Company Registration No. SC419022 (Scotland)
CLOFFRICKFORD RENEWABLE ENERGY COMPANY LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2016
CLOFFRICKFORD RENEWABLE ENERGY COMPANY LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 4
CLOFFRICKFORD RENEWABLE ENERGY COMPANY LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2016
31 March 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
5,870,016
6,158,585
Current assets
Debtors
302,672
389,200
Cash at bank and in hand
866,395
55,788
1,169,067
444,988
Creditors: amounts falling due within one year
3
(872,717)
(686,611)
Net current assets/(liabilities)
296,350
(241,623)
Total assets less current liabilities
6,166,366
5,916,962
Creditors: amounts falling due after more than one year
4
(5,697,331)
(6,018,171)
Provisions for liabilities
(133,535)
(55,000)
335,500
(156,209)
Capital and reserves
Called up share capital
5
1,000
1,000
Profit and loss account
334,500
(157,209)
Shareholders' funds
335,500
(156,209)
For the financial year ended 31 March 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 6 October 2016
Mr David Smith
Ms Mandy Smith
Director
Director
Company Registration No. SC419022
CLOFFRICKFORD RENEWABLE ENERGY COMPANY LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2
Turnover
Turnover represents amounts invoiced for renewable energy generated net of VAT . Turnover is recognised on generation of electricity.
invoiced
for
renewable energy generated
net of VAT
. Turnover is recognised on generation of electricity.
1.3
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Plant and machinery
- 5% Straight Line
Motor vehicles
- 25% Reducing Balance
1.4
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
1.5
Finance costs have been offset against the bank loan in line with FRS4 and will be released at a constant rate over the remaining balance of the loan.
1.6
Decommissioning costs have been provided in respect of the anticipated cost to the company for the removal of the wind turbines at the end of their useful life.
CLOFFRICKFORD RENEWABLE ENERGY COMPANY LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
- 3 -
2
Fixed assets
Tangible assets
£
Cost
At 1 April 2015
6,262,706
Additions
24,050
At 31 March 2016
6,286,756
Depreciation
At 1 April 2015
104,121
Charge for the year
312,619
At 31 March 2016
416,740
Net book value
At 31 March 2016
5,870,016
At 31 March 2015
6,158,585
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £505,123 (2015 - £442,266).
4
Creditors: amounts falling due after more than one year
2016
2015
£
£
Analysis of loans repayable in more than five years
Total not repayable by instalments and due in more than five years
1,065,345
1,409,371
Total amounts repayable by instalments which are due in more than five years
3,617,009
3,362,709
The aggregate amount of creditors for which security has been given amounted to £4,631,986 (2015 - £4,608,800).
5
Share capital
2016
2015
£
£
Allotted, called up and fully paid
1,000 ordinary shares of £1 each
1,000
1,000
CLOFFRICKFORD RENEWABLE ENERGY COMPANY LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
- 4 -
6
Ultimate parent company
The company is controlled by the directors who own 100% of the issued share capital.