Culvie Wind Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC504911 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

FOR

CULVIE WIND LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

A J Duncan

A W J Fowlie

D A S Green

L Watson

REGISTERED OFFICE:

Muirden Farm

Turriff

Aberdeenshire

AB53 4NH

REGISTERED NUMBER:

SC504911 (Scotland)

ACCOUNTANTS:

Thomas Barrie & Co LLP

Atlantic House

1a Cadogan Street

Glasgow

G2 6QE

FIXED ASSETS

1,289,949

Tangible assets

4

1,174,472

CURRENT ASSETS

197,020

Debtors

5

186,266

124,976

Cash at bank

277,701

321,996

463,967

CREDITORS

172,487

Amounts falling due within one year

6

69,180

149,509

NET CURRENT ASSETS

394,787

1,439,458

TOTAL ASSETS LESS CURRENT LIABILITIES

1,569,259

CREDITORS

(1,316,314

)

Amounts falling due after more than one year

7

(1,270,213

)

(24,997

)

PROVISIONS FOR LIABILITIES

(58,493

)

98,147

NET ASSETS

240,553

CAPITAL AND RESERVES

1,000

Called up share capital

1,000

97,147

Retained earnings

239,553

98,147

SHAREHOLDERS' FUNDS

240,553

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

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 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 Income Statement has not been delivered.

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

D A S Green - Director

1.	STATUTORY INFORMATION

Culvie Wind Limited is a private company, limited by shares, registered in Scotland, registration number

SC504911. The registered office is Muirden Farm, Turriff, Aberdeenshire, AB53 4NH.

The presentation currency of the financial statements is Pounds Sterling (£).

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.

Significant judgements and estimates

In preparing these financial statements, the directors are required to make judgements, estimates and

assumptions that affect the application of the Company's accounting policies and the reported amounts of assets,

liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying

assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively.

The following judgements and estimates have had the most significant effects on amounts recognised in the

financial statements:

Plant and equipment

The estimates and assumptions made to determine asset lives require judgements to be made as regards useful

lives and residual values. The useful lives and residual values of the company's financial assets are determined

by management at the time the asset is acquired and reviewed annually for appropriateness. The lives are based

on management experience with similar assets.

Turnover

Turnover is measured at the fair value of consideration received or receivable, taking into account the amount of

any discounts and rebates allowed by the entity, but excluding value added tax and other sales taxes.

Production of electricity

Income is recognised in the period in which the electricity has been generated.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery etc

-

5% on cost

Financial instruments

The company has financial assets and financial liabilities of a kind that qualify as basic financial instruments.

Debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash and cash equivalents comprises cash balances. Bank overdrafts that are payable on demand and form an

integral part of the company's cash management are included as a component of cash and cash equivalents for

the purpose only of the cash flow statement.

Creditors

Short term trade 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.

Provisions

Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current

market assessments of the time value of money and the risks specific to the liability. The unwinding of the

discount is recognised as finance cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

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

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2017

1,375,946

Disposals

(52,597

)

At 31 December 2017

1,323,349

DEPRECIATION

At 1 January 2017

85,997

Charge for year

62,880

At 31 December 2017

148,877

NET BOOK VALUE

At 31 December 2017

1,174,472

At 31 December 2016

1,289,949

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

156,489

104,566

Other debtors

29,777

92,454

186,266

197,020

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

45,913

41,094

Trade creditors

5,127

1,617

Taxation and social security

6,279

3,084

Other creditors

11,861

126,692

69,180

172,487

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans

1,270,213

1,316,314

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

1,030,221

1,099,570

8.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank loans

1,316,126

1,357,408

Assignation in security has been granted in favour of Close Leasing Ltd over the turbine supply and grid

connection agreements. The same entity also holds a floating charge over all the property and undertaking of the

company.

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the year ended 31 December 2017 and the

period ended 31 December 2016:

2017

2016

£

£

A J Duncan

Balance outstanding at start of year

-

-

Amounts advanced

444

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

444

-

A W J Fowlie

Balance outstanding at start of year

-

-

Amounts advanced

45

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

45

-

D A S Green

Balance outstanding at start of year

-

-

Amounts advanced

171

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

171

-

L Watson

Balance outstanding at start of year

-

-

Amounts advanced

100

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

100

-

10.	RELATED PARTY DISCLOSURES

Land rent totalling £20,575 was paid to the director, Mr Watson, during the year.