Crofthead AD Limited - Period Ending 2019-12-31

Crofthead AD Limited

Contents

Balance Sheet	1
Notes to the Financial Statements	2

Crofthead AD Limited

(Registration number: SC492232)
Balance Sheet as at 31 December 2019

	Note	2019 £	2018 £
Fixed assets
Tangible assets	4	758,048	801,714
Current assets
Debtors	5	94,725	138,137
Cash at bank and in hand		52,672	80,891
		147,397	219,028
Creditors: Amounts falling due within one year	6	(229,427)	(1,385,218)
Net current liabilities		(82,030)	(1,166,190)
Total assets less current liabilities		676,018	(364,476)
Creditors: Amounts falling due after more than one year	6	(1,011,649)	-
Net liabilities		(335,631)	(364,476)
Capital and reserves
Allotted, called up and fully paid share capital		1,000	1,000
Profit and loss account		(336,631)	(365,476)
Total equity		(335,631)	(364,476)

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 29 October 2020 and signed on its behalf by:
 

.........................................

M Hornhuber

Director

Crofthead AD Limited

Notes to the Financial Statements for the Year Ended 31 December 2019

1	General information

The company is a private company limited by share capital, incorporated in Scotland.

The principal place of business is:
Crofthead
Crocketford
DUMFRIES
DG2 8QW

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern
The company has net liabilities at 31 December 2019 and meets its day to day working capital requirements through a loan from its immediate parent undertaking, Biogas4farmers Beteiligungs GmbH.

Biogas4farmers Beteiligungs GmbH is in the negotiation stages of disposing of a proportion of its shareholding in the company to a third party investor. On these grounds the company's ultimate parent undertaking, Alpex Beteiligungs GmbH, is not in a position to provide a confirmation pertaining to the provision of continued financial support in respect of the obligations of its subsidiaries. Nevertheless on the basis of the continued support from the immediate parent undertaking, the directors consider it appropriate to prepare the financial statements on the going concern basis.

However, should the company not have the support of its immediate parent undertaking, and therefore be unable to continue trading, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for any further liabilities which might arise, and to reclassify fixed assets and long term liabilities as current assets and current liabilities.

Audit report

The Independent Auditor's Report was unqualified. We draw attention to note 2 of the financial statements, which refers to circumstances surrounding the inability of the company's ultimate parent undertaking to provide a confirmation pertaining to the provision of continued financial support in respect of the obligations of its subsidiaries. Our opinion is not modified in this respect. The name of the Senior Statutory Auditor who signed the audit report on 29 October 2020 was Martin S Ward, who signed for and on behalf of Dodd & Co Limited.

Crofthead AD Limited

Notes to the Financial Statements for the Year Ended 31 December 2019 (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	5% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Crofthead AD Limited

Notes to the Financial Statements for the Year Ended 31 December 2019 (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2018 - 3).

Crofthead AD Limited

Notes to the Financial Statements for the Year Ended 31 December 2019 (continued)

4	Tangible assets

	Plant and machinery  £	Total £
Cost or valuation
At 1 January 2019	953,334	953,334
Additions	4,411	4,411
At 31 December 2019	957,745	957,745
Depreciation
At 1 January 2019	151,620	151,620
Charge for the year	48,077	48,077
At 31 December 2019	199,697	199,697
Carrying amount
At 31 December 2019	758,048	758,048
At 31 December 2018	801,714	801,714

5

Debtors

	2019 £	2018 £
Trade debtors	31,569	34,804
Other debtors	63,156	103,333
	94,725	138,137

Crofthead AD Limited

Notes to the Financial Statements for the Year Ended 31 December 2019 (continued)

6

Creditors

	Note	2019 £	2018 £
Due within one year
Loans and borrowings	7	63,181	-
Trade creditors		82,516	54,712
Amounts owed to group undertakings and undertakings in which the company has a participating interest		76,883	1,326,706
Taxation and social security		1,283	-
Other creditors		5,564	3,800
		229,427	1,385,218
Due after one year
Amounts owed to group undertakings and undertakings in which the company has a participating interest		1,011,649	-

	2019 £	2018 £
After more than five years by instalments	632,960	-
	632,960	-

7	Loans and borrowings

	2019 £	2018 £
Current loans and borrowings
Other borrowings	63,181	-

8	Parent and ultimate parent undertaking

The company's immediate parent is Biogas4farmers Beteiligungs GmbH, incorporated in Austria.
 
Up until 30 December 2019, the ultimate parent was Bioquadrat Energie- und Wassertechnik Holding GmbH, incorporated in Austria. Bioquadrat Energie- und Wassertechnik Holding GmbH were the largest and smallest parent entity producing publicly available financial statements. These financial statements are available upon request from Büropark Donau, Inkustraße 1-7/5/2, A-3400 Klosterneuburg, Austria.

On 30 December 2019 Alpex Beteiligungs GmbH, incorporated in Austria, acquired 100% of the issued share capital of Biogas4farmers Beteiligungs GmbH and thus is the ultimate parent undertaking from this date.