VCT 2011 plc and TP Leasing Ltd are secured by a fixed and floating charge over the assets of the company.
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|
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7 |
Related party transactions |
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|
Triple Point VCT 2011 plc |
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Shareholder |
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At the balance sheet date, the company owed £960,000 (2016: £960,000). The loan is secured by a fixed and floating charge over the assets of the company.
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8 |
Controlling party |
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The directors consider there is no ultimate controlling party.
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9 |
Other information |
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Distributed Generators Limited is a private company limited by shares and incorporated in England. Its registered office is: 18 St Swithin's Lane, London, EC4N 8AD. |
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The company had no employees during the year. |