Lomond Energy (Merkins Windfarm) Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: SC361066 (Scotland)

LOMOND ENERGY (MERKINS WINDFARM) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

to

6

Chartered Accountants' Report

7

DIRECTORS:

Steven Macken

Deborah Macken

Ian Lawrence

Matthew Ridley

SECRETARY:

Deborah Macken

REGISTERED OFFICE:

East Cambusmoon Farm

Gartocharn

Alexandria

West Dunbartonshire

G83 8RZ

REGISTERED NUMBER:

SC361066 (Scotland)

ACCOUNTANTS:

Milne Craig

Chartered Accountants

Abercorn House

79 Renfrew Road

Paisley

Renfrewshire

PA3 4DA

BANKERS:

The Co-operative Bank

Business Direct

P O Box 250

Skelmersdale

WN8 6WT

CURRENT ASSETS

Debtors

4

6,611

6,661

Cash at bank

3,356

3,366

9,967

10,027

CREDITORS

Amounts falling due within one year

5

383,007

382,657

NET CURRENT LIABILITIES

(373,040

)

(372,630

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

(373,040

)

(372,630

)

CAPITAL AND RESERVES

Called up share capital

1

Retained earnings

(373,041

)

(372,631

)

SHAREHOLDERS' FUNDS

(373,040

)

(372,630

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2017.

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

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps 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 Sections
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.

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.

In accordance with Section 444 of the Companies Act 2006, the Profit and loss has not been delivered.

The financial statements were approved by the Board of Directors on 19 March 2018 and were signed on its behalf by:

Deborah Macken - Director

1.	STATUTORY INFORMATION

Lomond Energy (Merkins Windfarm) Limited is a private company, limited by shares, registered in Scotland.

The Company's registration number is SC361066 and its registered office address is East Cambusmoon Farm

Gartocharn Alexandria West Dumbartonshire G83 8RZ.

The nature of the Company's operations and its principal activities are set out in the Directors Report on page 2.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" 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 cost convention.

The financial statements are prepared in sterling, which is the functional currency of the Company. Monetary

amounts in these financial statements are rounded to the nearest £.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the Company

has adequate resources to continue in operational existence for the foreseeable future. Thus the directors

continue to adopt the going concern basis of accounting in preparing the financial statements.

Critical accounting judgements and key sources of estimation uncertainty

In preparing these financial statements, the directors have made the following judgements:

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where

appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending

on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life

cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as

future market conditions, the remaining life of the asset and projected disposal values.

Assets are considered for indications of impairment. If required an impairment review will be carried out and a

decision made on possible impairment. Factors taken into consideration in reaching such a decision include the

economic viability and expected future financial performance of the asset and where it is a component of a larger

cash-generating unit, the viability and expected future performance of that unit.

Bad debts are provided for where objective evidence of the need for a provision exists.

Inventories are assessed for evidence of obsolescence and a provision is made against any inventory unlikely to

be sold, or where stock is sold post year end at a loss.

Financial instruments

The Company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 '

Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are

recognised in the Company's balance sheet when the Company becomes party to the contractual provisions of the

instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements,

when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a

net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction

price including transactions costs and are subsequently carried at amortised cost using the effective interest

method unless the arrangement constitutes a financing transaction, where the transaction is measured at the

present value of the future receipts discounted at a market rate of interest. Financial assets classified as

receivable within one year are not amortised.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are

settled, or when the Company transfers the financial asset and substantially all the risks and rewards of

ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the

asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual

arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of

the Company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement

constitutes a financing transaction, where the debt instrument is measured at the present value of the future

payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not

amortised.

Development costs

Development costs represent costs incurred on potential windfarm development schemes and are valued at the

lower of cost less any provision for impairment.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet

date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described

below.

Non-financial assets

An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after

initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an

asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine

reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable

value does not lead to a revised carrying amount higher than the carrying value had no impairment been

recognised.

Financial assets

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset's

carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original

effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's

carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at

the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event

occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal.

An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable

value does not lead to a revised carrying amount higher than the carrying value had no impairment been

recognised.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2016 - 4 ).

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

Other debtors

6,611

6,661

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

Loan

300,000

Trade creditors

81,994

Accruals and deferred income

663

Accrued expenses

350

-

383,007

382,657

6.	RELATED PARTY DISCLOSURES

The company benefited from an interest free loan from Iceni Renewables Limited totalling £300,000 (2016 -

£300,000). This company has a 50% interest in the shares of Lomond Energy (Merkins Windfarm) Limited.

7.	ULTIMATE CONTROLLING PARTY

There is no overall controlling party.

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the

Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Lomond Energy (Merkins Windfarm) Limited for the year ended 31 July 2017 which comprise

the Profit and loss, Balance Sheet, 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 ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Lomond Energy (Merkins Windfarm) Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Lomond Energy (Merkins Windfarm) Limited and state those matters that we have agreed to state to the Board of Directors of Lomond Energy (Merkins Windfarm) Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Lomond Energy (Merkins Windfarm) 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 Lomond Energy (Merkins Windfarm) Limited. You consider that Lomond Energy (Merkins Windfarm) 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 Lomond Energy (Merkins Windfarm) 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.

Milne Craig

Chartered Accountants

Abercorn House

79 Renfrew Road

Paisley

Renfrewshire

PA3 4DA

19 March 2018

Lomond Energy (Merkins Windfarm) Limited - Accounts to registrar (filleted) - small 18.1

Lomond Energy (Merkins Windfarm) Limited - Accounts to registrar (filleted) - small 18.1