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Financial Statements |
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for the Year Ended 31 March 2020 |
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for |
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ARMSTRONG ENERGY LIMITED |
REGISTERED NUMBER:
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Financial Statements |
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for the Year Ended 31 March 2020 |
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for |
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ARMSTRONG ENERGY LIMITED |
ARMSTRONG ENERGY LIMITED (REGISTERED NUMBER: 07991720) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2020 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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ARMSTRONG ENERGY LIMITED |
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Company Information |
for the Year Ended 31 March 2020 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Statutory Auditor & Chartered Accountants |
107 Hindes Road |
Harrow |
Middlesex |
HA1 1RU |
ARMSTRONG ENERGY LIMITED (REGISTERED NUMBER: 07991720) |
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Balance Sheet |
31 March 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investments | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 9 |
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Capital redemption reserve |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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ARMSTRONG ENERGY LIMITED (REGISTERED NUMBER: 07991720) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2020 |
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1. | STATUTORY INFORMATION |
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Armstrong Energy Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is from management fees of existing renewable energy assets and fees relating to developing new installations exclusive of VAT. |
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Tangible fixed assets |
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Short leasehold | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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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. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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Investments |
Investments held as fixed assets are stated at cost less provision for any permanent diminution in value. Investments held as current assets are stated at the lower of cost and net realisable value. |
ARMSTRONG ENERGY LIMITED (REGISTERED NUMBER: 07991720) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Going concern |
After the year end date, the Company has scaled down activities and has ceased to manage a number of the solar asset management contracts. |
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In the coming years revenue will be much reduced on historic levels as the Company focuses on a limited number of specific niche renewable energy projects. Overheads have also been reduced to reflect the new levels of lower activity. These niche projects are considered to be sufficient for the Company to meet liabilities as they fall due. |
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Whilst overall activity is set to decrease the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. |
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The Directors have carefully considered the Company's balance sheet and made provisions against any uncertain balances. The Directors have also carefully considered the Company's cash flow projection for the twelve month period from the date of the audit report. Whilst uncertain balances have been provided for, the Company's liquidity is dependent on other unprovided historic debtor balances. The Directors have assessed these balances on an individual basis and consider them to be fully recoverable with no evidence or indication that these balances are or will be impaired in any way. |
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Consequently, they continue to adopt the going concern basis of accounting in preparing the annual financial statements. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
Short | Plant and | and | Motor |
leasehold | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2019 |
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Additions |
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At 31 March 2020 |
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DEPRECIATION |
At 1 April 2019 |
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Charge for year |
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At 31 March 2020 |
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NET BOOK VALUE |
At 31 March 2020 |
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At 31 March 2019 |
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ARMSTRONG ENERGY LIMITED (REGISTERED NUMBER: 07991720) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
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5. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 1 April 2019 |
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Additions |
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Disposals | ( |
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Impairments | ( |
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At 31 March 2020 |
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NET BOOK VALUE |
At 31 March 2020 |
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At 31 March 2019 |
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6. | DEBTORS |
2020 | 2019 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
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Other debtors |
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Amounts falling due after more than one year: |
Other debtors |
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Aggregate amounts |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2020 | 2019 |
£ | £ |
Other creditors |
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Amounts falling due in more than five years: |
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Repayable otherwise than by instalments |
Preference shares |
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9. | CALLED UP SHARE CAPITAL |
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Allotted and issued: |
Number: | Class: | Nominal | 2020 | 2019 |
value: | £ | £ |
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Ordinary A | 1p | 300 | 300 |
ARMSTRONG ENERGY LIMITED (REGISTERED NUMBER: 07991720) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
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10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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We draw attention to note 2 to the financial statements which explains that the Directors intend to scale down activities having ceased to manage a number of the solar asset management contracts since the balance sheet date. In assessing the Company's ability to continue as a going concern the directors are reliant on realising historic debtor balances that are not part of recurring operations, allowing the Company to meet liabilities as they fall due. Consequently, the Directors have prepared the financial statements on the going concern basis. Our opinion is not modified in respect of this matter. |
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for and on behalf of
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11. | RELATED PARTY DISCLOSURES |
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During the year the directors received preference dividends of £147,348 (2019: £155,861). |
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At the balance sheet date three directors owed the company £8,092 (2019: three directors owed the company £8,721). |
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At the balance sheet date the company owed one director £272,891. |