| YORK RENEWABLES LIMITED |
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| Independent Accountant's Report to the Directors on the Abbreviated Accounts for the period ended 31 March 2014 |
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| In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abbreviated accounts of York Renewables Limited for the period ended on 31 March 2014 which comprise the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given to us. |
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| This report is made solely to the directors of York Renewables Limited. Our work has been undertaken solely to prepare for your approval the abbreviated accounts of York Renewables Limited and state those matters that we have agreed to state to the directors of York Renewables Limited in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than York Renewables Limited and its directors for our work or for this report. |
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| It is your duty to ensure that York Renewables Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the company's assets, liabilities, financial position and profit or loss. You consider that York Renewables Limited is exempt from the statutory audit for the period. |
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| We have not carried out an audit or review of the financial statements of York Renewables Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations given to us and we do not, therefore, express any opinion on the statutory financial statements. |
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| Mrs R H Carter |
| 37 Southwold Road |
| Wrentham |
| Beccles |
| Suffolk |
| NR34 7JE |
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| Date |
5 December 2014 |
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| YORK RENEWABLES LIMITED |
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| Company Number 08433585 |
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| Balance Sheet |
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| as at 31 March 2014 |
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2014 |
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Note |
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£ |
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| Fixed Assets |
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Investments |
3 |
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1 |
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| Current Assets |
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Debtors |
4 |
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3,415,331 |
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Cash at Bank |
10 |
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3,415,341 |
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| Net Current Assets |
3,415,341 |
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| Net Assets |
3,415,342 |
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| Capital and Reserves |
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Called up Share Capital |
5 |
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34,163 |
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Share Premium |
6 |
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3,381,179 |
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| Shareholders' Funds |
3,415,342 |
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| The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 March 2014. |
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| The members have not required the company to obtain an audit of its financial statements for the period ended 31 March 2014 in accordance with Section 476 of the Companies Act 2006. |
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| The abbreviated accounts 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 and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008). |
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| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to company accounting records and preparation of accounts. |
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| These financial statements were approved by the board on 5 December 2014 |
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| O Hughes |
| Director |
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| Notes on pages 6 to 8 form part of these financial statements |
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| YORK RENEWABLES LIMITED |
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| Notes to the financial statements |
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| for the period ended 31 March 2014 |
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| 1 |
Accounting Policies |
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1.1 |
Basis of Preparation of Financial Statements |
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The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008). |
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1.2 |
Cash Flow |
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The company has not prepared a cash flow statement as it qualifies as a small company under the Companies Act 2006 and as such has taken the exemption conferred under FRS Cash Flow Statements and the small companies' regime. |
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1.3 |
Going Concern |
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The accounts have been prepared on a going concern basis. The directors have prepared forecasts and reviewed capital requirements for twelve months from the date of approving these financial statements, which indicate the business can continue to trade for at least twelve months. |
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1.4 |
Deferred Taxation |
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Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computations. |
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A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. |
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Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse. |
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Deferred tax balances are not discounted. |
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1.5 |
Investments |
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Investments in subsidiaries are valued at cost less provision for impairment. |
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1.6 |
Consolidation |
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In the opinion of the directors the company and its subsidiary undertaking comprise a small group. The company has therefore taken advantage of the exemption provided by Section 398 of the Companies Act 2006 not to prepare group accounts. |
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| 2 |
Taxation |
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The company has not recognised a deferred tax asset in respect of any losses available to carry forward due to there being insufficient certainty regarding its recovery. |
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There is no tax charge for the period. |
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| 3 |
Fixed Assets |
Investments |
Total |
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£ |
£ |
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Cost |
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Additions |
1 |
1 |
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At 31 March 2014 |
1 |
1 |
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Net Book Value |
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At 31 March 2014 |
1 |
1 |
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The following entity represents the group's subsidiary company: |
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Name |
Country |
Percentage |
Description |
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Shareholding |
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York Renewable Energy Limited |
England |
100% |
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Electricity |
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Generation |
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The reserves as at 31 March 2014 and the loss for the period ended on that date for the subsidiary undertaking were as follows: |
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Name |
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Reserves |
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Loss |
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£ |
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£ |
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York Renewable Energy Limited |
(110,071) |
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(110,072) |
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| 4 |
Debtors |
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2014 |
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£ |
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Amount due from subsidiary undertaking |
3,415,331 |
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3,415,331 |
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| 5 |
Share Capital |
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2014 |
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£ |
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Allotted, called and fully paid: |
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3,415,332 Ordinary Shares of £0.01 each |
34,153 |
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1,000 Participating Shares of £0.01 each |
10 |
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34,163 |
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| 6 |
Statement of Movement on Reserves |
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Share |
Total |
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Premium |
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Account |
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£ |
£ |
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Share Issues |
3,381,179 |
3,381,179 |
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Balance at 31 March 2014 |
3,381,179 |
3,381,179 |
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| 7 |
Related Party Transactions |
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During the period the company made a loan of £3,415,331 to its subsidiary company, York Renewable Energy Limited. At 31 March 2014 £3,415,331 remained outstanding. The loan is interest free, repayable on demand and has a 5 year final maturity. |
