Appley Bridge Biomass to Energy Limited Company Accounts

Appley Bridge Biomass to Energy Limited Company Accounts

MAYBROOK DEVELOPMENTS (APPLEY BRIDGE) LTD - Company Information

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COMPANY REGISTRATION NUMBER: 07191622
Appley Bridge Biomass to Energy Limited
Filleted Unaudited Financial Statements
31 March 2017
Appley Bridge Biomass to Energy Limited
Financial Statements
Year ended 31 March 2017
Contents
Page
Statement of financial position
1
Statement of changes in equity
3
Notes to the financial statements
4
Appley Bridge Biomass to Energy Limited
Statement of Financial Position
31 March 2017
2017
2016
Note
£
£
£
Fixed assets
Tangible assets
5
1,613,517
1,601,500
Current assets
Debtors
6
12,391
33,914
Cash at bank and in hand
4,819
1,577
--------
--------
17,210
35,491
Creditors: amounts falling due within one year
7
1,606,734
1,316,773
------------
------------
Net current liabilities
1,589,524
1,281,282
------------
------------
Total assets less current liabilities
23,993
320,218
--------
---------
Net assets
23,993
320,218
--------
---------
Capital and reserves
Called up share capital
100
100
Revaluation reserve
652,060
652,060
Profit and loss account
( 628,167)
( 331,942)
---------
---------
Shareholders funds
23,993
320,218
---------
---------
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 31 March 2017 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 .
Appley Bridge Biomass to Energy Limited
Statement of Financial Position (continued)
31 March 2017
These financial statements were approved by the board of directors and authorised for issue on 17 December 2017 , and are signed on behalf of the board by:
Mr M I Chaudry
Director
Company registration number: 07191622
Appley Bridge Biomass to Energy Limited
Statement of Changes in Equity
Year ended 31 March 2017
Called up share capital
Revaluation reserve
Profit and loss account
Total
Note
£
£
£
£
At 1 April 2015
100
–
( 104,208)
( 104,108)
Loss for the year
( 227,734)
( 227,734)
Other comprehensive income for the year:
Revaluation of tangible assets
5
–
652,060
–
652,060
----
---------
---------
---------
Total comprehensive income for the year
–
652,060
( 227,734)
424,326
At 31 March 2016
100
652,060
( 331,942)
320,218
Loss for the year
( 296,225)
( 296,225)
----
---------
---------
---------
Total comprehensive income for the year
–
–
( 296,225)
( 296,225)
----
---------
---------
---------
At 31 March 2017
100
652,060
( 628,167)
23,993
----
---------
---------
---------
Appley Bridge Biomass to Energy Limited
Notes to the Financial Statements
Year ended 31 March 2017
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 7 Moorhead Lane, Saltaire, Shipley, West Yorkshire, BD18 4JH.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, '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 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.
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
-
NIL
Plant & Machinery
-
25% straight line
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2016: 1 ).
5. Tangible assets
Land and buildings
Plant and machinery
Total
£
£
£
Cost
At 1 April 2016
1,600,000
2,000
1,602,000
Additions
–
16,689
16,689
------------
--------
------------
At 31 March 2017
1,600,000
18,689
1,618,689
------------
--------
------------
Depreciation
At 1 April 2016
–
500
500
Charge for the year
–
4,672
4,672
------------
--------
------------
At 31 March 2017
–
5,172
5,172
------------
--------
------------
Carrying amount
At 31 March 2017
1,600,000
13,517
1,613,517
------------
--------
------------
At 31 March 2016
1,600,000
1,500
1,601,500
------------
--------
------------
Tangible assets held at valuation
If freehold properties had not been revalued they would have been included at an historical cost of £947,940. Freehold properties were valued on an open-market basis on 23rd June 2014 by T Turton, MRICS, of Borron Shaw & Co .
6. Debtors
2017
2016
£
£
Trade debtors
8,400
4,632
Other debtors
3,991
29,282
--------
--------
12,391
33,914
--------
--------
7. Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
388,750
388,750
Trade creditors
160,398
118,338
Other creditors
1,057,586
809,685
------------
------------
1,606,734
1,316,773
------------
------------
8. Related party transactions
The company was under the control of Transpennine Projects Limited at the year end by virtue of its owning the company's issued share capital.
9. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.
No transitional adjustments were required in equity or profit or loss for the year.