WINCH ENERGY LIMITED

WINCH ENERGY LIMITED

WINCH ENERGY LIMITED - Company Information

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WINCH ENERGY LIMITED

Company Registration Number:
09576838 (England and Wales)

Unaudited abridged accounts for the year ended 31 December 2020

Period of accounts

Start date: 01 January 2020

End date: 31 December 2020

WINCH ENERGY LIMITED

Contents of the Financial Statements

for the Period Ended 31 December 2020

Balance sheet
Notes

WINCH ENERGY LIMITED

Balance sheet

As at 31 December 2020


Notes
2020
2019


£
£
Fixed assets
Tangible assets: 3 12,844 15,828
Investments: 4 83,193 85,543
Total fixed assets: 96,037 101,371
Current assets
Stocks: 79,510 349,222
Debtors:   1,308,280 1,042,658
Cash at bank and in hand: 68,056 1,546,041
Total current assets: 1,455,846 2,937,921
Creditors: amounts falling due within one year:   (713,696) (281,531)
Net current assets (liabilities): 742,150 2,656,390
Total assets less current liabilities: 838,187 2,757,761
Creditors: amounts falling due after more than one year:   (10,420,957) (8,713,059)
Total net assets (liabilities): (9,582,770) (5,955,298)
Capital and reserves
Called up share capital: 2,666 2,666
Share premium account: 4,827,183 4,827,183
Profit and loss account: (14,412,619) (10,785,147)
Shareholders funds: (9,582,770) (5,955,298)

The notes form part of these financial statements

WINCH ENERGY LIMITED

Balance sheet statements

For the year ending 31 December 2020 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 05 May 2022
and signed on behalf of the board by:

Name: Nicholas Wrigley
Status: Director

The notes form part of these financial statements

WINCH ENERGY LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2020

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business and is shown net of VAT and other sales related taxes.

WINCH ENERGY LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2020

2. Employees

2020 2019
Average number of employees during the period 16 16

WINCH ENERGY LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2020

3. Tangible Assets

Total
Cost £
At 01 January 2020 31,571
Additions 4,393
Disposals (4,683)
At 31 December 2020 31,281
Depreciation
At 01 January 2020 15,743
Charge for year 5,624
On disposals (2,930)
At 31 December 2020 18,437
Net book value
At 31 December 2020 12,844
At 31 December 2019 15,828

WINCH ENERGY LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2020

4. Fixed investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

WINCH ENERGY LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2020

5. Financial commitments

The company has a contingent liability of £1,368,294 ($1,820,241) (2019: £1,342,598 ($1,733,563)) owing to Winch Energy Engineering Limited as at the balance sheet date. The contingent liability is in respect to unbilled development costs relating to Solar Projects, both on-grid and off-grid, and in particular the development of the RPU; a containerised Rural Power Unit specifically developed for rural applications. The contingent liability will become payable at the option of the directors of Winch Energy Limited once the company has sufficient free available cash flow.

WINCH ENERGY LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2020

6. Post balance sheet events

Since the year end the company has received $2,901,947 of additional shareholder loans.