ORKNEY_RENEWABLES_LIMITED - Accounts

ORKNEY RENEWABLES LIMITED - Company Information

Print Friendly Version

Company Registration No. SC395974 (Scotland)

ORKNEY RENEWABLES LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2014

ORKNEY RENEWABLES LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

ORKNEY RENEWABLES LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 MARCH 2014

- 1 -

2014

2013

Notes

Fixed assets

Tangible assets

21,875

10,763

Current assets

Debtors

362,819

281,205

Cash at bank and in hand

8,938

371,757

281,205

Creditors: amounts falling due within one year

(310,148)

(304,959)

Net current assets/(liabilities)

61,609

(23,754)

Total assets less current liabilities

83,484

(12,991)

Provisions for liabilities

(4,375)

79,109

(12,991)

Capital and reserves

Called up share capital

100

Profit and loss account

79,009

(13,091)

Shareholders' funds

79,109

(12,991)

For the financial year ended 31 March 2014 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 and authorised for issue on 27 August 2019

A Mclennan

Director

Company Registration No. SC395974

ORKNEY RENEWABLES LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2014

- 2 -

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 April 2008).

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods and services net of VAT.

1.4

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

20% reducing balance basis

Fixtures, fittings & equipment

33.33% straight line basis

Motor vehicles

25% reducing balance basis

Fixed assets

Tangible assets

Cost

At 1 April 2013

15,771

Additions

17,950

At 31 March 2014

33,721

Depreciation

At 1 April 2013

5,008

Charge for the year

6,838

At 31 March 2014

11,846

Net book value

At 31 March 2014

21,875

At 31 March 2013

10,763

Share capital

2014

2013

Allotted, called up and fully paid

100 Ordinary shares of £1 each

100

ORKNEY RENEWABLES LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2014

- 3 -

Related party relationships and transactions

During the year, the company advanced loans to the directors totalling £20,983 (2013: £106,457). The directors repaid £10,487 (2013: £31,791) to the company. At the balance sheet date, the directors owed the company £85,162 (2013: £74,666).

Loans from the company to the directors carry an interest rate equal to the HMRC official rate, but have no formal repayment terms.