Glenfield Renewables Ltd - Period Ending 2018-02-28
Glenfield Renewables Ltd - Period Ending 2018-02-28
Registration number:
Glenfield Renewables Ltd
for the Year Ended 28 February 2018
Glenfield Renewables Ltd
(Registration number: NI616645)
Balance Sheet as at 28 February 2018
Note |
2018 |
2017 |
|
Fixed assets |
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Tangible assets |
- |
|
|
Current assets |
|||
Debtors |
- |
|
|
Cash at bank and in hand |
- |
|
|
- |
|
||
Creditors: Amounts falling due within one year |
- |
( |
|
Net current assets |
- |
|
|
Total assets less current liabilities |
- |
|
|
Provisions for liabilities |
- |
( |
|
Net assets |
- |
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
( |
|
|
Total equity |
- |
|
For the financial year ending 28 February 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
|
• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Page 1 |
Glenfield Renewables Ltd
(Registration number: NI616645)
Balance Sheet as at 28 February 2018
Approved and authorised by the
.........................................
Director
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Glenfield Renewables Ltd
Notes to the Financial Statements for the Year Ended 28 February 2018
General information |
The company is a private company limited by share capital, incorporated in Northern Ireland.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when, the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity, and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
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 taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
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Glenfield Renewables Ltd
Notes to the Financial Statements for the Year Ended 28 February 2018
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Motor Vehicles |
20% straight line basis |
Plant and machinery |
20% reducing balance basis |
Office equipment |
15% straight line basis |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Page 4 |
Glenfield Renewables Ltd
Notes to the Financial Statements for the Year Ended 28 February 2018
Tangible assets |
Office equipment |
Motor vehicles |
Plant and equipment |
Total |
|
Cost or valuation |
||||
At 1 March 2017 |
|
|
|
|
Transfer to Warwick Construction Company Ltd |
( |
( |
( |
( |
At 28 February 2018 |
- |
- |
- |
- |
Depreciation |
||||
At 1 March 2017 |
|
|
|
|
Charge for the year |
|
|
|
|
Transfer to Warwick Construction Company Ltd |
( |
( |
( |
( |
At 28 February 2018 |
- |
- |
- |
- |
Carrying amount |
||||
At 28 February 2018 |
- |
- |
- |
- |
At 28 February 2017 |
|
|
|
|
Debtors |
2018 |
2017 |
|
Trade debtors |
- |
|
Other debtors |
- |
|
- |
|
Page 5 |
Glenfield Renewables Ltd
Notes to the Financial Statements for the Year Ended 28 February 2018
Creditors |
2018 |
2017 |
|
Due within one year |
||
Bank overdraft |
- |
|
Trade creditors |
- |
|
Taxation and social security |
- |
|
Hire purchase |
- |
7,897 |
Other creditors and accruals |
- |
|
- |
|
Loans and borrowings |
2018 |
2017 |
|
Current loans and borrowings |
||
Bank overdraft |
- |
|
Hire purchase |
- |
|
- |
|
Related party transactions |
Included in other debtors are the following amounts due from related companies:
2018 |
2017 |
||
£ |
£ |
||
Warwick Construction Company Ltd |
- |
142,577 |
|
Solburn Energy Ltd |
- |
5,206 |
Included in turnover is the following management charge:-
£ |
£ |
||
Warwick Construction Company Ltd |
- |
65,000 |
The director owns 50% of the share capital of Warwick Construction Company Ltd and 100% of the share capital in Solburn Energy Ltd.
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