Armagh Power Generation Limited Company Accounts

BLUESKY RESOURCE RECOVERY LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: NI067779

Armagh Power Generation Limited

Unaudited Financial Statements

Filleted

31 December 2016

BMK ACCOUNTING LIMITED

Chartered Accountants

43 Lockview Road

Stranmillis

Belfast

BT9 5FJ

Armagh Power Generation Limited

Financial Statements

Year ended 31st December 2016

Contents	Pages

Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements	1

Statement of financial position	2 to 3

Notes to the financial statements	4 to 7

Armagh Power Generation Limited

Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Armagh Power Generation Limited

Year ended 31st December 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Armagh Power Generation Limited for the year ended 31st December 2016, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of Chartered Accountants Ireland, we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie. This report is made solely to the Board of Directors of Armagh Power Generation Limited, as a body, in accordance with the terms of our engagement letter dated 1st July 2017. Our work has been undertaken solely to prepare for your approval the financial statements of Armagh Power Generation Limited and state those matters that we have agreed to state you, as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Armagh Power Generation Limited and its Board of Directors, as a body, for our work or for this report.

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

BMK ACCOUNTING LIMITED Chartered Accountants

43 Lockview Road Stranmillis Belfast BT9 5FJ

30 August 2017

Armagh Power Generation Limited

Statement of Financial Position

31 December 2016

	2016		2015
Note	£	£	£

Current assets

Debtors	7	79,224	142,235
Cash at bank and in hand		389,185	538,453
		---------	---------
		468,409	680,688

Creditors: amounts falling due within one year	8	82,850		96,688
		---------		---------
Net current assets			385,559	584,000
			---------	---------
Total assets less current liabilities			385,559	584,000

Creditors: amounts falling due after more than one year	9		18,487,593	18,487,593

Provisions

Other provisions	4,620,000	4,620,000
	-------------	-------------
Net liabilities	( 22,722,034)	( 22,523,593)
	-------------	-------------

Capital and reserves

Called up share capital	4,600,002	4,600,002
Profit and loss account	( 27,322,036)	( 27,123,595)
	-------------	-------------
Members deficit	( 22,722,034)	( 22,523,593)
	-------------	-------------

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 statement of comprehensive income has not been delivered.

For the year ending 31st 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 .

Armagh Power Generation Limited

Statement of Financial Position (continued)

31 December 2016

These financial statements were approved by the board of directors and authorised for issue on 29 August 2017 , and are signed on behalf of the board by:

MR K BYRNE MR E DOHERTY

Director Director

Company registration number: NI067779

Armagh Power Generation Limited

Notes to the Financial Statements

Year ended 31st December 2016

1. General information

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 56 Craigmore Road, Garvagh, Coleraine, BT51 5HF, Northern Ireland.

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.

Going concern

The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1st January 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 13.

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.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

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:

Freehold Property	-	2% straight line
Plant & Machinery	-	20% straight line
Motor Vehicles	-	20% straight line

Provisions

Provisions are recognised when the company has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate of the amount of the obligation can be made. A provision has been recognised for the future costs associated with the eventual closure and aftercare of the company's landfill site, in compliance with FRS 102.

4. Particulars of employees

The average number of persons employed by the company during the year, including the directors, amounted to 2 (2015: 2).

5. Profit before taxation

Loss before taxation is stated after (crediting)/charging:

	2016	2015
	£	£
Fees payable for the audit of the financial statements	–	2,000
	----	-------

6. Tangible assets

	Land and buildings	Plant and machinery	Total
	£	£	£
Cost
At 1 Jan 2016 and 31 Dec 2016	918,282	448,843	1,367,125
	---------	---------	------------
Depreciation
At 1 Jan 2016 and 31 Dec 2016	918,282	448,843	1,367,125
	---------	---------	------------
Carrying amount
At 31st December 2016	–	–	–
	---------	---------	------------

An impairment review was carried out in the prior year. As a result of this all fixed assets were written down to a value of £nil. In the opinion of the directors, the value of the company's leasehold interest in a landfill site is fully impaired.

7. Debtors

	2016	2015
	£	£
Trade debtors	42,763	40,049
Amounts owed by group undertakings and undertakings in which the company has a participating interest	1,000	–
Other debtors	35,461	102,186
	--------	---------
	79,224	142,235
	--------	---------

8. Creditors: amounts falling due within one year

	2016	2015
	£	£
Trade creditors	35,296	42,067
Amounts owed to group undertakings and undertakings in which the company has a participating interest	7,200	8,100
Other creditors	40,354	46,521
	--------	--------
	82,850	96,688
	--------	--------

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

	2016	2015
	£	£
Amounts owed to group undertakings and undertakings in which the company has a participating interest	18,487,593	18,487,593
	-------------	-------------

The shareholders' loan is unsecured, interest free and shall not be called for repayment unless the company has sufficient resources to do so.

10. Directors' advances, credits and guarantees

At the year ended 31st December 2016 the balance owing to the directors by the company was £nil (2015 - £nil).

11. Related party transactions

The company has availed of the exemption provided in FRS 102, not to disclose transactions entered into fellow group companies that are wholly owned within the group of companies of which the company is a wholly owned member. The following company is considered a related party for the purposes of FRS 102. Company Relationship River Ridge Recycling Limited Common Director Amounts due to a related party is the following amount:

	2016	2015
	£	£
River Ridge Recycling Limited	7,200	8,100
	-------	-------

12. Controlling party

The ultimate holding company is Clarksville Limited, a company incorporated in Northern Ireland.

13. Transition to FRS 102

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

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