Castle Power Limited - Period Ending 2016-12-31

Registration number: SC439223

Castle Power Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 December 2016

Castle Power Limited

Contents

Company Information	1
Director's Report	2
Accountants' Report	3
Abridged Profit and Loss Account	4
Statement of Comprehensive Income	5
Abridged Balance Sheet	6 to 7
Statement of Changes in Equity	8
Notes to the Abridged Financial Statements	9 to 14

Castle Power Limited

Company Information

Director

A W Ogilvy

Registered office

Glenruthven Mill Abbey Road Auchterarder Perth PH3 1DP

Accountants

Murray Taylor (Scotland) Limited Chartered Certified Accountants 10 Murray Lane Montrose Angus DD10 8LF

Page 1

Castle Power Limited

Director's Report for the Year Ended 31 December 2016

The director presents his report and the abridged financial statements for the year ended 31 December 2016.

Director of the company

The director who held office during the year was as follows:

A W Ogilvy

Principal activity

The principal activity of the company is Renewable energy.

Small companies provision statement

This report has 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.

Approved by the Board on 28 June 2017 and signed on its behalf by:

.........................................
A W Ogilvy
Director

Page 2

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Castle Power Limited
for the Year Ended 31 December 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Castle Power Limited for the year ended 31 December 2016 as set out on pages 4 to 14 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/gb/en/discover/public-value/rulebook.html.

This report is made solely to the Board of Directors of Castle Power Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Castle Power Limited and state those matters that we have agreed to state to the Board of Directors of Castle Power Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Castle Power Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Castle Power Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Castle Power Limited. You consider that Castle Power 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 accounts of Castle Power 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 accounts.

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

Murray Taylor (Scotland) Limited
Chartered Certified Accountants
10 Murray Lane
Montrose
Angus
DD10 8LF

28 June 2017

Page 3

Castle Power Limited

Abridged Profit and Loss Account for the Year Ended 31 December 2016

	Note	Total 31 December 2016 £	Total 31 December 2015 £
Gross profit		-	1,400
Administrative expenses		(1,298)	(980)
(Loss)/profit before tax	3	(1,298)	420
(Loss)/profit for the financial year		(1,298)	420

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

The notes on pages 9 to 14 form an integral part of these abridged financial statements.

Page 4

Castle Power Limited

Statement of Comprehensive Income for the Year Ended 31 December 2016

	Note	2016 £	2015 £
(Loss)/profit for the year		(1,298)	420
Total comprehensive income for the year		(1,298)	420

The notes on pages 9 to 14 form an integral part of these abridged financial statements.

Page 5

Castle Power Limited

(Registration number: SC439223)
Abridged Balance Sheet as at 31 December 2016

	Note	2016 £	2015 £
Fixed assets
Investments		100,663	140,020
Current assets
Debtors		20,020	11,500
Cash at bank and in hand		26,359	2,380
		46,379	13,880
Creditors: Amounts falling due within one year		(22,300)	(29,060)
Net current assets/(liabilities)		24,079	(15,180)
Total assets less current liabilities		124,742	124,840
Creditors: Amounts falling due after more than one year		(140,000)	(140,000)
Accruals and deferred income		(2,650)	(1,450)
Net liabilities		(17,908)	(16,610)
Capital and reserves
Called up share capital		100	100
Profit and loss account		(18,008)	(16,710)
Total equity		(17,908)	(16,610)

For the financial 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.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

The notes on pages 9 to 14 form an integral part of these abridged financial statements.

Page 6

Castle Power Limited

(Registration number: SC439223)
Abridged Balance Sheet as at 31 December 2016

Approved and authorised by the director on 28 June 2017
 

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

A W Ogilvy

Director

The notes on pages 9 to 14 form an integral part of these abridged financial statements.

Page 7

Castle Power Limited

Statement of Changes in Equity for the Year Ended 31 December 2016

	Share capital £	Profit and loss account £	Total £
At 1 January 2016	100	(16,710)	(16,610)
Loss for the year	-	(1,298)	(1,298)
Total comprehensive income	-	(1,298)	(1,298)
At 31 December 2016	100	(18,008)	(17,908)

	Share capital £	Profit and loss account £	Total £
At 1 January 2015	100	(17,130)	(17,030)
Profit for the year	-	420	420
Total comprehensive income	-	420	420
At 31 December 2015	100	(16,710)	(16,610)

The notes on pages 9 to 14 form an integral part of these abridged financial statements.

Page 8

Castle Power Limited

Notes to the Abridged Financial Statements for the Year Ended 31 December 2016

1	General information

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

The address of its registered office is:
Glenruthven Mill
Abbey Road
Auchterarder
Perth
PH3 1DP

These financial statements were authorised for issue by the director on 28 June 2017.

