ORKNEY_RENEWABLES_LIMITED - Accounts

ORKNEY RENEWABLES LIMITED - Company Information

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Company Registration No. SC395974 (Scotland)

ORKNEY RENEWABLES LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2015

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 2015

- 1 -

2015

2014

Notes

Fixed assets

Tangible assets

35,293

21,875

Current assets

Debtors

302,707

362,819

Cash at bank and in hand

31,987

8,938

334,694

371,757

Creditors: amounts falling due within one year

(277,891)

(310,148)

Net current assets

56,803

61,609

Total assets less current liabilities

92,096

83,484

Provisions for liabilities

(7,059)

(4,375)

85,037

79,109

Capital and reserves

Called up share capital

100

Profit and loss account

84,937

79,009

Shareholders' funds

85,037

79,109

For the financial year ended 31 March 2015 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 2015

- 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

1.5

Foreign currency translation

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.

Fixed assets

Tangible assets

Cost

At 1 April 2014

33,721

Additions

24,910

At 31 March 2015

58,631

Depreciation

At 1 April 2014

11,846

Charge for the year

11,492

At 31 March 2015

23,338

Net book value

At 31 March 2015

35,293

At 31 March 2014

21,875

ORKNEY RENEWABLES LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2015

- 3 -

Share capital

2015

2014

Allotted, called up and fully paid

100 Ordinary shares of £1 each

100

Related party relationships and transactions

During the year, the company advanced loans to the directors totalling £35,108 (2014: £20,983). The directors repaid £11,534 (2014: £10,487) to the company. At the balance sheet date, the directors owed the company £108,736 (2014: £85,162).

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