SKELMONAE_WINDFARM_LIMITE - Accounts

SKELMONAE WINDFARM LIMITED - Company Information

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Company Registration No. SC339933 (Scotland)

SKELMONAE WINDFARM LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 NOVEMBER 2016

SKELMONAE WINDFARM LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 4

SKELMONAE WINDFARM LIMITED

ABBREVIATED BALANCE SHEET

AS AT

28 NOVEMBER 2016

- 1 -

2016

2015

Notes

Fixed assets

Tangible assets

3,257,986

3,431,836

Current assets

Debtors

848,874

811,500

Cash at bank and in hand

224,101

310,862

1,072,975

1,122,362

Creditors: amounts falling due within one year

(359,953)

(423,246)

Net current assets

713,022

699,116

Total assets less current liabilities

3,971,008

4,130,952

Creditors: amounts falling due after more than one year

(2,179,832)

(2,569,197)

Provisions for liabilities

(319,948)

(299,590)

1,471,228

1,262,165

Capital and reserves

Called up share capital

1,000

Profit and loss account

1,470,228

1,261,165

Shareholders' funds

1,471,228

1,262,165

For the financial year ended 28 November 2016 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 for issue on 18 April 2017

Mr D C Smith

Ms M E Smith

Director

Company Registration No. SC339933

SKELMONAE WINDFARM LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 28 NOVEMBER 2016

- 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 January 2015).

1.2

Turnover

Turnover represents amounts invoiced for renewable energy generated and is recognised on generation of electricity.

1.3

Tangible fixed assets and depreciation

Tangible fixed assets other than freehold land 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:

Freehold land

- nil

Plant and machinery

- 4% straight line

1.4

Deferred taxation

Deferred tax is provided in full on timing differences which result in an obligation at the balance sheet date to pay more tax, or right to pay less tax, at a future date, at rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in the financial statements. Deferred tax assets are recognised to the extent that it is regarded as more likely than not they will be recovered. Deferred tax assets and liabilities are not discounted.

1.5

Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. 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.

1.6

Decommissioning costs

Decommissioning costs have been provided in respect of the anticipated cost to the company for the removal of the wind turbines at the end of their useful life.

SKELMONAE WINDFARM LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 28 NOVEMBER 2016

- 3 -

Fixed assets

Tangible assets

Cost

At 29 November 2015 & at 28 November 2016

4,524,290

Depreciation

At 29 November 2015

1,092,454

Charge for the year

173,850

At 28 November 2016

1,266,304

Net book value

At 28 November 2016

3,257,986

At 28 November 2015

3,431,836

Debtors

Debtors include an amount of £664,421 (2015 - £658,174) which is due after more than one year.

Creditors: amounts falling due within one year

The aggregate amount of creditors for which security has been given amounted to £305,634 (2015 - £339,402).

Creditors: amounts falling due after more than one year

2016

2015

Analysis of loans repayable in more than five years

Total not repayable by instalments and due in more than five years

339,058

414,058

Total amounts repayable by instalments which are due in more than five years

789,733

1,450,000

The aggregate amount of creditors for which security has been given amounted to £1,849,505 (2015 - £2,155,139).

Share capital

2016

2015

Allotted, called up and fully paid

1,000 Ordinary shares of £1 each

1,000

SKELMONAE WINDFARM LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 28 NOVEMBER 2016

- 4 -

Ultimate parent company

The shares in issue are held by Triodos Bank N.V. under a share pledge arrangement.

The day to day operations of the company are managed and controlled by the directors, subject to the provisions of the share pledge agreement.