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GLENVIEW GREEN ENERGY LIMITED - Company Information

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Glenview Green Energy Ltd

Registered Number:NI603353

For the year ended 31 December 2017

Northern Ireland

Unaudited Financial Statements

As at 31 December 2017

Glenview Green Energy Ltd

Abridged Statement of Financial Position

Registered Number :

NI603353

2016

2017

Notes

Fixed assets

Property, plant and equipment

5,880,049

531,359

5,880,049

531,359

Current assets

Trade and other receivables

16,870

558,153

5,468

Cash and cash equivalents

14,991

573,144

22,338

Trade and other payables: amounts falling due within one year

(13,690)

(1,303,157)

8,648

(730,013)

Net current liabilities

Total assets less current liabilities

5,150,036

540,007

Trade and other payables: amounts falling due after more than one

year

(722,966)

(759,403)

4,390,633

Net assets/liabilities

(182,959)

Capital and reserves

Called up share capital

Revaluation reserve

4,671,378

Retained earnings

(280,746)

(182,960)

4,390,633

(182,959)

Shareholders' funds

For the year ended 31 December 2017 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2017 in accordance with Section 476 of the Companies Act 2006

The director acknowledges his responsibilities for:a) ensuring that the company keeps proper accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

b) preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial

year and of its profit or loss for each financial year in accordance with the requirements of Section 394 and 395 and which

otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the

company.

All the members have consented to the preparation of an Abridged Statement of Financial Position for the year ended 31 December

2017 in accordance with Section 444 (2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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For the year ended 31 December 2017

Glenview Green Energy Ltd

Abridged Statement of Financial Position Continued

Liam Hamilton Director

These financial statements were approved and authorised for issue by the Board on 22 February 2018 and were signed by:

The notes form part of these financial statements

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For the year ended 31 December 2017

Glenview Green Energy Ltd

Notes to the Financial Statements

Statutory Information

Glenview Green Energy Ltd is a private limited company, limited by shares, domiciled in Northern Ireland, registration number

NI603353.

Registered address:

150 Torr Road

Cushendun

Ballymena

Antrim

BT44 0PU

The presentation currency is £ sterling.

1. Accounting policies

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A of Financial Reporting Standard

102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial

statements have been prepared under the historical costs convention as modified by the revaluation of certain assets.

Significant judgements and estimates

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax or other similar sales taxes.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Intangible assets

Property, plant and equipment

Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:

Plant and machinery

20% Reducing balance

20% Straight line

Motor vehicles

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For the year ended 31 December 2017

Glenview Green Energy Ltd

Notes to the Financial Statements Continued

2. Fixed assets

Property, plant

and equipment

Cost or valuation

At 01 January 2017

585,746

Additions

768,427

Revaluation

4,671,378

Transfers

5,215

At 31 December 2017

6,030,766

Provision for depreciation,

amortisation and impairment

At 01 January 2017

54,387

96,330

Charge for year

At 31 December 2017

150,717

Net book value

At 31 December 2017

5,880,049

At 31 December 2016

531,359

See Note 4 for revaluation amounts taken to the revaluation reserve account.

3. Trade and other receivables

Debtors includes the directors loan account with interest charged totalling £501,105 - see Note 6.

4. Reserves

Total

Revaluation reserve at 01 January 2017

Revaluation of fixed assets

4,671,378

Revaluation reserve at 31 December 2017

During the year the director decided to revalue the Glenarm and Dunloy project assets and the Maghera project assets in

construction upwards by £1,151,636, £1,868,127 and £1,651,615 respectively. The decision was based on valuation reports

produced by Bruton Knowles dated 8th December 2016 whereby the 3 sites were valued at £620,000 and £1,350,000 and

£1,300,000 respectively.

Bruton Knowles released an updated report dated 26th January 2018 for Glenarm project revising the value up to £1.4m. The

Director has taken a view to increase Dunloy and Maghera to £2.4m and £2m respectively. Bruton Knowles is expected to release

revised valuations for £2.4m on both sites and these are being finalised presently.

A third party made an offer subject to contract, due diligence and investment committee approval dated 24th November 2017 to

purchase all 3 projects totalling £7m.

As at 31st December 2017, the 3 projects are revalued at £1.4m, £2.4m and £2m respectively with the first two in operation and

the third is still in construction.

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For the year ended 31 December 2017

Glenview Green Energy Ltd

Notes to the Financial Statements Continued

5. Related party transactions

During the period, the company entered into transactions in the ordinary course of business with other related parties. Transactions

entered into and trading balances at year ended 31 December 2017 are as follows:

1) Glenview Farms Ltd

Liam Hamilton is 100% owner of both Glenview Green Energy Ltd and Glenview Farms Ltd.

During the year, Glenview Farms Ltd made 7 loans totalling £108,700 and £12,764 from the Farm euro account. During the year

Glenview Green Energy repaid Farm Ltd a total of £238,000. The Farm paid €101,677 costs on behalf of Green Energy. There is

an unrealised exchange difference re Euros paid totalling £17,305.

Amount due to related party at year ended 31 December 2017: £772,858 (2016: £722,966)

2) Vincent Hamilton

Vincent is a brother of Liam Hamilton.

During the year, he loaned the company £30,000.

Amount due to related party at year ended 31 December 2017: £30,000 (2016:£0)

3) John Hamilton

John is a nephew of Liam Hamilton.

During the year he lent the company £8,500 and was repaid £8,000.

Amount due to related party at year ended 31 December 2017: £500 (2016:£0)

4) Paul Hamilton

Paul is a nephew of Liam Hamilton.

During the year he lent the company £6,500 during the year.

Amount due to related party at year ended 31 December 2017: £6,500 (2016:£0)

5) Turnamona Ltd

This is owned by Paul Hamilton, nephew of Liam Hamilton.

During the year it lent the company £38,000.

Amount due to related party at year ended 31 December 2017: £38,000 (2016:£0)

6. Directors advances and guarantees

The directors loan account included the following transactions during the year:

Loans totalling £451,954 and €55,000 were made to Liam Hamilton and of which £4,000 was repaid to the company. Monthly

cumulative interest is charged at 2.5% and totalled £4,885 of which Liam Hamilton paid £605 interest.

The amount owed to the company at 31st December 2017 was £507,154 (2016: £6,092).

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