West Harris Renewables Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC371473 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

FOR

WEST HARRIS RENEWABLES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

7

DIRECTORS:

N Campbell

R J M Bennett

R Maclennan

N I Mackay

SECRETARY:

N Campbell

REGISTERED OFFICE:

5 Scarista

Isle of Harris

HS3 3HX

REGISTERED NUMBER:

SC371473 (Scotland)

ACCOUNTANTS:

CIB Services

Chartered Accountants

63 Kenneth Street

Stornoway

Isle of Lewis

Western Isles

HS1 2DS

BANKERS:

Bank of Scotland

8 Lochside Avenue

Edinburgh

EH12 9DJ

FIXED ASSETS

246,762

Tangible assets

3

231,479

39,745

Investments

4

39,745

286,507

271,224

CURRENT ASSETS

14,821

Debtors

5

23,844

22,860

Cash at bank and in hand

5,709

37,681

29,553

CREDITORS

31,954

Amounts falling due within one year

6

36,382

5,727

NET CURRENT (LIABILITIES)/ASSETS

(6,829

)

292,234

TOTAL ASSETS LESS CURRENT LIABILITIES

264,395

CREDITORS

234,072

Amounts falling due after more than one year

7

187,770

58,162

NET ASSETS

76,625

CAPITAL AND RESERVES

2

Called up share capital

2

58,160

Retained earnings

76,623

58,162

SHAREHOLDERS' FUNDS

76,625

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 17 September 2019 and were signed on its behalf by:

N Campbell - Director

R J M Bennett - Director

1.	STATUTORY INFORMATION

West Harris Renewables Limited is a private company, limited by shares , registered in Scotland. The company's

registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling which is the functional currency of the charity.

The directors consider that there are no material uncertainties about the company's ability to continue as a going

concern. The directors also consider that there are no significant areas of judgements, estimates or key

assumptions that affect items in the accounts.

Reconciliation with previous Generally Accepted Accounting Practice

In preparing the accounts, the directors have considered whether in applying the accounting policies required by

FRS 102 a restatement of comparative items was needed. The policies applied under the company's previous

accounting framework are not materially different to FRS 102 and have not impacted on the balance sheet or net

profit/(loss). Accordingly no restatements were required.

Turnover

Turnover represents sales of goods and services, excluding value added tax. Turnover is recognised when the

risks and rewards associated with the transaction have transferred to the purchaser.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

5% on cost and no depreciation-asset under construction

Finance costs incurred during the construction phase of the wind turbine projects are capitalised and amortised

over the useful life of the assets.

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.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

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.

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.

Grants

Grants of a revenue nature are taken to the Profit and Loss Account in the year in which the related expenditure

is undertaken. Grants received which are related to capital expenditure are capitalised in the Balance Sheet under

Creditors due after more than one year until the project is complete. At that point these grants are released to the

Profit and Loss Account on the same basis as the related capital expenditure is depreciated.

3.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2018

and 31 December 2018

305,676

DEPRECIATION

At 1 January 2018

58,914

Charge for year

15,283

At 31 December 2018

74,197

NET BOOK VALUE

At 31 December 2018

231,479

At 31 December 2017

246,762

4.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 January 2018

and 31 December 2018

39,745

NET BOOK VALUE

At 31 December 2018

39,745

At 31 December 2017

39,745

During the previous year a 9.9% stake in River Generation Limited was acquired.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Trade debtors

399

-

Other debtors

23,445

14,821

23,844

14,821

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Taxation and social security

728

-

Other creditors

35,654

31,954

36,382

31,954

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.18

31.12.17

£

£

Amounts owed to group undertakings

57,496

78,657

Other creditors

130,274

155,415

187,770

234,072

Amounts falling due in more than five years:

Repayable by instalments

Loan more than 5 years by instalments

41,067

67,111

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.18

31.12.17

£

£

Loan

146,207

167,251

The loan is secured by a standard security over the lease of the wind turbine site at Scarista, Isle of Harris and by

a floating charge over the company's assets and undertakings.

9.	RELATED PARTY DISCLOSURES

The company is a wholly owned trading subsidiary of The West Harris Trust which has been set up to develop

community-owned renewable energy projects. The West Harris Trust is a charitable company limited by

guarantee incorporated in Scotland.

The company has received loans from its parent company, The West Harris Trust, to provide working capital to

assist in the development of renewable energy projects. There is no scheduled repayment date and the loan bears

interest at bank base rate. The balance of this loan at 31 December 2018 was £57,433 (2017 - £78,657). Interest

paid on the loan during the year was £404 (2017 - £229).

During the year ended 31 December 2018, the company has paid rental and management charges of £8,532

(2017 - £6,530) to its parent company.

The following reproduces the text of the report prepared for the directors in respect of the company's

annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only

required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other

primary statements and the Report of the Directors are not required to be filed with the Registrar of

Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of West Harris Renewables Limited for the year ended 31 December 2018 which comprise the

Income Statement, Balance Sheet and the related notes from the company's accounting records and from information

and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of West Harris Renewables Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of West Harris Renewables Limited and state those matters that we have agreed to state to the Board of Directors of West Harris Renewables Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that West Harris Renewables Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of West Harris Renewables Limited. You consider that West Harris Renewables Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of West Harris Renewables Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

CIB Services

Chartered Accountants

63 Kenneth Street

Stornoway

Isle of Lewis

Western Isles

HS1 2DS

17 September 2019