Company Registration No. SC513243 (Scotland)
ATB WIND TURBINE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2018
PAGES FOR FILING WITH REGISTRAR
ATB WIND TURBINE LIMITED
COMPANY INFORMATION
Director
Mr Mario Francesco Marangoni
Company number
SC513243
Registered office
1 Rutland Court
Edinburgh
EH3 8EY
ATB WIND TURBINE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
ATB WIND TURBINE LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2018
31 December 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Investments
2
60
7,560
Current assets
Debtors
3
878,933
824,899
Cash at bank and in hand
5,986
859
884,919
825,758
Creditors: amounts falling due within one year
4
(927,995)
(856,403)
Net current liabilities
(43,076)
(30,645)
Total assets less current liabilities
(43,016)
(23,085)
Capital and reserves
Called up share capital
5
1
1
Profit and loss reserves
(43,017)
(23,086)
Total equity
(43,016)
(23,085)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial Period ended 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the Period in question in accordance with section 476
.
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 and signed by the director and authorised for issue on 25 June 2019
Mr Mario Francesco Marangoni
Director
Company Registration No. SC513243
ATB WIND TURBINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2018
- 2 -
1
Accounting policies
Company information
ATB Wind Turbine Limited is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
1 Rutland Court, Edinburgh, EH3 8EY.
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 financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The company is dependent on the support of its ultimate parent undertaking. Having made appropriate enquiries, the directors have a reasonable expectation that the parent undertaking will continue to provide the financial support to enable the comapny to continue to meet its liabilities as they fall due.
1.3
Reporting period
The comparative period was 17 August 2015 to 31 December 2016.
1.4
Profit and loss account
The company has not traded during the Period or the preceding financial
period
. During
this time
the company received no income and incurred no expenditure and therefore no Profit and loss account is presented
in these financial statements.
1.5
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
ATB WIND TURBINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 3 -
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that
it is probable will be
recover
ed
.
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
1.7
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments 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 debtors 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.
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.
ATB WIND TURBINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, 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
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
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 creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Fixed asset investments
2018
2017
£
£
Investments
60
60
Loans
-
7,500
60
7,560
Movements in fixed asset investments
Shares in group undertakings and participating interests
Loans to group undertakings and participating interests
Total
£
£
£
Cost or valuation
At 1 January 2018
60
7,500
7,560
Transfer to current assets
-
(7,500)
(7,500)
At 31 December 2018
60
-
60
Carrying amount
At 31 December 2018
60
-
60
At 31 December 2017
60
7,500
7,560
ATB WIND TURBINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2018
- 5 -
3
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
1
-
Amounts owed by group undertakings and undertakings in which the company has a participating interest
875,678
822,957
Other debtors
3,254
1,942
878,933
824,899
4
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
9,904
7,473
Amounts owed to group undertakings
916,391
845,605
Other creditors
1,700
3,325
927,995
856,403
5
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
1 Ord share of £1 each
1
1