Registered number: SC378343
NASON ENERGY LIMITED
UNAUDITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2015
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NASON ENERGY LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2015
The directors are responsible for preparing the Directors' report and the
financial statements in accordance with applicable law and regulations.
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Company law requires the directors to prepare financial statements for each financial year
. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom 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 the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies
and then apply them consistently;
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make judgments and accounting estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
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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. They 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.
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Page 1
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NASON ENERGY LIMITED
REGISTERED NUMBER: SC378343
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2015
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CREDITORS:
amounts falling due within one year
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TOTAL ASSETS LESS CURRENT LIABILITIES
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The directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act")
and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 31 March 2015 and of its loss for the year in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
Page 2
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NASON ENERGY LIMITED
ABBREVIATED BALANCE SHEET
(continued)
AS AT
31 MARCH 2015
The abbreviated accounts, which have been prepared in accordance with the provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, were approved and authorised for issue by the board and were signed on its behalf by
:
The notes on pages 4 to 6 form part of these financial statements.
Page 3
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NASON ENERGY LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2015
At 31 March 2015 the company has net liabilities of £593,898 (2014 - £475,169). The accounts have been prepared on the going concern basis which assumes that the company will continue to trade and meets its liabilities as they fall due.
Included within creditors is loans from the directors’ of £966,910 (2014 - £945,410) which have been used to fund the company through its initial start up period. The directors’ have confirmed the loan balances will not be repaid to the detriment of other creditors.
The company is still in its initial start up period and the directors’ believe it is therefore appropriate for the accounts to be prepared on the going concern basis.
2.
ACCOUNTING POLICIES
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Basis of preparation of financial statements
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The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008)
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Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax.
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Intangible fixed assets and amortisation
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Patents are included at cost with annual impairment reviews being conducted. Amortisation is calculated so as to write off the cost over the useful economic life of 17 years.
 
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Tangible fixed assets and depreciation
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Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
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Assets under construction are not depreciated until they are brought into use.
Page 4
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NASON ENERGY LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2015
2.
ACCOUNTING POLICIES (continued)
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Current tax, including UK corporation tax and foreign tax is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.
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A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.
Deferred tax assets and liabilities are not discounted.
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3.
INTANGIBLE FIXED ASSETS
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At 1 April 2014 and 31 March 2015
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Page 5
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NASON ENERGY LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2015
4.
TANGIBLE FIXED ASSETS
5.
DEBTORS
Debtors include £48,565
(2014 - £
48,565
)
falling due after more than one year.
Included in creditors is a loan which has been secured over the assets of the company.
7.
SHARE CAPITAL
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Allotted, called up and fully paid
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5,000
Ordinary
shares of £
1
each
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8.
ULTIMATE PARENT UNDERTAKING
The company's ultimate parent company is Nason Holdings Limited, a company registered in Scotland.
Page 6
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