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 abridged financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis of preparation

These abridged 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 financial statements have been prepared on a going concern basis. Despite the company showing an insolvent balance sheet of £17,908, there is a director loan of £22,300 due to the director. The director has confirmed that he will not withdraw this loan to the detriment of the company creditors. Furthermore there are preference shares included as long term creditors to the value of £140,000. These preference shares are only redeemable at the discretion of the director.

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.

Page 9

Castle Power Limited

Notes to the Abridged Financial Statements for the Year Ended 31 December 2016

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.

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.

Page 10

Castle Power Limited

Notes to the Abridged Financial Statements for the Year Ended 31 December 2016

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	Loss/profit before tax

Arrived at after charging/(crediting)

2016 £

2015 £

4	Investments

	Total £
Cost or valuation
At 1 January 2016	140,020
Provision
Eliminated on disposals	39,357
Carrying amount
At 31 December 2016	100,663
At 31 December 2015	140,020

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Registered office	Holding	Proportion of voting rights and shares held
			2016	2015
Subsidiary undertakings
Castillium Limited	1 Rutland Court, Edinburgh, Midlothian, EH3 8EY	Ordinary and preference shares	70%	70%
	Scotland

The principal activity of Castillium Limited is renewable energy farms

5	Transition to FRS 102

As a result of applying FRS 102, preference share have been reclassified from equity to long term liabilities.

Page 11

Castle Power Limited

Notes to the Abridged Financial Statements for the Year Ended 31 December 2016

Balance Sheet at 1 January 2015
 

	Note	As originally reported £	Reclassification £	Remeasurement £	As restated £
Fixed assets
Investments		140,020	-	-	140,020
Current assets
Debtors		11,520	-	-	11,520
Cash at bank and in hand		280	-	-	280
		11,800	-	-	11,800
Creditors: Amounts falling due within one year		(28,850)	-	-	(28,850)
Net current liabilities		(17,050)	-	-	(17,050)
Total assets less current liabilities		122,970	-	-	122,970
Creditors: Amounts falling due after more than one year		-	(140,000)	-	(140,000)
Net assets/(liabilities)		122,970	(140,000)	-	(17,030)
Capital and reserves
Called up share capital		140,100	(140,000)	-	100
Profit and loss account		(17,130)	-	-	(17,130)
Total equity		122,970	(140,000)	-	(17,030)

Page 12

Castle Power Limited

Notes to the Abridged Financial Statements for the Year Ended 31 December 2016

Balance Sheet at 31 December 2015
 

	Note	As originally reported £	Reclassification £	Remeasurement £	As restated £
Fixed assets
Investments		140,020	-	-	140,020
Current assets
Debtors		11,500	-	-	11,500
Cash at bank and in hand		2,380	-	-	2,380
		13,880	-	-	13,880
Creditors: Amounts falling due within one year		(30,510)	-	-	(30,510)
Net current liabilities		(16,630)	-	-	(16,630)
Total assets less current liabilities		123,390	-	-	123,390
Creditors: Amounts falling due after more than one year		-	(140,000)	-	(140,000)
Net assets/(liabilities)		123,390	(140,000)	-	(16,610)
Capital and reserves
Capital redemption reserve		140,100	(140,000)	-	100
Profit and loss account		(16,710)	-	-	(16,710)
Total equity		123,390	(140,000)	-	(16,610)

Page 13

Castle Power Limited

Notes to the Abridged Financial Statements for the Year Ended 31 December 2016

Profit and Loss Account for the year ended 31 December 2015
 

	Note	As originally reported £	Reclassification £	Remeasurement £	As restated £
Turnover		1,400	-	-	1,400
Administrative expenses		(980)	-	-	(980)
Operating profit		420	-	-	420
Profit before tax		420	-	-	420
Profit for the financial year		420	-	-	420

Page 14

Castle Power Limited

Detailed Profit and Loss Account for the Year Ended 31 December 2016

	2016 £	2015 £
Turnover (analysed below)	-	1,400
Gross profit (%)	0%	100%
Administrative expenses
General administrative expenses (analysed below)	(1,226)	(913)
Finance charges (analysed below)	(72)	(67)
	(1,298)	(980)
Operating (loss)/profit	(1,298)	420
(Loss)/profit before tax	(1,298)	420

This page does not form part of the statutory financial statements.

Page 15

Castle Power Limited

Detailed Profit and Loss Account for the Year Ended 31 December 2016

2016 £

2015 £

General administrative expenses
Sundry expenses	(26)	(13)
Accountancy fees	(1,200)	(900)
	(1,226)	(913)

Finance charges
Bank charges	(72)	(67)

This page does not form part of the statutory financial statements.

Page 16