DS Wind Energy Limited Company Accounts

DS WIND ENERGY LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 08574844

DS WIND ENERGY LIMITED

UNAUDITED FINANCIAL STATEMENTS

31 December 2016

WHEAWILL & SUDWORTH LIMITED

Chartered Accountants

35 Westgate

Huddersfield

HD1 1PA

DS WIND ENERGY LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2016

Contents	Pages

Officers and professional advisers 1

Balance sheet 2

Notes to the financial statements 3 to 6

DS WIND ENERGY LIMITED

OFFICERS AND PROFESSIONAL ADVISERS

The board of directors	R J Coxon
	K J Dare
	H A Roche
	S Turner

Registered office	Dene House
	North Road
	Kirkburton
	Huddersfield
	HD8 0RW

Accountants	WHEAWILL & SUDWORTH LIMITED
	Chartered Accountants
	35 Westgate
	Huddersfield
	HD1 1PA

Bankers	National Westminster Bank plc
	8 Market Place
	Huddersfield
	West Yorkshire
	HD1 2AL

Solicitors	Holroyd & Co
	27 Market Street
	Milnsbridge
	Huddersfield
	HD3 4ND

DS WIND ENERGY LIMITED

BALANCE SHEET

31 December 2016

	2016	2015
Note	£	£

Fixed assets

Tangible assets	7	431,134	454,824

Current assets

Debtors	8	27,072	34,995
Cash at bank and in hand		6,578	35,354
		------------	------------
		33,650	70,349

Creditors: amounts falling due within one year	9	( 8,901)	( 30,429)
		------------	------------
Net current assets		24,749	39,920
		------------	------------
Total assets less current liabilities		455,883	494,744

Creditors: amounts falling due after more than one year	10	( 384,224)	( 459,054)

Provisions

Taxation including deferred tax	( 14,500)	( 7,200)
	------------	------------
Net assets	57,159	28,490
	------------	------------

Capital and reserves

Called up share capital	12	2	2
Profit and loss account		57,157	28,488
		------------	------------
Members funds		57,159	28,490
		------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.

For the year ending 31 December 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 financial statements were approved by the board of directors and authorised for issue on 23 May 2017 , and are signed on behalf of the board by:

K J Dare R J Coxon

Director Director

Company registration number: 08574844

DS WIND ENERGY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2016

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Dene House, North Road, Kirkburton, Huddersfield, HD8 0RW.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

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

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 January 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 14.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Wind Turbines	-	5% straight line

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Staff costs

The average number of persons employed by the company during the year, including the directors, amounted to 4 (2015: 4).

5. Profit before taxation

Profit before taxation is stated after charging:

	2016	2015
	£	£
Depreciation of tangible assets	23,690	18,197
	------------	------------

6. Tax on profit

Major components of tax expense

	2016	2015
	£	£

Deferred tax:

Origination and reversal of timing differences	7,300	7,200
	------------	------------
Tax on profit	7,300	7,200
	------------	------------

7. Tangible assets

	Wind Turbines
	£
Cost
At 1 Jan 2016 and 31 Dec 2016	473,816
	------------
Depreciation
At 1 January 2016	18,992
Charge for the year	23,690
	------------
At 31 December 2016	42,682
	------------
Carrying amount
At 31 December 2016	431,134
	------------
At 31 December 2015	454,824
	------------

8. Debtors

	2016	2015
	£	£
Called up share capital not paid	2	2
Prepayments and accrued income	25,452	33,970
Other debtors	1,618	1,023
	------------	------------
	27,072	34,995
	------------	------------

9. Creditors: amounts falling due within one year

	2016	2015
	£	£
Trade creditors	48	25
Amounts owed to associated undertakings	3,528	20,785
Accruals and deferred income	5,325	9,619
	------------	------------
	8,901	30,429
	------------	------------

10. Creditors: amounts falling due after more than one year

	2016	2015
	£	£
Amounts owed to associated undertakings	384,224	459,054
	------------	------------

11. Deferred tax

The deferred tax included in the balance sheet is as follows:

	2016	2015
	£	£
Included in provisions	14,500	7,200
	------------	------------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2016	2015
	£	£
Accelerated capital allowances	85,100	89,800
Unused tax losses	( 70,600)	( 82,600)
	------------	------------
	14,500	7,200
	------------	------------

12. Called up share capital

Issued, called up and fully paid

	2016		2015
	No.	£	No.	£
Ordinary shares of £ 1 each	2	2	2	2
	------------	------------	------------	------------

13. Related party transactions

The debts owed to associated undertakings at notes 9 and 10 above are owed equally to the company's joint venture shareholders. These debts are unsecured and currently interest-free. There is no one controlling party of the company.

14. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 January 2015.

No transitional adjustments were required in equity or profit or loss for the year.