ACCOUNTS - Final Accounts

SEREN PEP WIND LIMITED - Company Information

Caseware UK (AP4) 2016.0.208 2016.0.208 2017-12-312017-12-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetrueNo description of principal activityfalse2017-01-01 08507798 2017-01-01 2017-12-31 08507798 2016-01-01 2016-12-31 08507798 2017-12-31 08507798 2016-12-31 08507798 c:Director4 2017-01-01 2017-12-31 08507798 d:CurrentFinancialInstruments 2017-12-31 08507798 d:CurrentFinancialInstruments 2016-12-31 08507798 d:Non-currentFinancialInstruments 2017-12-31 08507798 d:Non-currentFinancialInstruments 2016-12-31 08507798 d:CurrentFinancialInstruments d:WithinOneYear 2017-12-31 08507798 d:CurrentFinancialInstruments d:WithinOneYear 2016-12-31 08507798 d:ShareCapital 2017-12-31 08507798 d:ShareCapital 2016-12-31 08507798 d:RetainedEarningsAccumulatedLosses 2017-12-31 08507798 d:RetainedEarningsAccumulatedLosses 2016-12-31 08507798 d:TaxLossesCarry-forwardsDeferredTax 2017-12-31 08507798 c:FRS102 2017-01-01 2017-12-31 08507798 c:AuditExempt-NoAccountantsReport 2017-01-01 2017-12-31 08507798 c:FullAccounts 2017-01-01 2017-12-31 08507798 c:PrivateLimitedCompanyLtd 2017-01-01 2017-12-31 08507798 d:Subsidiary1 2017-01-01 2017-12-31 08507798 d:Subsidiary1 1 2017-01-01 2017-12-31 08507798 d:Subsidiary2 2017-01-01 2017-12-31 08507798 d:Subsidiary2 1 2017-01-01 2017-12-31 iso4217:GBP xbrli:pure

Registered number: 08507798

SEREN PEP WIND LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2017

SEREN PEP WIND LIMITED

REGISTERED NUMBER:08507798

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2017

		2017		2016
Note		£		£

FIXED ASSETS
Investments			2		2
			2		2
CURRENT ASSETS
Debtors		217		36,758
		217		36,758
Creditors: amounts falling due within one year	6	(2)		(36,083)
NET CURRENT ASSETS			215		675
TOTAL ASSETS LESS CURRENT LIABILITIES			217		677
NET ASSETS			217		677

CAPITAL AND RESERVES
Called up share capital	100	100
Profit and loss account	117	577
	217	677

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

Mr B V Woodman

Director

Date: 16 March 2018

The notes on pages 2 to 5 form part of these financial statements.

Page 1

SEREN PEP WIND LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

1.	GENERAL INFORMATION

Seren PEP Wind Limited is a company incorporated in England, its registered office is 58 Coinagehall Street, Helston, Cornwall, TR13 8EL. The company's principal activity during the year was the creation of wind farms to generate electricity.

2.ACCOUNTING POLICIES

2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the company has transferred the significant risks and rewards of ownership to the buyer;

∙the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.3

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

2.4

DEBTORS

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

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SEREN PEP WIND LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

2.ACCOUNTING POLICIES (continued)

2.5

CREDITORS

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.6

INTEREST INCOME

Interest income is recognised in the Statement of income and retained earnings using the effective interest method.

2.7

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of income and retained earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of financial position date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

3.	EMPLOYEES
	Staff costs were as follows:

The average monthly number of employees, including directors, during the year was 3 (2016: 4).

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SEREN PEP WIND LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

4.	FIXED ASSET INVESTMENTS

		Investments in subsidiary companies
		£
	COST OR VALUATION
	At 1 January 2017	2
	At 31 December 2017	2

	NET BOOK VALUE
	At 31 December 2017	2
	At 31 December 2016	2

SUBSIDIARY UNDERTAKINGS
The following were subsidiary undertakings of the company:
Name	Class of shares	Holding	Principal activity

	Seren PEP Motoroway Wind Limited	Ordinary	100%	Production of electricity
	Seren PEP Wind Portfolio 1 Limited	Ordinary	100%	Production of electricity

	The aggregate of the share capital and reserves as at 31 December 2017 and of the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:
		Aggregate of share capital and reserves
		£

	Seren PEP Motoroway Wind Limited	1
	Seren PEP Wind Portfolio 1 Limited	1
		2

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SEREN PEP WIND LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

DEBTORS

					2017	2016
					£	£


Other debtors	100	36,758
Deferred taxation	117	-
	217	36,758

6.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
		2017	2016
		£	£

Trade creditors	-	36,081
Other creditors	2	2
	2	36,083

7.	DEFERRED TAXATION

		2017
		£

	Charged to profit or loss	117
	AT END OF YEAR	117

The deferred tax asset is made up as follows:
	2017	2016
	£	£

	Tax losses carried forward	117	-
		117	-

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