Armagh Power Generation Limited Company Accounts

BLUESKY RESOURCE RECOVERY LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: NI067779

Armagh Power Generation Limited

Filleted Unaudited Financial Statements

31 December 2017

Armagh Power Generation Limited

Financial Statements

Year ended 31st December 2017

Contents	Pages

Chartered accountants report to the director on the preparation of the unaudited statutory financial statements	1

Statement of financial position	2 to 3

Notes to the financial statements	4 to 7

Armagh Power Generation Limited

Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Armagh Power Generation Limited

Year ended 31st December 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Armagh Power Generation Limited for the year ended 31st December 2017, which comprise the statement of financial position 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 Chartered Accountants Ireland, we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie. This report is made solely to the director of Armagh Power Generation Limited in accordance with the terms of our engagement letter dated 30th July 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Armagh Power Generation Limited and state those matters that we have agreed to state to you in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Armagh Power Generation Limited and its director for our work or for this report.

It is your duty to ensure that Armagh Power Generation 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 Armagh Power Generation Limited. You consider that Armagh Power Generation 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 Armagh Power Generation 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.

BMK ACCOUNTING LIMITED Chartered Accountants

43 Lockview Road Stranmillis Belfast BT9 5FJ

11 September 2018

Armagh Power Generation Limited

Statement of Financial Position

31 December 2017

	2017		2016
Note	£	£	£

Current assets

Debtors	6	149,489	79,224
Cash at bank and in hand		179,295	389,185
		---------	---------
		328,784	468,409

Creditors: amounts falling due within one year	7	86,406		82,850
		---------		---------
Net current assets			242,378	385,559
			---------	---------
Total assets less current liabilities			242,378	385,559

Creditors: amounts falling due after more than one year	8		18,487,593	18,487,593

Provisions

Other provisions	4,535,711	4,620,000
	-------------	-------------
Net liabilities	( 22,780,926)	( 22,722,034)
	-------------	-------------

Capital and reserves

Called up share capital	4,600,002	4,600,002
Profit and loss account	( 27,380,928)	( 27,322,036)
	-------------	-------------
Shareholders deficit	( 22,780,926)	( 22,722,034)
	-------------	-------------

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 31st December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Armagh Power Generation Limited

Statement of Financial Position (continued)

31 December 2017

These financial statements were approved by the board of directors and authorised for issue on 10 September 2018 , and are signed on behalf of the board by:

Mr E Doherty
Director

Company registration number: NI067779

Armagh Power Generation Limited

Notes to the Financial Statements

Year ended 31st December 2017

1. General information

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 56 Craigmore Road, Garvagh, Coleraine, BT51 5HF, Northern Ireland.

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.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

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	-	2% straight line
Plant & Machinery	-	20% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Provisions

Provisions are recognised when the company has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate of the amount of the obligation can be made. A provision has been recognised for the future costs associated with the eventual closure and aftercare of the company's landfill site, in compliance with FRS 102.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 0 (2016: 0).

5. Tangible assets

	Land and buildings	Plant and machinery	Total
	£	£	£
Cost
At 1st January 2017 and 31st December 2017	918,282	448,843	1,367,125
	---------	---------	------------
Depreciation
At 1st January 2017 and 31st December 2017	918,282	448,843	1,367,125
	---------	---------	------------
Carrying amount
At 31st December 2017	–	–	–
	---------	---------	------------
At 31st December 2016	–	–	–
	---------	---------	------------

An impairment review was carried out in 2015. As a result of this all fixed assets held at 31 December 2015 were written down to a value of £nil. It is the opinion of the directors, that the value of the company's leasehold interest in the landfill site at 31 December 2017 is fully impaired.

6. Debtors

	2017	2016
	£	£
Trade debtors	123,999	42,763
Amounts owed by group undertakings and undertakings in which the company has a participating interest	2,530	1,000
Other debtors	22,960	35,461
	---------	--------
	149,489	79,224
	---------	--------

7. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	75,389	35,296
Amounts owed to group undertakings and undertakings in which the company has a participating interest	446	7,200
Other creditors	10,571	40,354
	--------	--------
	86,406	82,850
	--------	--------

8. Creditors: amounts falling due after more than one year

	2017	2016
	£	£
Amounts owed to group undertakings and undertakings in which the company has a participating interest	18,487,593	18,487,593
	-------------	-------------

The shareholders' loan is unsecured, interest free and shall not be called for repayment unless the company has sufficient resources to do so.

9. Director's advances, credits and guarantees

At the year ended 31st December 2017 the balance owing to the directors by the company was £nil (2016 - £nil).

10. Related party transactions

The company has availed of the exemption provided in FRS 102, not to disclose transactions entered into fellow group companies that are wholly owned within the group of companies of which the company is a wholly owned member. The following company is considered a related party for the purposes of FRS 102. Company Relationship River Ridge Recycling Limited Common Director Amounts due to this related party is as follows:

	2017	2016
	£	£
River Ridge Recycling Limited	446	7,200

11. Controlling party

The ultimate holding company is Clarksville Limited, a company incorporated in Northern Ireland.