PACIFIC_WEST_COAL_(UK)_LI - Accounts
PACIFIC_WEST_COAL_(UK)_LI - Accounts
Company Registration No. 3098080 (England and Wales)
FOR THE YEAR ENDED 30 SEPTEMBER 2016
COMPANY INFORMATION
Directors
(Appointed 20 February 2017)
Secretary
Company number
Registered office
Accountants
CONTENTS
Page
Directors' report
1
Accountants' report
2
Profit and loss account
3
Balance sheet
4
Notes to the financial statements
5 - 7
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2016
- 1 -
The directors present their report and financial statements for the year ended 30 September 2016.
Principal activities
Directors
The following directors have held office since 1 October 2015:
(Appointed 20 February 2017)
Statement of directors' responsibilities
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
On behalf of the board
Director
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PACIFIC WEST COAL (UK) LIMITED FOR THE YEAR ENDED 30 SEPTEMBER 2016
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Pacific West Coal (UK) Limited for the year ended 30 September 2016 set out on pages 3 to 7 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance/.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of Pacific West Coal (UK) 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 financial statements of Pacific West Coal (UK) Limited and state those matters that we have agreed to state to the Board of Directors of Pacific West Coal (UK) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Pacific West Coal (UK) Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Pacific West Coal (UK) 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 Pacific West Coal (UK) Limited. You consider that Pacific West Coal (UK) 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 Pacific West Coal (UK) 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.
Smith Cooper Limited
Accountants
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2016
- 3 -
2016
2015
Notes
£
£
Turnover
-
Administrative expenses
(21,793 )
(64,523 )
Operating loss
2
(21,793 )
(33,265 )
Interest payable and similar charges
(1,961 )
(2,307 )
Loss on ordinary activities before taxation
(23,754 )
(35,572 )
Tax on loss on ordinary activities
3
-
-
Loss for the year
9
(23,754 )
(35,572 )
BALANCE SHEET
AS AT
30 SEPTEMBER 2016
- 4 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
4
Current assets
Debtors
5
Investments
6
Cash at bank and in hand
Creditors: amounts falling due within one year
7
(324,610 )
(325,567 )
Net current liabilities
(211,460 )
(188,105 )
Total assets less current liabilities
(209,863 )
(186,109 )
Capital and reserves
Called up share capital
8
Profit and loss account
9
(209,963 )
(186,209 )
Shareholders' funds
(209,863 )
(186,109 )
Directors' responsibilities:
-
-
Approved by the Board for issue on 29 September 2017
Director
Company Registration No. 3098080
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2016
- 5 -
1
Accounting policies
1.1
Accounting convention
The accounts have been prepared on a going concern basis. In the opinion of the director the company will continue to meet it's working capital requirements in the forseeable future with the continued financial assistance of the director and Torkard Construction Limited.
Exemption from preparing a cash flow statement
Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a small company.
1.2
Turnover
1.3
Tangible fixed assets and depreciation
Computer equipment
1.4
Investments
Current asset investments are stated at the lower of cost and net realisable value.
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.
2
Operating loss
2016
2015
£
£
Operating loss is stated after charging:
Depreciation of tangible assets
3
Taxation
No liability to UK corporation tax arose on ordinary activities for the year ended 30 September 2016 nor for the year ended 30 September 2015.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2016
- 6 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2015 & at 30 September 2016
Depreciation
At 1 October 2015
Charge for the year
At 30 September 2016
Net book value
At 30 September 2016
At 30 September 2015
5
Debtors
2016
2015
£
£
Other debtors
6
Current asset investments
2016
2015
£
£
Other investments
103
103
Market valuation of listed investments
14
12
The investments comprise a 50% holding in Pacific West Coal Limited, a company incorporated in Canada. At 31 August 2016 the negative reserves of that company were £114,230 (2015: £120,633) and its profit for the year then ended was £28,146 (2015: £5,266 loss).
At the year end, the company also held 3,171 10 cent shares in Compliance Energy Corporation, a company incorporated in Canada and listed on the Vancouver/ Calgary Stock Exchange. These comprise a 1.1% interest in Compliance Energy Corporation.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2016
- 7 -
7
Creditors: amounts falling due within one year
2016
2015
£
£
Bank loans and overdrafts
Other creditors
8
Share capital
2016
2015
£
£
Allotted, called up and fully paid
9
Statement of movements on profit and loss account
Profit
and loss
account
and loss
account
£
Balance at 1 October 2015
(186,209 )
Loss for the year
(23,754 )
Balance at 30 September 2016
(209,963 )
10
Ultimate controlling party
The ultimate controlling party is the Executors of M G Harrison Deceased.
11
Related party relationships and transactions
At 30 September 2016 there was a loan outstanding of £113,000 to Torkard Construction Co Limited, a 10% shareholder in the company. The loan bears an interest rate of 15% per annum, plus a premium of £5,000 per annum. At 30 September 2016the full balance was outstanding plus unpaid interest of £47,244 (2015: £47,244)totalling £160,244. 50% of the balance of the loan is guaranteed personally by M Harrison, a director and shareholder. On 28 October 2014, an agreement was reached to give a further interest holiday period until 15 July 2017 when the position will be reviewed again.
Pacific West Coal Limited
A company in which the company owns a 50% holding
Amount due from related party at the balance sheet date £108,947 (2015: £109,688).
SCHEDULE OF ADMINISTRATIVE EXPENSES
FOR THE YEAR ENDED 30 SEPTEMBER 2016
2016
2015
£
£
Administrative expenses
Light and heat
3,363
1,368
Directors loan written off
28,806
29,094
Printing, postage and stationery
93
817
Telephone
3,153
4,305
Travelling expenses
-
9,039
Accountancy
3,179
4,241
Bank charges
565
1,491
Profit/loss on foreign currency
(18,477)
10,769
Sundry expenses - allowable
516
2,900
Sundry expenses - non allowable
196
-
Depreciation on computer equipment
399
499